July 24, 1997
BSP CIRCULAR LETTER
| TO | : | All Commercial Banks and OBUs |
| SUBJECT | : | Registration of Stock Dividends Accruing to BSP-Registered Foreign Investment |
Effective immediately, all stock dividends accruing to Bangko Sentral ng Pilipinas (BSP)-registered inward foreign investment shall no longer be issued a new Bangko Sentral Registration Document (BSRD). Such stock dividends shall be deemed registered provided that:
1. The stock dividends are duly annotated in the BSRDs covering the mother shares to which the dividends accrue, upon submission of a copy of the stock dividend notice or stock dividend certificates; cda
2. The stock dividends so annotated shall be reported monthly to the BSP Foreign Exchange Department by the custodian bank concerned in accordance with the attached form; and
3. Whenever the stock dividends are sold and the proceeds are outwardly remitted thru a remitting bank other than the custodian bank, the BSRD of the mother shares, to which the stock dividends accrued, shall be the BSRD quoted in the BSRD letter-advice required to be issued under existing rules.
The foregoing rules shall likewise apply to stock splits.
(SGD.) EDGARDO...
