Registration of Stock Dividends Accruing to BSP-Registered Foreign Investment

July 24, 1997BSP CIRCULAR LETTERTO: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; cda2. 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; and3. 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 P. ZIALCITADeputy Governor