October 27, 1958
CBP NOTIFICATION TO AUTHORIZED AGENTS NO. 58-58
SUBJECT : Special Blocked Fiduciary Accounts of Nonresidents
1. This notification supersedes Notification to Authorized Agents No. 19 dated February 6, 1950 entitled "Peso Bank Accounts of Nonresidents Other Than Banks" in so far as peso bank accounts of nonresidents other than banks are concerned.
2. Peso bank accounts existing as of October 22, 1958, belonging to any person, firm, partnership, association, branch office, agency, company, or other unincorporated body or entity not residing or located in the Philippines, irrespective of whether such accounts are operated by persons in the Philippines or by the nonresident owner, shall be treated as special blocked fiduciary accounts of the nonresident owners, and debits and credits thereto shall be as provided in this notification. All licenses heretofore granted by the Exchange Control Department to operate peso bank accounts of nonresidents as resident accounts are hereby cancelled, except licenses authorizing the operation as resident accounts of peso bank accounts of nonresidents which are funded exclusively by inward dollar remittance and solely for local disbursements...
