November 5, 2015
BSP CIRCULAR LETTER NO. CL-2015-069
| TO | : | All Authorized Agent Banks (AABs) and AAB Subsidiary/Affiliate Foreign Exchange Corporations (AAB-Forex Corps) |
| SUBJECT | : | (a) Submission of "Application to Purchase Foreign Exchange" Form |
| (b) Retention Period for Supporting Documents Covering Sale of Foreign Exchange (FX) for Payables under Intercompany Netting Arrangements | ||
| (c) Resident Investments in Offshore Foreign Currency Denominated Mutual Funds and Unit Investment Trust Funds (UITFs) |
The following clarifications are hereby issued relative to the following:
1. On item (a): For purchases of foreign exchange (FX) from AABs/AAB-forex corps for repatriation of capital and/or remittance of earnings accruing on BSP-registered foreign investments
The foreign investor/client or his duly authorized representative may initially submit the duly accomplished Application Form to Purchase FX, as required under Annex A of the Manual of Regulations on Foreign Exchange Transactions (FX Manual), via facsimile transmission to the FX selling AAB/AAB-forex corp, provided that the FX selling institution shall: (a) ensure that the original copy of the application form is submitted to the FX selling...
