Foreign funds banned in special deposit accounts of Bangko Sentral ng Pilipinas

[pioneer]

Foreign funds will be officially banned in the special deposit accounts (SDAs) of the Bangko Sentral ng Pilipinas (BSP) under “refinements” made by monetary authorities to combat speculative inflows, the central bank chief said yesterday.

“Existing regulations on SDA do not provide restrictions on non-resident investors,” BSP Governor Amando Tetangco Jr. told reporters during the BSP’s annual media seminar held here.

“The (Monetary) Board then approved at its last meeting a refinement to the manner in which SDA is traded. This will be effective immediately upon publication,” he explained. - by Prinz Magtulis, Philippine Star (source)