The new rules will permit prepayment in foreign exchange of short-term loans registered under the central bank, subject to standard documentary requirements.
“This will facilitate access to the banking system for legitimate transactions requiring payment in FX,†Tetangco noted.
Monetary authorities will also lift the requirement for banks to submit documents supporting reports on importation under the regulator's documents against acceptance (DA) and open account (OA) arrangement.
Banks, however, are still need to keep such records for central bank verification.
“The measure will simplify and reduce reporting burden
on banks,†Tetangco said.
Last April, Bangko Sentral said Filipinos will be able take more dollars for travel, education, medical and other non-trade purposes abroad under a fresh wave of foreign exchange liberalization measures.
On Friday, Tetangco said monetary authorities “affirmed... commit
ment to maintaining a safe and sound financial system, a stable FX market, and monetary policy supportive of economic growth.†— VS, GMA News
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Topic: Bangko Sentral eases foreign exchange rules (Read 569 times)