Changes to foreign exchange (Forex) regulations have been approved by the Monetary Board in a bid to streamline transaction procedures and documentary requirements. The changes made permanent operational relief measures implemented in response to the COVID-19 pandemic, the Bangko Sentral ng Pilipinas (BSP) said.
Photo Insert: The changes made permanent operational relief measures implemented in response to the COVID-19 pandemic.
These include the following:
• The issuance in electronic form of BSP-International Operations Department (IOD) documents;
• Electronic submission of BSP-IOD issued documents to authorized agent banks and their subsidiaries or affiliate forex corporations and to the BSP;
• Electronic submission of BSP-IOD application forms without the required electronic/digital signatures, provided that these come with attestation from the submitting party;
• Electronic submission of reports to BSP-IOD;
• Lifting of the notarization requirement for certain supporting documents for trade and non-trade current account transactions and foreign investments; and
• The lifting of the applicable processing fee in relation to non-compliance with the prescriptive period for submission to the BSP-IOD of forex transaction applications/requests.
Also, documents issued by the BSP-IOD in electronic form starting March 27, 2020, when the circular implementing the operational relief was issued, will remain valid.
This means the BSP will no longer issue original hardcopies to replace the e-documents. The waiver of monetary penalties for delays incurred in the submission of reports to the BSP-IOD, meanwhile, will remain effective until June 30, 2023, unless extended.
The circular implementing the revised rules will take effect 15 banking days after its publication, the central bank said.