• The Financial District


The Bangko Sentral ng Pilipinas (BSP) today warned all authorized agent banks and their subsidiary forex corporations not to honor documents for the purchase of foreign exchange of Novo Nordisk A/S of Denmark.

BSP Assistant Governor Edna C. Villa issued Circular Letter No. CL -2020 034 to warn authorized agent banks and their subsidiary forex firms that Novo Nordisk had advised the BSP on the loss of its papers evidencing the entry of its foreign investments into the country.

Villa said that BSRD No. (DE) 99-00122 dated July 26, 1999 had been declared lost by the Danish pharmaceuticals firm.

The said document is needed for the processing of the purchase of foreign exchange for capital repatriation or remittance of profits/ dividends pursuant to the BSP’s Manual of Regulations on Foreign Exchange Transactions.

The BSP said the said evidence that foreign investments entered the country is now going through a process of replacement and that the said 1999 document should not be honored.

It could not be known how much in foreign investments did Novo Nordisk brought into the country and how much does it intend to purchase in foreign exchange.

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