Circular No. 818 Dated 6 November 2013

July 3, 2014 BSP CIRCULAR LETTER NO. CL-2014-039 TO : All Authorized Agent Banks (AABs) and AAB Subsidiary/Affiliate Foreign Exchange Corporations (AAB-Forex Corps) SUBJECT : Circular No. 818 Dated 6 November 2013 Under Section 6 of subject Circular, the submission of duly accomplished "Application to Purchase Foreign Exchange (FX)" 1 and supporting documents (as may be applicable) to AABs/AAB-forex corps is required to allow the sale of FX to pay for import obligations. In this connection, the following clarifications are made with respect to import transactions: 1. The submission by the importer of the duly accomplished "Application to Purchase FX" applies to all modes of importations/payment for importations. 2. The duly accomplished application form, and the prescribed supporting documents ( e.g. , copy of original shipping documents) applicable to the specific mode of payment, shall be submitted to AABs/AAB-forex corps prior to the sale of FX to settle import obligations. 3. The importer-client may submit the duly accomplished application form via facsimile transmission to the FX selling AAB/AAB-forex corp, provided that the latter shall ensure the submission by the importer-client of the original copy of the application form within seven (7) calendar days from purchase of FX. CASaEc 4. The FX selling AAB/AAB-forex corps shall retain the duly accomplished form for record and audit purposes. (SGD.) DIWA C. GUINIGUNDO Deputy Governor Footnotes 1. Annex A of the FX Manual.