To Issue Rules and Regulations that Shall Govern the Registration and Operations of Foreign Exchange Dealers/Money Changers and Remittance Agents

January 24, 2005 BSP CIRCULAR NO. 471, S. 2005 TO ISSUE RULES AND REGULATIONS THAT SHALL GOVERN THE REGISTRATION AND OPERATIONS OF FOREIGN EXCHANGE DEALERS/MONEY CHANGERS AND REMITTANCE AGENTS Pursuant to Monetary Board Resolution No. 75 dated 20 January 2005, the rules and regulations that shall govern the registration and operations of foreign exchange dealers/money changers and remittance agents are hereby issued as follows: SECTION 1. Registration . Qualified persons or non-bank institutions wishing to act as foreign exchange dealers (FXDs)/money changers (MCs) and/or remittance agents (RAs) are required to register with the Bangko Sentral ng Pilipinas (BSP) before they can operate as such. For this purpose, the term MCs, interchangeably referred to as FXDs, shall refer to those regularly engaged in the business of buying and/or selling foreign currencies. CASIEa RAs, on the other hand, shall refer to persons or entities that offer to remit, transfer or transmit money on behalf of any person to another person and/or entity. These include money or cash couriers, money transmission agents, remittance companies and the like. SECTION 2. Application for Registration . The application for a certificate of registration to act as FXD/MC and/or RA, in the prescribed form (Annex A), must be duly supported by the following documents: a. Incorporation papers duly authenticated by the Securities and Exchange Commission ( for corporation/partnership) ; or copy of the Certificate of Registration duly authenticated by the Department of Trade and Industry (for single proprietorship) ; b. Copy of business license/permit from the city or municipality having territorial jurisdiction over the place of establishment and operation; ASTcaE c. List of stockholders/partners/proprietor/directors/principal officers as the case may be; d. Notarized Deed of Undertaking (Annex B) to strictly comply with the requirements of all relevant laws, rules and regulations, signed either by the owner, partner, president or officer of equivalent rank; and e. Any additional documents which the BSP may require from time to time. FXDs/MCs and RAs existing prior to the effectivity date of this Circular may continue to operate as such provided that an application for registration supported by documents mentioned above has been filed within ninety (90) calendar days from effectivity date of this Circular. DHcEAa A Certificate of Registration to act as FXD/MC or RA shall be issued by the BSP and shall become the basis for an electronic registry of all BSP-registered FXDs/MCs and RAs in the country. SECTION 3. Applicability of Other Laws/Regulations . All FXDs/MCs and RAs are subject to the provisions of R.A. No. 7653 (The New Central Bank Act) and R.A. No. 9160 (Anti-Money Laundering Act of 2001, as amended by R.A. No. 9194) and its implementing rules and regulations, particularly on customer identification, record keeping and reporting of covered transactions and suspicious transactions as well as those which may hereafter be issued. SECTION 4. Required Seminar/Training . Prior to the issuance of the Certificate of Registration, the officer(s) as well as the personnel directly involved in foreign exchange operations shall attend a seminar on the requirements of the anti-money laundering law particularly on customer identification, record keeping and reporting of covered and suspicious transactions to be conducted by the Anti-Money Laundering Council (AMLC) or by any of its recognized or accredited service providers. The provisions of this Section shall also apply to officers appointed after the issuance of the Certificate of Registration. The officer(s) in-charge and the personnel who attended the required seminar shall echo the said training to all employees within thirty (30) calendar days from such attendance or as new employees are hired. SECTION 5. Sale and Purchase of Foreign Currencies by FXDs/MCs . The following minimum procedures shall be observed on sale and purchase of foreign currencies by FXDs/MCs: a. Official receipts, in case of sales, and accountable forms in case of purchases, shall be issued in numerical order to evidence sale/purchase of foreign currencies; b. The amount of foreign currencies sold shall be indicated in the official receipts both in words and in figures. The staff serving the particular transaction as well as the person buying/selling foreign currency shall sign in their usual signatures on the receipt; c. A Daily Record of Foreign Exchange Transactions shall be maintained where all foreign exchange sale and purchase transactions shall be posted chronologically. The Daily Record shall be kept on file at the FXD/MC premises and shall be available for AMLC inspection/examination any time; DcTAIH d. All copies of cancelled receipts shall be marked and stamped "CANCELLED" for internal control purposes; and e. Foreign exchange transactions shall be conducted only at the entity's principal place of business and other authorized branches. SECTION 6. Application to Sell/Purchase Foreign Currencies by FXDs/MCs . FXDs/MCs shall require the seller or buyer of foreign currency to fill up and sign an application form, which shall contain the following minimum data and information: a. For individual customers 1. Date 2. Printed name and signature of customer 3. Present address TaDAHE 4. Permanent address 5. Date and place of birth 6. Telephone number 7. Nationality 8. Amount and currency sold/purchased in words and figures 9. Source of foreign currency/ies or purpose of purchase b. For corporate/juridical customers In addition to a signed application containing the applicable information in a.1 to 9 above, photocopies of the following documents shall be required: 1. Articles of Incorporation/Partnership 2. By-Laws 3. Official address or principal business address 4. List of directors/partners/principal stockholders 5. Authority and identification of the person purporting to act in behalf of the client. HCATEa For subsequent transactions with the same corporate client, FXDs/MCs need not require submission of additional documents enumerated in b.1 to 5 unless there are changes thereto. As a means of further identification, FXDs/MCs shall require the presentation of a government-issued identification document such as SSS/GSIS/voter's ID, driver's license or passport. A sample of application to sell/purchase foreign currencies is shown in Annex C. SECTION 7. Additional Requirement . FXDs/MCs shall require a notarized application together with supporting documents (Annex D) in case of sale of foreign exchange exceeding US$5,000 or its equivalent to the same client. FXDs/MCs shall see to it that this limit on the sale of foreign exchange is not breached by the splitting of a foreign exchange purchase into smaller amounts so as to make it appear that the purchase does not violate the prescribed limit. aTEACS There is deemed to be splitting of foreign exchange if the FXD/MC sells foreign exchange to any one purchaser within a fifteen (15)-banking day period, in such individual amounts which, when combined, amount to more than US$5,000 or its equivalent. SECTION 8. Requirements for Remittance Agents . All RAs shall maintain accurate and meaningful originator information on funds transferred/remitted by requiring the sender/remitter to fill up and sign an application form, which shall contain the following minimum data and information: a. For individual customers 1. Date 2. Printed name and signature of remitter 3. Present address 4. Permanent address 5. Date and place of birth TICAcD 6. Telephone number 7. Nationality 9. Amount and currency to be remitted 10. Source of foreign currency 11. Name of and relationship with beneficiary/ies b. For corporate/juridical customers In addition to a signed application containing the applicable information in a.1 to 10, a photocopy of the authority and identification of the person purporting to act in behalf of the client shall be required. As a means of further identification, RAs shall require the presentation of a government-issued identification document such as SSS/GSIS/voter's ID, driver's license or passport. For purposes of compliance with the requirements, an RA may rely on the referral of its office/correspondent bank abroad provided that the RA maintains a record of such referral together with the minimum identification, information/documents required under the law and its implementing rules and regulations. ATaDHC SECTION 9. Reportorial Requirements . All FXDs/MCs and RAs are required to submit to the AMLC a report on covered transactions and suspicious transactions within five (5) banking days from the date of said transaction or from date the FXDs/MCs and RAs gained information that the transaction was done for the purpose of laundering proceeds of criminal or other illegal activities or from the time the FXDs/MCs and RAs had reasonably suspected that said transactions were entered into for the purpose of laundering proceeds of criminal and other illegal activities. For this purpose, covered transactions shall refer to transactions in cash or other equivalent monetary instrument involving a total amount in excess of five hundred thousand pesos (P500,000.00) within one (1) banking day while suspicious transactions are transactions, regardless of amount, where any of the following circumstances exists: 1. There is no underlying legal or trade obligation, purpose or economic justification; 2. The client is not properly identified; 3. The amount involved is not commensurate with the business or financial capacity of the client; AEIHCS 4. Taking into account all known circumstances, it may be perceived that the client's transaction is structured in order to avoid being the subject of reporting requirements under the Anti-Money Laundering Act; 5. Any circumstance relating to the transaction which is observed to deviate from the profile of the client and/or the client's past transactions with the covered institution; 6. The transaction is in any way related to an unlawful activity or any money laundering activity or offense under the Anti-Money Laundering Act that is about to be, is being or has been committed; or 7. Any transaction that is similar, analogous or identical to any of the foregoing. CDAHaE SECTION 10. Sanctions . Monetary penalties and other sanctions for the following violations committed by erring FXDs/MCs and RAs may be imposed: Nature of Violation/Exception Sanctions/Penalties 1. Operating without prior BSP registration Applicable penalties under Section 36 of R.A. No. 7653; Watchlisting of owners/partners/principal officers 2. Violation of any of the provisions of Applicable penalty prescribed under the Act. R.A. No. 9160 (Anti-Money Laundering Law of 2001 as amended by R.A. No. 9194) and its implementing rules and regulations 3. Other violations of the Penalties and sanctions which may be imposed by provisions/requirements in this Circular the AMLC SECTION 11. Industry Association . Membership in an existing association of BSP-registered FXDs/MCs as well as RAs is hereby encouraged. SECTION 12. Effectivity Clause . This Circular shall take effect fifteen (15) days following its publication in the Official Gazette or any newspaper of general circulation. FOR THE MONETARY BOARD: (SGD.) RAFAEL B. BUENAVENTURA Governor ANNEX A Name of Applicant Address Telephone No./Fax No . Date Bangko Sentral ng Pilipinas A. Mabini St., Malate, Manila Gentlemen: We hereby apply for authority to act as (foreign exchange dealer/money changer or remittance agent) . We are currently engaged in this business since ___ (if applicable). AaDSTH In support of this application, we submit the following documents: [ ] Incorporation papers duly authenticated by the Securities and Exchange Commission (for corporation or partnership); Copy of the Certificate of Registration with the Department of Trade and Industry (for single proprietorship); [ ] Copy of business license/permit from the city or municipality having territorial jurisdiction over the place of establishment and operation; [ ] List of stockholders/partners/proprietor/directors/principal officers as the case may be; [ ] Notarized Deed of Undertaking (Annex B) to strictly comply with the requirements of all relevant laws, rules and regulations, signed by the owner, partner, president or officer of equivalent rank. AEIHCS Very truly yours, ________________________ (Signature of authorized officer over printed name) ______________________ Designation ANNEX B Name of Applicant ______ Address ______ Telephone No./Fax No. DEED OF UNDERTAKING I, ( name and designation ), of legal age and under oath, declare the following: 1. That I have been duly authorized by ( name of institution ) and its Board of Directors/Partners/Owners to bind ( name of institution ) to strictly comply with all the requirements, rules and regulations of the Bangko Sentral ng Pilipinas regarding the registration and operations of foreign exchange dealers/money changers/remittance agents as well as the provisions of the Anti-Money Laundering Act of 2001 (R.A. No. 9160, as amended by R.A. No. 9194) and its implementing rules and regulations. 2. That I certify that ( name of institution ) undertakes to strictly comply with all the requirements, rules and regulations of the Bangko Sentral ng Pilipinas regarding the licensing and operations of foreign exchange dealers/money changers/remittance agents as well as with all the provisions of the Anti-Money Laundering Act of 2001 (R.A. No. 9160) and its implementing rules and regulations; 3. That I certify that ( name of institution ), through and with full knowledge and agreement of its Board of Directors/Partners/Owners, understands and accepts that in case of violations of any of the aforementioned laws, rules and regulations, ( name of institution ) and its Board of Directors/Partners/Owners/Stockholders/Officers/employees responsible for such violation/s shall be subject to the administrative sanctions prescribed under Section 36 of R.A. No. 7653, otherwise known as the "New Central Bank Act" and other applicable laws, rules and regulations. THCSAE ________________________ (Signature over printed name) ________________________ Designation Subscribed and sworn to before me this _____ of ___________, 2002, affiant exhibiting to me his/her Community Tax Certificate No. _______ issued at _________ on ____________. NOTARY PUBLIC ANNEX C ________________________________________________________ Name of Foreign Exchange Dealer/Money Changer/Remittance Agent _____________________________________________ Address APPLICATION TO SELL/PURCHASE FOREIGN CURRENCY 1. Date : _______________________ 2. Printed Name of Customer : _______________________ 3. Signature : _______________________ 4. Present Address : _______________________ 5. Date and Place of Birth : _______________________ 6. Telephone Number : _______________________ 7. Nationality : _______________________ 8. Currency Sold/Purchased : US Dollar _____ Others (specify) 9. Amount Sold/Purchased : In figures _______________ In words _______________ 10. Source of Foreign Currency ____ OFW/Balikbayan/Returning Resident ____ Tourist ____ Expatriate based in the Philippines ____ Foreign Currency Deposit Account Holder ____ Domestic Resident Excess Travel Funds ____ Others (please specify) _______________ 11. Purpose of Purchase _____________________________________ ANNEX D Minimum Documentary Requirements for the Sale of Foreign Currencies A. Sale of foreign exchange for non-trade purposes under Section 2 of Circular No. 1389 s. 1993, as amended Purpose Documents Required 1. Travel Funds (only for Presentation of applicant's passport, and/or passenger ticket, permanent residents of the copies of which shall be retained. Philippines For travel funds over US$5,000, the following shall be additionally required: a. Copy of applicant's/Sponsor's Income Tax Return (ITR) duly stamped by the BIR; or b. Travel authority from the applicant's company/office/agency if he is being sponsored by said company/office/agency; and c. Invitation from foreign sponsoring institution, if applicable. 2. Educational Expenses/ 1. Statement of enrollment or acceptance by the Student Maintenance school abroad; 2. School bills/statements of account covering tuition and other school fees; and/or 3. Applicant's notarized certification that he is not under scholarship, or if under scholarship, a notarized certification that the amount applied for is to cover his expenses, not being covered by the scholarship. 3. Correspondence Studies AABs/NBBSEs/Forex Corp. 1. Proof of admission or enrollment in may sell foreign exchange to correspondence school; and/or cover tuition fees for 2. Billings from the school abroad which shall include correspondence studies, assessment of fees and other charges related to the course. which shall be directly remitted to the correspondence school. Issuance of draft may be payable to the correspondence school. 4. Medical Expenses 1. Travel documents of patient; and/or 2. Certification issued by hospital abroad on the treatment to be administered to the patient including cost estimate; or statement of account with the hospital/bills of expenses from hospital/treatment center abroad, whichever is applicable. 5. Support of Dependents Abroad 1. Consular certificate or its equivalent documents to prove AABs may sell foreign that the dependent is residing abroad dated not earlier exchange covering the than one year from FX application date; and monthly living allowance 2. Certified true copy of birth certificate, marriage contract, abroad of a child not more adoption papers, whichever is applicable, to prove that than 21 years of age, spouse dependent is the wife, husband, child or parent of the or parent of a Philippine remitter applicant; resident. 6. Emigrants' Assets 1. Proof of residence of emigrant/beneficiary abroad; 2. Proof of ownership of the asset(s) by emigrant/beneficiary abroad; 3. In case of income from real properties, a statement of rentals/income earned; 4. In case of transfer of proceeds of capital assets, copy of deed of sale; 5. In case of capital transfer of testate and intestate inheritance and legacies: a. Copy of court order approving the partition and distribution of estate; b. Copy of the extra-judicial settlement and partition duly registered with Register of Deeds. 6. For transfer of proceeds of life insurance benefits, proof of receipt of the proceeds of the policy; 7. For remittance of proceeds of sales of personal property, copy of deed of sale; 8. In case of transfer of proceeds of sale of shares of stock, deed of sales or broker's sales invoice; and 9. In case of retirement benefits, evidence of receipt of retirement benefits. 7. Salary/bonus/dividend/other 1. Employment contract/Certification of employer on benefits of foreign expatriates the amount of compensation paid to the foreign national (including peso savings) during the validity of the contract stating whether the same had been paid in foreign exchange; 2. Photocopy of the ACR and DOLE Alien Employment Permit of the foreign national; and 3. If amount to be remitted comes from sources other than salaries, information regarding the sources supported by appropriate documents should be submitted. 8. Producers' Share in Movie 1. Statement of remittable share rental; and Revenue/TV Film Rentals 2. Copy of distributorship contract. 9. Commissions on Exports due 1. Agency agreement; and Foreign Agents 2. Agent's Statement of Account/Computation of commission in accordance with agency agreement. 10. Freight Charges on 1. Bills/Statements of account on freight charges; and Exports/Imports 2. Copy of Bill of Lading. 11. Foreign Advertising Costs 1. Copy of advertising agreement; and 2. Original statement of accounts or bills or invoices. 12. Subscriptions to foreign Billing/Statement of Account. magazines or periodicals 13. Charters and Leases of 1. Charter or Lease of Vessels /Aircrafts or lease agreement; Vessels/Aircrafts and other types and of leases. 2. Billing/Statement of Account 14. Membership dues and 1. Proof of membership in the foreign or international registration fees to associations association; and abroad 2. Billings for membership dues/registration fees. 15. Port Disbursements abroad of 1. Copy of contract or agreement; and aircraft and vessels of Philippine 2. Statement of accounts/bills/invoices. registry or chartered/leased by domestic operators. 16. Mail fees/International 1. Copy of contract or agreement; and settlement of accounts for 2. Statement of account/bills/invoices. telegraph, telegram, radio, satellite and other communication facilities. 17. Salvage fees 1. Copy of contract for salvage services; and 2. Statement of accounts/bills/invoices. 18. Income taxes due to Foreign 1. Copy of DOLE-approved contract of employment; and Governments from foreign 2. Copy of income tax return covering the income tax nationals payment sought to be remitted. 19. Services/Consultancy/ 1. Copy of the pertinent agreement; and Management/ 2. Statement/Computation of fees due. Marketing/Distributorship Fees with foreign firms or individuals 20. Retainers' Fees 1. Copy of the agreement/contract; and Foreign exchange payments by 2. Billings/invoices from the beneficiary. residents to foreign professionals acting as liaison, counsel, agent or representative abroad 21. Insurance/Reinsurance Billings/Invoices from foreign insurer/reinsurer Premium 22. Claims for losses and other Billings/Invoices of insurance companies/brokers abroad. payments of insurance companies/brokers abroad 23. Net Peso Revenues of Foreign 1. Copy of the General Sales Agency Agreement or certified Airlines/Shipping Companies copy of the Bilateral Air Agreements; and 2. Statement of Net Peso Revenues (Peso Receipts less Disbursements) for the period covered by the remittance. 24. Royalty/Copyright/Franchise/ 1. Copy of Contract/agreement; and Patent/Licensing Fees 2. Statement/Computation of the Royalty/Copyright/Patent/Licensing fee. 25. Remittance of Net Peso Certification from the Ambassador/Embassy authorized Revenue collected by embassies officer that the Peso amount applied for conversion to foreign of foreign countries currency is net of local expenses. 26. Payment of FX obligations by 1. Settlement report from international credit card Philippine credit card companies companies identifying the nature of various obligations; to international credit card 2. Schedule showing summary of the foreign currency companies (e.g. Visa International billings received from international credit card companies and Mastercard International) abroad and the corresponding peso collection thereof; and including peso collection from local 3. Letter of undertaking or sworn certification stating that credit card holders as payment of local credit card company has not purchased foreign bills received from non-resident exchange in excess of the amount of their foreign merchants and other fees/charges. currency requirement. B. Sale of Foreign Exchange for payment of foreign currency loans covered by Sections 22 to 31 of Circular 1389 s. 1993, as amended Foreign Currency Loan Payments Documents should all be originals unless otherwise indicated. FXDs/MCs shall indicate sale of FX on the prescribed documents 1. Medium/Long-term Foreign 1.a BSP registration letter and accompanying "Schedule of currency Loans (with original Principal and Interest Payments on BSP-registered maturities of over 1 year) Foreign Credits (Schedule RA-2); and where applicable, Schedule of Payment for Fees & Other Charges on BSP-Registered Foreign Loan (Schedule RA-2.1). The FX selling FXDs/MCs shall duly fill up the originals of the appropriate schedules to record the FX sale; and 1.b Copy of billing statement from creditor. Amounts that may be purchased shall be limited to maturing amounts on schedules due dates indicated in the registration letter. Remittance of FX purchased shall coincide with the due dates of the obligations to be serviced, unless otherwise approved by the BSP. or: 2.a BSP letter-authority for the borrower to purchase FX to service specific loan account/s and where applicable, the "Schedule of Foreign Exchange Purchases from the Banking System". The FX selling FXDs/MCs shall record the date/s and amount/s of FX sold on the original BSP letter-authority or where there is an accompanying schedule for FX purchases, on the original of such schedule; and 2.b Copy of billing statement from creditor. Amounts that may be purchased shall be limited to the unutilized balance of the letter-authority. Remittance of FX purchased shall coincide with the due dates of the obligations to be serviced, unless otherwise approved by the BSP. 2. Short-term Foreign Currency Loans (with original maturity of up to 1 year) a. Loans from offshore 1.a BSP approval or registration letter showing loan terms creditors (banks and non-banks) and borrower's receiving copy of its report on the short- term loans submitted to BSP's International Operations Department (IOD). The FX selling FXDs? MCs shall stamp "FX SOLD", the date's of sale and the amount/s involved on the original BSP approval/registration letter; and 1.b Copy of billing statements from creditor. Amounts that may be purchased shall be limited to: (a) amounts/rates indicated in the BSP approval or registration letter; or (b) the outstanding balance of the loan indicated in the report, whichever is lower . Remittance of FX purchased shall coincide with the due dates of the obligations to be serviced, unless otherwise approved by the BSP. b. Loans from FCDUs/OBUs 1.a BSP approval or registration letter showing loan terms or certification from the lending bank on the amount outstanding. The FX selling FXDs/MCs shall stamp FX SOLD, the date/s of sale and the amount/s involved on the original BSP approval/registration letter or bank certification; and 1.b Copy of billing statement from creditor. Amounts that may be purchased shall be limited to: (a) amounts/rates indicated in the BSP approval or registration letter; or (b) the outstanding balance of the loan indicated in the bank certification, whichever is lower . Remittance of FX purchased shall coincide with the due dates of the obligations to be serviced, unless otherwise approved by the BSP. OR : 2.a For loans not requiring BSP approval/registration, promissory note (PN) certified as true copy by the Head of the lending bank's loans department and certification from the lending bank: i. on the principal amount still outstanding; ii. that the loan is eligible for servicing with FX purchased from the banking system in line with existing regulations; iii. that loan was used to finance trade transactions (as well as pre-export costs in the case of FCDU loans of exporters) of the borrower; and iv. the date when the loan account has been reported to the appropriate BSP department/office under the prescribed forms. This may be dispensed for new loans which may not have been reported yet to BSP as of date of application to purchase FX. The FX selling FXDs/MCs shall stamp "FX SOLD", the date of sale and the amount/s involved on the original certification from the lending bank; and 2.b Copy of billing statement from creditor. Amounts that may be purchased shall be limited to amounts/rates indicated in the bank certification or PN, whichever is lower . Remittance of FX purchased shall coincide with the due dates of the obligations to be serviced, unless otherwise approved by the BSP. Note: For unregistered foreign currency loans/obligations to non-resident financial institutions and FCDU loans not eligible to be serviced with FX purchased from the banking system outstanding as of 27 October 2000 but which may be serviced by FXDs/MCs, copies of the following documents shall be required: a. Loan agreement/promissory notes; and b. Billing statements from creditor. C. Sale of FX for capital repatriation/remittance of dividend/profits/earnings and outward investments under Sections 32 to 44 of Circular 1389 s. 1993, as amended 1. Capital Repatriation of: a. Investment in PSE-Listed 1. If directly registered with BSP or if the securities selling/remitting bank is the registering custodian bank: a. Broker's sales invoice; and b. Original Bangko Sentral Registration Document (BSRD). 2. If the selling/remitting bank is not the registering custodian bank: a. Broker's sales invoice; and b. Original Bangko Sentral Registration Document (BSRD). 2. If the selling/remitting FXD/MC is not the registering custodian bank: a. Broker's sales invoice; and b. Original BSRD Letter-Advice from the registering custodian bank. b. Direct Foreign Equity 1. Original BSRD; Investments 2. Proof of sale or relevant documents showing the amount to be repatriated; in case of dissolution/capital reduction, proof of distribution of funds/assets such as statement of net assets for liquidation; 3. Clearance from appropriate department of the BSP- Supervision and Examination Sector (SES) for banks, or from the Insurance Commission for insurance companies, or from the Department of Energy for oil companies; 4. Detailed computation of the amount applied for in the attached format prepared by authorized officer of investee firm (Attachment 2); and 5. Pertinent audited financial statements. c. Investments in Peso 1. Original BSRD; and Government Securities, 2. Confirmation of Purchase (COP), Confirmation of Sale Money Market Instruments (COS) or Deed of Sale, Matured Contract for Money or 90-day Time Deposits Market Instruments or Matured Certificate of Time Deposit. 2. Remittance of 1. Original BSRD or BSRD Letter-Advice from Registering Dividends/Profits/Earnings Custodian Bank (if remitting/selling bank is not the registering custodian bank for PSE-listed shares); 2. Schedule showing name/address of investor, BSRD No., gross amount of cash dividend, tax withheld and net amount (for PSE-listed shares); 3. Board Resolution covering the dividend declaration (evidenced by Corporate Secretary's Sworn Certification, for direct equity investments or Dividend Notice, for PSE-listed shares); 4. Audited/Interim Financial Statements covering the dividend declaration period (for direct foreign equity investments); and 5. For direct foreign equity investments, clearance from BSP-SES (for banks), Insurance Commission (for insurance companies), or Department of Energy or the National Power Corporation (for oil/natural gas/geothermal companies). 6. Detailed computation of the amount applied for in the attached format (Attachment 2). 3. Outward Investment 1. A project feasibility study, investment proposal/subscription agreement, bond/stock offering circular and such other documents showing the nature and place of the investment; 2. A written undertaking to inwardly remit and sell for pesos thru AABs the dividends/earnings or divestment proceeds from outward investments funded by FX purchased from AAB as required therein; 3. BSP approval and registration (for outward investment exceeding an aggregate of US$6 million per investor per year funded by FX purchased from AABs; 4. Regardless of amount, submission of clearance: (a) from the appropriate department of the BSP-Supervision and Examination Sector (SES) for investments of banks; and (b) from the Insurance Commission for investments of Insurance companies; and 5. Copy of investor's latest Income Tax Return (ITR) duly stamped by the BIR.