Amendments to Foreign Exchange Regulations

November 21, 2011 BSP CIRCULAR NO. 742-11 SUBJECT : Amendments to Foreign Exchange Regulations Pursuant to Monetary Board Resolution No. 1681 dated 10 November 2011, the following provisions of the Manual of Regulations on Foreign Exchange Transactions issued under Circular No. 645 dated 13 February 2009, as amended are revised as follows: cDTaSH "Section 6. General Policy . As a general rule, all kinds of merchandise imports are allowed. However, the importation of certain commodities are regulated or prohibited for reasons of public health and safety, national security, international commitments, and development/rationalization of local industry. Foreign exchange purchased from AABs/AAB-forex corps to service importations shall be directly remitted to the non-resident beneficiary on the date of purchase. However, foreign exchange purchases may be credited to FCDU deposit accounts of the importer pending remittance to the non-resident beneficiary: Provided, That the importer shall execute a waiver of the requirements of Republic Act No. 6426 (Foreign Currency Deposit Act) dated 4 April 1974, as amended, on the secrecy of foreign currency deposits upon purchase of foreign exchange to enable the BSP to validate the authenticity of the credits and eventual remittance of the funds." "Section 9. Letter of Credit (L/C) . 1. All L/Cs must be opened on or before the date of shipment and only one L/C should be opened for each import transaction. For purposes of opening an L/C, importers shall submit to the AAB the documents listed in Appendix 5. Amendments of L/Cs need not be referred to the BSP for prior approval. L/Cs shall be negotiated in accordance with the terms and conditions set forth in the L/C and shall be governed by the Uniform Customs and Practices on Documentary Credits. 2. Deferred L/Cs shall be governed by the pertinent provisions of Part Two, Chapter 1 hereof (Loans and Guarantees). For this purpose, deferred L/Cs refer to those with payment terms of more than one year reckoned from initial shipment date. "Section 13. Advance Payment . AABs and AAB-forex corps may sell foreign exchange to importers without prior BSP approval for advance payment for importations subject to the guidelines under Appendix 7 hereof, including documents prescribed thereunder. The foreign exchange selling/remitting AAB shall report these transactions to the BSP-International Operations Department (IOD) using the prescribed forms (Annexes B and C)." TEcCHD "Section 22. General Policy . The BSP shall regulate foreign/foreign currency loans to ensure that principal and interest owed to creditors can be serviced in an orderly manner and with due regard to the economy's overall debt servicing capacity. All public and publicly-guaranteed private sector obligations from foreign creditors, OBUs and Foreign Currency Deposit Units (FCDUs)/Expanded Foreign Currency Deposit Units (EFCDUs) of banks shall be referred to the BSP for prior approval, unless otherwise indicated herein. Other private sector loans from these creditors and other financing schemes/arrangements shall require prior approval and/or registration by the BSP if these will ultimately involve foreign exchange to be purchased from AABs or AAB-forex corps. 1. The required BSP approval shall be obtained as follows: a. For public sector loans Applications for loan approval shall be filed with the BSP using the prescribed form (Annex D.1) together with all the required supporting documents/information, before commencement of actual negotiations, or before issuing a mandate of commitment to foreign funders/arrangers. b. For private sector loans Applications for loan approval shall be filed with the BSP using the prescribed form (Annex D.2) together with all the required supporting documents/information, at least 30 banking days before the target signing date of the loan documents and/or initial drawdown date, whichever is earlier. Private sector loans submitted for BSP approval shall be assessed a processing fee indicated under Appendix 20 hereof. 2. Resident companies/entities intending to obtain medium- and long-term foreign loans or issue bonds/notes/debt securities offshore shall submit to the BSP-IOD their annual foreign borrowings plan as follows: a. Public sector entities, including the National Government every end-September for borrowings for the following year, regardless of amount; and AcHaTE b. Private sector entities, with planned aggregate annual borrowings of at least USD10 million, or its equivalent every end-September for borrowings for the following year. The timetable and any changes on the submitted foreign borrowings plan shall be communicated to the BSP-IOD within two (2) weeks upon availability of information for monitoring and programming purposes. 3. Private sector loans that are submitted to the BSP for approval or registration that were not included under a foreign borrowings plan as required in Item 2 of this Section shall be assessed an additional fee equivalent to ten percent (10%) of the applicable processing fee for BSP approval/registration, as indicated under Appendix 20 hereof. 4. For statistical purposes, all foreign loans obtained by private sector entities, whether or not these are BSP-approved/registered, shall be regularly reported to the BSP-IOD, using the prescribed forms (Annexes E.1 and E.2) within the required deadline until the obligations are fully extinguished. 5. AABs shall not extend peso financing to non-residents unless explicitly allowed under existing BSP rules." "Section 23. Loans Requiring Prior BSP Approval. Prior BSP approval shall be required for the following loans: xxx xxx xxx Applications submitted to the BSP with signed loan documents and/or loan proceeds already drawn shall no longer be eligible for BSP approval and registration." AIcECS "Section 24. Loans Not Requiring Prior BSP Approval. The following loans may be granted without prior approval of the BSP: xxx xxx xxx 9. Loans of resident private sector borrowers from FCDUs/EFCDUs/offshore sources that are not publicly-guaranteed to finance infrastructure projects included in the Government's list of Public Private Partnership (PPP) projects. The exemption of these loans from prior BSP approval shall be valid up to three (3) years reckoned from the effectivity of this Circular." "Section 25. Projects/Costs Eligible for Foreign Financing . 1. Loans submitted for prior BSP approval shall finance the following types of projects/activities: a. Export-oriented projects; b. Projects registered with the BOI; c. Priority investment areas under the current Investment Priorities Plan (IPP); d. Activities listed in the current Medium-Term Public Investment Program (MTPIP); e. Development of industrial estates and economic zones; f. Socialized/Low-cost housing projects; g. Acquisition of non-performing assets/loans (NPAs/NPLs) of banks and other GFIs; h. Acquisition of government assets approved for privatization; AcICTS i. Other projects that may be declared priority under the country's socio-economic development plan by the National Economic and Development Authority or by Congress; j. Refinancing of existing loans used for eligible projects/costs which are eligible for servicing using foreign exchange sourced from AABs or AAB-forex corps.; and k. Microfinance activities. xxx xxx xxx" "Section 28. Registration of Loans . 1. Loans shall be registered with the BSP to be eligible for servicing using foreign exchange purchased from AABs or AAB-forex corps. Applications for registration of private sector loans shall be filed by the borrower with the BSP within ten (10) banking days from drawdown date for short-term loans and three (3) months from utilization of loan proceeds for medium and long-term loans using the prescribed forms (Annex D.2). Private sector loans that do not require prior BSP approval but are submitted to the BSP for registration shall be charged a processing fee indicated in Appendix 20 hereof. Public sector loans extended final approval by the Monetary Board are deemed registered. . . ." "Section 34. Inward Foreign Direct Investments . Inward foreign direct investments may be in cash or in kind. For registration purposes, foreign exchange funding for the cash investments must be inwardly remitted but need not be converted to pesos. . . ." "Section 35. Inward Foreign Portfolio Investments . Inward foreign portfolio investments shall include following: xxx xxx xxx For registration purposes, the foreign exchange funding for the portfolio investments must be inwardly remitted and converted to pesos." "Section 44. Investments by Philippine Residents . xxx xxx xxx 3. Foreign exchange received by residents as dividends/earnings or divestment proceeds from outward investments and investments in bonds/notes issued by residents offshore that were funded with foreign exchange purchased from AABs or AAB-forex corps, need not be inwardly remitted and sold for pesos." aSTAHD The following Appendices to and Annexes of the FX Manual have likewise been revised: 1. Appendix 1: Minimum Documentary Requirements for the Sale of Foreign Exchange for Non-Trade Purposes (Attachment 1) 2. Appendix 7: Guidelines for the Sale of Foreign Exchange to Importers by AABs and AAB-Forex Corps for Advance Payment of Imports (Attachment 2) 3. Appendix 10: Procedures and Documentation Requirements for the Registration of Inward Foreign Investments (Attachment 3) 4. Appendix 10.3.A: Sworn Certification [Suggested Format for Stock Corporation/Investee Firm (Attachment 4)] 5. Appendix 10.3.B: Sworn Certification [Suggested format for Branch/Representative Office/Regional Headquarters/Regional Operating Headquarters (Attachment 5)] 6. Appendix 20: Fees Charged on Foreign Exchange Transaction Processed by the BSP (Attachment 6) 7. Annex B: Monthly Report on Sale/Remittance of Foreign Exchange for Advance Payment of Importations (Attachment 7) 8. Annex C: Monthly Report on Purchase of Foreign Exchange from Refund of Advance Payment of Importations (Attachment 8) 9. Annex D.1: Application Form for Approval of Foreign Loans of Public Sector Entities (Attachment 9) HTSAEa 10. Annex D.2: Application Form for Approval or Registration of Foreign Loans of Private Sector Entities (Attachment 10) 11. Annex E.1: Report on transactions on short-term foreign loans (Attachment 11) 12. Annex E.2: Report on foreign borrowings for medium- and long-term loans (Attachment 12) 13. Annex F: Report on Short-Term Loans Granted to Residents by Foreign Banks (Attachment 13) Repealing Clause . This Circular supersedes/amends/modifies the provisions of existing circulars, memoranda and/or other regulations that are inconsistent herewith. Effectivity . This Circular shall take effect 15 calendar days after its publication either in the Official Gazette or in a newspaper of general circulation in the Philippines. FOR THE MONETARY BOARD: (SGD.) AMANDO M. TETANGCO, JR. Governor ATTACHMENT 1 APPENDIX 1 Minimum Documentation Requirements * for the Sale of Foreign Exchange (FX) for Non-Trade Purposes by Authorized Agent Banks (AABs)/AAB-Forex Corps A. Sale of FX for Non-trade Current Account Purposes under Section 2 of the Manual of Regulations on FX Transactions (FX Manual) Purposes Documents Required (All originals except as indicated) 1. Foreign travel funds Applicant's passport and ticket 2. Educational expenses/student Photocopy of proof of enrolment with, or maintenance abroad billing statement from, school abroad 3. Correspondence studies Photocopy of proof of enrolment with, or billing statement from, school abroad 4. Medical expenses Photocopy of billing statement (for services rendered/expenses incurred abroad) or certification issued by doctor/hospital abroad indicating cost estimate (for the treatment/service to be administered/ rendered) 5. Emigrants' assets (including a. Photocopies of: inheritance, legacies, and income i. Emigrant's visa or proof of residence from properties) abroad; ii. Notarized Deed of Sale of assets in the Philippines (e.g., real estate, vehicles, machineries/equipment, etc.); and iii. Proof of income received from properties in the Philippines b. In the absence of the emigrant, a notarized Special Power of Attorney (SPA) for emigrant's representative/agent. If SPA was executed abroad, original of SPA authenticated by Philippine consulate abroad. 6. Salary/bonus/dividend/other benefits a. Employment contract/Certification of of foreign nationals (including peso employer showing amount of savings) compensation paid to the foreign national during the validity of the contract, stating whether same had been paid in FX or in pesos; if in FX, proof that the FX was previously sold for pesos to AABs; b. ACR I-Card and DOLE Alien Employment Permit of the foreign national; c. Applicant's notarized certification that the FX remitted is net of local expenses incurred and/or previous transfers abroad; and d. If amount to be remitted comes from sources other than salaries/compensation, information regarding the sources supported by appropriate documents should be submitted. 7. Foreign nationals' income taxes due to a. ACR-I Card and DOLE Alien foreign governments Employment Permit; and b. Photocopy of income tax return covering the income tax payment sought to be remitted. 8. Sales proceeds of foreign nationals' a. ACR I-Card; and domestic assets b. Photocopy of proof of sale of asset/s indicating currency of payment 9. Producers' share in movie revenue/TV a. Statement of remittable share rental film rentals or rental; and b. Photocopy of contract/agreement 10. Export commissions due to foreign a. Billing statement from non-resident agent; agents and b. Photocopy of contract/agreement 11. Freight charges on exports/imports a. Billing statement; and b. Photocopy of contract/agreement 12. Charters and leases of vessels/ a. Billing statement from non-resident aircrafts lessor/owner of vessel/aircraft; and b. Photocopy of contract/agreement 13. Leases of equipment and other capital a. Billing statement from non-resident goods owned and/or leased by lessor and/or owner of the equipment non-resident entities to residents and other capital goods; b. Photocopy of contract/agreement; and c. Shipping documents 14. Port disbursements abroad for aircraft a. Billing statement; and and vessels of Philippine registry or chartered by domestic operators and b. Photocopy of contract/agreement salvage fees 15. Satellite and other a. Billing statement; and Telecommunication services b. Photocopy of contract/agreement 16. Other services provided by a. Billing statement; and non-residents (such as advertising, underwriting including brokers' fees b. Photocopy of contract/agreement for initial public offering involving Philippine shares, consultancy, For underwriting fees/commissions/ information technology) related expenses: a. Copy of the international underwriting agreement or similar agreement/contract which shows the fees/commissions and related expenses and offer price; b. Detailed computation of the amount subject for remittance certified by the authorized officer of the issuer; and c. Proof of listing of the IPO shares in the PSE. For Foreign Broker's Commission a. Certified true copy of the covering purchase invoice or sales invoice, as the case may be, reflecting the commission due the foreign broker/ dealer client; and b. Detailed computation/allocation of the commission due the foreign broker/dealer client for each purchase transaction 17. Share in Head Office Expenses a. BSRD for the assigned capital in the (including reimbursements) branch; b. Audited schedule/s of allocation of expenses for the period/s covered; c. Certification from the Head Office that the share in Head Office expenses remains unpaid and outstanding; and d. Audited financial statements of the Philippine branch. 18. Insurance/reinsurance premium due to Billings/invoices of insurance companies/ foreign insurance companies brokers abroad 19. Claims against domestic insurance Billings/invoices from foreign insurer/ companies by brokers abroad reinsurer 20. Net Peso revenues of foreign a. Statement of Net Peso Revenues airlines/shipping companies (Peso revenues less expenses) certified by authorized officer of airline/shipping company; and b. Photocopy of contract/agreement 21. Royalty/copyright/franchise/ a. Statement/computation of the patent/licensing Fees royalty/copyright/franchise/patent/ licensing fee; and b. Photocopy of contract/agreement. 22. Net Peso Revenues of Statement of net peso revenues (Peso embassies/consulates of foreign revenues less expenses) certified by the countries Embassy's/Consulate's authorized officer 23. FX obligations of Philippine credit card Summary billings companies to international credit card companies/non-resident merchants 24. Refund of unused foreign grant/aid by a. Copy of the contract/agreement covering from non-residents funded by inward the foreign grant/aid; remittance of FX that was converted to Pesos through AABs b. Request from grantor for the refund of the unused amount of grant/aid; and c. Bank certification on: i. Inward remittance of the foreign grant/aid and its conversion to Philippine pesos; and ii. Balance of the PHP account from which the Philippine peso to be converted shall be debited 25. Refund of unused foreign loan a. Copy of the contract/agreement covering proceeds that were funded by inward the foreign loan; remittance of FX that was converted to Pesos through AABs b. Request from creditor for the refund of the unused foreign loan proceeds; and c. Bank certification on inward remittance of the FX loan proceeds and conversion to Philippine pesos 26. Settlement by Philippine Deposit Certification by PDIC on the amount of Insurance Corporation (PDIC) of FCDU deposit liabilities to be paid to resident deposit claims 1 and non-resident depositors B. Sale of FX for Servicing Foreign/Foreign Currency Loans including Prepayments by Private Sector covered by Sections 22 to 31 of the FX Manual Purpose Documents Required (All originals except as indicated) 2 Loan Payments 1. Medium/Long-term foreign/ foreign currency loans (with original maturities of over 1 year) a. Regular amortization/payment 1.a. BSP registration letter and accompanying Schedule RA-2 (Part I: Schedule of Payments on BSP-Registered Foreign/FCDU Loans and Part II- Details of FX/Hedging Transactions for BSP-Registered Foreign/FCDU Loans); and 1.b. Copy of billing statement from creditor. Amounts that may be purchased shall be limited to maturing amounts on scheduled due dates indicated in the registration letter. Purchase and remittance of FX shall coincide with the due dates of the obligations to be serviced, unless otherwise explicitly allowed 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"; 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 explicitly allowed by the BSP. b. Prepayments of foreign/foreign 1.a BSP registration letter and accompanying currency loans of the private Sector Schedule RA-2 (Part I: Schedule of that are not publicly-guaranteed Payments on BSP-Registered Foreign/FCDU Loans and Part II- Details of FX/Hedging Transactions for BSP-Registered Foreign/FCDU Loans; and 1.b Original of the BSP letter acknowledging receipt of the borrower's notice of prepayment 2. Short-term foreign/foreign currency loans (with original maturity of up to 1 year) a. Loans from offshore creditors 1.a. BSP approval or registration letter (banks and non-banks) showing loan terms and borrower's receiving copy of its report on short-term loans as submitted to BSP's International Operations Department (IOD); 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 report, whichever is lower . Purchase and remittance of FX shall coincide with the due dates of the obligations to be serviced, unless otherwise explicitly allowed 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; 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 . Purchase and remittance of FX shall coincide with the due dates of the obligations to be serviced, unless otherwise explicitly allowed by the BSP. Or: 2.a. For loans not requiring BSP approval/ individual registration, 3 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 to be purchased from the AABs/AAB-forex corps in line with existing regulations; iii. That the 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. On the date when the loan account was reported to the appropriate BSP department/office under the prescribed forms. (This may be dispensed with for new loans which may not have been reported yet to BSP as of date of application to purchase FX.) 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 . Purchase and remittance of FX shall coincide with the due dates of the obligations to be serviced, unless otherwise explicitly allowed by the BSP. Payments related to Guarantees and a. BSP approval of the resulting similar arrangements (including Risk Take foreign/foreign currency obligation; Over arrangements) b. Copies of: i. Agreements/contracts covered by the 1. For FX liabilities arising from guarantee/similar arrangement; guarantees and similar arrangements [including Risk ii. Standby Letter of Credit (SLC) or Take Over Arrangements guarantee contract/agreement for the (RTO)] that do not involve guarantee; foreign/FCDU loans c. Proof/notice of original obligor's default and creditor's call on the guarantee; and d. Billing statement from the non-resident or local bank guarantor 2. Regular fees related to Build- a. BSP Registration Document Operate-Transfer (BOT) and similar financing schemes with transfer b. Copy of the covering provisions agreements/contracts c. Billing statement from the private sector project company/proponent C. Sale of FX for Servicing of Foreign Investments, Investments by Residents and Related Transactions Covered by Sections 32 to 44 of the FX Manual Purposes Documents Required (All originals except as indicated) 4 Foreign Investments 1. Capital Repatriation of: a. Portfolio Investments in: i. PSE-listed securities BSRD or BSRD Letter-Advice from the registering custodian bank and any of the following: a. Photocopy of the original broker's invoice; or b. Electronically-generated copy of the broker's invoice; or c. Systems-generated copy of the broker's invoice Documents under items a to c shall contain the settlement amount, number of shares, investment identity, and settlement date for the transactions covered. ii. Peso Government Securities BSRD or BSRD Letter-Advice from the registering custodian bank and photocopy of Confirmation of Purchase for Peso Government Securities iii. Money Market Instruments BSRD and photocopy of Matured Contract (MMI) for MMI iv. 90-day time deposits BSRD or BSRD Letter-Advice from the registering custodian bank and photocopy of Matured Certificate of Deposits for 90-day time deposits b. Foreign Direct Equity Investments a. BSRD; b. Photocopy of 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 in liquidation; c. Photocopy of Clearance from appropriate department of the BSP-Supervision and Examination Sector (for banks), or from the Insurance Commission (for insurance companies), from the Department of Energy or from the National Power Corporation (for oil/natural gas/geothermal companies); d. Detailed computation of the amount applied for in the attached format (Annex N) prepared by the selling stockholder's representative; e. Photocopy of pertinent audited financial statements; and f. SEC clearance in case of dissolution, if applicable. 2. Remittance of Dividends/Profits/ a. BSRD or BSRD Letter-Advice; Earnings/Interests b. Photocopy of PSE-cash dividends notice and Phil. Central Depository (PCD) printout of cash dividend payment or computation of interest earned issued by MMI issuer or bank; c. Photocopy of secretary's sworn statement on the Board Resolution covering the dividend declaration; d. Photocopy of latest audited financial statements or interim financial statements of the investee firm covering the dividend declaration period (for direct foreign equity investments); e. For direct foreign equity investments, photocopy of clearance pertaining to the investee firm from BSP-Supervision and Examination Sector (for non-PSE listed banks), Insurance Commission (for insurance companies), Department of Energy or from the National Power Corporation (for oil/natural gas/ geothermal companies); and f. Detailed computation of the amount applied for using the prescribed format (Annex N). 3. Outward remittance in equivalent FX a. Original certificate of inward remittance of pesos (funded by FX inwardly (fully unutilized) or certified true copy remitted) in excess of investments of certificate of inward remittance made in the country but not to exceed (partially unutilized) showing inward the amount of FX brought in less remittance of FX and its conversion to amount used for investments pesos; b. Swift message/letter request from non-resident investor for return of excess funds; c. Bank certificate on the investor's peso cash account attesting credit of the excess peso funds to the account and that the amount has been outstanding since the date of credit and is sufficient to cover the amount applied for conversion to FX for remittance. In case the balance of the peso account has fallen below the amount applied for conversion and outward remittance, the investor may only purchase up to the amount shown in the certificate. d. Statement from the custodian bank (for foreign portfolio investment) or from an authorized officer of the investee firm/selling investor (for foreign direct investment) on the investments made funded by a portion of the FX remittance. For refunds arising from the unapproved additional subscription of PSE-listed shares rights offering, the following additional documents shall be required in addition to Items 1-3 above: a. PSE Circulars indicating declaration of stock rights/warrants offering and the pertinent procedures and implementing guidelines; b. Copy of the Subscription Agreement with validation of payment/Philippine Depository and Trust Corp. (PDTC) ledger; and c. Schedule of entitlement of the stock rights indicating the subscribed shares, the approved and unapproved additional shares. For remittance of interest earned from the peso cash account, certification from the depository/custodian bank on the amount of interest pertaining to the excess peso funds for outward remittance. 4. Outward Investment a. Direct Equity Investments a. Photocopy of investment proposal/agreement, or subscription agreement or; b. Photocopy of Deed of Sale or Assignment of the investments; c. A certification on the cumulative FX purchases from AABs and AAB-forex corps within the calendar year for outward investments, including investments in bonds/notes of the Republic of the Philippines and other Philippine entities; d. Photocopy of BSP approval on FX purchases from AABs and AAB-forex corps for outward investments, including investments in bonds/notes of the Republic of the Philippines and other Philippine entities, exceeding USD60 million per investor per calendar year; and e. Photocopy of clearance, regardless of amount, from the appropriate department of the BSP-Supervision and Examination Sector (SES) for outward direct equity investments of banks and from the Insurance Commission (IC) for outward investments of insurance companies. b. Portfolio Investments a. Photocopy of subscription agreement, or bond/stock offering; b. Photocopy of swift payment order instruction from the counterparty/ broker/trader indicating the name of payee and type/kind of investment authenticated by the broker/trader; c. Photocopy of investor's order to broker/trader to buy the securities; d. A certification on the cumulative FX purchases from AABs and AAB-forex corps within the calendar year for outward investments, including investments in bonds/notes of the Republic of the Philippines and other Philippine entities; e. Photocopy of BSP approval on FX purchases from AABs and AAB-forex corps for outward investments, including investments in bonds/notes of the Republic of the Philippines and other Philippine entities, exceeding USD60 million per investor per calendar year; and f. Photocopy of clearance, regardless of amount, from the Insurance Commission (IC) for outward investments of insurance companies. 5. Investments in FX-denominated a. Photocopy of subscription agreement or bonds/notes and Philippine bond offering; Peso-denominated bonds/notes (to be settled in foreign currency) issued b. Photocopy of swift payment order offshore by the Republic of the instruction from the counterparty/ Philippines and other Philippine broker/trader indicating the name of entities payee and type/kind of investment authenticated by the broker/trader; c. Photocopy of investor's order to broker/trader to buy the securities; d. A certification on the cumulative FX purchases from AABs and AAB-forex corps within the calendar year for investments in bonds/notes of the Republic of the Philippines and other Philippine entities, including for outward investments; e. Photocopy of BSP approval on FX purchases from AABs and AAB-forex corps for outward investments, including investments in bonds/notes of the Republic of the Philippines and other Philippine entities, exceeding USD60 million per investor per calendar year; and f. Photocopy of clearance, regardless of amount, from the Insurance Commission for investments by insurance companies All FX purchases for non-trade transactions shall be directly remitted to the: (a) intended non-resident beneficiary's account (whether offshore or onshore); or (b) resident creditor bank, whose FCDU loans are eligible to be serviced with FX purchased from the banking system. Exceptions to this rule include travel funds, medical expenses abroad not yet incurred, and sales proceeds of emigrant's domestic assets if emigrant is still in the country. ATTACHMENT 2 APPENDIX 7 Guidelines for the Sale of Foreign Exchange (FX) to Importers by AABs and AAB-Forex Corps for Advance Payment of Imports Sale of FX for advance payment of imports may be done without prior BSP approval subject to the following guidelines: 1. AABs or AAB-forex corps shall require presentation of the original/submission of copies of the following documents prior to the sale of FX for advance payment of imports: SIEHcA a) purchase order (PO); b) sales contract (SC) or proforma invoice (PI) signed by the resident importer and foreign supplier requiring payment of the importation in advance and indicating the intended delivery period of the imported goods; and c) notarized Letter of Undertaking (LOU) to the effect that if the importation is cancelled, the importer shall inwardly remit the FX refunded by the foreign supplier and sell same for pesos to the FX selling/remitting AAB on the same date. 2. If the seller of FX is an AAB, the FX sale and remittance shall be transacted on the same date and shall involve only one AAB. The FX remittance shall be made directly to the foreign supplier and serviced at the exchange rate prevailing at the time of remittance, subject to the applicable tax provisions of the National Internal Revenue Code, as amended. If the selling entity is an AAB-forex corp, the FX proceeds shall be remitted to the foreign supplier through the parent AAB. The remitting AAB shall see to it that sales of FX by its AAB-forex corp subject for remittance are made in accordance with existing rules. 3. The importer shall present to the FX selling/remitting AAB the original shipping documents [import invoice and bill of lading (B/L) or air waybill (AWB)] where the date and amount of FX sold/remitted shall be stamped and duly signed by the AAB's authorized signatory, and the Bureau of Customs Import Release Documents, within three (3) banking days after receipt thereof. 4. Submission by the FX selling and remitting AAB to the BSP-IOD of the following reports: a. Monthly Report on Sale/Remittance of FX for Advance Payment of Importations (Annex B) within the first five (5) banking days of the month succeeding the date of FX sale/remittance; and b. Monthly Report on Purchase of FX from Refund of Advance Payment of Importations (Annex C) within the first five (5) banking days of the month succeeding the receipt of the refund. 5. The FX selling/remitting AAB shall report to the BSP under FX Form 1 (Consolidated Report on Foreign Exchange Assets and Liabilities) the following transactions: a. The remittance of FX by the AAB for advance payment of imports as "Import Advances/Down Payments" (Code No. 040) under Schedule 4 (FX Disposition for Loans); b. The purchase of FX by the AAB from the importer arising from a refund of advance payment on cancelled imports as "Refund of Import Advances/Down Payments" (Code No. 040) under Schedule 3 (FX Acquisition from Loans); and c. In case of importations with partial advance payment whose balance is payable through letters of credit (L/Cs), documents against acceptance (DA), open account (OA), documents against payment (DP), or direct remittance (DR), such balance shall be reported under the following Schedules: ECTHIA 1) Schedule 10 [Import Letters of Credit (L/Cs) Opened and DA-OA Import Availments and Extensions] for L/C (upon opening) and for DA-OA (upon availment); and 2) Schedule 11 (Import Payments) upon payment. 6. The foregoing rules on advance payments shall apply to importations under all modes of payment. ATTACHMENT 3 APPENDIX 10 Procedures and Minimum Documentation Requirements for the Registration of Inward Foreign Investments A foreign investment is considered BSP-registered upon issuance of a Bangko Sentral Registration Document (BSRD) by the Bangko Sentral ng Pilipinas (BSP) or a designated custodian bank. A. For registration with the BSP Foreign direct investments and investments in peso-denominated money market instruments under Section 34 and Section 35.3, respectively, of the "Manual" shall be registered directly with the BSP. 1. Foreign Direct Investments 1 The following are the procedures for registration and the requisite supporting documents: a. For Cash Investment The application shall be filed directly with BSP together with the following supporting documents: i. Certificate of inward remittance (CIR) of foreign exchange through an AAB in the prescribed format (Sample CIR and Guide/Instructions for Filling-Out CIR Form hereto attached as Appendix 10.1 and Appendix 10.2, respectively) DTAESI Note: Conversion to pesos of the foreign exchange funding the investment is not required for registration of foreign direct investment; and ii. Sworn certification of the officer of the investee firm concerned attesting to the number of shares and amount paid for the investment [Suggested format attached as Appendix 10.3A (for Stock Corporations) and Appendix 10.3B (for Branches/Representative Offices/Regional Headquarters/Regional Operating Headquarters)]. b. For Investment in Kind Application for registration shall be filed directly with BSP together with the following supporting documents: i. Shipping documents; ii. Bureau of Customs Import Entry and Internal Revenue Declaration (IEIRD); and iii. Sworn certification of the officer of the investee firm concerned attesting to the number of shares and amount paid for the investment [Suggested format attached as Appendix 10.3A (for Stock Corporations) and Appendix 10.3B (for Branches/Representative Offices/Regional Headquarters/Regional Operating Headquarters)]. The value of investments in kind shall be assessed and appraised by the BSP before their registration. c. For investment in financial institutions which are governed and regulated by the BSP: Clearance from the Supervision and Examination Sector of the BSP shall be required in addition to the documentary requirements for investments in cash or in kind. d. Registration as foreign investments of capitalized oil/gas/geothermal exploration expenditures ISADET The application for registration shall be filed directly with the BSP together with the following supporting documents: i. Government-approved service contract/other contract; and ii. Copy of the Department of Energy (DOE)/National Power Corporation (NPC) letter-validation of expenditures showing, among others, the distribution of validated expenditures among the partners under the service contract/other contract. e. Investments funded by foreign loan/s and other payables converted into equity: i. Original CIR of foreign exchange through an AAB in the prescribed format (Appendix 10.1) for foreign loans not registered with the BSP; or ii. Copy of BSP registration for foreign loans registered with the BSP; iii. Sworn certification from investee firm's authorized officer attesting to the number of shares and amount paid for the investment remittable outward and that such are funded from foreign loans/payables converted to equity; iv. Deed of Assignment of foreign loan or other payables; v. Latest audited financial statements of investee firm; and vi. Articles of Incorporation of the investee firm. f. Stock and/or property dividends accruing on BSP-registered investments in non-PSE-listed firms: a. Copy of BSRD; and b. Sworn certification signed by the investee firm's authorized officer on the declaration of the stock and/or property dividend, to include relevant excerpts of the covering Board Resolution. g. Stock splits/reverse stock splits on BSP-registered investments in non-PSE-listed firms: SEHaDI a. Copy of BSRD; and b. Sworn certification signed by the investee firm's authorized officer declaring the stock split/reverse stock split, to include relevant excerpts of the covering Board Resolution. 2. Investments in Peso-denominated Money Market Instruments Investments in money market instruments which refer to all peso-denominated debt instruments, such as but not limited to bonds, bills payables, promissory notes (PNs), and non-participating preferred shares, issued onshore by private resident firms, not included in Section 23 of the "Manual", shall be registered directly with the BSP supported by the following documents: a. Original CIR of foreign exchange and its conversion to pesos through an AAB in the prescribed form (Appendix 10.1); and b. Contract/Certificate of investment. For bonds or PNs issued by private domestic firms that were purchased from local creditor banks, the following additional documents shall be required: a. Copies of bonds or PNs; b. Purchase Price Letter/Agreement; c. Deed of Assignment of the loan; d. Notice of Assignment of the loan; and e. Acknowledgment by debtor of the Notice of Assignment. For foreign investments in non-participating preferred shares of Philippine investee enterprises, the following additional document/s shall be required: Purchase invoice, or subscription agreement and/or proof of listing in the local stock exchange for new/additional issues/stock rights 3. Reinvestment of divestment/sales proceeds or dividends/profits/earnings of duly registered investments (The following documentation requirements are in lieu of the CIR and in addition to the required documentation for the specific form/type of reinvestment) IcDESA For divestment/sales proceeds: a. Original BSRD; b. Sworn certification signed by the original investee firm's authorized officer attesting to the divestment/sale by the foreign investor; and c. Proof of divestment/sale for direct investment/s; or d. Matured contract/certificate of investment/proof of redemption for money market instruments. For dividends/profits/earnings a. Copy of BSRD; and b. Sworn certification signed by the investee firm's authorized officer declaring the dividends or distribution of profits, to include relevant excerpts of the covering Board Resolution; or c. Proof of interest/coupon payments for investment/s in money market instruments. 4. BSP-registered investments sold/transferred to another foreign investor if payment is made offshore in foreign exchange a. Original BSRD; b. Sworn certification from the authorized officer of the investee firm, attesting to the transfer/assignment of the investments from the selling foreign investor to the buyer, in the books of the investee firm; and c. Deed of Sale/Assignment. Replacement of Lost BSRDs a. Letter request from the foreign investor or his duly authorized representative; HIDCTA b. Affidavit of Loss from the foreign investor or his duly authorized representative attesting to the following: i. Loss of the original BSRD; ii. Reason for the loss; iii. Affirmation that they have exercised diligent search for the document/s declared lost; iv. That the investment is still intact and existing to date; v. The outstanding balance of the investment, net of repatriation, if any; vi. The registration number/s and date/s registered; vii. The number of shares registered under each registration and percentage of the foreign investment to the total shares subscribed and paid up, as applicable. c. Letter authority from the foreign investor for the replacement of the lost BSRD if the request and affidavit of loss are accomplished and signed by the duly authorized representative. B. For Registration with Custodian Banks Foreign investments in peso-denominated government securities, PSE-listed securities, and peso time deposits with tenor of at least 90 days as described in Items 1, 2, and 4 under Section 35 of the Manual shall be registered with custodian banks designated by the foreign investors. Custodian banks are authorized to issue on behalf of the BSP the BSRD for such investments. The duplicate copy of the new BSRD issued by custodian banks together with the requisite supporting documents enumerated in this Appendix shall be submitted to the BSP within two (2) banking days from date of registration for post audit purposes. The original copy of the BSRD shall remain in the custody of the issuing custodian bank. The "one-BSRD-per-investor-per-custodian-bank" rule The "one-BSRD-per-investor-per-custodian-bank" rule shall be followed for the registration of investments with custodian banks. DHIaTS 1. Only one BSRD shall be issued by a custodian bank to a foreign investor applying with that bank for registration of his foreign investments; 2. Additional inward foreign exchange remittances of a foreign investor through a custodian bank, which had earlier issued to that investor a BSRD, shall be considered BSP-registered after annotating such investments in said BSRD, and reporting to the BSP by said custodian bank within two (2) banking days from transaction date under the "Consolidated Daily Foreign Portfolio Investment Registration and Outward Remittance Report"; and 3. Changes in the composition of the registered investment holdings of the foreign investor that do not involve inward remittance of foreign exchange such as stock dividends, stock splits, or reverse stock splits shall be annotated in the same BSRD and reported by the custodian bank to the BSP under the "Consolidated Daily Foreign Portfolio Investment Registration and Outward Remittance Report". Surrender of BSRD to the BSP. Whenever the BSP-registered investments have been fully divested (redeemed/sold/withdrawn) by the foreign investor, the custodian of the original copy of the BSRD shall surrender said BSRD to the BSP for cancellation within two (2) banking days from date of full remittance of divestment proceeds. Documentary Requirements 1. Investments in peso-denominated government securities (GS) a. Accredited dealer's Confirmation of Sale (COS); b. Original CIR of foreign exchange and its conversion to pesos through an AAB in the prescribed format (Appendix 10.1); c. "Authority to Disclose Information" in the prescribed format (Appendix 10.4) CTSAaH 2. Investments in PSE-listed securities The application for registration shall be supported with the following documents: a. For new investments: i. Purchase invoice, or subscription agreement and/or proof of listing in the local stock exchange for new/additional issues/stock rights; and ii. Original CIR of foreign exchange and its conversion to pesos through an AAB in the prescribed format (Appendix 10.1). b. For annotation in the BSRD of stock dividends which accrued to duly registered investments: PSE Notice (Circular for Brokers) announcing the issuance of Stock Dividend c. For annotation in the BSRD of stock splits/reverse stock splits PSE Notice (Circular for Brokers) announcing the issuance of Stock Splits/Reverse Stock Splits 3. Investments in peso time deposits with tenor of at least 90 days a. Certification of peso time deposit; b. Original Certificate of Inward Remittance (CIR) of foreign exchange and its conversion to pesos through an AAB in the prescribed format (Appendix 10.1); and c. "Authority to Disclose Information" in the prescribed format (Appendix 10.4) 4. Reinvestment of divestment/sales proceeds or dividends/profits/earnings of duly registered investments TcSICH For divestment/sales proceeds: a. Original BSRD-Letter Advice; and b. Proof of redemption of GS; or Broker's sales invoice; or Matured certificate of peso time deposit, as applicable For dividends/profits/earnings: a. Original BSRD-Letter Advice; b. PSE Notice (Circular for Brokers) announcing the issuance of cash dividend for PSE-listed securities; or proof of interest/coupon payments for investment/s in GS and peso time deposits ATTACHMENT 4 APPENDIX 10.3A SWORN CERTIFICATION (Suggested Format for Stock Corporation/Investee Firm) I, _______________________________ (Name of Affiant), of legal age, _____________________________ (Nationality), and resident of the Philippines, after being duly sworn in accordance with law, depose and state that: 1. I am the _________________ (Position/Designation) of ___________________________ (Name of Investee-Firm), a corporation duly registered with/licensed by the Philippine Securities and Exchange Commission (SEC) under SEC Reg. No. ______ dated ______, to engage in the business of _______________________________________________________________________. 2. That the ______________________ (Name of Investee Firm) has a Capital Structure, as follows: Class Number of Shares Par Value Total Amount Authorized ____ ___________ ______ _________ Subscribed ____ ___________ ______ _________ Paid Up ____ ___________ ______ _________ 3. That ___________________ (Name of Foreign Investor), ______________ (Nationality), with address at _______________________________________________ whose business is ___________________________, has remitted/caused the remittance of USD/Other Foreign Currency (FC) ____________________, and converted the same into PHP____ (if applicable) , thru the Philippine banking system as certified by ____________________ (Name of Issuing Bank) under Certificate of Inward Remittance (CIR) of Foreign Exchange No. ______ dated ____________, of which amount, PHP/foreign currency _____________ was paid in consideration for the following shares of the Investee-Firm 1 and is now recorded in his/its name in the books of ____________ (Name of Investee-Firm), as follows: EADSIa Amount booked as payment for shares (in PHP, USD or other foreign currency) No. of Shares Par Class Paid for Value/Share Total Par Value As Premium Total ______ _________ _________ _____________ _________ ______ ______ _________ _________ _____________ _________ ______ ______ _________ _________ _____________ _________ ______ 4. That of the above total, the following share/s was/were assigned to cited Foreign Investor's nominee/s (if any): Name Nationality No. of Shares Amount Paid ___________ _____________ ____________ ______________ ___________ _____________ ____________ ______________ (The following paragraph may follow as appropriate) That the aforecited nominee/s appear/s in the corporate books of the ______________________________ (Name of Investee-Firm) only as nominee/s of the _____________________________ (Name of Foreign Investor) and that the said share/s is/are covered by Deed/s of Assignment of Foreign Investor transferring the share/s to each of the nominee named above; and that the covering certificates of stock issued to the said nominee/s are with annotation/s that the said nominee/s is/are merely nominee/s of the foreign investor named above; 5. That in the corporate books of _________________________ (Name of Investee-Firm) as of _____________________ (current date) show that the following are the stockholdings of its investors: Name of Investor No. of Shares Held Class Amount Paid ________________ _______________ ____________ ___________ ________________ _______________ ____________ ___________ ________________ _______________ ____________ ___________ Correspondingly, the capital stock of the _______________ (Name of Investee Firm) as of ________________________ (Current Date) is as follows: Number of Shares Amount % Common Preferred (in PHP) Issued and Paid ______________ ___________ _________ _____ Filipino ______________ ___________ _________ _____ Foreign ______________ ___________ _________ _____ Additional Paid-In Capital /////////////// /////////////// _________ _____ Deposit for future subscription /////////////// /////////////// _________ _____ 6. That as of date, total foreign investments in the percentage stated above in the __________________________ (Name of Investee-Firm) is within the limit for foreign investor under the Constitution and existing laws of the Philippines. EHSADc IN WITNESS WHEREOF, I have hereunto set my hand this ________ day of ________ 20__ at __________________. ___________________________ (Signature over Printed Name) SUBSCRIBED AND SWORN TO before me this _____ day of ____________ 20___, Affiant exhibiting his/her identification card no. _____________________ issued on ______________ at ____________ to expire on ________________. Notary Public Until: ______________ Doc. No. _____ Page No. _____ Book No. _____ Series of 20___ N.B. The above form may be amended as appropriate for other business organizations, and/or for purchases of secondary shares from existing shareholder/s. ATTACHMENT 5 APPENDIX 10.3B SWORN CERTIFICATION (Suggested Format for Branch/Representative Office/Regional Headquarters/ Regional Operating Headquarters) I, ________________________ (Name of Affiant), of legal age, ___________ (Nationality) and a resident of the Philippines, after being duly sworn to in accordance with the law, hereby depose and state that: 1. I am _________________, ________________________________ (Authorized Officer's Position Title) of _________________ (Name of Investee firm), with address at ________________, herein referred to as the investee firm; 2. That herein foreign investor, __________________, is a foreign entity incorporated under the laws of ___________ ___________ and duly licensed by the Securities and Exchange Commission under License No. ______________ issued on _______________ to establish its branch/representative office/regional headquarters/regional operating headquarters (B/RO/RHQ/ROHQ) in the Philippines the purpose of which is to _______________________________________________________ _____________________________________________________. TCacIA 3. That said foreign investor has inwardly remitted, and converted into Philippine pesos (PHP) thru an authorized agent bank (AAB) the amount of USD/other foreign currency ____________ on ____________, per Certificate of Inward Remittance (CIR) of Foreign Exchange No. ____________________________ issued by _________________ (Name of AAB) on ___________ of which amount PHP__________ was received by the B/RO/RHQ/ROHQ and recorded in its books as assigned capital or operational working fund. 4. That the investment certified herein plus previous investment/s (less repatriation, if any) totals PHP___________; which is in line with existing laws to establish B/RO/RHQ/ROHQ in the Philippines. IN WITNESS WHEREOF, I have hereunto set my hand this ______ day of __________________ 20____ at ______________ to expire on. __________________________ (Signature over Printed Name) SUBSCRIBED AND SWORN TO before me this _____ day of _____ 20___, affiant exhibiting his/her identification card no. _____________ issued on _________ at ____________________. ATTACHMENT 6 APPENDIX 20 Processing Fees on Foreign Exchange Transactions Payable to the Bangko Sentral ng Pilipinas (BSP) Type of Transaction Amount of Fee Payment Mode Other details BSP Approval of 0.02 percent of the Payments shall be made to The fees shall be paid in Foreign/Foreign loan/guarantee amount the BSP-Cash Department in the peso equivalent Currency applied for, with a minimum Manager's Check or Cashier's converted at the BSP Loans/Guarantees of US$400 and maximum of Check payable to the Bangko reference rate one (1) US$100,000. Applications Sentral ng Pilipinas banking day preceding requested to be treated on accompanied by a Payment the date of receipt of a rush basis shall be charged Order from the BSP- application, in Manager's twice the foregoing rate International Operations Check or Cashier's Check Department (IOD). payable to the Bangko BSP Registration 1 0.02 percent of the loan Sentral ng Pilipinas. of Foreign/Foreign amount applied for Currency Loans registration, with a minimum of US$400 and maximum of US$100,000 BSP Approval/ An additional fee equivalent Payments shall be made to - registration of to ten (10) percent of the the BSP-Cash Department in Foreign/Foreign applicable processing fee. Manager's Check or Cashier's Currency Loans not Check payable to the Bangko included in the Foreign Sentral ng Pilipinas Borrowings Plan 2 accompanied by a Payment Order from the BSP-IOD. Review and clearance Regular processing fee of Payments shall be made to - by the Inter-Agency PHP20,000.00. the BSP-Cash Department in Committee for Review Manager's Check or Cashier's of Foreign Loan Applications requested to be Check payable to the Bangko Documents of treated on a rush basis shall Sentral ng Pilipinas foreign/foreign be charged twice the accompanied by a Payment currency loan foregoing rate. Order from the BSP-IOD. documents/agreements of Government Owned and Controlled Corporations Replacement of Lost PHP4,000.00 for every Payments shall be made to - Bangko Sentral replacement requested for the BSP-Cash Department in Registration Letters lost BSP registration letters Manager's Check or Cashier's for foreign/foreign for loans and/or their Check payable to the Bangko currency loans accompanying schedules: Sentral ng Pilipinas Schedule RA-2 (Part I: accompanied by a Payment Schedule of Payments on Order from the BSP-IOD. BSP-Registered Foreign/ FCDU Loans and Part II- Details of FX/Hedging Transactions for BSP-Registered Foreign/FCDU Loans) Purchase of Bangko PHP50.00/set of the BSRD Payments shall be made to - Sentral Registration form printed by the BSP to the BSP-Cash Department in Document (BSRD) for be used in the registration of cash or Manager's Check or foreign portfolio foreign portfolio investments Cashier's Check payable to the investment by the Bangko Sentral ng Pilipinas, or registering custodian through debit of the bank's banks regular demand deposit with the BSP. Replacement of lost PHP2,000 shall be charged Payments shall be made to Release of the BSRD for foreign to applicants for the the BSP-Cash Department in replacement BSRD shall investments replacement of a lost BSRD cash or Manager's Check or be made only upon receipt registered by the Cashier's Check payable to the by the BSP of the payment BSP Bangko Sentral ng Pilipinas. from the foreign investors or their duly authorized representative. Extension in maturity a. 0.01 percent of the Payments shall be made to The fees shall be paid dates of importations importation's unpaid the BSP-Cash Department in in the peso equivalent under D/A and O/A balance with a minimum of Manager's Check or Cashier's converted at the BSP arrangements US$50.00 and a maximum Check payable to the Bangko reference rate of two exceeding one (1) of US$1,000.00 for Sentral ng Pilipinas (2) banking days prior year from date of accounts whose extension accompanied by a Payment to payment date. acceptance for D/A was reported by Order from the BSP-IOD. and from date of bill of Authorized Agent Banks lading or air waybill for (AABs) to the BSP within O/A 31 to 180 days from scheduled due date; and b. 0.02 percent of the importation's unpaid balance with a minimum of US$100.00 and a maximum of US$2,000.00 for accounts whose extension was reported by AABs to BSP beyond 180 days from scheduled due date. ATTACHMENT 7 ANNEX B ATTACHMENT 8 ANNEX C ATTACHMENT 9 ANNEX D.1 ANNEX A ANNEX B ANNEX C ANNEX C-1 ANNEX D ANNEX E ATTACHMENT 10 ANNEX D.2 ANNEX A ANNEX A.1 ANNEX A.2 ANNEX B ANNEX B.1 ANNEX C ANNEX C.1 ANNEX D ANNEX E ATTACHMENT 11 ANNEX E.1 ATTACHMENT 12 ANNEX E.2 ATTACHMENT 13 ANNEX F Footnotes ATTACHMENT 1 APPENDIX 1 * 1. All purchases of FX must be accompanied by duly accomplished application to purchase FX using the prescribed format. 2. It is understood that when a bank certification regarding its client's deposit account is required, the owner of the account should have executed a notarized waiver of secrecy of its deposit. 1. For the settlement by PDIC of FCDU deposit claims, supporting documents must be presented regardless of amount. Both resident and non-resident claims may be serviced. 2. All original documents shall be stamped "FX-SOLD" indicating the date and amount of FX sold, and whether on spot or forward basis and signed by the seller's authorized signatory. 3. Individual registration means a BSP registration document is required. 4. All original documents shall be stamped "FX-SOLD" indicating the date and amount of FX sold, and whether on spot or forward basis and signed by the seller's authorized signatory. ATTACHMENT 3 APPENDIX 10 1. Foreign direct investments required by law to be registered with the Securities and Exchange Commission or the Bureau of Trade Regulation and Consumer Protection of the Department of Trade and Industry shall be extended a Bangko Sentral Registration Document (BSRD) upon endorsement by either agency and submission of required documents. ATTACHMENT 4 APPENDIX 10.3A 1. The balance (total peso/USD/other foreign currency proceeds less amount applied to this investment transaction, if any) in the amount of PHP__________ is recorded in the books of (Name of Investee-Firm) as ( e.g. , Advances, Deposit for Future Subscription). ATTACHMENT 6 APPENDIX 20 1. Pertains only to loans which do not require BSP approval prior to registration. 2. Private sector loans that are submitted to the BSP for approval or registration that were not included under a foreign borrowings plan submitted to BSP as required in Section 22 of the FX Manual.