CBP Circular No. 1157-87

September 28, 1987 CBP CIRCULAR NO. 1157-87 The Monetary Board, in its Resolution No. 913 dated September 18, 1987, approved the amendment of Section 15, of Circular No. 1028 so as to make this now read as follows: SECTION 15. Operating Funds of Multinational Headquarters . A multinational area headquarters in the Philippines under the Omnibus Investments Code of 1987, shall remit into the Philippines, amounts necessary for its operations which shall not be less than US$50,000.00, or its equivalent in acceptable foreign currencies per annum. The multinational area headquarters shall, within thirty (30) days after the issuance of a Certificate of registration by the Securities and Exchange Commission (SEC) submit to SEC a certificate of inward remittance and conversion to pesos of at least US$30,000.00, copy furnished the Central Bank of the Philippines, thru its foreign Exchange Regulations Department. Within thirty (30) days after the anniversary date of the registration of the multinational company as a regional or area headquarters with inward remittance amounting to at least US$50,000.00 or its equivalent in other acceptable foreign currencies during the past year, copy furnished the Central Bank of the Philippines through the Foreign Exchange Regulations Department. This Circular shall take effect immediately. (SGD.) GABRIEL C. SINGSON Senior Deputy Governor