CBP Memorandum

August 23, 1960 CBP MEMORANDUM TO : Authorized Agents ECD No. 17-60 Authorized Agents are hereby advised that they may sell foreign exchange at the free market rate to intending emigrants at the time of their departure from the Philippines out of their savings and proceeds of sale of their assets in the Philippines up to a maximum of $3,000.00 per family provided said emigrants can fully substantiate ownership of the assets and subject to the presentation of the following papers and/or documents: LLphil 1. Travel Papers (For verification only) a. Passport b. Tax Clearance Certificate c. For Philippine citizens valid visa for permanent residence in the country of destination For aliens Emigration Clearance Certificate (indicating no re-entry permit) 2. Full Statement of Assets and Liabilities Supported by transcripts or photostatic copies of applicant's bank accounts. 3. Income Tax Returns For those years in which the cash and other assets had been accumulated certified to by the Income Tax Division of the Bureau of Internal Revenue. LLphil 4. Copy of the Deed of Sale Duly registered and certified to by the Register of Deeds of the province or city where the real estate is situated when proceeds are claimed to have accrued from the sale of real estate. 5. Notarized Bill of Sale Accompanied by the original purchase invoices covering sales of personal property like jewelries, furniture, etc. when proceeds are claimed to have accrued from the sale of personal properties. In the case of those who had served in any of the agencies of the United States Government, claiming to have received backpay, mustering out pay, or terminal leave pay, etc., certification as to the amount thus received must be supported by affidavits confirmed by the proper agency of the U.S. Government concerned. The balance of the intending emigrant's peso funds after the purchase of the foreign exchange allowed under this memorandum, in order to acquire remittability and other privileges accorded blocked pesos, may be deposited in a special blocked fiduciary account with any authorized agent bank upon application to and approval by the Exchange Control Department. The application to open the account must be filed on E.C. Form 108, Revised. If the applicant owns any shares of stock in a Philippine company or other securities and he desires to transfer these securities abroad, an application may be filed on E.C. Form X with the Exchange Control Department thru any of the authorized agents of the Central Bank which must be supported by a schedule of the securities involved, indicating the kind of securities; the name and address of the company in which they were held; their number, par value, if any, and total value; the numbers, dates of issue and other particulars of the covering certificates; the manner of acquisition, that is, whether by purchase, inheritance or otherwise, the statement should also indicate the sources of the funds used in buying the securities. Appropriate action will be taken on such applications in accordance with existing regulations and policy. (SGD.) M. CUADERNO, SR.