CBP Memorandum

August 10, 1970 CBP MEMORANDUM TO : All Authorized Securities Dealers and Stock Transfer Agents and Registrars Effective immediately, authorized security dealers are hereby authorized to approve, on behalf of the Central Bank, licenses on the appropriate form authorizing the purchase from non-residents by residents of the Philippines of shares of stock of Philippine companies which are held abroad, provided that payment for such shares do not involve any foreign exchange outflow from the Philippines and such shares are repatriated to the Philippines and transferred in the local registry in the name of the resident purchaser. Where such securities have already been purchased by residents from non-residents prior to the date of this memorandum, authorized security dealers may approve, on behalf of the Central Bank, licenses for the importation of such shares to the Philippines for account of the resident purchaser without requiring the purchaser to state the source of the foreign exchange paid for the said shares. The licenses issued by an authorized security dealer, for and on behalf of the Central Bank, covering the purchase by residents from non-residents of shares of stocks of Philippine companies which are held abroad and the importation into the Philippines of such securities in accordance with the foregoing, shall be sufficient authority for local transfer agents and registrars to transfer the securities involved from foreign registry to Philippine registry and in the name of the resident purchaser. prLL Authorized Security Dealers issuing licenses on behalf of the Central Bank authorizing the purchase by residents from non-residents of the Philippine securities and the importation into the Philippines of such securities under the terms of this Memorandum shall furnish the Foreign Exchange Department of the Central Bank with copies of the said licenses promptly. All Authorized Security Dealers and Stock Transfer Agents and Registrars shall be guided accordingly. (SGD.) G. S. LICAROS Governor