CBP Memorandum

April 21, 1975 CBP MEMORANDUM TO : Authorized Agent Banks and Authorized Security Dealers No. 29-75 Further to MAAB No. 89 dated August 9, 1974 governing switching transactions in CB-approved Philippine securities listed in the stock exchange authorized under Circular 365 as implemented by Memorandum to Authorized Agent Banks and Authorized Security Dealers dated March 26, 1973, the following regulations are hereby promulgated: 1. Cash dividends and. proceeds of sale of stock dividends accruing on foreign cash investments in Philippine securities registered pursuant to Circular 365, may be re-invested in other Philippine securities listed in the stock exchanges and registered under the provisions of Circular 365. 2. Pending the re-investment/repatriation of peso cash dividends/proceeds of sale of stock dividends, the same shall, at the option of the foreign investor, be lodged with the selling authorized security dealer or in a "suspense account" (not a deposit account) with any authorized agent bank. 3. A monthly report on the prescribed form, sample attached hereto, indicating every entry in the said peso account of each investor, shall be accomplished and submitted to the Foreign Exchange Department, Central Bank of the Philippines, not later than five (5) days after the end of every month by the authorized agent bank/authorized security dealer concerned. 4. Provisions of existing regulations inconsistent herewith are hereby repealed or modified accordingly. This Memorandum shall take effect immediately. (SGD.) G. S. LICAROS Governor