Declaration of Foreign Exchange Assets of Residents and Non-residents

January 11, 1950 CBP NOTIFICATION TO AUTHORIZED AGENTS NO. 11-50 SUBJECT : Declaration of Foreign Exchange Assets of Residents and Non-residents 1. In accordance with the provisions of Central Bank Circular No. 20 dated December 9, 1949, Philippine residents and non-residents are required to declare their foreign exchange assets as of December 9, 1949 in the following manner: a. Residents must report on E.C. Form No. 306: (1) All assets located in the Philippines and expressed in foreign currency, whether held directly, or through in or with a bank or banking institution located in the Philippines, or otherwise, and (2) All assets, whether expressed in Philippine pesos or in a foreign currency, situated abroad and held through, in, or with a bank or banking institution located in the Philippines. b. Non-residents must report on E.C. Form No. 307, all assets located in the Philippines, whether expressed in Philippine pesos or in a foreign currency, regardless of the manner in which they are held. (E.C. Forms Nos. 306 and 307 supersede E.C. Form No. 1) 2. Assets to be declared include money, checks, drafts, bank drafts, deposit accounts (demand, time and savings), all debts, indebtedness or obligations, financial securities commonly dealt in by bankers, brokers and investment houses, notes, debentures, stocks, bonds, coupons, bank acceptances, mortgages, pledges, liens, or other rights in the nature of security. prcd 3. The terms "Bank" and "Banking institutions" as used in Central Bank No. 20 shall include any person engaged primarily or incidentally in the business of banking, of granting credits or transferring credits, or of purchasing or selling foreign exchange or procuring purchasers and sellers thereof, as principal or agent, or any person holding credits for others as a direct or incidental part of his business, or securities brokers. 4. Term "resident" shall include any person, firm, partnership, association, branch office, agency, company or other unincorporated body or corporation residing or located within the Philippines. 5. Declarations of residents on E.C. Form No. 306 must be submitted to the Exchange Control Office on or before February 9, 1950. 6. Declarations of non-residents on E.C. Form No. 307 must be submitted to the Exchange Control Office on or before June 9, 1950.