Foreign Exchange Inwardly Remitted for Investment in Shares of Stock should be Converted into Philippine Peso
SEC-CLD Memorandum Circular No. 07-98 • Securities and Exchange Commission Departments • Company Registration and Monitoring Department (CRMD) • Jul 1, 1998
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July 1, 1998 SEC-CLD * MEMORANDUM CIRCULAR NO. 07-98 TO : Examiners and Appraisers Department and All Registrants SUBJECT : Foreign Exchange Inwardly Remitted for Investment in Shares of Stock should be Converted into Philippine Peso To assist the government in generating foreign ,exchange and in line with Circular No. 142 dated September 16, 1997 of the Bangko Sentral ng Pilipinas requiring mandatory conversion to pesos of foreign exchange inwardly remitted for investment purposes, the Commission shall not allow foreign exchange as consideration for the issuance of shares of stock unless the same is converted into Philippine peso. This Memorandum Circular shall take effect immediately. (SGD.) PERFECTO R. YASAY, JR. Chairman Footnotes * Corporate and Legal Department; now Company Registration and Monitoring Department
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