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Manila Bulletin devider Business devider Banking & Finance devider BSP shifts all FX documents in digital form

BSP shifts all FX documents in digital form

Published Apr 26, 2023 06:43 am


After permanently converting all foreign exchange (FX) related documents in digital or electronic form, the Bangko Sentral ng Pilipinas (BSP) said in two memos that it will no longer issue original hardcopies as well for verification. BSP Deputy Governor Francisco G. Dakila Jr. said in a memo (BSP Memorandum M-2023-015) issued on April 24 that these electronic forms will still be verified with the BSP including BSP letter-approval and Bangko Sentral Registration Documents or BSRDs. All Authorized Agent Banks (AABs) and its subsidiary and affiliates will verify with the BSP International Operations Department (IOD) the authenticity of the BSP electronic documents. Verification will be done through email before the sale and deposit of the funds to peso deposit accounts. Meanwhile, in a separate memo (Circular Letter CL-2023-027), Dakila said existing BSRDs issued in original hardcopies by registering AABs will be converted to its electronic or digital format. Earlier this month, the BSP announced that it will permanently adopt as policy some of the FX pandemic-related relief measures to make it easier for banks to sell and transact FX. BSP Circular No. 1171, signed on March 29 after a Monetary Board resolution approved it on March 23, further amends FX regulations by permanently relaxing documentary requirements and extending the waiver of monetary penalties until end-June 2023 for delays incurred in the submission of reports. To be adopted as permanent policy are the majority of the operational relief measures for FX transactions under Circular No. 1080 which was first issued on March 27, 2020, and other related Circular Letters. The BSP said it will “unwind the remaining temporary measure” as a response to Covid-19 three years ago. It did not specify which of these relief measures will be removed. “The amendments are in line with the BSP’s thrust to further streamline procedures and documentary requirements for FX transactions,” said the BSP. Two of the six FX relief measures that will be permanently adopted are: the lifting of the notarization requirement for certain supporting documents for trade and non-trade current account transactions and foreign investments; and the lifting of the applicable processing fee in relation to non-compliance with prescriptive period for submission to BSP IOD of applications/requests for various FX transactions. Other relief measures that have become permanent are the ones covered by recent memos, such as: the issuance in electronic form of BSP-IOD documents such as BSRDs; the electronic submission of BSP-IOD issued documents to AABs and its subsidiary or affiliate FX corporations and to the BSP; electronic submission of BSP-IOD application forms without the required electronic/digital signatures, provided that same will be accompanied with the required attestation from the submitting party; and the electronic submission of reports to BSP-IOD. “Relatedly, documents issued by the BSP-IOD in electronic form starting 27 March 2020 (e.g., BSP letter-approval, provisional BSRDs) will remain valid even after the period covered by Circular No. 1080. Hence, the BSP will no longer issue original hardcopies to replace said BSP documents,” said the BSP.
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