BSP CIRCULAR NO. 223, December 24, 1999
PURCHASES OF FOREIGN EXCHANGE BY NON-RESIDENTS
1999, Section 3 of Circular No. 1389 is hereby amended to read as
follows:
“Section 3. Purchases of Foreign Exchange by Non-Residents.
Non-residents may purchase foreign exchange from AABs only to the
extent of the amount shown to have been sold by them for pesos to AABs.
Departing non-residents may reconvert at airports or other ports of exit
unspent pesos of up to a maximum of US$200 or an equivalent amount in
any other foreign currency calculated at prevailing exchange rates,
without need of showing proof of previous sale by them of foreign
exchange to AABs. Non-residents, in this particular context, shall pertain only to individual tourist or balikbayan.”
Anent to this, the peso deposits of other non-residents, including
foreign banks, should be considered inward investments and, therefore,
subject to Bangko Sentral ng Pilipinas registration requirements as
prescribed under Sections 32, 33, 36, 37 and 38 of Circular No. 1389, as
amended.
This Circular shall take effect immediately.
Adopted: 24 Dec. 1999
(SGD.) RAFAEL B. BUENAVENTURA
Governor