FOREX CORPORATIONS’ REPORT

In accordance with Monetary Board Resolution No. 1870 dated 26 October 2000, Circular Letter dated March 8, 2000 is re-issued.

Pursuant to Section 80 of Republic Act No. 7663 (The New Central
Bank Act) and Monetary Board Resolution No. 1379 dated October 1, 1999,
all forex corporations/corporations engaged in foreign exchange trading
activities that are not subsidiaries/affiliates of banks, quasi-banks
and/or non-bank financial intermediaries shall submit a monthly report
of their purchases/sales and daily position of foreign exchange to the
Department of Commercial Banks II of the Bangko Sentral ng Pilipinas in
the prescribed forms hereto attached.

The Chief Executive Officer (CEO) or President of the Corporation
shall certify under oath the accuracy of the data contained in the
report.

The report submitted may be subject to inspection, as may be
appropriate by authorized representatives of the Bangko Sentral ng
Pilipinas to verify the accuracy of the reported data/information.
Accordingly, forex corporations shall make available their books of
accounts/records and related documents for inspection and cooperate with
the inspectors as necessary to facilitate the verification of their
reports.

Non-compliance hereof or any false reporting or misrepresentation of
reported data/information shall be subject to a monetary fine of
P30,000 per day (until complied) and the penal provision under Section
36 of Republic Act No. 7653 (The New Central Bank Act).

This Circular Letter shall take effect 15 days after date of the Circular Letter.

Adopted: 27 Oct. 2000

(SGD.) RAFAEL B. BUENAVENTURA
Governor