FOREIGN CURRENCY AS CONSIDERATION FOR STOCKS
National Administrative Register [ SEC MEMORANDUM CIRCULAR NO. 13, S. 2000, June 17, 2000 ]
In accordance with Section 62 of the Corporation Code of the
Philippines and to allow investors to maintain their foreign exchange
holdings, payment to subscription to capital stock of corporations may
be in foreign currency. The bank certificate of deposit covering the
foreign currency as paid-up capital shall include the date the foreign
currency was deposited/credited to the account of the corporation and
the exchange rate on said date.
Philippines and to allow investors to maintain their foreign exchange
holdings, payment to subscription to capital stock of corporations may
be in foreign currency. The bank certificate of deposit covering the
foreign currency as paid-up capital shall include the date the foreign
currency was deposited/credited to the account of the corporation and
the exchange rate on said date.
However, foreign exchange paid-in capital and remittances should be
converted into Philippine Peso if the foreign stockholders want their
investments to be registered with the Bangko Sentral ng Pilipinas.
Previous circulars, orders and issuances inconsistent with this
Memorandum Circular are hereby repealed or modified accordingly.
This Memorandum Circular shall take effect immediately.
Adopted: 17 June 2000
(SGD.) LILIA R. BAUTISTA
Chairman