FORWARD CONTRACTS
National Administrative Register March 13, 2003 [ BSP CIRCULAR LETTER, March 13, 2003 ]
In its Resolution No. 343 dated 13 March 2003, the Monetary Board decided that, effective immediately, forward contracts, i.e., outright forward and forward leg of swap, to cover long-term foreign currency requirements shall have a maximum tenor of six (6) months.
This policy shall be subject to quarterly review by the BSP.
Adopted: 13 March 2003
(SGD.) AMANDO M. TETANGCO, JR.
Officer-in-Charge