BSP CIRCULAR NO. 690, S. 2010, June 23, 2010
AMENDMENT TO SECTION 89 OF THE MANUAL OF REGULATIONS ON FOREIGN EXCHANGE TRANSACTIONS
National Administrative Register June 23, 2010
The Monetary Board in its Resolution No. 772 dated 4 June 2010, approved the amendment to Section 89 of the Manual of Regulations on Foreign Exchange Transactions (MORFXT) which shall now read as follows:
“Section 89. Definition of Terms
‘Customers’ shall refer to: (a) resident banks other than UBs, KBs, and other banks with Type 3 (limited user) derivatives authority, as well as resident non- bank entities; and (b) non-residents, both banks and non-banks.
x x x”
This Circular shall take effect fifteen (15) calendar days after its publication either in the Official Gazette or in a newspaper of general circulation
FOR THE MONETARY BOARD:
(SGD.) AMANDO M. TETANGCO, JR.
Governor