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    Annex F Short-Term Loans: Page 32 of 100

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    This document discusses regulations regarding short-term loans granted to Philippine residents from foreign sources. It lists 9 categories of allowed short-term loans, including loans from foreign banks, private exporters/importers, and private sector intercompany loans. It notes that some of these loans must be registered with the Bangko Sentral ng Pilipinas but that registration does not apply to all categories. The loans are allowed provided all relevant Bangko Sentral ng Pilipinas rules and regulations are followed.

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    Annex F Short-Term Loans: Page 32 of 100

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    lajefa lajefa
    27 views1 page
    This document discusses regulations regarding short-term loans granted to Philippine residents from foreign sources. It lists 9 categories of allowed short-term loans, including loans from foreign banks, private exporters/importers, and private sector intercompany loans. It notes that some of these loans must be registered with the Bangko Sentral ng Pilipinas but that registration does not apply to all categories. The loans are allowed provided all relevant Bangko Sentral ng Pilipinas rules and regulations are followed.

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    Manual on FORXT

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    32

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    This document discusses regulations regarding short-term loans granted to Philippine residents from foreign sources. It lists 9 categories of allowed short-term loans, including loans from foreign banks, private exporters/importers, and private sector intercompany loans. It notes that some of these loans must be registered with the Bangko Sentral ng Pilipinas but that registration does not apply to all categories. The loans are allowed provided all relevant Bangko Sentral ng Pilipinas rules and regulations are followed.

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    © All Rights Reserved
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    27 views1 page

    Annex F Short-Term Loans: Page 32 of 100

    Uploaded by

    lajefa lajefa
    This document discusses regulations regarding short-term loans granted to Philippine residents from foreign sources. It lists 9 categories of allowed short-term loans, including loans from foreign banks, private exporters/importers, and private sector intercompany loans. It notes that some of these loans must be registered with the Bangko Sentral ng Pilipinas but that registration does not apply to all categories. The loans are allowed provided all relevant Bangko Sentral ng Pilipinas rules and regulations are followed.

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    Page 32 of 100

    iii. By the creditor foreign bank – Report on Short-Term Loans Granted


    to Residents by Foreign Banks (Annex F).

    6. Short-term loans of private exporters/importers from other offshore


    sources/creditors: Provided, That all provisions of Section 24.5 are complied with,
    except item (f), and that the loans shall be granted against BSP-approved short-term
    relending programs of foreign creditors. Creditors shall submit to the BSP for approval
    their short-term relending program for Philippine borrowers indicating their proposed
    credit limit together with a list of prospective borrowers/beneficiaries. These relending
    programs shall be valid for one (1) year.

    7. Private sector loans not guaranteed by foreign governments/official export


    credit agencies covering importation of freely importable commodities under deferred
    L/Cs or D/A-O/A arrangements with a term of more than one (1) year.

    8. Private sector intercompany loans granted by foreign companies to their


    local branches/subsidiaries, irrespective of amount and maturity: Provided, That these
    are used to finance eligible projects/costs cited under Section 25. For purposes of this
    Item, intercompany loans shall include those granted by foreign branches and
    wholly-owned subsidiaries of a foreign parent company as well as other subsidiaries of
    the parent company but shall exclude those loans that are intended to refinance
    existing obligations: Provided, That, in the case of other subsidiaries, the loan/s shall be
    fully guaranteed by the parent company.

    9. Loans of resident private sector borrowers from offshore sources that are
    not guaranteed by public sector entities to finance the Government’s Public-Private
    Partnership (PPP) projects. These loans may be obtained without prior BSP approval
    until 28 December 2016. However, if financing for the PPP projects will be in the form
    of offshore issuances of peso-denominated instruments, the provisions of Section 31.2
    shall apply.

    The loans listed under this Section shall, however, be registered with the BSP
    pursuant to Section 28, if to be serviced by the borrower/creditor/guarantor using
    foreign exchange from AABs/AAB-forex corps, including loans that are covered by
    derivatives contracts which shall also be subject to the provisions of Sections 88 to 94
    and Appendix 18 of the Manual. Said registration requirement does not apply to loans
    under items 1(a)-(c) and 2 hereof, while loans covered by items 4 and 5 shall be subject
    to the provisions of Section 28.3.

    (As amended by Circular No. 742 dated 21 November 2011, Circular No. 794
    dated 18 April 2013, Circular No. 818 dated 6 November 2013, Circular No. 874 dated
    8 April 2015 and Circular No. 925 dated 13 September 2016)

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