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    Aabs AAB-forex Corps

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    lajefa lajefa
    1. Loans that were signed or drawn prior to obtaining required BSP approval are not eligible to be registered or serviced using foreign exchange purchased from authorized agent banks or agent banks with foreign exchange corporations. 2. Foreign exchange purchases from authorized agent banks or agent banks with foreign exchange corporations can be used to service registered foreign loans for principal, interest, fees, and charges without prior BSP approval if documents are submitted. 3. Prepayment of public sector or publicly guaranteed private sector loans require prior BSP approval for foreign exchange purchases to be used.

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    Aabs AAB-forex Corps

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    lajefa lajefa
    52 views1 page
    1. Loans that were signed or drawn prior to obtaining required BSP approval are not eligible to be registered or serviced using foreign exchange purchased from authorized agent banks or agent banks with foreign exchange corporations. 2. Foreign exchange purchases from authorized agent banks or agent banks with foreign exchange corporations can be used to service registered foreign loans for principal, interest, fees, and charges without prior BSP approval if documents are submitted. 3. Prepayment of public sector or publicly guaranteed private sector loans require prior BSP approval for foreign exchange purchases to be used.

    Original Description:

    Manual on FORXT

    Original Title

    35

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    1. Loans that were signed or drawn prior to obtaining required BSP approval are not eligible to be registered or serviced using foreign exchange purchased from authorized agent banks or agent banks with foreign exchange corporations. 2. Foreign exchange purchases from authorized agent banks or agent banks with foreign exchange corporations can be used to service registered foreign loans for principal, interest, fees, and charges without prior BSP approval if documents are submitted. 3. Prepayment of public sector or publicly guaranteed private sector loans require prior BSP approval for foreign exchange purchases to be used.

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    © All Rights Reserved
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    52 views1 page

    Aabs AAB-forex Corps

    Uploaded by

    lajefa lajefa
    1. Loans that were signed or drawn prior to obtaining required BSP approval are not eligible to be registered or serviced using foreign exchange purchased from authorized agent banks or agent banks with foreign exchange corporations. 2. Foreign exchange purchases from authorized agent banks or agent banks with foreign exchange corporations can be used to service registered foreign loans for principal, interest, fees, and charges without prior BSP approval if documents are submitted. 3. Prepayment of public sector or publicly guaranteed private sector loans require prior BSP approval for foreign exchange purchases to be used.

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    Page 35 of 100

    4. Loans requiring prior BSP approval which have been signed and/or
    drawn/availed of prior to securing the requisite approval shall not be eligible for
    registration and subsequent servicing using foreign exchange purchased from AABs or
    AAB-forex corps.

    (As amended by Circular No. 742 dated 21 November 2011 and Circular No. 925
    dated 13 September 2016)

    Section 29. Servicing of Loans9

    1. All foreign exchange purchases from AABs/AAB-forex corps for servicing


    of foreign/foreign currency loans shall either be:

    a. remitted directly to the intended beneficiary’s account on the date of


    purchase; or

    b. credited to the FCDU account of the resident borrower/guarantor (with


    the same or another AAB) for eventual remittance by the depository AAB
    to the intended beneficiary for the declared purpose: Provided, that if
    the depository bank is different from the foreign exchange selling
    institution:
    (i) the foreign exchange selling institution shall directly transfer the
    foreign exchange purchases to the depository bank of the purchaser; and
    (ii) the depository bank shall also be the foreign exchange remitting AAB.

    2. Foreign exchange requirements for payment of principal, interest, fees


    and related charges on loans duly registered with the BSP may be fully purchased from
    AABs/AAB-forex corps and remitted through AABs as these fall due without prior BSP
    approval, provided such interest, fees and charges are indicated in the BSP registration
    document, and documents listed under Appendix 1 hereof are submitted to the foreign
    exchange selling institution.

    3. Payments for the following shall, however, be subject to prior BSP


    approval:

    a. Prepayment of public sector/publicly guaranteed private sector loans;

    9
    Unregistered private sector foreign loans were temporarily allowed to be paid using foreign exchange
    to be purchased from AABs and/or AAB-forex corps under the following BSP Circulars, subject to
    certain conditions:
    BSP Issuance Period Covered
    Circular No. 741 dated 17 November 2011 December 2011 to February 2012
    Circular No. 795 dated 18 April 2013 May 2013 to December 2013

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