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    Aabs AAB-forex Corps: (As Amended by Circular No. 794 Dated 18 April 2013)

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    lajefa lajefa
    This document discusses rules and regulations regarding foreign investments by Philippine residents. It states that residents can invest up to $60 million USD per year in foreign instruments without prior approval from the central bank, as long as the funds come from foreign currency deposits or currency purchased from authorized agents. Investments above this amount require central bank approval. Qualified investors like insurance companies and funds can apply for a higher annual limit. The document also covers repatriation of proceeds from pre-1973 investments and registration requirements for those without certification.

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    Aabs AAB-forex Corps: (As Amended by Circular No. 794 Dated 18 April 2013)

    Uploaded by

    lajefa lajefa
    21 views1 page
    This document discusses rules and regulations regarding foreign investments by Philippine residents. It states that residents can invest up to $60 million USD per year in foreign instruments without prior approval from the central bank, as long as the funds come from foreign currency deposits or currency purchased from authorized agents. Investments above this amount require central bank approval. Qualified investors like insurance companies and funds can apply for a higher annual limit. The document also covers repatriation of proceeds from pre-1973 investments and registration requirements for those without certification.

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    45

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    This document discusses rules and regulations regarding foreign investments by Philippine residents. It states that residents can invest up to $60 million USD per year in foreign instruments without prior approval from the central bank, as long as the funds come from foreign currency deposits or currency purchased from authorized agents. Investments above this amount require central bank approval. Qualified investors like insurance companies and funds can apply for a higher annual limit. The document also covers repatriation of proceeds from pre-1973 investments and registration requirements for those without certification.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    21 views1 page

    Aabs AAB-forex Corps: (As Amended by Circular No. 794 Dated 18 April 2013)

    Uploaded by

    lajefa lajefa
    This document discusses rules and regulations regarding foreign investments by Philippine residents. It states that residents can invest up to $60 million USD per year in foreign instruments without prior approval from the central bank, as long as the funds come from foreign currency deposits or currency purchased from authorized agents. Investments above this amount require central bank approval. Qualified investors like insurance companies and funds can apply for a higher annual limit. The document also covers repatriation of proceeds from pre-1973 investments and registration requirements for those without certification.

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    Page 45 of 100

    dividends, profits and earnings which accrue thereon shall be purchased from AABs and
    AAB-forex corps.

    (As amended by Circular No. 794 dated 18 April 2013)

    Section 43. Inward Foreign Investments Prior to 15 March 1973.


    Repatriation of divestment proceeds and remittance of dividends, profits and earnings
    from foreign investments certified by stock transfer agents to have been made prior to
    15 March 1973 may be serviced using foreign exchange purchased from AABs and
    AAB-forex corps, without prior BSP approval. In the absence of said certification, such
    investments may be registered with the BSP subject to submission of documentary
    requirements under Appendix 12.

    Section 44. Investments by Philippine Residents

    1. General policy –

    a. Residents may invest in instruments enumerated in item 2 hereof, without


    prior BSP approval funded by:

    (i) their foreign currency deposit account/s (whether offshore or onshore);


    and/or

    (ii) FX purchased from AABs/AAB-forex corps of up to USD60 million or its


    equivalent in other foreign currency per investor per year, or per fund
    per year for qualified investors (QIs).

    b. Investments by residents (except AABs) funded with foreign exchange


    purchased from AABs or AAB-forex corps in excess of the USD60 million limit
    per investor per year shall require prior approval by the BSP: Provided, That
    the purchase of foreign exchange for investments by managed or trusteed
    accounts (other than pooled funds) shall be considered as part of the foreign
    exchange purchases by the principal or trustor of such accounts for
    determining compliance with the limits.

    c. QIs may apply with the BSP for a higher annual investment limit. For
    purposes of this section, QIs shall be limited to the following: insurance and
    pre-need companies; collective/pooled funds, whether in a corporate or
    contractual structure, such as mutual funds, Unit Investment Trust Funds
    (UITFs) and variable insurance; public or private pension or retirement or
    provident funds and such other entities and funds as the BSP may determine
    as QIs on the basis of such factors as financial sophistication, size and
    regularity of financial transactions, net worth and size of assets being
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