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Philippine central bank to simplify FX transaction rules

The Philippine central bank is set to finalize a circular aimed at simplifying foreign exchange (FX) transaction requirements. The circular, which is currently under market review, seeks to reduce documentary demands for FX transactions, reflecting the central bank's broader initiative to liberalize currency policies. While registration for loans and foreign-directed investments will still necessitate documentation, the central bank has already lifted certain requirements for foreign portfolio investments. The proposed changes, part of ongoing FX reforms, include the removal of fees for processing foreign currency loans and inward investments. Stakeholders had until February 2 to provide feedback on the draft, which also eliminates interim peso deposit reports for registered foreign investments.


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