FOREIGN exchange rules will be further relaxed in a bid to attract investments to the Philippines, the chief of the Bangko Sentral ng Pilipinas (BSP) said. We want to make it easy for investments to come in,” central bank Governor Nestor Espenilla Jr. told reporters. Under the relaxed rules, banks will no longer need prior regulatory approval when converting and transfering foreign currency loans and accounts. In its 2017 annual report, the BSP said that foreign exchange regulation liberalization had served the growing economy’s foreign exchange requirements and helped maintain a healthy payments position. “In general, the Philippines has benefited from the liberalization efforts that the BSP initiated since 2007,” it claimed.

Source: Manila Times June 12, 2018 16:39 UTC