Requirements for registration applications and the purchase of foreign exchange were also substantially trimmed and the use of scanned documents was also allowed. BSP registration of these accounts will allow the outstanding balances to be paid using the foreign exchange resources of the entire banking industry instead of just the borrower’s own FX or funds sourced outside the system. Central bank Governor Nestor Espenilla Jr. said the revised rules were in line with the BSP’s thrust to further open up the economy through a more liberal policy environment. “The reforms aim to promote greater ease in the use of the FX resources of the banking system for legitimate needs by further relaxing FX rules and further streamlining of procedures and requirements,” he said. The Bangko Sentral chief emphasized that banks were expected to continue adopting safe and sound practices in their operations.

Source: Manila Times December 22, 2017 18:11 UTC