Bangko Sentral Ng Pilipinas Foreign Exchange Regulations - Guide ...

PART ONE. RULES ON FOREIGN EXCHANGE TRANSACTIONS Chapter II RESIDENT TO RESIDENT TRANSACTIONS

Section 4. Cross-Border Transfer of Local and Foreign Currencies

1. AABs/AAB-forex corps may sell foreign exchange (regardless of amount) to non-bank residents for their foreign exchange transactions6 with other residents subject to the submission to the foreign exchange selling institution of a duly accomplished Application To Purchase Foreign Exchange (Annex A) and supported by documents listed under Appendix 1.
2. All foreign exchange purchases shall either be:
   1. remitted directly to the intended resident beneficiary’s account (including payment/treasury centers/hubs of a group of companies) on the date of purchase; or
   2. credited to the resident purchaser’s FCDU account (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.
3. Foreign currency loans obtained from banks operating in the Philippines shall also be governed by the provisions of Part Three, Chapter I of this Manual.

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6 Trade and non-trade transactions (including loans and investments) requiring settlement in foreign currency