Foreign banks must remit capital of offices in PHL

The capitalization of foreign bank branches must be remitted to the Philippines and converted into pesos at an exchange rate prevailing at the time the money was transferred, the Bangko Sentral ng Pilipinas (BSP) said on Wednesday.

This development is part of the amendments to the Manual of Regulations on Foreign Exchange Transactions (FX Manual) approved by the central bank.

The amendments are in line with the provisions of the Manual of Regulations for Banks (MORB).

"We are monitoring further amendments to foreign exchange regulations basically to align our foreign exchange policies with the latest changes," BSP Governor Amando M. Tetangco, Jr. told reporters during an interview on Wednesday.

In a separate statement, the BSP said the amendments were made to align the manual with Republic Act 10641 – passed in 2013 – and BSP Circular No. 858 of 2014. — VS, GMA News