BSP goes online for processing of foreign loan applications

Applications for approval and registration of foreign loans and foreign currency depositary unit (FCDU) loans may now be sent through the Internet to the Bangko Sentral ng Pilipinas (BSP).   The BSP assured that the web-based Foreign Loan Approval and Registration System (FLAReS) is secure.   “Security of data transmission through the system is achieved through user account ID, digital certificate, and private identification number to be given to borrowers enrolled under FLAReS,” the BSP said in a statement issued Tuesday.   Enrolled users can also monitor that status of their applications using FLAReS.   The web portal accepts online payments. Initially, there are four participating banks: Banco de oro Unibank; Bank of the Philippine Islands; Land Bank of the Philippines; and the Philippine National Bank.   “It is envisioned that the new system will not only improve efficiency but also increase transparency in the processing of applications and provide clients greater convenience,” the BSP also said. — ELR, GMA News