The Bangko Sentral ng Pilipinas (BSP) is reviewing the next phase of revisions to its foreign exchange (FX) regulations to enable non-banks such as investment houses, easier rules for FX transactions. A unit with a quasi-banking license is allowed to issue domestic debt securities like promissory notes, corporate papers and reverse repurchase or repo instruments to finance the securities portfolio. The increase was on residents? FX purchases from ,000 to ,000 per application from authorized agent banks (AABs) for non-trade current account transactions sans documentation. The BSP also raised to million from million per investor or per fund per year the allowable FX purchases by qualified investors (QIs) for outward investments without central bank approval. QIs includes insurance and preneed companies, and collective/pooled funds such as mutual funds, unit investment trust funds and variable insurance, public or private pension or retirement or provident funds. read more
[Tags]fx, bsp, funds, 000, purchases, year, forex news[/Tags]
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