Philippine further eases forex rules

The Philippine central bank on Thursday announced revised rules aimed at liberalising access to foreign exchange from banks and streamlining procedures for FX transactions. The new rules, part of a wider programme of foreign exchange liberalisation that the Bangko Sentral ng Pilipinas has rolled out in the last few years, will allow for easier flows of foreign investments in and out of the economy.
"The reforms will give investors greater flexibility to manage their investments and cash flows," it said in a statement. The amended rules lifted prior central bank approval requirement for purchase of foreign exchange beyond the threshold amount. They also expanded the definition on banks that are eligible to register investments on behalf of the central bank. The BSP also simplified paperwork of banks by allowing them to submit supporting documents electronically.