The Philippine central bank announced on Friday a further easing of foreign exchange rules to make regulations more responsive to the needs of the economy and transactions within the local banking system easier for individuals and businesses. The policy-making Monetary Board has approved four additional measures, which will take effect on September 15, part of a wider liberalisation programme it rolled out in recent years.
To enhance access to foreign exchange, the central bank increased the amount of foreign exchange that may be purchased from the banking system - without supporting documents and for "legitimate transactions" - to $500,000 for individuals and $1 million for corporates, from $120,000. The central bank is also allowing deposits by Philippine residents of foreign exchange purchased from banks for certain underlying transactions, such as for travel abroad, into their Foreign Currency Deposit Unit (FCDU) accounts, prior to outward remittances.