G/LIC/N/2/PHL/3  
 
10 March  2020 
(20-1832) Page: 1/3 
Committee on Import Licensing  Original: English  
 
AGREEMENT ON IMPORT LICENSING PROCEDURES  
NOTIFICATION UNDER A RTICLE 5.1 TO 5.4 OF  THE AGREEMENT1 
PHILIPPINES  
The following notification , dated 5 March 2020 , is being circulated at the request of the delegation 
of the Philippines . 
 
 Category  Notification details  
1 Notifying Member  Philippines  
2 Title of new 
legislation/procedure  Bangko Sentral ng Pilipinas  (BSP) Circular No. 922 series of 2016 
dated 23 August 2016 (Annex A), as contained in Section 4 of the 
Manual of Regulations on Foreign Exchange Transactions (FX 
Manual), as amended.  
3 Date of Publication  
 31 August 2016  
4 Date of entry into force  
 15 September 2016  
5 Website link/Official 
publication of the new 
regulation/procedure  http://www.bsp.gov.ph/downloads/Regulations/MORFXT/MORFXT.p
df; 
http://www.bsp.gov.ph/downloads/regulations/attachments/2016/c
922.pdf  
6 Have you attached a copy of 
the re gulation (PDF) to the 
Secretariat  
  Yes. ( Please attach a copy of the regulation to the notification. ) 
 
 No. 
7 Type of notification   (a) New licensing regulation/procedure2; (please answer question 
8 to 14)  
 
 (b) Changes to a regulation/procedure which has been previously 
notified in document: ______________ ;  ( please answer question 
15 and 16 ) 
8 List of products subject to 
licensing  Legal tender Philippi ne notes and coins, checks, money order and 
other bills of exchange drawn in pesos against banks operating in 
the Philippines in an amount exceeding PHP50,000.00.  
9 Nature of licensing  Automatic:  
  
Non-Automatic:  
 
10 Administrative 
purpose/measure being 
implemented  (a)  Protect public morals;  
(b)  Protect human, animal or plant life and health; protect 
environment;  
(c)  Collect trade statistics or market surveillance;  
 
1 It is understood that the notifying Member has also completed its notification obligations under 
Article  1.4(a) and Article 8.2(b) regarding the relevant law/regulation/procedure notified for by filling this form 
in a full and complete manner.  
2 "New licensing regulation/procedure" is understood to refer to any newly introduced law, regulation or 
procedure, and those which are in force but being notified for the first time to the Committee.  
 G/LIC/N/2/PHL/3  
 
- 2 - 
 
   Category  Notification details  
(d)  Protection of patents, trademarks and copyrights, and 
the prevention of deceptive practices;  
(e)  Pursue obligations under the UN Charter and other 
international treaties ( i.e. CITES, Basel Convention, 
Rotterdam Convention, UNSC Resolutions etc.)  
(f)  Quota (including TRQ) administration;  
(g)  Regulate imports of arms, ammunition or fissionable 
materials and safeguard national security;  
(h)  Other:  The existing rule is aligned with the policy of 
non-internationalization of the PHP and the objective of 
having a better control of liquidity and overall monetary 
conditions.  
11 Administrative body(ies) for  
submission of applications   
 Ministry/authority and Department: Bangko Sentral ng Pilipinas, 
International Operations Department  
Address:  A. Mabini St. cor. P. Ocampo St., Malate Manila, Philippines 
1004 
Website: www.bsp.gov.ph  
Telephone: +632 708 -7107  
E-Mail:  iod-ipds@bsp.gov.ph  
12 Contact point for 
information on eligibility  Ministry/authority and Department: Bangko Sentral ng Pilipinas, 
International Operations Department  
Address: A. Mabini St. cor. P. Ocam po St., Malate Manila, Philippines 
1004 
Website: www.bsp.gov.ph  
Telephone: +632 708 -7107  
E-Mail:  iod-ipds@bsp.gov.ph  
13 Expected duration of 
licensing procedure  Unless amended or modified by subsequent policy, issuance of  
letter -authority under Section 4 of the FX Manual will continue to be 
enforced. Subsequent repeal and/or modification of the rule on  
cross-border transfer of legal tender Philippine currency wi ll depend 
on the conditions prevailing in the Philippine economy, as assessed 
by the BSP.  
14 A summary of the 
notification in one of the 
WTO official languages   A person may import or export, or bring with him into or take out of 
the country, or electronically transfer, legal tender  Philippine notes 
and coins, checks, money order and other bills of exchange drawn in 
pesos against banks operating in the Philippines in an amount not 
exceedin g PHP50,000.00 without prior authorization from the BSP. 
Amounts in excess of said limit shall require prior written 
authorization from the BSP.  
Increase in cross -border limit for transfer of lega l tender Philippine 
notes and coins, checks, money order and other bills of exchange 
drawn in pesos against banks operating in the Philippines from 
PHP10,000.00  to PHP50,000.00.  
15 In the case of 7(b), please 
indicate the type of new 
change(s)  (a)  Termination  
(b)  Suspension  
(c)  Modification of specific details in existing  
procedures:  
 Product coverage;  
 Administrative purpose;  
 Automatic or Non -automatic;  
 Duration of licensing;  
 Change the nature of quantity/value restriction;  
 Eligibility of applicants;  
 Contact information on eligibility;  
 Administrative body(ies) for submission of application;  
 Documentation requirements (including application form);  
 Period for Application;  
 Administrative body(ies) to issue licence;  
 Processing time for issuing licence;  
 Licence fee/administrative charge;  G/LIC/N/2/PHL/3  
 
- 3 - 
 
   Category  Notification details  
 Deposit/advance payment and relevant conditions;  
 Appeal regulations/procedures;  
 Validity of licence;  
 Other conditions of licence (extension, transferability, 
penalty of non -use etc.);  
 Foreign exchange requirements;  
 Other: __________ (please specify).  
 
 
16  Please elaborate the 
changes in detail (in one of 
the WTO official languages)  
  
 
__________