BSP Foreign Exchange Regulations 
 December 2024 
 
 
International Operations Department  
 
 Page 1 of 18 
 
FREQUENTLY ASKED QUESTIONS (FAQs) ON BANGKO SENTRAL NG PILIPINAS (BSP) 
FOREIGN EXCHANGE (FX) REGULATIONS1 COVERING GENERAL PROVISIONS  
AND OTHER FX TRANSACTIONS 
 
 
I. 
GENERAL PROVISIONS 
 
1. 
Are clients required to submit a duly accomplished Application to Purchase  
(ATP) FX form regardless of the amount of foreign currency to be purchased? 
 
Yes. Under Part One, Chapter I (General Provisions) of the FX Manual, a duly 
accomplished ATP FX form (Annex A of the FX Manual) shall be submitted to banks, 
regardless of the amount of foreign currency to be purchased by the client to service 
eligible underlying FX transactions. The duly accomplished ATP FX form shall be 
submitted to banks on or before: (a) deal/trade date for spot transactions; or  
(b) settlement date for FX forward and swap transactions, either in hard copy or 
electronic form. 
 
2. 
Why is there a need to present/submit supporting documents before foreign 
currency can be purchased? 
 
Supporting documents evidence the existence of legitimate outstanding  
FX transactions that may be serviced using FX resources of the banking system in 
accordance with existing policy. However, residents may purchase FX for non-trade 
current account and trade purposes2 without the need to present supporting 
documents if said purchase does not exceed USD500,000 (for individuals) and  
USD1 million (for corporates/other entities) or its equivalent in other foreign currency 
per client per day, subject to banks’ “Know Your Customer” (KYC) policy.  
FX purchases in excess of these amounts for non-trade current account and trade 
purposes require the presentation/submission of pertinent documents as provided 
under Sections 2 and 6 of the FX Manual. 
 
3. 
Does the BSP allow submission of applications and/or supporting documents 
through electronic means? 
 
Yes. As provided under item 4, Part One, Chapter I of the FX Manual, clients  
may submit their applications and/or supporting documents to the BSP or to 
 
1   a)  These pertain to the rules on FX transactions under the Manual of Regulations on Foreign Exchange 
Transactions (FX Manual), as amended, specifically on general provisions, resident-to-resident  
FX transactions, non-trade current account transactions, peso deposit accounts of non-residents,  
cross-border transfer of local and foreign currencies, trade transactions, and FX forwards and swaps. The 
FX Manual may be downloaded from the BSP website using the following links: 
FX Manual: https://www.bsp.gov.ph/Regulations/MORFXT/MORFXT.pdf  
Forms, Annexes and Appendices: https://www.bsp.gov.ph/SitePages/Regulations/DownloadSection.aspx  
     b)  Please refer to the following separate FAQs on FX transactions: 
(i)   FAQs on Public Sector Foreign Borrowings; 
(ii)  FAQs on Private Sector Foreign Borrowings;  
(iii) FAQs on the Compilation and Reporting of the Philippines’ Outstanding External Debt; and 
(iv) FAQs on Inward Foreign and Outward Investments. 
 
The abovementioned FAQs and issuances may be downloaded from the BSP website using the following link: 
https://www.bsp.gov.ph/SitePages/Regulations/DownloadSection.aspx  
2  
Except for FX purchases by residents for settlement of non-trade current account and trade obligations 
involving netting arrangements and/or e-commerce market participants, which require documentation 
regardless of amount involved. 
BSP Foreign Exchange Regulations 
 December 2024 
 
 
International Operations Department  
 
 Page 2 of 18 
 
authorized 
agent 
banks 
(AABs)/AAB 
subsidiary/affiliate 
forex 
corporations  
(AAB forex corps) through electronic means to the following email addresses: 
 
Applications 
Email addresses 
Applications for 
submission to 
BSP 
For approval of public sector 
foreign/foreign currency 
loans/borrowings  
iod-iog1@bsp.gov.ph 
 
For approval/registration of private 
sector foreign/foreign currency 
loans/borrowings 
iod_loans@bsp.gov.ph 
For registration of inward foreign 
investments under Section 36 of 
the FX Manual 
iod_investments@bsp.gov.ph 
For other requests 
Head of the BSP - International 
Operations Department (IOD) 
at iod-ipds@bsp.gov.ph3 
Applications for 
submission to 
AABs/AAB forex 
corps   
For registration of inward foreign 
investments under Section 37 of 
the FX Manual 
Through official 
email/electronic/digital 
channel/system designated by 
banks  
For sale of FX covering FX 
transactions4 
 
4. 
Who should send applications/requests to the BSP-IOD through electronic means? 
 
Applications 
for 
approval/registration 
of 
foreign/foreign 
currency 
loans/ 
borrowings/inward investments shall be sent by the borrower (for loans) and 
investor/investee firm (for investments). In case another person/entity will send 
applications/requests to the BSP-IOD on behalf of the applicant, the duly authorized 
representative shall include a signed authorization letter executed by the 
borrower/investor/investee (as applicable).  
 
5. 
Are clients required to submit to the BSP a separate attestation for electronic 
submission of applications and/or related supporting documents under item 4 of 
Part One, Chapter I of the FX Manual? 
 
The required attestation (indicated under item 4 of Part One, Chapter I  
of the FX Manual) for electronic submission to the BSP of applications/supporting 
documents for approval/registration of foreign/foreign currency loans/borrowings 
and foreign investments with wet/electronic/digital signatures is already embedded 
in the application forms (i.e., Annexes D.1, D.2.A, D.2.B and W of the FX Manual), 
including notice/notification to the BSP using Annex E.3 of the FX Manual. Hence, no 
separate attestation is needed/required in this case.  
 
On the other hand, the electronic submission of the following cases shall be 
accompanied by a separate attestation under item 4 of Part One, Chapter I of the  
FX Manual: 
 
a. Supporting documents for other requests to the BSP not covered above; and  
b. Applications for approval/registration of foreign/foreign currency loans/ 
borrowings and foreign investments without the required electronic/digital 
signatures. 
 
3  
For requests for authority for cross-border transfer of legal tender Philippine currency in excess of 
PHP50,000, the client may send an email to iod-iog1@bsp.gov.ph. 
4 
The documents submitted electronically shall be retained for a period of at least five (5) years from the 
time of submission thereof. 
BSP Foreign Exchange Regulations 
 December 2024 
 
 
International Operations Department  
 
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6. 
Who shall transmit the required separate attestation in case the electronically 
submitted BSP-IOD application form is unsigned? 
 
 
The officer/official authorized to submit the application form shall transmit to the 
BSP-IOD the required separate attestation pursuant to item 4, Part One, Chapter I of 
the FX Manual. 
 
 
For instance, for private sector borrowers, the separate attestation shall be 
submitted by an officer with a rank equivalent to at least Head of the agency/ 
President/Chief Executive Officer/Chief Operating Officer/Chief Finance Officer/Chief 
Treasury Officer. Otherwise, the submitting party shall be duly authorized by the Board 
of Directors or any of the foregoing/appropriate approving authority or its equivalent.  
 
 
7. 
Do stakeholders still need to claim the original hardcopy of BSP-IOD documents 
issued in electronic form during the effectivity of Circular No. 1080 dated  
27 March 2020?  
 
No. With the adoption as a permanent policy of the electronic issuance of 
documents by BSP-IOD, documents issued in electronic form during the effectivity of 
Circular No. 1080 covering outstanding transactions [e.g., BSP letter-approval, 
provisional Bangko Sentral Registration Documents (BSRDs)] shall remain valid even 
after the period covered by said Circular. Hence, the BSP shall no longer issue original 
hardcopies to replace the electronically-issued BSP documents. 
 
 
8. 
Are AABs/AAB forex corps required to verify again the authenticity of BSP-IOD 
documents which have already been confirmed authentic by BSP-IOD during the 
effectivity of Circular No. 1080? 
 
No, provided that the specific Head Office/branch of the AAB/AAB forex corp has 
already previously verified with BSP-IOD during the effectivity of Circular No. 1080 the 
authenticity of the same BSP-IOD document issued in electronic form. 
 
 
9. 
What are the exemptions to the required verification for BSP-issued documents in 
electronic form? 
 
  
Under Part One, Chapter I (General Provisions) of the FX Manual, the required 
verification of authenticity of documents shall not apply to the following: 
 
a. Documents issued by the BSP before 27 March 2020; 
b. Documents issued by registering AABs on behalf of the BSP [i.e., BSRD, BSRD 
Letter Advice (BSRDLA)], regardless of date of issuance; and 
c. Subsequent submission by the client to the Head Office/same branch of 
AAB/AAB forex corp which previously verified the same documents with the 
BSP, as applicable. 
 
 
 
 
 
BSP Foreign Exchange Regulations 
 December 2024 
 
 
International Operations Department  
 
 Page 4 of 18 
 
10. 
Can all forms/documents required under the FX Manual be digitized/ 
electronically-generated?  
 
 
The following forms/documents may be digitized5/electronically-generated6 by 
AABs/AAB forex corps/clients provided that all the required information/contents as 
provided under the FX Manual are duly included therein:  
 
1. ATP FX form (Annex A)7; 
2. Certificate of Inward Remittance (CIR) of FX (Appendix 10.1)8; 
3. Letter Advice (Appendices 10.3A and 10.3B)9; and 
4. Invoices/billing statements and other supporting documents for sale of FX.  
 
 
However, in the case of the CIR of FX (Appendix 10.1), the digitized form shall be in 
the same format of Appendix 10.1 containing, among others, the form and version 
number, and effectivity date of the form.  
 
 
On the other hand, only the BSP may digitize/electronically-generate the 
application forms for: 
  
1. Approval 
of 
Public 
Sector 
Foreign/Foreign 
Currency 
Loans/ 
Borrowings (Annex D.1); 
2. Approval of Publicly-guaranteed Private Sector Foreign/Foreign Currency 
Loans/Borrowings (Annex D.2.A.); 
3. Registration of Private Sector Foreign/Foreign Currency Loans/ Borrowings 
(Annex D.2.B); and  
4. Registration of Foreign Investments (Annex W).  
 
 
11. 
What equivalent document/s may be submitted for FX sale covering various 
transactions?  
 
 
To provide more flexibility to stakeholders, the BSP allowed submission of 
equivalent document/s to support FX sale for various FX transactions. For this 
purpose, the equivalent document/s shall contain the pertinent information  
(e.g., amount, transacting parties, due date) in the documents listed under the 
pertinent Appendices of the FX Manual. This is to allow the banks to ascertain the 
legitimacy/eligibility of the transactions and accordingly report the transactions to 
the BSP.   
 
 
 
 
5  Digitized forms/documents pertain to those that may be electronically-generated through a 
system/electronic platform. 
6  Forms/documents that are duly filled-out and subsequently generated through a system/electronic 
platform. As such, blank excel files and portable document format (pdf) files generated through a system 
which will subsequently be filled-out and electronically submitted by the client are not considered 
digitized/electronically-generated even if the files were created by the AABs/AAB forex corps and explicitly 
state that “This form/document is electronically-generated and does not require signature.”. 
7  Clients are not allowed to digitize/electronically-generate this form/document unless: (a) the system/ 
electronic platform of the client is integrated with that of the AAB/AAB forex corp; and  
(b) the generation of the duly accomplished forms may be done by the AAB/AAB forex corp. 
8   May be digitized/electronically-generated by AABs/AAB forex corps only 
9  May be digitized/electronically-generated by registering AABs only 
 
BSP Foreign Exchange Regulations 
 December 2024 
 
 
International Operations Department  
 
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12. 
Can AABs/AAB forex corps require documents/information other than those 
required under the FX Manual?  
 
Yes. Apart from the minimum documentary requirements provided under the FX 
Manual, AABs/AAB forex corps are not precluded from requiring additional 
document/information as part of their implementation of their KYC policy and 
conduct of due diligence to establish the legitimacy of the transaction (including 
compliance with applicable laws, rules and regulations pursuant to item 2 of  
Part One, Chapter I of the FX Manual). 
 
 
13. 
Does the BSP require banks to sell foreign currency only to clients who have a 
deposit account with them? 
 
No. The BSP does not impose any requirement that banks may only sell foreign 
currency to clients who have a deposit account with them. The BSP only requires  
FX transactions to be compliant with applicable laws, rules and regulations, including 
the banks’ KYC policy. Foreign currency selling banks may adopt internal policies in 
order to comply with these laws, rules and regulations and are expected to exercise 
due diligence to ensure compliance therewith. 
 
 
14. 
Is prior BSP approval/clearance required for receipt of incoming FX funds?  
 
Generally, prior BSP approval/clearance is not required for receipt of incoming FX 
funds. However, the entry of FX funds shall be subject to banks’ KYC policy and other 
applicable 
laws, 
rules 
and 
regulations. 
Moreover, 
inward 
remittance 
of  
FX intended for foreign loans and investments shall be subject to the rules and 
regulations governing the underlying loan/investment transaction.   
 
 
15. 
Are banks allowed to hold or defer the processing of the remittances if the purpose 
of remittance is not disclosed by the client? 
 
Yes. As part of the implementation of their KYC policy and conduct of due 
diligence, banks should ensure that the purpose of the remittance is duly declared 
by the client. This will allow the banks to ascertain the legitimacy/eligibility of the 
underlying transactions and accordingly report the transactions to the BSP and to 
other concerned agencies. Moreover, for remittances involving FX sale, the client is 
required to disclose the purpose of FX purchase and remittance in the ATP FX form. 
Banks shall not sell FX to clients for subsequent remittance if any of the required 
information under the ATP FX form is not duly disclosed by the client.   
 
 
16. 
Are AABs/AAB forex corps allowed to sell FX to residents for netting arrangement 
regardless of underlying transaction?  
 
No. AABs/AAB forex corps are only allowed to sell FX for the following underlying 
transactions involving offsetting of payables and receivables: (a) resident to resident 
FX transactions (except foreign currency loans); (b) non-trade current account 
transactions; and (c) trade transactions. Such offsetting of payables and receivables 
shall not involve foreign/foreign currency loans and investments. 
BSP Foreign Exchange Regulations 
 December 2024 
 
 
International Operations Department  
 
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II. 
RESIDENT TO RESIDENT TRANSACTIONS, TRADE AND NON-TRADE CURRENT 
ACCOUNT TRANSACTIONS 
 
 
17. 
Who are considered as e-commerce market participants under the FX Manual? 
Relatedly, what are the documentary requirements to allow purchase of FX from 
the banking system for e-commerce transactions?  
 
E-commerce market participants, as defined under the FX Manual, refer to entities 
(excluding actual end-user of goods/services) involved in transactions using 
electronic means, such as through the internet or other computer-mediated 
networks. Such e-commerce market participants may either be residents or  
non-residents. 
 
Depending on the nature of the underlying transactions (e.g., resident to resident  
transactions, trade transactions), e-commerce market participants may purchase  
FX from the banking system, subject to the submission of documentary requirements 
(such as transaction summary report) indicated under Appendices 1 and 1.5 of the FX 
Manual, as applicable.  
 
 
18. 
Is there a format for the netting statement required to support purchase of FX for 
netting arrangements involving unrelated parties?   
 
While there is no prescribed format for the netting statement required under 
Appendices 1 and 1.5 of the FX Manual for netting arrangements involving unrelated 
parties, such document shall contain details of all the payables and receivables under 
the said arrangement and may be patterned after Annex Z.110 (Statement of 
Receivables and Payables under Intercompany Netting Arrangements) of the FX Manual. 
 
 
19. 
Are all intercompany netting arrangements required to be reported under Annex Z 
of the FX Manual?  
 
No. Only intercompany netting arrangements covering imports and exports of 
goods and related services funded by FX resources of the banking system shall be 
reported under Annex Z of the FX Manual. All other intercompany netting 
arrangements [i.e., those involving: (a) resident to resident transactions; and (b) trade 
in goods and unrelated services] need not be reported under Annex Z of the FX Manual.  
 
 
20. Are netting arrangements involving unrelated parties also required to be reported 
to the BSP?  
 
Yes. Netting arrangements involving unrelated parties are required to be reported 
under the relevant schedules of FX Form 1/1A in line with: (a) item 6 of  
Part One, Chapter I; (b) item 2 of Part One, Chapter II; and (c) Sections 2 and 6 of the 
FX Manual, as applicable. 
 
 
10  Prescribed format only in the case of intercompany netting transactions covering imports/exports of goods 
and related services. 
BSP Foreign Exchange Regulations 
 December 2024 
 
 
International Operations Department  
 
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III. 
TRADE AND NON-TRADE CURRENT ACCOUNT TRANSACTIONS 
 
 
21. 
Can FX sold for trade and non-trade current account transactions be remitted to a 
non-resident or resident intended beneficiary? 
 
Yes. FX sold may be remitted to any intended beneficiary regardless of residency, 
provided that there is a document (covering the same underlying transaction) 
indicating that the payments intended for the ultimate beneficiary should be made 
to the specific intended beneficiary. For instance, FX sold may be remitted to:  
(a) a non-resident payment/treasury center/hub, collection agent, e-commerce 
market participant (e.g., payment system operators, payment service providers/ 
aggregators); or (b) a resident intended beneficiary for trade and non-trade current 
account transactions. However, banks are expected to implement their KYC policy 
and conduct due diligence to ascertain that any remittance to the intended 
beneficiary will only be made for the declared purpose. 
 
 
22. Are banks required to report individual transactions covered by: (a) netting 
arrangements; and (b) Engineering, Procurement and Construction (EPC) contracts 
or 
similar 
contracts/arrangements, 
where 
the 
supporting 
documents 
presented/submitted indicate amounts that are not disaggregated?  
 
For FX sale for netting arrangements, banks shall require their clients to submit 
netting 
statements 
(which 
indicate 
all 
the 
payables 
and 
receivables),  
as required under Appendices 1 and 1.5 of the FX Manual, to allow the bank to report 
the individual transactions as indicated in the netting statement.  
 
On the other hand, for FX sale for EPC contracts or similar contracts/ arrangements 
where the clients submitted supporting documents with amounts that are not 
disaggregated, banks are encouraged to request for granular information to allow the 
bank to report the individual transactions under the relevant schedules of FX Form 
1/1A. If the breakdown is not available, the applicable reporting under FX Form 1/1A 
will depend on the primary transaction indicated in the document. For instance, if 
the contract primarily involves services, then the transaction shall be reported under 
Schedule 5 of FX Form 1/1A. 
 
 
IV. 
RESIDENT-TO-RESIDENT FX TRANSACTIONS 
 
 
23. Are banks allowed to sell foreign currency to residents intending to purchase 
instruments (including bonds/securities) issued by other residents offshore? 
 
Yes. Banks may sell foreign currency to residents for investment in instruments 
issued offshore by other residents, subject to documentation (regardless of amount 
involved) pursuant to rules governing resident-to-resident FX transactions under Part 
One, Chapter II of the FX Manual which apply to transactions between residents as in 
the instant case where the investor and issuer are both residents. 
 
 
 
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 December 2024 
 
 
International Operations Department  
 
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V. 
NON-TRADE CURRENT ACCOUNT TRANSACTIONS 
 
24. Are foreign currency receipts of residents from non-trade sources required to be 
inwardly remitted and sold for pesos? 
 
No. Section 1 of the FX Manual allows FX receipts, acquisitions or earnings of 
residents from non-trade sources to be used freely for any purpose. Such proceeds 
may, at the option of said residents, be sold for pesos, retained or deposited in foreign 
currency accounts (whether in the Philippines or abroad). 
 
 
25. Is BSP approval required in returning foreign currency-denominated proceeds 
from a grant/donation provided by a foreign principal? 
 
No. The FX Manual has no prohibition on the remittance of proceeds from a 
grant/donation provided by a foreign principal denominated in foreign currency. The 
transaction, however, must be compliant with other applicable laws, rules and 
regulations, including anti-money laundering rules.  
 
Should there be a need to purchase FX from the banking system for the refund of 
unused foreign grant by/aid from non-residents, such foreign grant/aid should have 
been funded by inward remittance of FX that was converted to pesos through AABs 
to allow purchase of FX from AABs/AAB forex corps for such purpose. 
 
 
VI. 
PESO DEPOSIT ACCOUNTS OF NON-RESIDENTS 
 
26. Are peso deposit accounts of non-residents allowed to be funded by onshore peso 
receipts of non-residents for services rendered to residents? 
 
Yes. Peso deposit accounts of non-residents are allowed to be funded by onshore 
peso receipts arising from services rendered by non-residents to residents as listed 
under Part II of Appendix 1 of the FX Manual, except for other purposes listed therein 
which are not services by nature such as living allowance of dependents of a Philippine 
resident (i.e., child, spouse or parent) abroad. 
 
 
27. Are Overseas Filipinos (OFs) allowed to open peso deposit accounts in the 
Philippines funded by inward remittances of foreign currencies from their salaries 
abroad to pay for expenses in the Philippines and/or as savings? If yes, what 
supporting documents should be presented? Can these peso funds be converted 
back to foreign currency? 
 
Yes. Resident and non-resident OFs may open peso deposit accounts in the 
Philippines funded by inward remittances of foreign currencies from their salaries 
abroad. Section 3.1 of the FX Manual allows non-resident OFs [i.e., those residing abroad 
for more than one (1) year] to open and maintain a peso deposit account with banks 
operating in the Philippines, subject to documentation prescribed in Appendix 1.1 of 
the FX Manual for initial and subsequent deposits thereto (regardless of amount 
involved). Peso funds deposited in the account may be used for whatever purpose. 
 
Should the non-resident OF decide to convert to foreign currency the funds in the 
BSP Foreign Exchange Regulations 
 December 2024 
 
 
International Operations Department  
 
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peso deposit account, Section 3.2.a of the FX Manual allows banks to sell foreign 
currency up to the amount equivalent to the balance (including accrued interest 
thereon) of the peso deposit account of non-residents, subject to the requirements of 
said Section.  
 
28. Are pension and other benefits of non-resident members of Social Security System 
(SSS) and Government Service Insurance System (GSIS) under applicable laws 
allowed to be deposited in peso deposit accounts of non-residents? 
 
Yes. Pension and other benefits of non-resident members of SSS and GSIS will fall 
under item b.ii of Section 3.1 of the FX Manual pertaining to properties in the 
Philippines allowed to be owned by non-residents under existing laws. As such, peso 
receipts accruing from said source are allowed to be deposited in said accounts 
without prior BSP approval, subject only to submission of the applicable 
documentary requirements under Appendix 1.1 of the FX Manual for initial and 
subsequent deposits thereto (regardless of amount involved). 
 
29. Are peso deposit settlement/clearing accounts of affiliates and subsidiaries of 
foreign banks with a local branch subject to the regulations under Section 3 of the 
FX Manual?  
 
Yes. Only settlement/clearing accounts of a foreign bank (including other bank 
branches) with its local branch are excluded from the regulations under Section 3 of 
the FX Manual considering that affiliates and subsidiaries of foreign banks are 
separate entities.   
 
30. Are non-resident peso deposit accounts allowed to be funded by PHP from another 
non-resident peso deposit account?  
 
Yes. The non-resident peso deposit account may be funded by transfers from 
another non-resident peso deposit account (regardless of the account owner), 
provided that the minimum documentary requirements under Appendix 1.1 of the FX 
Manual are also submitted for initial and subsequent deposits to the receiving bank 
regardless of amount involved. However, banks are expected to implement their KYC 
policy and conduct due diligence to ascertain that the actual purpose of the transfer 
will not cover transactions other than the declared purpose. 
 
31. 
Are payments coursed through e-commerce market participants relating to 
services rendered by non-residents to residents allowed to be deposited in the non-
resident account under Section 3.1 of the FX Manual?  
 
Yes. Payments relating to services are not limited to service fees payable to  
e-commerce market participants. As such, payments for services enumerated under 
Appendix 1 of the FX Manual which will be payable to a non-resident e-commerce 
market participant may still be deposited in its non-resident peso account pursuant 
to item c.i of Section 3.1 of the FX Manual.  
 
The supporting documents for initial and subsequent deposits to the account for 
services-related peso receipts coursed through e-commerce market participants 
(including service fees due to the non-resident e-commerce market participants) are 
indicated under item II.26 of Appendix 1 of the FX Manual.   
 
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 December 2024 
 
 
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32. Can non-resident e-commerce market participants (e.g., payment service 
provider/aggregator) open a peso deposit account which will be funded by peso 
sales proceeds received from resident buyers of online merchandise and/or digital 
products/apps sold by non-resident merchants?  
 
Yes. Said transaction is an eligible source of funding for peso deposit accounts of 
non-residents pursuant to item c [onshore peso receipts of non-residents from 
residents for: (i) services rendered by non-residents to residents; and (ii) trade 
transactions] of Section 3.1 of the FX Manual. The initial and subsequent deposits to 
the non-resident peso deposit account shall be subject to the documentary 
requirements under item 5 (for merchandise and digital products/apps in CDs/ media 
devices) and item 4 (for digital products/apps not in CDs/media devices) of Appendix 
1.1 of the FX Manual.  
 
 
33. 
Are erroneously remitted funds by non-residents relating to investments, trade, 
non-trade current account transactions and loans allowed to be deposited in the 
non-resident peso account?   
 
No. While Circular No. 1124 dated 10 August 2021 expanded the list of eligible 
sources of funding for peso deposit accounts of non-residents under Section 3.1 of the 
FX Manual, said list does not include erroneous remittances to preclude 
circumvention of other FX policies. Banks should conduct due diligence to ascertain 
that there is a valid underlying transaction and recipient before conversion of  
FX receipts. 
 
 
34. Should depository banks include the peso funds in the non-resident peso deposit 
accounts relating to inward foreign investments registered by AABs in the Report 
on Foreign Investments Registered with the BSP through AABs (Annex R of the  
FX Manual) submitted to the BSP? 
 
Yes. Item b of Section 3.1 of the FX Manual covers peso receipts of  
non-residents from, or peso sales proceeds of BSP-registered inward investments 
(including those registered by AABs). Hence, such transactions shall also be reported 
under Annex R (Report on Foreign Investments Registered with the BSP through 
AABs) of the FX Manual. This is in line with Section 41 of the FX Manual which provides 
that pending onshore reinvestment or repatriation offshore in equivalent FX, peso 
divestments/sale 
proceeds 
(including 
related 
earnings) 
of 
duly 
registered 
investments may be temporarily deposited in the peso account of the non-resident 
investor held with any AAB.  
 
 
35. 
Are peso deposit accounts of non-residents allowed to be funded with peso 
receipts relating to import trade transactions regardless of mode of payment? 
 
Yes. Item c.ii (onshore peso receipts of non-residents from residents for trade 
transactions) of Section 3.1 of the FX Manual shall apply regardless of mode of 
payment for imports under Section 8 of the FX Manual, provided that the payment 
for the importation will be received by the non-resident in pesos. 
 
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 December 2024 
 
 
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36. Are private sector foreign loan/borrowing-related payments allowed to be 
deposited in peso deposit account of a non-resident creditor?  
  
Yes. Said payments can be deposited in the peso deposit account of a  
non-resident creditor without prior BSP approval provided that the corresponding 
private sector foreign loan/borrowing has been duly approved by/registered with/ 
reported to the BSP (as applicable) pursuant to item g of Section 3.1 of the  
FX Manual. In such cases, the client shall submit applicable documentary 
requirements under Appendix 1.1 of the FX Manual for initial and subsequent deposits 
thereto (regardless of amount involved). 
 
37. 
Can non-residents enter into derivative transactions with AABs involving peso 
balances funded by items a to g of Section 3.1 of the FX Manual? 
 
Non-residents may enter into FX forwards and swaps involving the Philippine 
peso, provided that the underlying transaction is eligible for servicing (under  
Section 3.2 and Appendix 18 of the FX Manual) using FX resources of AABs/AAB forex 
corps (e.g., peso receipts relating to trade transactions). As such, non-resident peso 
deposit accounts funded by inward remittance of FX, which were not used for duly 
approved/registered/reported private sector foreign loans/borrowings or duly 
registered inward foreign investments, may not be hedged. 
 
 
VII. CROSS-BORDER TRANSFER OF LOCAL AND FOREIGN CURRENCIES 
 
38. What are the requirements for cross-border transfer of currencies into or out of the 
Philippines? 
 
Pursuant to Sections 4 and 5.1.A of the FX Manual, as amended by Circular No. 1146 
dated 26 May 2022, the rules governing cross-border transfer of local (i.e., Philippine 
peso) and foreign currencies (i.e., currency other than Philippine peso) are as follows: 
 
a. For cross-border transfer involving Philippine pesos, a person may freely bring into 
or take out of the Philippines, or electronically transfer, legal tender Philippine 
currency and other monetary instruments in amounts up to PHP50,000. Amounts 
in excess of the PHP50,000 limit shall require: (a) prior written authorization 
from the BSP; and (b) in case of physical cross-border transfer of Philippine 
currency, declaration of the whole amount brought into or taken out of the 
Philippines using the prescribed Currencies Declaration Form (CDF). 
 
The BSP, however, allows transfer of Philippine currency in excess of PHP50,000 
for the following purposes only: (i) testing/calibration/configuration of money 
counting/sorting machines; (ii) numismatics (collection of currency); and  
(iii) currency awareness. Said BSP authorization must be secured before the actual 
travel 
date/arrival 
in/departure 
from 
the 
Philippines. 
Unauthorized 
cross-border transfer of local currency beyond the said limit may be subject to 
appropriate action by the Bureau of Customs (BOC), among others. 
 
b. For cross-border transfer involving foreign currency, a person may freely bring into 
or take out of the Philippines foreign currency and other bearer monetary 
instruments (e.g., traveler’s checks, other checks, drafts, notes, money orders, 
bonds) in amounts up to USD10,000 or its equivalent in other foreign currencies. 
BSP Foreign Exchange Regulations 
 December 2024 
 
 
International Operations Department  
 
 Page 12 of 18 
 
For amounts exceeding the USD10,000 threshold, the whole amount brought into 
or taken out of the Philippines is required to be declared using the CDF.  
 
39. What are the policies governing the cross-border transfer of local and foreign 
currency-denominated checks for various scenarios? 
 
Below is the list of possible scenarios and corresponding policies pertaining to the 
cross-border transfer of local and foreign currency-denominated checks: 
 
Scenarios 
For foreign currency-
denominated checks 
For peso-denominated 
checks 
1 
Completely unfilled check 
Allowed; No declaration is 
required 
 
 
 
 
Allowed; No declaration is 
required 
2 
Blank pre-signed check (e.g., no 
amount indicated in the check) 
3 
Partially filled/incomplete  
(e.g., unsigned) 
4 
Completely filled-out and signed 
check 
with 
an 
amount 
not 
exceeding 
the 
provided  
cross-border limit/threshold as 
mentioned in item 38 above 
5 
Completely filled-out and signed 
check with an amount exceeding 
the 
provided 
cross-border 
limit/threshold as mentioned in 
item 38 above 
 
 
Allowed; Provided, that a 
declaration using the CDF 
is submitted to the BOC 
 
 
 
Not allowed 
6 
Multiple checks (e.g., post-dated 
checks) issued with amounts less 
than the limit per check but total 
amount for all checks exceeds the 
provided 
cross-border 
limit/threshold as mentioned in 
item 38 above 
 
Sending of checks via postal and courier services are subject to applicable laws, rules 
and regulations, such as, but not limited to the policies of the Philippine Postal 
Corporation, other appropriate government agencies as well as international rules 
and conventions on sending/insertion of checks in parcels.  
 
40. Where can travelers get a copy of the CDF? 
 
 
The CDF (Annex K of the FX Manual) is available at the Customs Area in the 
arrival/departure areas of international ports and seaports in the Philippines and can 
be: (a) downloaded from the BSP website; or (b) accomplished and submitted online 
via the eTravel Customs System11 at https://etravel.gov.ph/ or through the eGovPH 
app within 72 hours [three (3) days] prior to arrival into or departure from the 
Philippines.  
 
41. 
Is BSP authority required for an individual to be able to bring into the Philippines 
more than PHP50,000 to be used for family holiday? 
 
For business/leisure trips to the Philippines, a person, regardless of age, may bring 
funds up to PHP50,000 only and the remaining funds in foreign currency.  
 
11  
Currently, the eTravel Customs System, which has replaced the iDeclare System, and its kiosk are available 
for travelers arriving in or departing from all international airports in the country. The eTravel Customs 
System shall be subsequently rolled-out to seaports nationwide. 
BSP Foreign Exchange Regulations 
 December 2024 
 
 
International Operations Department  
 
 Page 13 of 18 
 
For family declaration, the total threshold will be PHP50,000 multiplied by the 
number of family members leaving or arriving in the Philippines. The BSP allows 
cross-border transfer of local currency in excess of PHP50,000 only for the following 
eligible purposes: testing/calibration/configuration of money counting/sorting 
machines, numismatics and currency awareness. 
 
 
42. Does the BSP issue authority to individuals carrying more than PHP50,000 upon 
arrival in the Philippines? 
 
No. The BSP authority must be secured prior to departure from the country of 
origin subject to the eligible purposes mentioned above. 
 
 
43. Is the authenticity of BSP letter-authorization covering cross-border transfer of 
local currency above the PHP50,000.00-limit required to be verified with the  
BSP-IOD? 
 
 
No. Pursuant to item 4, Chapter I, Part One of the FX Manual, the required 
verification of authenticity of BSP-IOD documents issued in electronic form applies 
only to those submitted to AABs/AAB forex corps to support FX sale/depositing of 
funds to peso deposit accounts of non-residents. 
 
 
Since subject BSP authorization is being presented to the BOC to allow  
cross-border transfer of peso above the limit under Section 4.1 of the  
FX Manual, the authenticity of said document (regardless of date and mode of 
issuance) need not be verified with the BSP-IOD. 
 
 
44. Does the threshold for the cross-border transfer of foreign currency for purposes of 
declaration apply to children? 
 
Yes. Each child traveling with his/her parent/guardian is allowed to bring into/out 
of the Philippines up to USD10,000 or its equivalent in other foreign currency without 
the required declaration. However, if the amount to be hand carried by each 
individual (including children) is above USD10,000 or its equivalent in other foreign 
currencies, the total amount to be brought should be declared using the CDF  
(Annex K of the FX Manual) which shall include allocations per person/traveler. In 
such case, the child/children must likewise be physically present with the 
parent/guardian upon BOC inspection. 
 
 
VIII. FOREIGN MERCHANDISE TRADE TRANSACTIONS (EXPORTS AND IMPORTS) 
 
45. Does the BSP issue: (a) import entry declaration (IED) for any commodity; or  
(b) letter of credit (LC); or (c) Certificate of Exemption for export and import of 
goods? 
 
No. The BSP does not issue an: (a) IED for any commodity; (b) LC;  or (c) Certificate 
of Exemption for export and import of goods in favor of individuals or private sector 
entities. It may be noted, however, that the BSP accepts requests for prior 
authorization for the following: 
BSP Foreign Exchange Regulations 
 December 2024 
 
 
International Operations Department  
 
 Page 14 of 18 
 
 
Particulars 
Agency/Department concerned 
Cross-border transfer of 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 exceeding PHP50,000 
BSP-IOD 
Import of: (i) coin blank essentially of gold, steel, copper, 
nickel, zinc, tin, aluminum, brass, bronze, all with diameter 
of less than 30.00 mm and weight of less than 11.50 grams 
per piece; (ii) coin blank essentially of silver with diameter of 
36.8mm +/- 0.05 mm and weight of 28.28 grams per piece; 
and (iii) Nordic Gold coin metal with diameter of 33.55 mm 
+/- 0.05 mm and weight of 15 grams per piece 
BSP-Mint and Refinery Operations 
Department 
Import of color reproduction machines with 2,400 dots per 
inch (dpi) or higher (excluding printers) 
National Bureau of Investigation in 
coordination with BSP-Payments and 
Currency 
Investigation 
Group,  
BSP-Payments 
and 
Currency 
Development Sub-Sector 
 
 
46. Does the BSP issue a permit/clearance or exemption for the importation of goods 
or articles of iron steel, aluminum or other metals? 
 
         No. The importation of iron, steel, aluminum or other metals does not require 
prior BSP authorization, provided that it does not fall under those that are regulated 
and prohibited items under Section 5.1 of the FX Manual. 
 
47. Is import or export of gold allowed? 
 
The importation of gold in any form is allowed without restriction except for:  
(a) coin blanks essentially of gold with diameter of less than 30.00 mm and  
weight of less than 11.50 grams per piece; and Nordic Gold coin metal with diameter 
of 33.55 mm +/- 0.05 mm and weight of 15 grams per piece, which requires prior 
clearance/authorization from the BSP, through the Mint and Refinery Operations 
Department pursuant to Section 5.1.A of the FX Manual; and (b) any article 
manufactured in whole or in part of gold wherein the stamp, brand or mark does 
not indicate the actual fineness of gold quality, which is prohibited (as provided 
under 
Section 
5.1.B 
of 
the 
FX 
Manual) 
pursuant 
to 
Section 
118 
of  
Republic Act (R.A.) No. 10863 [Customs Modernization and Tariff Act (CMTA)]. 
 
The export of gold in any form is likewise allowed except for: (a) gold from  
small-scale mining, including panned gold, which is required to be sold to the BSP  
(as provided under Section 5.2 of the FX Manual) pursuant to R.A. No. 7076 (People’s 
Small-Scale Mining Act of 1991) dated 27 June 1991; and (b) any article manufactured 
in whole or in part of gold wherein the stamp, brand or mark does not indicate the 
actual fineness of gold quality, which is prohibited (as provided under Section 5.1.B of 
the FX Manual) pursuant to Section 118 of R.A. No. 10863 (CMTA). 
 
48. Where can stakeholders refer for information on other regulated/prohibited 
commodities that are not under BSP’s purview? 
 
While the list of regulated and prohibited import/export commodities under 
Section 5.1 of the FX Manual only includes those under the BSP’s purview, 
BSP Foreign Exchange Regulations 
 December 2024 
 
 
International Operations Department  
 
 Page 15 of 18 
 
stakeholders may refer to the Philippine National Trade Repository’s (PNTR)12 website 
(https://www.pntr.gov.ph) and/or coordinate with the relevant trade regulatory 
government agencies (TRGAs) regarding the requirements, if any, on trade 
transactions involving commodities under their respective purviews. Further, banks 
are reminded under Memorandum No. M-2021-050 dated 4 September 202113 to 
implement their KYC policy and conduct due diligence to ensure that:  
(a) all FX transactions are compliant with all applicable laws, rules and regulations; 
and (b) all relevant requirements on trade transactions (e.g., permits/clearances from 
the respective TRGAs) are complied with upon FX sale.  
 
49. Who will assign the unique transaction reference number pertaining to the specific 
underlying transaction required under item II.E.1 of Appendix 4 of the  
FX Manual for each importation involving digital payments through e-commerce 
market participants?  
 
The unique transaction number, which shall serve as a unique reference to the 
specific underlying transaction, shall be assigned by the e-commerce market 
participant. 
 
50. Is registration with the BSP still required for imports under Documents against 
Acceptance (DA) and Open Account (OA) arrangements to be paid with foreign 
currency to be purchased from banks? 
 
Registration of importations is no longer required. However, the import 
transactions [including those with original maturity or one (1)-time extension of more 
than 360 days] must be reported by the importer to its designated reporting bank for 
subsequent reporting by the latter to the BSP at least ten (10) calendar days before 
the original/extended14 maturity date of said DA-OA importation pursuant to 
Appendix 4 of the FX Manual to be eligible for servicing using FX from the banking 
system. Further, for DA-OA import transactions with original maturity or one (1)-time 
extension of more than 360 days, the importer must also report the transactions to 
the BSP-IOD using Annex E.2 (including Annex E.3 for initial reporting) of the  
FX Manual pursuant to Section 24.3.b of the said Manual, to allow servicing using  
FX resources of the banking system.  
 
 
51. 
With the lifting of the fee for late reporting by importers of DA-OA trade 
transactions, is the importer still required to submit an extension letter from the 
foreign supplier prior to FX sale for importations with extended maturity dates? 
 
Yes. While Circular No. 1124 already lifted the fee for late reporting by importers of 
DA-OA transactions, importers are still required to submit an extension letter from 
the foreign supplier prior to FX sale for importations with extended maturity dates as 
provided under item II.A of Appendix 4 of the FX Manual. This is to allow banks to 
ascertain that settlement of the import transaction beyond the original maturity date 
 
12  The PNTR, which was launched on 1 August 2017, is a single source of comprehensive, accurate and current 
information on tariff and non-tariff measures applied to goods entering, exiting and transiting the 
Philippines, including domestic regulations and procedures administered and enforced by customs and by 
other government agencies. 
13    May be downloaded at the BSP website using the below link:     
https://www.bsp.gov.ph/Regulations/Issuances/2021/M-2021-050.pdf 
14  As evidenced by an extension letter from the foreign supplier submitted to the FX selling bank for every 
extension 
BSP Foreign Exchange Regulations 
 December 2024 
 
 
International Operations Department  
 
 Page 16 of 18 
 
is duly approved by the foreign supplier. 
 
 
52. What document shall serve as the proof of reporting of DA-OA importations to the 
BSP in compliance with the minimum documentary requirements for the sale of FX 
relating to DA-OA importations?  
 
The following documents shall serve as the proof of reporting of DA-OA 
importations as required under item II.A.1 of Appendix 4 and Section 24.3.b of the  
FX Manual, as applicable: 
 
(i) 
For import transactions with original or extended maturity15 of up to  
360 days:  Schedule 10 under FX Form 1/1A (for reporting banks); and 
(ii) 
For import transactions with original or one (1) time extended maturity of more 
than 360 days: Schedule 10 under FX Form 1/1A (for reporting banks) and  
Annex E.2 of the FX Manual (for resident borrowers/importers which shall 
include Annex E.3 for initial reporting).  
 
53. 
What documentary requirements shall apply to support purchase of FX for 
payment of importations under DA-OA arrangements with original maturity or one 
(1)-time extended maturity of more than 360 days?  
 
Purchase of FX regardless of amount for payment of importations under DA-OA 
arrangements with original maturity or one (1)-time extension of more than 360 days 
that are not guaranteed by foreign governments/official export credit agencies shall 
be subject to the submission by the importer of a duly accomplished ATP FX form and 
the applicable documents under Appendices 1.3 and 1.5 of the FX Manual. 
 
54. For DA-OA arrangements with maturity falling on a weekend/holiday, can clients 
settle their obligation/s on the next banking day without the need for extension? 
 
 
The settlement of trade obligations with due dates falling on non-banking days 
such as weekends/holidays are bound by the agreement of the respective parties as 
stated in the covering document. Should there be no provision in the agreement 
covering the foregoing, there should be a consensus between the parties on the new 
due date for the settlement of obligations with maturities falling on a non-banking 
day.  
 
 
An extension letter is only necessary when the trade obligation is not settled in 
accordance with the agreement/consensus of the parties [based on the original due 
date or on the new due date if the original due date falls on a non-banking day 
(e.g., holiday)]. 
 
 
55. Are FX sold by AABs/AAB forex corps for advance payment of imports also allowed 
to be credited to the FCDU account of the FX purchaser for eventual remittance to 
the intended beneficiary? 
 
 
Yes. Section 6.b of the FX Manual, which allows temporary crediting to FCDU 
account of the FX purchaser of FX sold by AABs/AAB forex corps, shall apply to trade 
 
15 Extended maturity refers to the period from the original maturity date to the new maturity date. 
BSP Foreign Exchange Regulations 
 December 2024 
 
 
International Operations Department  
 
 Page 17 of 18 
 
transactions under the FX Manual regardless of mode of payment, including advance 
payment of imports (as provided under Sections 8 and 13 of the FX Manual). 
 
 
56. What are the reportorial requirements for short-term loans in the form of export 
advances from buyers abroad of resident exporters/borrowers? 
 
While short-term loans in the form of export advances are no longer required to 
be reported under Annex E.1 of the FX Manual by exporters/borrowers, said loans shall 
be reported by banks under the relevant schedule/s of FX Form 1/1A and Monthly 
Report on Outstanding Balances of Export Advances (Annex C of the  
FX Manual) as provided under footnote 42 of Section 18 of the FX Manual.  
 
 
IX. FX FORWARDS AND SWAPS INVOLVING THE PHILIPPINE PESO 
 
57. What rules govern FX swaps involving trade, non-trade current accounts,  
resident to resident transactions, foreign loans and foreign investments? 
 
The following rules under Appendix 18 of the FX Manual shall apply to FX swaps 
involving trade, non-trade current accounts, resident-to-resident transactions, 
foreign loans and foreign investments: 
 
• 
If the swap involves FX sale by AABs in the first leg, and FX purchase by AABs in the 
second leg, the first leg of the swap shall be subject to the documentary 
requirements under Appendices 1, 1.3, 1.4 and 1.5 of the FX Manual, as applicable. 
For trade and non-trade current account transactions, the supporting documents 
shall be presented/submitted to banks only if the amounts (per underlying 
transaction) involved exceed USD500,000 (for individuals) and USD1 million (for 
corporates/other 
entities). 
However, 
for 
transactions 
involving 
netting 
arrangements, 
e-commerce 
market 
participants, 
resident 
to 
resident  
FX transactions, loans/borrowings, guarantees and investments, the minimum 
documentary requirements shall be presented/submitted regardless of amounts 
involved. 
 
• 
If the swap involves FX purchase by AABs in the first leg and FX sale by AABs in 
the second leg, the first leg of the swap shall be subject to the bank’s KYC policy 
and existing regulations on anti-money laundering. The second leg of the swap 
shall be subject only to the swap contract between the counterparties without 
the need for customer’s submission of a duly accomplished ATP FX form.  
 
For swaps where FX proceeds in the second leg will be used to cover  
FX transactions between residents, trade and non-trade current account 
transactions, the minimum documentary requirements under Appendices 1 and 
1.5 of the FX Manual, as applicable, shall be presented/submitted to the bank 
counterparty prior to delivery of foreign currency by the bank to its client at any 
time under the forward leg of the swap.  
 
For swaps covering foreign/foreign currency loans/borrowings, guarantees and 
inward investments, the documentary requirements under Appendices 1, 1.3 and 
1.4 of the FX Manual, as applicable, shall be submitted to the bank counterparty 
prior to delivery of FX by the bank to its client at any time under the forward leg 
BSP Foreign Exchange Regulations 
 December 2024 
 
 
International Operations Department  
 
 Page 18 of 18 
 
of the swap. Such swap contracts must include a statement that: “There shall be 
no delivery of foreign exchange at any time under the swap contract unless the 
foreign/foreign 
currency 
loans/borrowings/inward 
investments 
are 
duly 
approved/registered/reported with the BSP, as applicable.”  
 
For swaps covering foreign/foreign currency loans/borrowings, the AAB 
counterparty for the swap contract shall notify the BSP of the details of the swap 
and the loans to be funded showing, among others, the borrowers’ profile, terms 
of the loan and swap (e.g., amount, tenor), and other pertinent information. 
 
 
58. When will the documentary requirements for FX forwards and swaps be submitted 
to bank counterparty? 
 
The 
documents 
for 
FX 
forward 
and 
swap 
transactions 
shall 
be  
presented/submitted on or before settlement date to banks pursuant to Appendix 18 
of the FX Manual. 
 
 
 
59. Is prior Monetary Board (MB) approval still required for FX derivatives transactions 
of non-bank government entities (NBGEs)?  
 
No. Prior MB approval is no longer required for derivatives transactions of NBGEs 
under Circular No. 1124. 
 
Notwithstanding the lifting of the prior MB approval requirement for derivatives 
transactions 
of 
NBGEs, 
it 
is 
understood 
that 
the 
rules 
under 
the  
FX Manual governing the underlying transactions [e.g., prior approval requirement for 
public sector foreign/foreign currency loans/borrowings, documentary requirements 
prior to delivery of FX under the contract (as applicable)] shall be complied with. 
 
 
 
 
* Inquiries and other concerns regarding subject FAQs may be sent to:  
 
The Head of the Department or 
The Policy Studies and Information Systems Group (PSISG) 
International Operations Department 
3rd Floor, Room 301, 5-Storey Building  
Bangko Sentral ng Pilipinas  
1004 Manila 
Email address: iod-ipds@bsp.gov.ph