The Central Bank of the Philippines (Bangko Sentral ng Pilipinas, BSP) has issued Circular Letter CL-2025-022 directing Authorized Agent Banks and their subsidiary or affiliate foreign exchange corporations, as well as other concerned parties, to submit applications, requests and other requirements for foreign exchange transactions covered by the Manual of Regulations on Foreign Exchange Transactions (FX Manual) through electronic means to the BSP International Operations Department, effective 23 May 2025. The circular supersedes Circular Letter CL-2024-025. The electronic submission requirement covers, among others, public and private sector foreign or foreign currency loans and borrowings, related underlying transactions, inward and outward investments, requests for authority to transfer legal tender Philippine currency across borders in excess of PHP 50,000, and other requests, using designated electronic channels by transaction type. The BSP noted that the implementation date for submitting applications for inward investments under Section 36.1 of the FX Manual and related requests (Form W) through the BSP’s online system will be announced in a separate issuance.
Central Bank of the Philippines 2025-05-19
Central Bank of the Philippines requires electronic filing of FX Manual applications and requests with its International Operations Department from 23 May 2025
The Central Bank of the Philippines (BSP) mandates electronic submissions for foreign exchange transactions to its International Operations Department, effective 23 May 2025, as per Circular Letter CL-2025-022. This applies to transactions like foreign currency loans, investments, and cross-border transfers over PHP 50,000. The circular supersedes CL-2024-025, with further details on inward investment submissions to be announced separately.