The Central Bank of the Philippines issued a memorandum to Authorized Agent Banks and their subsidiary or affiliate foreign exchange corporations updating, as of the first quarter of 2025, its list of Bangko Sentral Registration Documents (BSRDs) that have been cancelled and replaced for non-resident investments in resident investee firms. It instructs banks not to honor these cancelled or replaced BSRDs when presented for the purchase of foreign exchange for capital repatriation or remittance of earnings. The list covers both original BSRDs issued in hard copy and provisional BSRDs issued electronically that were cancelled and replaced between April 2020 and December 2022 due to changes or transfers in the underlying investments, in line with the Manual of Regulations on Foreign Exchange Transactions (FX Manual), as amended. The instruction is anchored on Section 38 of the FX Manual.
Central Bank of the Philippines 2025-07-14
Central Bank of the Philippines updates list of cancelled and replaced Bangko Sentral Registration Documents and directs agent banks not to honor them for FX purchases
The Central Bank of the Philippines updated its list of cancelled and replaced Bangko Sentral Registration Documents (BSRDs) for non-resident investments in resident firms, effective Q1 2025. Authorized Agent Banks and their foreign exchange subsidiaries must not honor these BSRDs for foreign exchange transactions related to capital repatriation or earnings remittance. This update aligns with Section 38 of the amended Manual of Regulations on Foreign Exchange Transactions.