(NAR) VOL. 21 NO.4 OCTOBER - DECEMBER 2010
§ X382.3 Conditions for approval of applications. X X X
a. Xxx
d. All dividends earned shall be inwardly remitted to the Philippines no later than sixty days after the date of payment. For purposes of this sub-section, re-investment of said dividend proceeds or deposits/placements thereof in accounts of the investor banks with foreign correspondent banks abroad shall be deemed compliance with the requirements of this Sub-Section.
Xxx.”
This Circular shall take effect 15 days after publication, either in the Official Gazette or in a newspaper of general circulation.
FOR THE MONETARY BOARD:
(SGD.) NESTOR A. ESPENILLA, JR.
Officer-in-Charge