I. Coverage
The temporary window shall be available from May to December 2013 and shall cover the following foreign loans of the private sector that are booked and outstanding in the borrower’s records as of 30 September 2012 with payments (principal, interest and other related fees) falling due within said period:
Prepayments and arrears may also be considered subject to conditions indicated herein.
A limit on the maximum amount of FX that may be purchased shall be determined by the BSP based on prevailing conditions.
II. Procedures
Private sector borrowers with foreign loans covered by the above categories may purchase FX from authorized agent banks (AABs) and/or their subsidiary/affiliate foreign exchange corporations (AAB-forex corps) to service regular/scheduled loan payments (principal, interest and related fees), including arrears and prepayments within the period allowed herein upon compliance with the following:
PAYMENT DUE DATES DEADLINE FOR FILING 1 – 10 MAY 2013 30 APRIL 2013 11 – 31 MAY 2013 6 MAY 2013 JUNE – SEPTEMBER 2013 31 MAY 2013 OCTOBER – DECEMBER 2013 28 JUNE 2013
Applications submitted beyond the said deadlines shall no longer be accepted.
III. Processing Fee
A fixed processing fee of PHP10,000 will be charged by BSP on each application for servicing of private sector foreign loans that are: (a) without BSP approval/registration, but being reported to BSP; and (b) without BSP approval/registration, and currently not being reported to BSP. The processing fee shall be in the form of Manager’s Check or Cashier’s Check payable to the BSP.
IV. Reporting Requirements
FX selling AABs/ AAB-forex corps and private sector borrowers shall report such FX sales/purchases to the BSP as follows:
REPORTS DEADLINEA. BY THE FX SELLING AAB/AAB-FOREX CORPS (FX SALES) - 1. SCHEDULE 4 OF FX FORM 1 WITHIN FIVE (5) BANKING DAYS FROM END OF REFERENCE WEEK 2. REPORT ON SALE OF FX PURSUANT TO CIRCULAR NO. 795 DATED 18 APRIL 2013 (ANNEX B) WITHIN THREE (3) BANKING DAYS FROM END OF REFERENCE WEEKB. BY THE PRIVATE SECTOR BORROWERS (FX PURCHASES) - REPORT ON FOREIGN BORROWINGS FOR MEDIUM- AND LONG-TERM LOANS (FORM 2 – ANNEX C); OR REPORT ON SHORT-TERM FOREIGN BORROWINGS (ST-2 – ANNEX D) WITHIN THREE (3) BANKING DAYS AFTER END OF REFERENCE MONTH
V. Effectivity
This Circular shall take effect on 25 April 2013.
FOR THE MONETARY BOARD:
(SGD.) NESTOR A. ESPENILLA, JR.
Officer-in-Charge