Philippines makes progress towards forex liberalisation
NEWS
The reforms, effective April 2, are designed to speed the integration of the local economy with global markets. Changes affect current accounts, capital account transactions and prudential regulations.
For example, the non-trade FX purchase limit for residents on current accounts has doubled to $10,000. The 'no-splitting' restriction and notarisation requirement to buy FX has been lifted as well. The BSP expects both measures to lower trade costs for bank clients, while catering to a burgeoning
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