Philippines eases foreign exchange rules
The Philippines eased foreign-exchange rules to allow overseas companies based in the country to convert earnings from local share offerings into dollars, a move aimed at helping spur cross-border deals, Bloomberg reported.
The revised rule was announced in a circular dated October 18 and posted on the monetary authority’s website.
The measure will allow non-resident companies listed on the Philippine Stock Exchange to remit capital income overseas through lenders. Foreign companies listed in the Philippines couldn’t previously convert peso proceeds using the banking system.
The Philippine central bank said it seeks to lessen direct intervention in the market. Furthermore, Southeast Asian nations need to manage capital flows and harmonise payments as they establish a common market by removing tariffs and trade barriers for goods and services by 2015 when the ASEAN Economic Community is planned to come into effect.
In April 2013, the Philippine central bank doubled the amount of dollars residents can freely buy and allowed investments in overseas property using greenback bought locally. It also permitted tourists to change back as much as $10,000, double the previous limit, before they leave the country.
The Philippines eased foreign-exchange rules to allow overseas companies based in the country to convert earnings from local share offerings into dollars, a move aimed at helping spur cross-border deals, Bloomberg reported. The revised rule was announced in a circular dated October 18 and posted on the monetary authority’s website. The measure will allow non-resident companies listed on the Philippine Stock Exchange to remit capital income overseas through lenders. Foreign companies listed in the Philippines couldn’t previously convert peso proceeds using the banking system. The Philippine central bank said it seeks to lessen direct intervention in the market. Furthermore, Southeast...
The Philippines eased foreign-exchange rules to allow overseas companies based in the country to convert earnings from local share offerings into dollars, a move aimed at helping spur cross-border deals, Bloomberg reported.
The revised rule was announced in a circular dated October 18 and posted on the monetary authority’s website.
The measure will allow non-resident companies listed on the Philippine Stock Exchange to remit capital income overseas through lenders. Foreign companies listed in the Philippines couldn’t previously convert peso proceeds using the banking system.
The Philippine central bank said it seeks to lessen direct intervention in the market. Furthermore, Southeast Asian nations need to manage capital flows and harmonise payments as they establish a common market by removing tariffs and trade barriers for goods and services by 2015 when the ASEAN Economic Community is planned to come into effect.
In April 2013, the Philippine central bank doubled the amount of dollars residents can freely buy and allowed investments in overseas property using greenback bought locally. It also permitted tourists to change back as much as $10,000, double the previous limit, before they leave the country.
