The Bangko Sentral ng Pilipinas (BSP) has conducted 12 briefings across the country to promote public awareness of recent foreign exchange (FX) reforms being carried out by the central bank.

According to BSP Governor Benjamin E. Diokno, The reforms are primarily aimed at facilitating Filipinos’ access to foreign exchange for transactions that support business activities. These reforms also foster ease of doing business which supports broader economic growth and development.

The information campaign, which kicked off last June 19, was spearheaded by the BSP’s International Monetary Affairs Subsector and International Operations Department.

BSP conducted briefings in the central bank’s head office in Manila as well its regional offices and branches in the cities of Davao, Legaspi, Butuan, Cebu, La Union, Iloilo, General Santos and Bacolod.

With bankers, businessmen, exporters as well as foreign affairs and other government personnel as attendees, the briefings primarily discussed FX liberalization reforms provided under BSP Circular 984 dated 22 December 2017 (Amendments to the Manual of Regulations on Foreign Exchange Transactions, as amended) and Circular 1030 dated 5 February 2019 (Amendments to Foreign Exchange Regulations). These circulars introduced significant changes to FX rules involving loans and investments.

Source: Bangko Sentral ng Pilipinas (BSP)