The Banko Sentral ng Pilipinas on Wednesday said it approved several amendments to foreign exchange reporting among banks, including setting a P1 million penalty for transactional violations.
MANILA, Philippines — The Banko Sentral ng Pilipinas on Wednesday said it approved several amendments to foreign exchange reporting among banks, including setting a P1 million penalty for transactional violations.
The bank reports on foreign exchanges would also help the BSP create reports used to support policy studies, monitor the economy and financial systems and more. A memorandum circular will outline the full amendments, which will be published in the Official Gazette or any newspaper in circulation. It will take effect 15 days after the publication.
Local and foreign business groups are urging the government to approve 21 pending legislative measures including the easing of foreign equity restrictions to help propel economic growth.
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