MANILA, Aug 11 (Reuters) – The Philippine central financial institution mentioned on Wednesday it might ease foreign exchange rules by streamlining documentary necessities and approvals for transactions to facilitate digital funds and assist the federal government’s infrastructure programme.
The measures, which is able to take impact 15 days after their publication, are a part of a wider liberalisation programme it rolled out in previous years to make laws extra in tune with the wants of the economic system.
The central financial institution mentioned it might enable banks to promote foreign exchange with out prior approval for some transactions, together with importation of products with companies coated by constructing contracts for large-scale initiatives and digital funds.
The similar would apply for transactions involving dwelling allowance and medical bills of dependents overseas, amongst different non-trade present account transactions, the central financial institution mentioned in an announcement bit.ly/3iymiIF.
Reporting by Karen Lema; Editing by Martin Petty