- Written by Tribune
- Sunday, 05 August 2012
The BSP has ruled out any further liberalization of the foreign exchange (forex) as inflows of capital into the Philippines continued to be strong.
But it also said the recent typhoons might influence the country’s inflation rate while declining to say its impact for the month of August.
“At this point in time, while there are no specific additional measures, we continue to evaluate and assess if further steps are needed to be taken to address capital inflows,” BSP Gov. Amando Tetangco Jr. said.
The BSP has implemented five forex liberalization measures since 2007, which resulted in what Tetangco described as the “substantial opening of the foreign exchange regime.”
These measures included increasing from $5,000 to $10,000 the limit on allowable outward investment that can be bought from banks and other forex entities without supporting documents; increasing the allowable dollar purchases from banks by residents for non-trade current account transactions (without the need for supporting documentation) and outward investments (without the need for BSP approval)..... MORE
Source: The Daily Tribune