Philippines to further ease foreign exchange rules

MANILA, Aug 11 (Reuters) – The Philippine central bank said on Wednesday it would ease foreign exchange rules by streamlining documentary requirements and approvals for transactions to facilitate digital payments and support the government’s infrastructure programme.

The measures, which will take effect 15 days after their publication, are part of a wider liberalisation programme it rolled out in past years to make regulations more in tune with the needs of the economy.

The central bank said it would allow banks to sell foreign exchange without prior approval for some transactions, including importation of goods with services covered by building contracts for large-scale projects and digital payments.

The same would apply for transactions involving living allowance and medical expenses of dependents abroad, among other non-trade current account transactions, the central bank said in a statement

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