BSP loosens FX controls to lure foreign capital
In a bid to attract foreign investment and debt, Bangko Sentral ng Pilipinas further relaxed the country’s FX rules. But not all corporate treasurers will have easier access to foreign capital.
Philippine companies wishing to borrow offshore or from the foreign currency deposit units of domestic banks will no longer need prior approval from the central bank, if they intend to use the cash for power or energy-related infrastructure projects or microfinance schemes.
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