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The Philippine Central Bank announced new foreign exchange guidelines on July 17 to bolster market surveillance. These changes aim to ensure financial stability by collecting accurate FX transaction data, following the peso's recent decline to record lows.
Philippine Central Bank Unveils New FX Rules to Boost Market Oversight and Financial Stability
On July 17, the Philippine Central Bank announced a crucial set of new foreign exchange guidelines, a significant move aimed at bolstering its market surveillance. This development comes in the wake of the peso's recent brush with a record low, underlining the importance of these measures.
According to a Bangko Sentral ng Pilipinas statement, the Monetary Board has approved amendments to foreign exchange regulations. These changes enable the central bank to collect “more accurate and relevant” information on foreign exchange transactions, thereby ensuring financial stability, adequate bank supervision, and promoting and maintaining price stability. This is a positive step forward for the industry, reinforcing its strength and effectiveness.
As part of the significant changes, the BSP has outlined reports that need to be more compliant with its reporting standards, including those that are erroneous, delayed, and unsubmitted. It's crucial for all involved, including our audience, to understand and implement these changes. These reports are governed by the manual of regulations on foreign exchange transactions, which provides the regulatory framework.
New FX Rules Strengthen Oversight, Impose Heavier Penalties for Reporting Violations, Says Economist
Robert Dan Roces, chief economist at Security Bank Corp., provided insights into the new regulations. While the penalties for reporting violations have been made more explicit, Roces noted that the regulations do not necessarily restrict FX transactions. Instead, they strengthen the central bank’s oversight by improving reporting and compliance.
According to Bloomberg, the central bank announced that it had revised the monetary penalties for reporting violations by the classification and reporting entities without providing further information. The central bank has stated that the utmost monetary penalty for each transactional violation is 1 million pesos ($17,143), or 100,000 pesos per calendar day for violations of a continuing nature.
On July 17, the Philippine peso was trading at 58.345 to the dollar in Manila, extending its recovery from the losses it suffered in June when it fell near the record-low 59 levels.
