Single Coding System for Resident Transactors Using TIN

CIRCULAR LETTER NO. CL-2006-007

To: All Universal, Commercial and Thrift Banks

In line with the continuing efforts to improve the monitoring and validation of foreign exchange transactions, a single coding system for resident transactors using the tax identification number (TIN) will be adopted in the FX Form 1 and 1A reports.  Specifically, schedules 3-6, 9-11 of the said reports are hereby revised.  The hard-copy formats of the revised reports are attached as Annexes A and B.

It is reiterated that herein revised reports shall be submitted electronically to the Department of Economic Statistics on the date prescribed under BSP Circular 194 dated 30 March 1999, as amended, and BSP Circular 284 dated 04 June 2001.

The above revised schedules shall be used starting with 03 July 2006 reports.

Your compliance is hereby enjoined.

DIWA C. GUINIGUNDO Deputy Governor

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