New Pre-numbered BSRD Form

CIRCULAR LETTER Series of 2000

T O : All Commercial Banks and Custodian Banks

SUBJECT : USE/ISSUANCE OF THE NEW PRE-NUMBERED BANGKO SENTRAL REGISTRATION DOCUMENT (BSRD) FORM FOR FOREIGN INVESTMENTS

In implementation of amendment Nos. 3 and 4 under the BSP Circular No. 224 dated January 26, 2000, the following guidelines shall be observed and complied with in connection with captioned subject:

1. Effective 3 April 2000, only the new pre-numbered BSRD form printed by BSP on security paper shall be used and issued as proof of registration of foreign investments in accordance with BSP existing rules.

2. Custodian banks, which are authorized to register, on behalf of BSP, foreign investments in Philippine Stock Exchange (PSE)-listed securities, may obtain said new BSRD forms from the BSP International Operations Department starting 31 March 2000.

3. The BSP will charge a fee for each set of BSRD forms which fee may be passed on without mark-up by the custodian bank concerned to the foreign investor concerned. Each set consists of one original and one duplicate copy.

4. For foreign investments directly registered with BSP, the fee for the BSRD issued by BSP in connection therewith shall be paid by the foreign investor directly to BSP. The fee to be charged shall be the same as that charged to custodian banks.

5. The custodian bank issuing the BSRD shall indicate its bank code after the BSRD number (at least 6 digits, for example, 000001) and the investor's country code as per attached list, in the appropriate space in the BSRD. In case of a bank branch/department/unit issuing the BSRD, the name of the bank branch/department/unit concerned should also be indicated in the space for "name of registered bank".

6. In line with the one BSRD-per-investor-per custodian bank rule, only the initial investment/s funded by inward remittance of foreign exchange (FX) shall be issued a BSRD. In case of transfer of registered investments from one custodian bank to another (supported with the existing fully utilized BSRD or if BSRD is partially utilized only, with BSRD letter-advice issued by the custodian bank transferring the investment), a new pre-numbered BSRD shall be issued to cover such transfer if the investor does not yet have a BSRD with the new registering custodian bank. The fully utilized BSRD for replacement shall be cancelled and surrendered to BSP in accordance with existing rules. Transfers of investments to a new registering bank where the investor has outstanding investments shall be added to the investments registered with said bank.

Subsequent FX inward remittances to fund additional investments of the same investor or changes in his existing registered investments shall be reported under the Annexes 1 or 2 under BSP Circular-Letter dated 3 September 1998 in accordance with existing rules.

7. In the issuance of a new pre-numbered BSRD to cover the consolidation of all outstanding BSRDs of an investor in one custodian bank, the said custodian bank shall indicate only the aggregate peso amount of each type of investment other than PSE-listed securities still outstanding and the aggregate number of shares and market value on date of consolidation of each type of PSE-listed stock investments still outstanding, with the details to be indicated in an annex or annexes to form part of the BSRD. Furthermore, the registering custodian bank shall indicate in the "Additional Information" space the words "consolidation of existing BSRDs."

8. The custodian bank may include in the consolidated BSRD the divestment/sales proceeds of previously duly registered foreign investments placed in peso deposits indicating in the "Additional Information" space that these deposits are interim investments for eventual reinvestment in registerable investment types. Investments in peso savings deposits registered as of January 26, 2000 shall be included in said consolidation.

9. The registering custodian bank shall fill up all applicable blank spaces except the columns on "Type and Funding" and "Maturity Date" which shall be filled up only for a new BSRD consolidating outstanding BSRDs of an investor involving Government Securities (GS), Peso Time Deposits (PTDs) and Money Market Instruments (MMIs) using indicated acronyms, provided any extensions or renewals thereof should henceforth be registered directly with BSP in accordance with Circular No. 224.

10. This new pre-numbered BSRD from shall, effective 3 April 2000, also replace the BSRD for Special Investor's Resident Visa (SIRV) applicants/holders provided under BSP Circular-Letter dated 20 March 1998. A BSRD issued for this purpose shall indicate in the "Additional Information" space the words "SIRV investment".

11. For the "Date Registered" under the BSRD number and for the other dates in various columns in the BSRDs, use the format "mmddyyyy", for example "04-03-2000" for April 3, 2000.

12. All pre-numbered BSRDs issued by custodian banks, except those issued for consolidation of existing BSRDs, shall be accompanied by the Original Certificate of Inward remittance (CIR) of FX converted and sold for pesos to the certifying bank in accordance with No. 2 of said Circular No. 224, which CIR must be typewritten and pre-numbered to indicate the last two digits of the year of issue and the specific consecutive number (five digits), for example "00-00001"

13. The registering custodian bank's signatory should at least be an officer with the rank of Assistant Vice President (AVP) or head of the unit/branch of the bank concerned.

CELIA M. GONZALEZ Director