Additional implementing guidelines/clarifications relative to Circular No. 419 on D/A-O/A imports

CIRCULAR-LETTER

Series of 2004

Additicnal impiementing Guidelines/Ciaritcetions Reiative

To Circular No. 419 On DIA-0/A mports

impiermert Circular No. 419 dated February 2, 2014, the following additEnal guidetines/clarifications are hereby issued: "urther to the Guidelines under Circular-Letter a"ed February 9, 200-, to

Regardirg Item 4.d of Section 11 of Circuler Na. 1389, as amende by Circular No. 419, whiie a bank-affiliated icrex corporation may selt foreign exctange (Fx) for duly reported Or importation availnentthe outward remittance of such FX sold sh-d only be thru an AB (hereirafter referred to as FX remitting AAB :.

a. The bank-affitiated forex corporatior selling the FX sh all s-mp indicate thereon its name duly signec by its authorized s gnatry. "F'X $OLD" on the original shippirg documents at rand and

b. Tre FX remitting AAB shall repor ire FX acquisition wder Schedule 7 of FX Form 1 using Cede 200 and simufaneeusly report the same amount as disposit o'payment under SchElule 11 of FX Form 1.

". Regarding No. 7 of the Guidelines under said Circuiar-_eter Cated

February 9, 2004, if the FX selling AAB cr t!= FX remittirig AAB i not the AAB reporting the avaiiment or if there ere two or mare FX s ling AABS:

a Each FX setling AAB shall report the=FX sale in Schedule 7 of imports negotiated with other banks) FX. Form 1 using Code No. 700 S-ale of FX for payme t of

b. The -X remitting AAB shall report th ; utward remittance of X in Schedule 11 (Import Payments) of F *: =orr: 1.

c. If the FX remitting AAB is not the FXs-lling AAB, the F> rem tting AAB shall simultaneousiy report the: acguisition of Fx frem th FX

seiling AAB in Schedule 7 using Co-i= 2D0 of FX Form 1 an= the FX remittance under Schedule 11 of F c Form 1; and

MAG-IMPOK SA BANGKO

MAYNILA, PILEPH NAS 1004 . Tel No. 524-70-11 trunkline - URL: www.bsp gCph - e-mail: [email protected]

d. If the FX remitting AAB is not the avaiiment rerorting AAB, the former shall give written advice ot said rernitanoe to: the (atter within two (2) banking days atter remittance date.

3. Payments of self-funded D/A-OlA importations shall be repcrted by the Form 1 using Code 9 {Others (specify)] under the columr *Mode of Form 1 using Code 200 and as disposition under Scredule 11 of FX Payment". FX remitting AAB simultaneously as acquisition urder Schecuie 7 of FX

4. The Bank Reference Number (BRN) assigned to eac: D/A-OIA importation reported as availment by the AAB under Sonedul: 10 of FX Form 1 shall incorporate the initiais or acronym ot the: availment reporting AAB to identify said AAB

5. Hf the currency of payment is not us Dodar, upon payrnernt, :he amount hard copy of Schedule 11 shall be submitted to BSP-IOD, pursuant to Kem 2.b. of said Circular-Letter dated February 3, 2004. of us Dollar scuivalent reported under Schodule 11 of Fx Farrn 1 shall which Us Dollar eguivalent shall be discicsed by the FX selling bank to the FX remitting bank, provided that in case of partiai payrnents, the be computed at the actual selling or booking rate of the FX selling AAB.

E tn case of D/A-O/A importations of oil companies, the following documents may be submitted, in lieu ot the copies cr shipping documents, to the AAB concerned for purposes of rerorting the D!A-OIA avaiirnents under Schedule 10 of FX Form 1 :

a. Original import Advice (which may be in E.-nail hard copy) from importer signed by its authorized officer showing the estimated shipping volume, value and date, the import cxommodity description and payment term/due ciato; ard

b. Sworn original Letter of Undertakirg (LoU) -rom: importer's authorized officer stating that the certified true ccpy of the invoice reporting AAB on or before paymen: due date. indemnity (LOl) from supplier, shall be subrnitted co the availment and Bill of Lading (B/L), or in lieu ot said dccuments, a Leiter of

However, if the original shipping documerrts (invoice ard B/l.;: were not presented to the AAB concerned on paymert date, said doourrvents shall (indicate amourt) payment remitted out (indicate name: of Fx remitting AA ) be presented by the importer to the availment reporting AAB as soon as the importer receives said original documents to be nnarked hy AAB "Fx

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7. If the documents required for reporting D/A-O/A availrent= is fee was paid to BSP. However, no penalty srall be imposec by BS on before maturity date, the said AAB shall not report the same as D/A--)/A availment under Scheduie 10 of FX Forrn 1. uniess a BSF Of-cial Receipt (O.R.) is presented as evidence that :re prescribedi prces=ing an AAB violating this rule until April 2, 200u.. Thereafter, this iule =nal be strictty ontorced by BsP. submitted by an importer to an AAB iater then ten (10) calen-lar Cys

3. To pay the required processing fee for C0/A. availments repcted iater than ten (1o) calendar days before m at irity date, the importe or ar AAB on behalf of the importer, shall:

E Fiscal Services Division (TFSD) which shall be beset orthe peso equivalent of the fee computext at the BSP re-erence 'ate Secure an Order of Payment (O.H.- from BSP-IOD-Tra & appearing in the BSP Treasury Depert_nent Reference ExchEnge Rate Bulletin on the day of the issuarcs of tne O.P.:

b. Pay in bank manager's or cashier's cleack, the amount of thefee issue a BSP O.R. as evidence of payTant: incicated in the O.P. at the BsP Cas : Tepartment whict will hen

G Present the original BSP O.R. to the ESP-IOD--TFSE wnich hall indicate thereon the D/A-OIA import anount that may be rep=ted by the bank concerned as avaitment; ad

d. Submi. the original O.R. to the 3 concerned be-ore t is reported under Schedule 10 of FX Fcrri 1 as availment.

g. For purposes of determining if the DiA-cHa importation was- rep-rted iater than ten calendar days before meturity date thus subje to March 30, 2004, it wili be considered late r=porling of availme nt su ject to the BSP fee. Maturity date shall refer to ti-= original maturity plu=any 2xtension made prior to its being reporte-i under Schedule 10 C FX Form 1. counted prior to maturity date. For exaririe, if the maturity dee is March 30, 2004, and the availment is reportee any day fram March 1 to payrnent of the Bsp processing fee, the "umber of days mue be

Mach 2004 CELIA EI GONZALES e ect:

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