Bangko Sentralng Pilipinas Governor Amando Tetangco Jr. said the monetary boardhas approved a one-year grace period for applications for registration offoreign direct investments to be filed with the central bank.

The move will cover all foreign direct investments that areexisting and already recorded on the books of the investee firm, regardless ofthe date when the investment's funding was made via inward remittance of foreignexchange or asset transfer to the Philippines.

The measure is part of the bank's efforts to facilitate theuse of the banking system's foreign exchange resources for legitimate purposes.