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Philippine central bank amends forex rules for foreign banks

The Philippine central bank made further amendments to foreign exchange regulations to ease transactions of foreign banks in the country.

Bangko Sentral ng Pilipinas said Dec. 14 that it will include a provision that the foreign exchange funding for foreign bank branches' capital must be inwardly remitted and converted to Philippine pesos.

The central bank also revised the definitions of unimpaired capital for local banks, foreign bank branches and foreign bank subsidiaries.