Bangko Sentral ng Pilipinas
Source:
"How to Invest in the Philippines" by PricewaterhouseCoopers Philippines (printed with permission from author)

Inward Remittance and Registration of Foreign Investments, Repatriation of Capital, Remittance of Dividends

1) Can foreign investment funds be inwardly remitted outside of the banking system?

Yes. However, said funds cannot be registered as foreign equity investment with the SEC and the BSP. Consequently, capital repatriation and dividend remittances can only be serviced using foreign exchange sourced outside of the domestic banking system.

2) Is registration of foreign investment with the BSP required?

BSP registration is necessary only if the investor wants to make sure that the repatriation of capital and the remittance of dividends, profits and earnings can be made using foreign exchange sourced from the banking system. Otherwise, BSP registration is not necessary.

3) Is inward remittance of foreign investment required to be converted immediately to Philippine Pesos?

An investor is required to convert his inward remittance of foreign investment to Philippine pesos for purposes of registration with the SEC and the BSP.

4) What are the current regulations regarding profit remittances and repatriation of capital?

Foreign investments duly registered with the BSP shall be entitled to full and immediate capital repatriation and dividends and/profit remittance privileges without prior BSP approval. Authorized Agent Banks (AABs) are authorized to sell and to remit the equivalent foreign exchange at the exchange rate prevailing at the time of actual remittance (representing sales/divestment proceeds or dividends/profit of duly registered foreign investment) upon presentation of the Bangko Sentral Registration Document.

In the case of unregistered foreign investments, profit remittance and capital repatriation shall be serviced using foreign exchange sourced from outside the domestic banking system.