President Gloria Macapagal-Arroyo gestures as she confers with her peace adviser Secy. Jesus Dureza. Dureza told the President that there is noted remarkable growth in exports, tourism, and investments that contribute to Mindanao's economy.ZAMBOANGA CITY (Zamboanga Journal / 27 Mar) The Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said the central bank’s policy-making body has approved the liberalization of foreign-exchange transactions, allowing money changers to require less documents from buyers of foreign currency in excess of $5,000.
Tetangco said there would be no need for notarization of the documents required when buying foreign currency.
The liberalization of foreign-exchange rules for money changers is aimed at facilitating over-the-counter transaction. The BSP also aims to simplify penalties on violations.
About 3,000 money changers have registered with the central bank since January 2005, but many are also operating illegally and without permits.
Based on BSP Circular 471, foreign-exchange dealers, money changers or remittance agents are required to register with the BSP before they can operate as such.
In Zamboanga City, illegal money changers operate on sidewalks in downtown area and many have complained they were duped by unscrupolous traders or mugged by armed men soon after they exchanged their foreign notes.
No comments:
Post a Comment