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Foreign Currency Deposit Act Overview by Leah Yanga is a document available to read on EtoBox.

What is Foreign Currency Deposit Act Overview about?

This document is the Foreign Currency Deposit Act which establishes a foreign currency deposit system in the Philippines. It allows individuals and companies to deposit foreign currencies with designated Philippine banks. The banks must maintain 100% foreign currency reserves to back these deposits, of which at least 15% must be held with the Central Bank. The deposits are exempt from taxes and restrictions on withdrawals. The Act provides rules around foreign currency cover requirements, interest payments,

Author

Leah Yanga

Language

EN