Manila to lift forex ban

Manila to lift forex ban

MANILA (AFP): The Philippines will be removing all remaining foreign exchange restrictions in order to improve its credit rating, Central Bank governor Gabriel Singson said yesterday.

The new policy means private sector loans will no longer require prior Central Bank approval. Private entities will only have to advise the Central Bank that they are securing a foreign loan, he told a capital markets conference here.

He did not say when they lifting will take effect.