The Bangko Sentral ng Pilipinas wants a better handle on capital from abroad flowing into or out of the country to better analyze its impact on the domestic economic.
To do this, the monetary authority wants both public and private entities to submit their overseas borrowing plans for next year by the end of this month—potentially market sensitive information that the BSP vowed to keep secret.
In line with the responsibility of the Bangko Sentral ng Pilipinas (BSP) to monitor capital flows and analyze their implications on the economy, an annual survey is conducted to get an indication of the magnitude and timing of the economy’s financing requirements for the following year, as well as the purpose of such borrowings, among others.
In a statement, the central bank said this order covered “all resident entities, both public and private, intending to obtain medium- and long-term foreign loans from offshore sources, such as banks, foreign parent companies, affiliates or shareholders, including offshore issuances of debt instruments.
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Also encouraged to submit their data to authorities are those public or private entities planning to issue onshore debt instruments that require settlement in foreign currency.
The deadline for submission of the required information to the BSP’s International Operations Department is Sept. 30, 2018.
