MANILA, Dec 22 (Reuters) - The Philippine central bank said on Friday it has approved revisions to foreign exchange rules to facilitate financing of private sector investments to boost economic growth.
Foreign loans meant to fund various types of private sector projects and activities would no longer need prior central bank approval, the Bangko Sentral ng Pilipinas said in a statement.
The central bank said the revised rules only cover loans without guarantee from, and exposure to, any public sector entity.
Regulators have also reduced substantially the requirements to support applications for registration and purchase of foreign exchange from the banking system.
“The revised rules aim to further facilitate financing of critical and urgent projects and activities that can contribute to a more vibrant business climate conductive to growth,” the central bank said in a statement.
Policymakers have been relaxing foreign exchange rules to make it more responsive to the needs of the economy and easier for businesses and individuals to transact foreign exchange within the banking system.
The revised rules take effect on Jan. 15, 2018.
Reporting by Karen Lema; Editing by Jacqueline Wong