THE Bangko Sentral ng Pilipinas (BSP) announced that they are now working on lifting the requirement of the Bangko Sentral Registration Document (BSRD) when it comes to foreign portfolio investments.

"I believe that a draft circular is already being exposed to the market and I am excited to receive the final circular after the industry’s comments are taken into consideration," Monetary Board member Annie Aquino said.

Likewise, the BSRD is a document that was issued by the BSP so as to allow non-resident investors to buy foreign exchange (FX) from the local banking system for the repatriation of their capital and remittance of earnings.

"Yes, the possibilities are now endless--especially for those processes that have outlived their purpose," Aquino said.

Pressed as to when the BSP will lift the requirement for the BSRD, Aquino simply said, “it will be finished this year."

However, she quickly clarified that the registration for loans in foreign direct investments currently will still require the BSRD.

"But perhaps, who knows, this will be addressed at some future time," she said.