Bexoxo SENrneL No PrurprNAs

OFFICE OF THE GOVERNOR

crRcutAR No.985
Series of 2Ot7

Subject: Temporary window for registration of private sector foreign

loans/borrowingsl

Pursuant to Monetary Board Resolution No. 2115 dated 21 December 2OI7

approving a six-month temporary r,iindow for registration of private sector foreign
loans/borrowings, the following guidelines are hereby issued:

l. Coverage

The temporary window shall be available for six (6) months starting from the
effectivity date of this Circular, during which unregistered private sector foreign
loans/borrowings (without guarantee from the public sector) obtained without the
requisite prior approval from the Bangko Sentral ng Pilipinas (BSP) that are
outstanding and booked in the borrower's records as of the date of this Circular may
be applied for registration with the BSP.

ll. Mechanics

Private sector loans/borrowings as provided above may be applied for

registration with the BSP within said six-month period under the following rules:

1. The loans/borrowings shall be/should have been used for

projects/programs/purposes that are legitimate and not contrary to laws,
regulations, public order, public health, public safety, or public policy.

2. Private sector borrowers shall, within the duration of the temporary

window, submit to the BSP, through the lnternational Operations Department (lOD),
a duly accomplished "Application for Registration of Private Sector Foreign
Loans/Borrowings" (Annex A), together with document/s required therein and proof
of payment of the applicable registration fee due to BSP.

3. A Bangko Sentral Registration Document (BSRD) shall be issued to the

borrower (or his duly authorized representative), which shall be presented to the FX
selling institution, together with the minimum documentary requirements under
Appendix 1.3 of the Manual of Regulations on Foreign Exchange Transactions
(FX Manual), as amended to allow purchase of FX for payments (on original due
dates) of principal, interest and fees (if any) on the loan/borrowing as indicated in
the BSRD, without prior BSP approval.

1 Foreign loans/borrowings are those owed by residents to non-residents, regardless of currency

of
denomination.

A. Mabini St., Malate 1004 Manila, Philippines o 16321708-7701 . www.bsp.gov.ph o bspmail@bsp.gov.ph

lll. Registration Fee

Borrower-applicants shall pay a fixed registration fee amounting to PHP20,000.

The registration fee shall be payable to the BSP in the form of Manager's Check or
Cashier's Check upon filing of the application for registration.

lV. Reporting

The FX selling authorized agent banks (AABs)/AAB forex corps and private
sector borrowers shall report such FX sales and purchases, respectively to the BSP:

Reports Deadline
A. By the FX selling institutions -
Within five (5) banking
(Consolidated FX Assets and Liabilities) days from end of
reference week
B. By the private sector borrowers -
Within five (5) banking
(Form 2 - Annex E.2 of the FX Manual); and/or days after end of
reference month
Annex E.1 of the FX Manual)

Non-compliance with/violations of any terms and conditions of the BSP

registration, including reportorial requirements, may result in the cancellation of the
BSRD, rendering the loan/borrowing ineligible for servicing using FX resources of
AABs/AAB forex corps.

V. Effectivity

This Circular shalltake effect on 15 January 20L8.

FOR THE MONETARY BOARD:

I
ILJ*fu
,0EsroR A. E'PENTLLA,
Govefnor

l,fuDecember 20L7

Page 2 ot 2
Blnexo Senrnar no PlttptNAs
International Operations Department

Page 1 of 5
 W,WW'h. ;1:t;if.,////[!!/,!,ii::,a';+
: Please indicate relevant Sections/pages ofthe Loan Document/s pertaininS to financial terms.

Account Number (DAN)' :

Currency)
Currency of Commitment (Original :

Original Amount Committed :

Currency of Disbursement/Availment :

Currency of Repayment :

Closing Date (La!t Data for DisbuFcmeno/lssue Date (for bondr/notes) :

Cancelled Commitment Amount, if any :

Outstanding Balance (as of <OD-MMM-YYYY>)

lslN No. (for Bonds) except for private placement
Participants in Syndicated Loans, if any

Name of Creditor Country of Residence Percent share

more space is needed, use o seporote sheet of poper following the some formot)

Maturity/tenor (No. of years and months :

Grace Period (No. ofyears and months) :

Date
First Principal Payment :

Date
Final Principal Payment :

Frequencyb of Payment :

Interest/Coupon Rate (per annuml

E Fixed (tn %) :

E Floating
Base Rate' : Applicable Base Rate :
Spread (ln%) : (ln % as of date of application)

Frequencyo of Payment

InterestRese$in&/RepricingTermso :

Penalty/Default Rate (ln % per annum) :

Fees/Costs
Type of Fee/Cost' Rate (ln %)/Amount (ln orisinal currencvl Frequencyo of Payment

Notional Amount
Tenor :

Frequencyo/settlementdates :

Name/s of Counterparty/ies :

Address

E oth"rt

For loans being reported to the BSP prior to application

Frequency may be: annual, semi-annual, quarterly, monthly, or others (please specify).
Indicate basis (e.g., 5-mos. LIBoR)
Indicate resetting/repricing terms (e.g., frequency or dates of scheduled change/s in interest rate, step-up rate), if any
Indicate type of fee/cost: (a) COM: commitment fee; (b) AGN: agency fee; (c) GRT: guarantee fee; (d) FRE: front-end fee; (e) MGT: management fee;
(0 UND: underwriting fee; or (g) OTH: others (pleasy specifo)
Use the following codes: FW - FX forwards, SW - FX swaps, NDF - non-deliverable FX forwards, NDS - non-deliverable FX swaps
CCS - cross-currency swaps, IRS - interest rate swaps, OTH - others (please specify)

more spoce is needed, use o seporote sheet ol poper following the some

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Page 4 of 5
 E Signed loan agreements and other related documents, including Guarantee Agreement, if any;
copy of deferred L/C or covering documents for DA/OA transactions with tenor of more than one (1) year
(as applicable)

E Proof of payment of BSP registration fee

[The borrower-applicant] hereby certifies and undertakes that:

(a) The transaction covered by this application complies/will comply with all applicable laws, rules and regulations, including
required approvals/clearances/endorsements/permits/authorities from the appropriate government agencies and
oversight bodies;

(b) The information disclosed in this Application Form which consist of <NO. OF PAGES> pages are, to the best of my
knowledge and belief, complete, true and correct, and this declaration is made in good faith;

(c) The BSP shall be notified in writing, within two (2) weeks upon availability of information, of any change/s in the
financial terms and conditions of the transaction as well as any change in borrower/issuer/creditor/guarantor and other
information or representations that may affect the loan;

(d) Pertinent documents shall be made available for verification upon request by the BSP (e.g. loan utilization);

(e) Any concealment/misrepresentation made under this application form and failure to comply with commitments
indicated herein shall cause the cancellation/revocation of the registration document/letter authority that may be
issued by the BSP and/or denial offuture applications for BSP action; and

(f) | have read and understood all the instructions contained herein.

(Signature of authorized official over printed name)

(Designation)

Date :

Page 5 of 5