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managed. The application of collective/pooled funds and pension,

retirement and provident funds for a higher annual investment limit may be
effected through its governing board or through its trustee.

d. Investments of banks shall be subject to existing prudential regulations of

the BSP and other applicable laws, rules and regulations.

e. Foreign exchange received by residents as dividends/earnings or divestment

proceeds from investments under this Section need not be inwardly
remitted and sold for pesos.

f. All foreign exchange purchases for investments by residents shall be:

i. remitted directly to the account of the intended beneficiary

(e.g., non-resident investee firm, fund manager, broker/dealer, and/or
non-resident parent company/subsidiary); or

ii. credited to the resident investor’s FCDU account (with the same or
another AAB) for eventual remittance by the depository AAB to the
intended beneficiary for funding of investment: Provided, that if the
depository bank is different from the foreign exchange selling institution:
(i) the foreign exchange selling institution shall directly transfer the
foreign exchange purchases to the depository bank of the purchaser; and
(ii) the depository bank shall also be the foreign exchange remitting AAB.

g. AABs and AAB-forex corps shall submit a monthly report (Annex V) to the
BSP-IOD on the sale of foreign exchange for investments enumerated in this
Section as well as investments by residents falling under resident to resident
transactions under Part I, Chapter II hereof, within the required deadline.

h. All foreign exchange purchases by residents for investments enumerated

under this Section shall require the submission of a duly accomplished
Application to Purchase Foreign Exchange (Annex A) and documents listed
under Appendix 1. Foreign exchange purchases shall be consolidated for
purposes of determining compliance with the allowable limit prescribed in
Item 1.a.ii.

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