Yes, however, amounts in excess of the equivalent of US$10,000.00 are
required to be declared upon physical entry into the country. Funds
remitted outside the banking system cannot be registered as foreign equity
investment with the SEC and Bangko Sentral ng Pilipinas or BSP.
BSP registration is necessary only if the investor wants to make sure that
the repatriation of capital and the remittance of dividends, profits, and
earnings can be made using foreign exchange sourced from the banking
system. Otherwise, BSP registration is not necessary.
An investor is required to convert his inward remittance of foreign
investment to Philippine pesos for purposes of registration with the BSP.
Dividend and profit remittances as well as capital repatriation of foreign
investments are not regulated. Foreign investors are free to remit dividends and profits from their own foreign exchange sourced from outside the domestic banking system. However, if the foreign exchange will be sourced from the local banking system, there is a need for the foreign investments to have prior registration with the BSP (refer also to item 3 above).
Authorized Agent Banks (AABs) are authorized to sell and to remit the
equivalent foreign exchange at the exchange rate prevailing at the time of
actual remittance (representing sales/divestment proceeds or dividends/
profit of duly registered foreign investment) upon presentation of the
Bangko Sentral Registration Document (BSRD) and other applicable
documentary requirements.