Do we have to get the Bangko Sentral approval to remit the royalty or agreed fees to the foreign company? What documentary support is required?

With the liberalization of foreign exchange rules, remittance of royalties, fees, or similar payments to a foreign company, net of the applicable taxes, may be made through AABs without need of BSP approval. The following documents may be required by the AABs to prove the legitimacy of the transaction: (a) copy of contract/agreement; (b) statement/computation continue reading : Do we have to get the Bangko Sentral approval to remit the royalty or agreed fees to the foreign company? What documentary support is required?