Yes.  Section 40.3 of the FX Manual allows banks which registered foreign portfolio investments (FPIs) to sell for outward remittance the equivalent FX of: (a) excess pesos funded with inward remittance of FX; plus (b) interest earned on the excess pesos, provided: (a) the investor shall comply with the prescribed documents under Item C.3 of Appendix 1; and (b) 50 percent of the FX inwardly remitted must have funded duly registered investments in the Philippines.

The provision is applicable to FPIs [item nos. 1 – 3 of Section 35 of the FX Manual] that have been registered by custodian banks. For foreign investments registered by the BSP, prior approval must be obtained for the remittance of the excess peso funds.