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.
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.