PH relaxes foreign exchange rules

Analette Abesamis

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The Bangko Sentral ng Pilipinas (BSP) has further relaxed the foreign exchange rules to encourage dollar outflows and, hopefully, keep the peso from further appreciating. On April 18, the BSP said Philippine residents could now buy from banks up to US$120,000 for tourism, education, and medical purposes without having to present supporting documents. The previous ceiling was $60,000. In a briefing on Thursday, April 18, BSP Deputy Governor Nestor Espenilla Jr said this move is meant to simplify transactions between banks and customers.

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