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BSP Changes FX Rules for Foreign Investments to Make Them Easier

Speaking Out

By Ignacio R. Bunye 

The Bangko Sentral ng Pilipinas (BSP) has updated its rules on foreign investments to make it simpler for people to access foreign exchange (FX) resources in the Philippines. The changes, which are effective until September 30, 2024, aim to streamline procedures and paperwork for legitimate transactions.

According to the BSP, these amendments are part of ongoing efforts to create a favorable environment for investment and economic growth. BSP Governor Eli M. Remolona Jr. signed Circular No. 1192 to implement these changes on April 11, 2024.

One significant change is that certain foreign investments, like those in government securities and the stock market, can now be registered by authorized agent banks (AABs) without needing additional documents from the BSP. This will simplify the process for investors.

To help banks adjust to the new rules, a transition period is provided until September 30, 2024. During this time, banks can update their systems and processes to comply with the new guidelines.

These updates reflect the BSP’s commitment to keeping pace with the evolving economy and promoting integration with global markets. Since 2007, the BSP has made several rounds of changes to FX policies to adapt to changing needs and market conditions.

Addressing climate change 

 To address climate change, the Climate Change Commission (CCC) and the Ayala group, which includes various companies like Ayala Corporation, Ayala Land, BPI, Globe, ACEN, and Ayala Foundation, have agreed to work together. The CCC is the government body responsible for making policies on climate change.

This partnership aims to find ways for the private sector to help the country reach its climate goals. They want to invest in projects that will reduce carbon emissions and make communities better able to handle the effects of climate change.

Jaime Z. Urquijo, Ayala’s Chief Sustainability and Risk Officer, hopes that by signing this agreement with CCC, they can start projects that will improve how the country deals with climate change. They want to learn more about the risks and opportunities it brings and showcase Filipino innovation and resilience.

Said Urquijo: “Climate change is a big concern for many people, but at Ayala, we see it as a chance to team up with others who share our vision and tackle these challenges head-on. We believe we can create a stronger and safer future by working together.”

Ayala is also increasing its investments in renewable energy, like ACEN, which is expanding globally. They’re also working on making their operations more energy-efficient, reducing carbon emissions, and offering financial products that support sustainability.

This partnership shows how the government and private sector can work together to address climate change and build a better future for everyone.

The newest EV on the block

Welcome to BYD Global City! It’s the latest dealership of the popular new energy vehicle brand BYD Cars Philippines, in partnership with Harmony Auto. Situated at 28th Street, near ACMobility’s flagship showroom at the corner with 9th Avenue in Bonifacio Global City, it’s a 620-square-meter space showcasing up to 12 vehicles, highlighting the latest in design and safety tech.

There’s more than just cars on display though – the dealership boasts informative displays, a customer lounge for snacks and drinks, and up to eight service bays for maintenance and repairs of BYD electric vehicles.

Harmony New Energy Auto Service, the local arm of China Harmony Auto Holding Ltd., is behind this venture. They’re known for luxury car sales and maintenance in China and the Asia Pacific region, and BYD Global City marks their first foray into the Philippine automotive market.

According to Antonio “Toti” Zara I, President of Mobility Access Philippines Ventures, Inc. (MAPVI), the opening of BYD Global City is a sign of BYD’s strong commitment to the Philippines. MAPVI, which exclusively distributes BYD cars in the country, sees this partnership with Harmony Auto as just the beginning of many opportunities to bring BYD vehicles to more Filipino buyers.

Aside from MAPVI President Toti Zara, the inauguration of BYD Global City  last March 9 was graced by  ACMobility CEO Jaime Alfonso Zobel de Ayala,  China Harmony Auto Limited Chairman Jack Feng, BYD Asia Pacific Automotive Sales Division General Manager Li Xueliang, Minister Counselor of the Chinese Embassy in the Philippines Yang Guoliang, and BYD Philippines and BYD Singapore Managing Director James Ng. 

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