BSP asks firms to submit 2019 foreign borrowings plan

By Joann Villanueva

August 23, 2018, 5:02 pm

MANILA -- The Bangko Sentral ng Pilipinas (BSP) has given both publicly and privately-owned Philippine companies until September 30, 2018 to submit their foreign borrowings plans for 2019.

In an advisory published in a major daily, the central bank said the reminder is in line with its responsibility “to monitor capital flows and analyze their implications on the economy.”

It said the annual survey is being done “to get an indication of the magnitude and timing of the economy’s financing requirements for the following year, as well as the purpose of such borrowings, among others.”

These borrowings include medium- and long-term loans from foreign banks, foreign parent companies/affiliates/shareholders and issuance of offshore issuances of debt instruments.

Companies planning to issue foreign currency-denominated debt instruments in the Philippines are also required to heed the reminder.

Concerned companies are directed to submit their 2019 borrowing plans to the BSP’s International Operations Department, the advisory said.

Moreover, it said the form of this specific requirement may be downloaded from the central bank’s website.

BSP assures the companies that data to be submitted “are covered by strict confidentiality rules and used for the BSP’s internal purposes only.”

“The BSP, therefore, enjoins the cooperation for all concerned,” the advisory added. (PNA)