Pursuant to Monetary Board Resolution No. 964 dated 21 July 2005, please be advised that:

1. Effective immediately, the Bangko Sentral ng Pilipinas (BSP) shall charge private sector borrowers the amount of PhP4,000.00 to cover administrative costs for every replacement requested for lost BSP registration letters for foreign loans/foreign currency loans and/or accompanying schedules: "Schedule of Principal and Interest Payments on BSP-Registered Foreign Loan" (Schedule RA-2); and/or "Schedule of Payments for Fees and Other Charges on BSP-Registered Foreign Loan" (Schedule RA-2.1).

2. Payments shall be made to the BSP-Cash Department in Manager's Check or Cashier's Check payable to the Bangko Sentral ng Pilipinas, accompanied by a Payment Order from the International Department, BSP.

This is also to clarify that foreign exchange selling institutions cannot sell foreign exchange to borrowers on the basis of the original BSP registration letter only. The borrower must be required to present the originals of Schedule RA-2/RA-2.1. together with the covering original BSP registration letter supported further by a copy of the creditor's billing as required under Sec. B.1 of Annex B to BSP Circular No. 388 dated 26 May 2003.

Adopted: 9 Aug. 2005

(SGD.) DIWA C. GUINIGUNDO
Deputy Governor