Pursuant to Monetary Board Resolution No. 801 dated August 26, 1992, we wish to clarify that the restriction placed on the import or export of Philippine currency under Section 7 of Central Bank Circular No. 1353 dated August 24, 1992 includes electronic transfers and other similar modes of transfers.

The term "electronic transfer" as used herein shall mean a system where the authority to debit or credit an account (bank, business or individual) is provided by wire, without a source document being mailed to evidence the authority.

Adopted: 16 Sept. 1992