In a virtual briefing on Thursday, BSP Governor Benjamin Diokno said this is part of the latest foreign exchange reforms aimed at making sure that foreign exchange liberalization will increase the share of digital payments and electronic financial transactions in the country.

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“This ensures that our policies are attuned with international and domestic market developments and responsive to the needs of the economy amid the prevalence of e-commerce transactions,” he said.

For one, the latest reform permanently allows the electronic submission of documents and the use of electronic signatures to help clients meet the documentary requirements for foreign exchange transactions.

“These reforms are expected to facilitate FX (foreign exchange) transactions which, along with other key market reforms, may help contribute to the country’s continued economic expansion,” he said.

The central bank started liberalizing its foreign exchange policies in the 1990s to promote a market-oriented environment and help sustain the economy’s expansion. via (PNA)

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