Beruflich Dokumente
Kultur Dokumente
Any person, natural or juridical is allowed to maintain foreign currency accounts (not just
dollars) in banks with good standing in the Philippines. These banks will be designated by the
Central Bank. The authority granted to these banks are as follows:
1.) Accept deposits and foreign currencies in trust (numbered accounts fore servicing and
recording of these deposits is allowed)
2.) Issue certificates as evidence of these deposits
3.) To discount these certificates
4.) Accept the deposits in question as collateral for loans under the rules and regulations
promulgated from time to time by the Central Bank
5.) Pay interest in foreign currency on these deposits
The banks in question are required to maintain a 100% cover for their deposit liabilities.
Foreign currency deposits are also exempt from attachment and garnishment. The law covers
the following:
The recent case of PSBank vs. Senate Impeachment Court, GR 200238, February 9, 2012,
where PSBank requested a TRO with regard to Chief Justice Corona's bank account
highlights a need to further improve this law.
Violations of this law are penalized 1 to 5 years' imprisonment and/or a fine of Php5,000 to
25,000.