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Foreign Exchange Transaction • Not Permitted Rules Introduction to PHILIPPINES With a population of about 100 million people, the Philippines, which comprises more than 7,000 islands, is the 12th most populous country in the world. An additional 12 million Filipinos live overseas, representing one of the world's largest diasporas. Economic transformation efforts have been effective over the last decade, and the country enjoyed macroeconomic stability, robust economic growth, a solid external financial position, moderate fiscal deficits and declining government debt-to-GDP ratios. However, real GDP is expected to decrease by 4.5% in 2020 (after +6% in 2019 and +6.5% on average over the last five years), as the economy has been hard-hit by the COVID-19 shock. Government spending and net exports have not been enough to offset the sharp decrease in private consumption and investment, the two main key drivers of growth (which suffered from high unemployment, depressed remittances and delayed projects due to social distancing measures). However, while a moderate rebound is expected for 2021, real GDP is projected to continue to grow strongly in the medium term (above 6%), supported by domestic demand. New challenges have emerged, as the external environment has become less growth-supportive, and overheating risks have emerged as the current account deficit continues to widen and credit growth remains strong - although from a low base. In addition, poverty and inequality challenges remain. Duterte’s personality and style of governing also represent a potential risk to the country’s political and institutional stability. Summary BNP Paribas presence BNP Paribas has been present in the Philippines since 1975 with a branch in Manila. The bank offers a broad range of products and services to its corporate and institutional clients, including loan syndication, bond underwriting, export finance, project and aviation finance; interest rate, foreign currency and commodity hedging and derivatives; correspondent banking and global trade solutions. Currency Currency Philippine Peso (PHP). Exchange Rates 2015 2016 2017 2018 2019 Exchange rate PHP per USD 45.503 47.492 50.404 52.661 51.80 Source: IMF, International Financial Statistics, July 2020. Central Bank The Philippines central bank is the Bangko Sentral ng Pilipinas (BSP) (www.bsp.gov.ph). Bank supervision The Philippines banking sector is supervised and regulated by the BSP. Bank accounts Resident / non-resident status A company is considered resident in the Philippines if it is incorporated in the Philippines or is licensed to trade or conduct business there. Bank accounts for resident entities Inside Philippines Outside Philippines • Permitted without restriction, convertible subject Local Currency to compliance with foreign exchange transaction • Not permitted rules • Permitted, convertible subject to • Permitted, convertible subject to compliance with Foreign Currency compliance with foreign exchange foreign exchange transaction rules transaction rules Bank accounts for non-resident entities Inside Philippines Outside Philippines Local Currency • Permitted, convertible with restrictions • Not permitted Foreign Currency • Permitted convertible with restrictions • Not applicable Lifting fees Lifting fees are not applied on payments between resident and non-resident accounts. BNP Paribas Cash Management Capabilities Liquidity Management Physical cash pooling Notional pooling - Balance compensation Notional pooling - Interest optimisation Supported by BNP Paribas Not required / permitted in PHILIPPINES or not supported by BNP Paribas Collections Cash collections Cheque collections Direct debit collections Domestic incoming transfers Virtual IBAN Virtual accounts International incoming transfers Card acquiring Supported by BNP Paribas Not required / permitted in PHILIPPINES or not supported by BNP Paribas Payments Cash withdrawals Cheque payments Direct debit payments Domestic outgoing transfers Commercial cards Virtual cards International outgoing transfers SWIFT gpi Real-time international payments through BNP Paribas' network Card issuing Supported by BNP Paribas Not required / permitted in PHILIPPINES or not supported by BNP Paribas Channels Local e-Banking Global e-Banking - Connexis SWIFT/ host to host Supported by BNP Paribas Not required / permitted in PHILIPPINES or not supported by BNP Paribas Payments & Collections Market overview The Philippines has a low card penetration rate; cash remains the dominant payment method in the country. In 2017, only 22.6% of adults had a bank account. However, the Philippine government is committed to accelerating the use of electronic payments. Most recently, the BSP launched the QRPH, the national QR standard. The use of e-payments rose from 1% in 2013 to 10% in 2018. The value of e-payments rose from 8% to 20% over the same period. By the end of 2020, the BSP hopes that 30% of all payments will be digital. In Q4 2019, the Philippines had a smartphone penentration rate of 65%, of this total, 54% used mobile banking. Electronic banking services are available from most banks. There is no national electronic banking standard in the Philippines, so companies use bank’s proprietary services. Digital banking services are available. It is expected that Covid-19 will accelerate the adoption of online and mobile banking accounts. The central bank predicts that the share of digital transactions will reach 50% by 2023. Payment systems PhilPaSS Type • Real-time gross settlement. Participants • 173 direct. • High-value and urgent PHP-denominated interbank transactions. Transaction types processed • Net obligations from the EPCS payment system. Operating hours • 09:00–17:45 PHT, Monday to Friday. • Payments are cleared and settled in real time between Clearing cycle details (cut- 09:00–18:00 PHT. off times) • Cut-off time = 18:00 PHT. • PhilPaSS is closed on all Philippine bank holidays. • The Philippines’ bank holidays are: System holidays • 2nd half 2020: 21, 31 August, 1, 30 November, 25, 30, 31 December. • 2021:1 January, 1, 2, 9 April, 1, 13* May, 12, 24 June, 20* July, 21, 30 August, 1, 30 November, 25, 30, 31 December. PDDTS Type • Online real-time gross settlement. Participants • 47 banks. • Online domestic and third-party account-to-account USD- Transaction types processed denominated interbank transactions. Operating hours • 06:00–16:00 PHT, Monday to Friday. • Payments are cleared and settled in real time between Clearing cycle details (e.g. 09:00–16:00 PHT. cut-off times) • Cut-off time = 16:00 PHT. • Citibank Philippines is the sole settlement bank for the PDDTS. System holidays • PDDTS is closed on all Philippine bank holidays, as listed above. EPCS Type • Interbank account transfer system. • 76 direct. Participants Transaction types processed • Low-value domestic interbank PHP-denominated transactions. Operating hours • 09:00–16:00 PHT, Monday to Friday. • Payments are cleared and settled between 09:00–16:00 PHT. Clearing cycle details • Funds are available to payees on a same-day basis. • Final settlement takes place via PhilPaSS. System holidays • The EPCS is closed on all Philippine bank holidays, dates as above. CICS Type • Multilateral net settlement system. Participants • All financial institutions in the Philippines. Transaction types • Cheque payments. processed • 09:00–16:30 PHT, Monday to Friday for cheque payments. Operating hours • 22:00–07:30 PHT, Monday to Friday for returns. • Cheques are truncated, with images and information exchanged digitally. Clearing cycle details (e.g. • Multilateral net settlement takes place across participants’ accounts cut-off times) held at the BSP via PhilPaSS. • Final settlement takes place via PhilPaSS. • The ECCS is closed on all Philippine bank holidays, dates as above. • * The date shown may vary by plus or minus one day. These dates are derived by converting from a non-Gregorian calendar (e.g., System holidays Muslim or Hindu) to the Gregorian calendar. Some of these dates cannot be determined in advance with absolute accuracy, even by the governing authorities. In the case of Muslim dates in particular, the feast days are determined by the sighting of a new/full moon. Credit transfers Credit transfers are used by companies to pay salaries and suppliers, and to make tax and treasury payments. High-value and urgent PHP-denominated credit transfers are settled on a same-day basis via PhilPaSS. Low-value and non-urgent PHP-denominated credit transfers are processed via the EPCS. USD-denominated credit transfers can be processed on a next working-day basis via the PDDTS. PESO Net and InstaPay (up to PHP 50,000 per transaction) process electronic retail credit transfers. PESO Net facilitates fund transfers, which are not time critical, from one account to one or several accounts. Funds will be available in the recipients account within the same banking day, or immediately upon clearing. There are 58 participants in PESO NET. InstaPay enables the real-time transfer of funds up to PHP 50,000 24/7/365. Thirty-two financial institutions currently participate in InstaPay. Cross-border transfers can be made via SWIFT and settled through correspondent banks abroad. Direct debits Direct debits are used for low-value regular payments, such as utility bills. Direct debits are processed on a next working-day basis via the EPCS. Cheques The cheque is a popular cashless payment instruments, used by both consumers and companies. Cheques are processed electronically via the CICS. Funds are available within two days. Card payments There were nine million
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