In a draft circular, which banks are given until June 15 to comment or make recommendations, the BSP also said cancellations, roll-overs or non-delivery of FX forward and swap contracts will have additional guidelines.
The draft circular, updated as of May 19, 2023, said all NDF contracts with residents settled in peso can be pre-terminated before their fixing date. The BSP has not changed bank limits on peso NDF exposures which is 20 percent of unimpaired capital for domestic banks. Foreign bank branches have a limit equivalent to 100 percent of their unimpaired capital.
Last April, the BSP updated and enhanced its dormant Currency Rate Risk Protection Program to strengthen the peso vis-à-vis the US dollar and to ensure corporate borrowers with substantial FX exposures will have adequate FX supply.
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