Circular No. 12/2: Amendments to FX Regulations on Derivatives, Philippine Peso Transactions, and Bank Reporting

9
BANGKO SENTRAL NG PILIPINAS
Subject:
CIRCULAR No. 12/2
OFFICE OF THE GOVERNOR
Amendments to foreign eXchange IFX) regulations covering FX derivatives, involving the Philippine Peso, and other transactions under the Manual of Regulations on Foreign EXchange Transactions and the Manual of Regulations for Banks The Monetary Board. in its Resolution No. 243 dated 06 March 2025. approved the following amendments to rules and regulations governing FX transactions:
Series of 2025
SECTION I, The following provisions of the Manual of
Regulations on Foreign EXchange Transactions (FX Manual. issued under Circular No. 645 dated 13 February 2009, as amended) are further revised as follows:
"PART ONE' RULES ON FOREIGN EXCHANGE TRANSACTIONS
3. Sale of FX. The following rules shall apply to the sale of FX by
AABs/AAB forex corps:
GENERAL PROVISIONS
c. All sales of FX by AABs/AAB forex corps xxx
The duly accomplished Application To Purchase FX (Annex A1. as well as supporting documents for sale of FX by AABs/AAB forex corps, may be submitted in hardcopy or through electronic means in accordance with Item 4. b hereof, xxx d. The total amount of FX to be: (i) sold on spot basis; and/or (ii) hedged by a customer under FX derivatives contracts, by/with single or multiple AABs for specific underlying transaction shall not exceed the amount of such underlying transaction at any given point in time.
Chapter I
XXx
XXX
XXX

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4, Submission of Documents', The following rules shall apply on the manner of submission of documents' to the BSP and AABs/AAB forex corps:
Submission to the BSP. The duly accomplished application forms and/or supporting documents for the following shall be submitted to the BSP through electronic means' (unless otherwise indicated under the FX Manual') based on the prescribed guidelines by the BSp6:
i. approval/registration of and other requirements' on
foreign/foreign currency loans/borrowings;
ii. registration of inward investments; and
iii. other requests to the BSP not covered by items (i) and (ii).'
b. Submission to AABs/AAB forex corps. Documents to support the sale of FX and other related requests covering FX transactions shall be submitted based on the manner prescribed by AABs/AAB forex corps. Electronic submission' of said documents shall be through the official email/electronic/ digital channel/system designated by AABs/AAB forex corps subject to their due diligence, "Know Your Customer", and risk management policies. 4 For BSP-issued documents in electronic form", AABs/AAB forex corps shall verify with the BSP. through the 100, the authenticity of said documents xxx The electronic submission to the BSP and AABs/AAB forex corps of documents on FX transactions shall be subject to the attestation by the submitting party": (i) on the integrity and authenticity of the submitted documents; (ii) that the transmittal of documents was made via official channel; and (iii) on the availability of the original/copy of documents (as applicable) upon request by the BSP for verification. a, 2 3 xxx Supporting documents need not be notarized (unless otherwise provided for by applicable law/SI. subject to the required attestation under this Section. The BSP will not be responsible for electronic messages that may be hacked or cracked. intercepted, copied or disclosed Iwithout authorization) outside BSP's information system. XXX Under the applicable Circular Letter to all AABs/AAB forex corps and all concerned Including submission of notice/notification to the BSP The documents submitted electronically shall be retained for a period of five (5) years from the time of submission thereof. Starting 27 March 2020, xxx. Said documents issued in electronic form te. g. . BSP letter~approval. provisional Bangko Sentral Registration Documents IBSRDs)l shall remain valid even after the period covered by Circular No. 1080 dated 27 March 2020. xxx Including applicant/FX purchaser 4 S 6 ? a 9 XXX 10 XXX 11
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PARTTHREE. FINANCIAL ACCOUNTTRANSACTIONS
Section 36. Registration with the BSP
3. Applications for registration of inward investments under
Section 36.1 and other related requests (Form W)shall be filed through
the BSP's online system and shall be free of charge, All applications for registration of new/additional" investment/s of nori-resident investors (Form W) shall be filed with the BSP within one a ) year from applicable reckoning date under Appendix 10. A. INWARD INVESTMENTS XXX
Chapter 11
XXX
PART FIVE. FOREIGN EXCHANGE DERIVATIVES AND OPEN FOREIGN
EXCHANGE POSITION OF BANKS
XXX
Chapter I
FOREIGN EXCHANGE DERIVATIVES TRANSACTIONS INVOLVING THE PHILIPPINE PESO
Section 88. General Policy. It is the policy of the BSP to
support the deepening of the Philippine financial markets.
I. FX Derivatives Transactions of AABs with Customers
a, Customers may hedge their FX exposures through FX derivatives with AABs; Provided that sale of FX through FX derivatives may only be made when the underlying transaction is eligible for servicing using FX resources of AABs/AAB forex corps. Customers may, likewise, cover their funding requirements through FX swa ps. XXx b. AABs may only engage in FX derivatives transactions with customers if the latter is hedging FX exposure or covering funding requirements. The total notional '2 Those arising from purchase of additional shares. stock splits, corporate restructuring and other similar cases

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• amount of the FX derivatives transaction/s shall not
  exceed the amount of the underlying FX exposure at any given point in time. 13
  c. Customers shall no longer be allowed to purchase FX
  from AABs/AAB forex corps for FX exposures that are fully covered by deliverable FX derivatives. d. If a customer preterminates" or cancels a non-deliverable FX derivatives contract. the customer may only enter into another nori-deliverable FX derivatives contract for the same underlying transaction if there is a change in the original financial terms of the underlying transaction, e. Hedging of permanently assigned capital of Philippine branches of foreign banks/firms is not allowed. 2, FX Derivatives Transactions of AABs for their Own Account a. FX derivatives transactions of AABs for their own account shall be governed by the rules under the MORB and the FX Manual, as applicable (e. g. , rules on cross-border transfer of local currency). b. AABs authorized by the BSP to transact in nori-deliverable FX derivatives shall ensure that these products are used for legitimate economic purposes. NDFs may be used in engaging in a non-deliverable sell-side" FX derivative with a non-resident counterparty,
  c. When an AAB is transacting for its own account, the AAB
  shall ensure that the counterparty is a duly regulated financial institution authorized to deal in FX derivatives. "Customers"' shall refer to the following natural or juridical persons that are hedging their FX exposures and/or covering their funding requirements: (a ) non-bank residents; and (b) nori-residents except duly regulated financial institutions authorized to deal in FX derivatives
  Section 89, Definition of Terms
  "Foreign eXchange (FX) derivatives" shall refer to derivatives that involve the buying/selling of foreign currency against Philippine Peso and shall pertain to the following:
  13 In case of combination of FX options. the total amount of FX being hedged by or that may be sourced from the option structure shall not exceed the amount of the underlying FX exposure Except for non-deliverable forward contract INDF) Where the AAB sells FX against PHP ,4 15

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• a. "Forward foreign eXchange (FX) contract" refers to an
  agreement for delayed delivery of a foreign currency in which the buyer agrees to purchase and the seller agrees to deliver at a specified future date a specified amount at a specified eXchange rate; b. "Non-deliverable forward (NDF)" refers to a forward FX contract where only the net difference between the contracted forward rate and the market rate shall be settled at maturity;
  c. "Foreign eXchange (FX) swap" refers to an agreement
  involving an initial eXchange of two (2) currencies, usually at the prevailing spot rate, and a simultaneous commitment to reverse the eXchange of the same two (2) currencies at a date further in the future at a rate (different from the rate applied to the initial eXchange) agreed on deal date; d. "Non-deliverable swap INDS)" refers to a variation of an FX swap agreement wherein there is no eXchange of the two (2) currency cash flows; instead, the net difference between the contracted rate in the swap contract and the spot rate is paid by one party to the other; e. "Cross currency swap (CCS)" refers to an arrangement in which two (2) parties eXchange a series of cash flows in one (1) currency for a series of cash flows in another currency, at specified eXchange and/or interest rates and at agreed intervals over an agreed period; f. "Non-deliverable cross currency swap (NDCCS)" refers to a variation of a cross-currency swap wherein the difference between the contracted interest rates is settled on a cash basis, without necessitating the delivery of either of the two (2) currencies involved in the swap; g. "Foreign eXchange (FX) option" refers to a contract that gives one (1) party the right but not the obligation to buy or sell one a ) currency against another by a certain time for a certain price; and h. Other FX derivatives instruments as allowed under the MORB. "Foreign eXchange (FX) exposure" shall refer to an underlying transaction which is eligible for servicing using FX resources of AABs/AAB forex corps that may be hedged using FX derivatives.
  Section 90. Documentation. Customers shall comply with the
  minimum documentary requirements for FX derivatives transactions
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• under Appendix 18. AABs shall make available the original/copy of
  documents (as applicable) upon request by the BSP for verification.
  Section 91. Tenor/Maturity and Settlement.
  a. Sale of FX to customers through FX derivatives (whether deliverable or nori-deliverable) The tenor/maturity of such contracts shall not be longer than the maturity" or approximate due date or settlement of the underlying FX exposure. Only FX swaps shall have no restriction on tenor b. Settlement of nori-deliverable FX derivatives Non-deliverable FX derivatives contracts with residents shall be settled in pesos. c, Remittance of FX proceeds of deliverable FX derivatives contracts FX proceeds of deliver able FX derivatives contracts shall either be:
  i. delivered by the AAB counterparty directly to the
  beneficiaries concerned, except for foreign investments where said FX proceeds are reconverted to Philippine Pesos and re-invested in eligible peso instruments such as those listed in Sections 36 and 37 of the FX Manual. For this purpose. beneficiaries shall refer to the FCDU/EFCDU of an AAB, a non-resident entity (e. g. , creditor, supplier, investor), or a resident (for resident to resident FX transactions) to whom the customer is committed to pay/remit FX; or
  Ii. credited to the FCDU account of the customer (with the
  same or another AAB) for eventual use" or for remittance by the depository AAB to the intended beneficiary; Provided that if the depository AAB is different from the AAB counterparty: (a)the AAB counterparty shall directly transfer the FX proceeds to the depository AAB of the customer; and (b) the depository AAB shall also be the FX remitting AAB. 16 17 In cases where the FX exposure has a specified due date In case of peso funding requirements covered by FX swaps XXx

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Section 93, Cancellations, Preterminations, " Roll-overs, or
Non-delivery of Foreign EXchange Derivatives All cancellations, preterminations, roll-overs, or non-delivery (in the case of deliver able contracts) of all FX derivatives contracts of customers shall be subject to the following tests and corresponding guidelines to determine the validity thereof:
a. Eligibility Test - Contracts must be supported by documents required under Appendix18; b. Reasonability and Frequency Test - the reasonableness and frequency of the cancellation, pretermination, roll-over, or non-delivery shall be based on the results of the evaluation of the justification/explanation submitted to AABs by customers as evidenced by appropriate documents; c, Counterparty Test - the cancellation, pretermination, or roll-over of contracts must be duly acknowledged by the counterparty to the contract as shown in the documents or any other evidence submitted to AABs by customers (e. g. , there should be conibmieof counterparty as evidenced by the counterparty signature on pertinent documents I and d. Mark-to-Market Test - xxx.
I. AABs duly authorized to engage in FX derivatives
transactions shall continue to be covered by the BSP's existing reporting requirements on financial derivatives.
Section 94. Reporting Requirements
2. Report on Cancellations, Preterminations. Roll-overs. and
Non-delivery of FX Derivative Contracts IAnnex L) shall be submitted in accordance with the Reporting Guidelines under the FX Manual. Transactions that will be reported in Annex L only apply to cancellation, prate rinination, roll-over, or non-delivery of FX derivatives contracts of customers.
3. Peso NDFs transacted by AABs with resident and
non-resident counterparties for their own account shall be reported in a separate sheet under Parts 1/1 and IV of the Report on NDF Transactions against Philippine Peso in accordance with the manner and mode of submission under the MORB. A quarterly certification of compliance IAPpendix18. I) shall also be submitted in compliance with the requirement on NDF transactions against the Philippine Peso as stated in the general policy 18 Except NDF contracts
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• of this chapter and in accordance with the specified manner and
  mode of submission under the MORB.
  Section 95. Nori-Bank BSP"Supervised Entities (NBBSEs)
  NBBSEs that may subsequently be authorized to engage in FX derivatives as dealers shall likewise be covered by the provisions of this Chapter.
  PART SIX. REPORTING GUIDELINES AND PENALTY PROVISIONS
  Section 107. Repealing Clause, All existing BSP rules and
  regulations on xxx. FX derivatives involving the Philippine Peso, and open FX position of banks, as well as all other existing BSP rules and regulations or parts thereof which are inconsistent with or contrary to the provisions of this Manual are hereby repealed or modified accordingly: xxx XXX
  Chapter 1/1
  FINAL PROVISIONS
  XXX
  Section 108. Separability Clause. xxx
  XXX
  FOR PURPOSES OF THIS MANUAL, the following definitions are adopted:
  Copyxxx
  Debtsec, ,fitiesref^rredtoin Section 333b of theFXMan, ,a/xxx Glossary of Terms Letter of Credit xxx Medium- andLong-Term Loansxxx XXX XXx
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Short-termloansxxx
Sina"-scale mining xxx
SECTION 2. The following Appendices/Annexes to the
FX Manual have been revised/deleted:
R^x^
I. Appendix 10. A: Guidelines Covering Inward Investments
under Section 36 of the FX Manual
2. Appendix 18: Guidelines and Minimum Documentary
Requirements for Foreign EXchange (FX) Derivatives Transactions 3, Appendix 18.1: Certification of Compliance with the Requirement on Non-Deliverable Forward Transactions Against the Philippine Peso
4. Appendix 22: Reportorial Requirements
5. Annex A Application To Purchase Foreign EXchange (FX)
6, Annex L Report on Cancellations, Preterminations, Roll-overs. and Non-delivery of Foreign EXchange Derivative Contracts De. ^
I. Annex M: Report on Foreign EXchange Swaps With
Customers Where the First Leg is a Purchase of Foreign EXchange Against Pesos
2. Annex W: Application for Registration of Foreign
Investments"
XXX
XXX'
19 Similar application form (Form W) shall be electronically accomplished and submitted through the BSP - International Operations Department's (100) online system upon implementation as provided under Section 4ITransitory Provision) hereof.
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SEC770N3 Appendix 7 of the Manual of Regulations for Banks (MORB) is hereby amended to incorporate the following changes:
I, Deletion of the following reports for Universal Banks/Commercial Banks and Thrift Banks (UBs/KBs and TBs) shown under the 'DES, ,?OD reports"category:
a. Report on Purchase of Foreign Currency (FC) from Refund of Advance Payment of Importations up to $100,000.00 b. Consolidated Report FCDUs/EFCDUs
c. Report of FX Swaps with Customers where 1st Leg is a
Purchase of FX Against Pesos (For banks with derivatives license)
2. Revision and transfer of the "Report on Non-Del^^erab/e
Forward Transactions 8981hst Ph/740pirie Peso IC'ontro/ Prooff/:;t/' listed under "DES/100 reports" category to the "Secondary Reports' category for UBs/KBsh'BS
3. Inclusion of a new report related to NDF transactions under
the 'Secondary Reports"category for UBs/KBs. TBs and Rural Banks and Cooperative Banks (RBs and Coop Banks), with details as follows:
gate^I^! on Loans
EQn^
Appendix
18.1 of the FX
Manual
Granted
14^ by
Sect!on
94.3 of
the FX
Manual
Re^
Certification of
Compliance with the
Requirement on Non￾Deliverable
Forward
Transactions
Against the philippine
Peso
E^y
Quarterly
^b^
^line
Within15 banking days from end of reference quarter SL^ E^"^ e=mail A^Ir^ Department of Supervisory Analytics PagelO of 12

Caregnr, ,
4. Amendment on the submission details of the following
RBs/Coop Banks reports. as follows:
Form No.
Unnumbered (Cir. No.
963 dated
06.27,17 and
M-028 dated
0911/7)
Mop Ref. Re^
Unnumbered (Cir. No.
963 dated
0627/7 and
M-2017-
026 dated
09,117)
Report on
Non￾Deliverable
Fomyard
Transactions against
Philippine
Peso
Control
Prooflist
Registration
Form
(E￾corresponde rices)
^y
Daily
Submission
^line
SECTION 4, Transitory Pro visibn,
2 banking days after end of reference date a. The manner of the electronic submission of applications/requests to the BSP-100 as provided under item
4. a. Part One, Chapter I of the FX Manual shall be covered by a
separate issuance.
Su^^n pro^^ e-mail
Ark^ sdc￾ridl@bsp. go
v. ph
Daily b. On transactions relating to Section 36.1, Upon effect'vity of this Circular until prior to implementation of BSP 100's online system, clients shall continue to file applications (Form W) with BSP-100 relating to Section 36.1 through electronic means to iod_investments@bsp, gov. ph. Z banking days after end of reference date The operational guidelines on the use and date of implementation of the said system for the submission of applications for inward investments under Section 36.1 and other related requests (Form W) shall be covered by separate issuance/s. c, On submtssion of Annex L, Appendix 18.7 and Report on Non-Del^^erab/e Forward Transactibns agarhst Ph/740pine Peso. Upon the effectivity of this Circular, reporting AABs shall:
Ii) continue to report the transactions under Annex L of the FX Manual and the report on Non-Deliverable Forward Transactions against Philippine Peso using the old report forms sd c rb. rf@bsp. gov ph
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and existing manner of submission; and (ii) make the necessary preparations and adjustments to their systems and processes to ensure compliance with the aforesaid revisions in the reports and new reporting guidelines. The submission of the revised
Annex L and Report on Nori-Deliver able Forward Transactions
against Philippine Peso. and the new certification under
Appendix 18.1 shall commence six (6) months after the
effectivity of this Circular.
The manner of the electronic submission of:
(I ) Appendix 18.1; and (2) Report on Nori-Deliverable Forward Transactions against Philippine Peso, as revised. shall be covered by a separate issuance.
SECTION 5 Repeal/hg Clause. This Circular supersedes/
amends/modifies the provisions of existing regulations that are inconsistent herewith.
SECTION a Effect/'vity: This Circular shall take effect 15 banking
days after its publication either in the Official Gazette or in a newspaper of general circulation in the Philippines. APR I I 2025 FOR THE MONETARY BOARD:
I. ,
ELI M. REMOLONA. JR.
Governor
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The following guidelines shall apply to registration, repatriation/ remittance, and reporting of inward investments under Section 36 of the FX Manual:
I. Registration of investments with BSP'
Guidelines Covering Inward Investments under Section 36 of the FX Manual A. Application for registration I, For new/additional' investment/s of a non-resident investor, applications for registration of investments (Form W) under Section 36.1 shall be filed through the BSP"100's online system, with the supporting documents (i. e. , proof of funding and investment made) listed under AppendixlO. C of the FX Manual. B. Changes in BSP-registered investments
I. The BSP-100 shall be notified of any change' in BSP-registered
investments. All applications for replacement of BSRDs due to changes in BSP-registered investments (Form W) shall be filed through the BSP-100's online system.
Page xxx of xxx
2. For partial sale/transfer afireduction in BSP-registered investments
(excluding capital repatriations), xxx.
3. For full transfer of BSP~registered investments to a new nori~resident
investor. the inward investments under the name of the new non-resident investor shall be registered with the BSP-100 pursuant to the guidelines under item I. A hereof if repatriation of capital and/or the remittance of related earnings in pesos thereon will be funded with FX resources of AABs/AAB forex corps.
4. For changes in the name of investor/investee not involving corporate
restructuring and transfer of ownership. xxx.
5. A new BSRD shall be issued for requests to consolidate or replace old
BSRDs of the nori-resident investor. xxx XXX I 2 XXX xxx XXX 3

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C. Replacement/Reissuance of Lost BSRDs
I. Replacement of lost: in original hardcopy BSRDs' issued before
27 March 2020; and (ii) BSRDs issued in electronic form' starting 27 March 2020 Applications (Form W) for replacement of lost BSRDs' shall be filed by the non-resident investor (or his duly authorized representative) through the BSP-100's online system, with the following:
a, xxx b, xxx
Page xxx of xxx
XXX
4
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6
XXX xxx xxx

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The following are the guidelines and minimum documentary requirements for FX derivatives (deliverable and non-deliverable) transactions:
Guidelines and Minimum Documentary Requirements for Foreign EXchange (FX) Derivatives Transactions I, General Guidelines A. Sale/Delivery of FX by AABS Through FX Derivatives
I. Unless otherwise indicated, the documentary requirements in Part 11
hereof shall be presented/submitted on or before settlement date to AABs, regardless of amount involved. ' xxx
2. For FX swaps and cross-currency swaps, the leg involving the sale of
FX shall be subject to documentary requirements in Part 11 hereof. However, for FX swaps used to cover funding requirements, the second leg of the swap involving the sale of FX shall be subject only to the swap contract between the counterparties.
3. All sales of FX by AABs through FX derivatives are subject to the
submission by the FX purchaser of a duly accomplished Application To Purchase FX (Annex A), except for the following: (a) second leg of FX swaps and cross-currency swaps involving the sale of FX; and (b) non-deliverable FX derivatives settled in peso.
4. The total amount of the FX derivatives contract/s and spot purchase/s
(if applicable) with single or multiple AABs for a specific underlying transaction shall not exceed the amount of such underlying transaction during the term of the contract/s. AR^
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5. For trade and non-trade current account transactions, the
documentation shall apply only to FX transactions with amounts (per underlying transaction) exceeding Us0500,000 (for individuals) and Us01,000,000 (for corporateslother entities), However, for transactions involving netting arrangements, e-commerce market participants. resident to resident FX transactions, loans/borrowings, guarantees and other similar arrangements, other financing schemes and arrangements, and investments, the minimum documentary requirements in Part 11 hereof shall be presented/submitted regardless of amounts involved. In cases where the FX derivative involves delivery of FX in multiple dates for the duration of the contract. the documentary requirements shall be presented/submitted on or before every delivery date of FX.

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B* Purchase of FX by AABS Through FX Derivatives FX derivatives contracts, including the leg involving the purchase of FX in FX swaps and cross-currency swaps, shall be subject to the AABs' "Know Your Customer" policy, rules under the MORB, as applicable. and existing regulations on anti~money laundering. .
11. Documentary Requirements for the Sale/Delivery of FX through
FX Derivatives
The following transactions shall be eligible as underlying for FX derivatives contracts. subject to the submission of the applicable documentary requirements:
I. Trade transactions
2. Non-trade current account
transactions and resident to resident FX transactions Transaction Type
3. Foreign/foreign currency
loans/borrowin s
4. Inward investments2
5. Outward investments
6, Guarantees' and other similar arran ements
7. Other Financing
Schemes/Arran ements
A
Documentary
Re uirements
Appendix I
endix 1.5
Appendices I and 1.3
A
A endix 1.4
Appendix1.3 endix 1.4
Appendix1.3
2
These pertain to BSP-registered investments in instruments under Sections 36 and 37. " FX exposure arising from a call on a guarantee may be covered by FX derivatives contract up to the amount guaranteed by the guarantor.

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CERTIFICATION OF COMPLIANCE WITH THE REQUIREMENT ON NON-DELIVERABLE FORWARD TRANSACTIONS AGAINSTTHE PHILIPPINE PESO Pursuant to the General Policy of Part Five, Chapter I of the Manual of Regulations on Foreign EXchange Transactions, the undersigned duly certify that:
(Name of Bank)
CERTIFICATION
. for the quarter of 20
All Peso nori-deliverable forward transactions that the bank engaged in for its own account were used for legitimate economic purposes . No transactions were made A^,. President or Country Head (for Foreign Banks) Compliance Officer Head of Treasury Unit

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Category21
Classification
A. Consolidated Report on Foreign EXchange Assets and Liabilities Title of Report
C. Foreign/I=oreign Currency Loans and Related Transactions
Reportorial Requirements'
B
Seconda xxx
D. FCDUs/EFCDUs xxx
Report on Guarantees
IAnnex CF
Submission
Frequency/
Deadline
I. Foreign EXchange Derivatives
B
Secondary xxx
Report on Cancellations.
Preterminations.
Roll-overs, and
Non-delivery of Foreign
EXchange Derivative
Contracts (Annex L)4 xxx
Page xxx of xxx
xxx
Submission Procedure xxx xxx xXx Monthly. within five (5) banking days from end of reference month Email to 100 at iod_swap@bsp. gov. ph in .pdf and .XIs/. XIsx format 2 3 XXX For AABs with transactions involving Cancellations. Preterminations. Non. delivery of Foreign EXchange Derivative Contracts 4 Roll-overs. and

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I hereby certify that:
a. The total amount of: i) FX purchased on a spot basis and/or via FX derivatives contract: and/or ii) FX exposure hedged via FX derivatives with single or multiple AABs, do not exceed the amount of the underlying transaction at any given point in time; APPLICATION To PURCHASE FOREIGN EXCHANGE (FX)' XXx XXx AN^ XXX
Page xxx of xxx

R@port, rig Bank
Type or FX
Derivatives
Transaction
FW - deliv"rubl
Dnal Data
SW. drillverable FX swa s
Transa=.
N DF. nori. deliver rib ddmmm
NDS. ribn. deliverab
CCS . cross. currenc
Deal
SII No.
.@n
NDC - nori-deliver"b
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Roll-over/
Prete, ,rim"lion/c. ricell"LION
Noh-dellv,
CTH . Other au
T
IP Fx 10
ID FX sw swa s thorized FX d to cross￾Cc Prepared by FC . Ful ards BANGKO SEWRAL NG PILi"NAS INTERNATIONALOPERATloNS DEPARTMENT Report on Cancellations. Pre. e, mination, . ' Pan-@He's. and Nori-delivery or Foreign EXchange Derivativ. contracts Forthe Month of <HMM. loryY> FP . Full Roll. over renewal 5 AAA FP - Full Prete, mina, ion Mr. enc S PC . Partial CanCPIlation I Can Amount PR - Partial pan￾999.9g9.999.99 IiVBtiVQS PP. PartlalPret@ Position ejlation ND. N CompanyTel. No CompanyAdd, egg v, a s Company Email Address n. del Justification "- U" c"PI, .I 1.1*", L Ind, =.,. Lumpl. .. by, ;n". nam, Fari"dindu"Is u, " Rin format 'SURNAME. FIRST NA, IE. ,, 100LE NAME ". Fur FX swaps cult, ing fur"Ing Ingui. "monu. Indic. I" 'ticr applicable' for undnil, ing .,, hat' I. n ". For for, 19n roarLirdlca!* name, , creditor. For ID, ,:gn In"e, ,menL Indicale name din, ,3RD" Fo, e, ", t proc, ,d, . Indicate foreign buy, r. ,. c.

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3. Origho, eloan
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ANNEX M
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ANNEXW
Reserved

NAME OF BANK
DAILY REPORT ON NON-DEUVERABLE FORWARD TRANSACnONS PARTi. TRANSACTIONS 11NVOLViNC PHILIPPINE PESOjWiTH RESIDENT CUSTOMERS As of Idd. Minm. wi IfORWARDEURCf*4SES A. BALANCES As OF END OF DAY" I Contract Date FIX B. TRANSACTIONS DURING THE DAY Settlement Beginning Balance In us of Tenor INo. of Daysj Counter a Curren Contracted Type Base New Availmen. Name Settlement IJFORWARQSALES A. BALANCES As OF END OF DAY" Currenc Base Amount In Original Ccy Contracted Settlement Contract Amount In UsD Notional Amount jin Original Currency) Date contract Date Fix TOTAL EXCLUDING AMOUNT FIXED TOTAL AMOUNT OUTSTANDING TOTAL Curren Settlement UsD Equivalent' Base Contracted 0,000 Tenor INo. of Daysj Settlement pot EXchange Rate vs. Php!s Ma, un Counter a Amountin origlnalccy Type Forward EXchange Rate vs. PhP' {XXXXXj Name 0,000 0,000 Curren Amount in UsD Base Contracted Positive Fair ValuejPhpyS Settlement Contracted EXchange . Rate TOTAL , Notional Amorint 11n Original currency I Negative Fair ValuejPhpyS Ending Balance In UsD , T TOTAL AMOUNT OUTSTANDING TAL EXCLUDING AMOUNT FIXED 0000 Exposure Being Hedged 0,000 usD Equivalent2 0000 Spot EXchange Pate vs. PhP' Ixxxxxi Fo, ward EXchange Ratevs PhP"
IXX. XXXi
0000
0000
POSitlve Fair
ValuejPhpys
Negative Fair
ValuejPhpjs
0,000
Exposure
Being
Hedged
0,000

NAME OF BANK
DAILY REPORT ON NON-DELIVERABLE FORWARD TRANSACTIONS PARTl. TRANSACTIONS 11NVOLVINO PHILIPPINE PESO)WITH RESIDENTCUSTOMERs As or kid-Minm-yy) B. TRANSAalONS DURING THE DAY Beginning Balance in UsD" Currenc Contracted Base Prepared By Contact No. :
Date Prepared
New Availment
Settlement
' Refers to all deals that a re cutsEanding, Inclusive of those that have been fixed. ''This column shall reflectjijthe UsD amount stated in the conurect if the contract involves the UsD. orlii) the amount converted to UsD using the rate in the BSP Reference EXchange Rate Bulletin as of contract date in case of third currency " Use the spot eXchange rate that became the basis for the forward rate that was agreed upon ' Use the 10rward eXchange rate indicated in the contract/the contracted rate. ' Report the cumulative mark-to-market gains/nossesj under positive/Incgativei ,air value column. respectively. Total Binounr shall reconcile with the reported amount in the Financial Reporting Package. fo Indicate nature of transaction and corresponding document. as applicable ' Amount should be equal to the ending balanceln the previous day's report re Amount should be equal to the Torel Amount Outstanding in Section A Amount In original Ccy Amount in UsD Contract Date TOTAL Currenc 0,000 Base Contracted settlement Matuh Amountln Original Ccy Amount In Usp TOTAL Contracted EXchange Rate Ending Balancein UsD 0,000 , ,

NAME OF BANK
DAILY REPORTON NON. DEUVERABLE FORWARDTRANSACTIONS
PART 11. TRANSACTIONS 11NVOLViNC PHIUPPiNE PESO) WITH NON-RESIDENT CUSTOMERS
As of Idd-Minm. w}
LFORl, !C4RD. FURC"45ES
A. BALANCES As OF END OF DAYn
Contract
Date
Fix
B. TRANSACTIONS DURING THE DAY
Settlement
Beginning Balance in uso
Tenor
INo. of
Daysi
Counter ar
Curren Contracted
Type
Base
New Availment
Name
Settlement
ILEOR, 154,054LES
A. BALANCES As OF END OF DAY"
Curren
Base
Amount
In
Original
Cq,
Contracted
Settlement
Contract
Amount in UsD
Notional
Amount tin Original
Currency)
Date
Contract
Date
TOTAL EXCLUDING AMOUNT FIXED
TOTAL AMOUNT OUTSTANDING
Fix
TOTAL
Curren
UsD Equivalent!z
Settlement
Base
Contracted
0000
Tenor
INC. of
Days)
Settlement po
EXchange
Rate vs. Phpis
Maturi
Counter a
Amountin
Original Ccy
Type
Forward
EXchange Rate vs
PhP'
0<XXXXi
0000
Name
0000
Amountin UsD
Curren
Base
Positive Fair
Value IPhpjs
Contracted
Contracted
EXchange
Rate
Settlement
TOTAL
,
Negative Fair
Value IPhpjs
Notional
Amount jin Original
Currency I
' Ending
Balancein UsD
TOTAL EXCLUDING AMOUNT FIXED
,
TOTAL AMOUNT OUTSTANDING
0000
Exposure
Being
Hedged"
0000
UsD Equivalent2
0000 po
EXchange
Pate vs Php;,
Forward
EXchange Pate vs.
PhP"
Ixx. xxx)
0000
0000
Positive Fair valuejPhpjs
Negative Fair
ValuejPhpjs
0000
Exposure
Being
Hedged
0,000

NAMEOFBANK
DAILY REPORT ON NON-DELIVERABLE FORWARD TRANSAcrioNs PARTii. TRANSACTIONSjiNVOLViNC PHIUPPiNE PESOjWiTH NON-RESIDENTcusTOMEPs As of (dd-Minm. wi B. TRANSACTIONS DURING THE DAY Beginning Balance in UsD Curren Contracted Base prepared By:
Contact No. !
Date Prepared
'' Refers to alldeals that are outstanding. inclusive of those that have been fixed 'This column shall tenect 1/1 the UsD amount stated in the contract if the contract involves the UsD. or (jilthe amount converted to UsD using the rate in the BSP Reference EXchange Rate Bulletin as of contract date in case of third currency. ' Use the spot eXchange rate that became the basis for the forward rate that was agreed upon. ' Use the forward eXchange rate indicated in the contract/the contracted rate. '' Report the cumulative mark-to-market gainstllossesj under positive/Inegative) fair value column, respectively. Total amount shall reconcile with the reported amount in the Financial Reporting Package '' Indicate nature of transaction and corresponding document. as applicable ' Amount should be equal to the ending balance in the previous day's report fo Amount should be equal to the Total Amount Outstanding in Section A. New Availment Settlement Amount In Original C Amount in UsD Contract Date TOTAL Curren 0000 Base Contracted Settlement Maruri Amountin Original Ccy Amountin UsD TOTAL Contracted EXchange Rate Ending Balance in UsD" 0000 , ,

NAME OF BANK
DAILY REPORTON NON-be UVERABLE FORWARDTRANSACTioNs PARTlll. TRANSACTIONS 11NVOLVING PHIUPPINE PESO}WITH RESIDENTS FOR BANK'S OWN ACCOUNT As of Idd-Minm. w} LEOR, ,64nD. PURCHASES A. BAIANCES As OF END OF DAYn Contract Date Fix B. TRANSACTIONS DURING THE DAY Settlement Beginning Balance in us of Tenor (No. of Days) Counter a Curren Contracted Type Base New Avai merit Name Settlement Currenc Base Amount In Original C^, Contracted Settlement Amount in UsD Notional Amount tin Original Currency) Contract Date TOTAL EXCLUDING AMOUNT FIXED TOTAL AMOUNT OUTSTANDING TOTAL Curienc usD Equivalenti2 Base Contracted 0000 Settlement PC EXchange . Pate us. PhP" Matu, I Amountin Original Ccy Forward EXchange Rate vs. PhP* Dor. XXXi 0,000 0000 Amountin UsD Positive Fair ValuejPhp/s Contracted EXchange Ra. e TOTAL , Negative Fair Value IPhpjs Ending Balance in Us DC , 0,000 Exposure Being Hedged 0,000 0,000

NAME OF BANK
DAILY REPORT ON NON. DEUVERABLE FORWARD TRANSACTIONS PARTlll. TRANSACTIONS INVOLVING PHILIPPINE PESOjWITH RESIDENTS FOR BANK'S OWN ACCOUNT As of Idd-Minm. wl MEQRWARD, ALES A. BALANCESAS OF END OF DAYR Contract Date Fix B. TRANSACTIONS DUPING THE DAY Settlement Beginning Balance in us of * Tenor INo. of Daysi Coun Curren Contracted Type er a Base Prepared By Contact No. :
Date Prepared:
New Availment
Name
Settlement
Currenc
' Refers to all deals that are outstanding. inclusive of those that have been fixed. 'This column shall reflect in the UsD amount stated in the contract if the contractinvolves the UsD. or nilthe amount converted to UsD using the rate in the BSP Reference EXchange Rate Bulletin as of contract date in case of third currency. " Use the spot eXchange rate that became the basis for the forward rate tha, was agreed upon ' Use the forward eXchange rateindicatedin the contract/the contracted rate. '' Report the cumulative mark-to-market gains/(losses) under positive/Inegativelfair value column. respectively. Total amount shall reconcile with the reported amount in the Financial Reporting Package '' Indicate naru re of transaction and corresponding document. as applica ble " Amount should be equal to the ending balance in the previous day's report re Amount should be equal to the Total Amount Outstanding in Section A. Amount In Original Ccy Base Contracted Settlement Amount in UsD Notional Amount tin Original Currency) Contract Date TOTAL TOTAL EXCLUDING AMOUNT FIXED T TAL AMOUNT OUTSTANDING Curren 0,000 UsD Equivalent2 Base Contracted Settlement spot EXchange Rate vs. Phpts Ixxxxx) Maturi Amountin Original Ccy Forward EXchange Rate vs. PhP'* OCXXXX) 0000 0000 Amountin UsD TOTAL Positive Fair value IPhpjs Contracted EXchange ' Rate , Negative Fair Value IPhpjs Ending Balancein UsD 0,000 , Exposure Being Hedged" 0000 0000

NAME OF BANK
DAILY REPORT ON NON-DELIVERABLE FORWARD TRANSACTIONS PARTIV. TRANSACTIONS 11NVOLVINC PHIUPPINE PESO)WITH NON-RESIDENTS FOR BANK'S OWN ACCOUNT As of (dd. Minm. Wl LEORWAROE, ^CHI4SES A. BALANCES As OF END OF DAYn I Contract Date Fix B. TRANSACTIONS DURING THE DAY Settlement Beginning Balance in us of Tenor INo. of Daysj Counter a , Curren Contracted Type Base New Availment Name Settlement Currenc Am aunt In Original C Base Contracted Settlement Amount in UsD Notional Amount jin Original Currency} Contract . Date TOTAL EXCLUDING AMOUNT FIXED TOTAL AMOUNT OUTSTANDING TOTAL Currenc usD Equivalent!z Base Contracted 0000 Settlement po EXchange Rare vs, PhPrs Maturi Amountin Original Ccy Forward EXchange Rate vs ' PhP" OCX. XXX} 0000 0000 Amountin UsD Positive Fair ValuejPhpys Contracted EXchange Pate TOTAL , Negative Fair value IPhpys Ending Balance in UsD , 0000 Exposure Being Hedged re 0,000 0,000

NAME OF BANK
DAILY REPORT ON NON. DELIVERABLE FORWARD TRANSACTIONS PARTlv. TRANSAcrloNsjlNvoLvlNC PHILIPPINE PESO) WITH NON-RESIDENTS FOR BANK's OWN ACCOUNT As of kid-Minm-Wi ", FORWARDSaLES A. BALANCES As OF END OF DAYn . Contract Date Fix B. TRANSACTIONS DURING THE DAY Settlement Beginning Balance in us of Tenor INo. of Days) , * Currenc Contracted Counter a Type Base New Availment Prepared By:
Contact No. :
Date Prepared
' Refers to all deals that are outstanding. inclusive of those that have been fixed 'This column shall reflect in the UsD amount stated in the contract if the contract involves the UsD. or 11il the amount converted to UsD using the rate in the BSP Reference EXchange Rate Bulletin as of contract date in case of third currency. ' Use the spot eXchange rate that became the basis for the forward rate that was agreed upon. ' Use the forward eXchange rateindicated in the contract/the contracted rate. rs Report the cumulative mark-to-market gains/1105sesj under positive Anegativei fair value column. respectively. Total amount shall reconcile with the reported amountin the Financial Reporting Package. '' Indicate nature of transaction and corresponding document. as applicable " Amount should be equal to the ending balance in the previous day's report. '' Amount should be equal to the Total Amount Outstanding in Section A Name Settlement Currenc Amount In Original Ccy Base Contracted Settlement Amount in UsD Notional Amount tin Original Currency} Contract Date TOTAL EXCLUDING AMOUNT FIXED TOTAL TOTAL AMOUNTOUTSTANDING Curren
0.00 O
UsD Equivalent!z
Base
Contracted
Settlement pot
EXchange
Rate, vs. PhP'
Maturi
Amount in
Original Ccy
Forward
EXchange Rate vs.
PhP'
Ixxxxx)
0000
0000
Amount in UsD
TOTAL
. Positive Fair
Value IPhpys
Contracted
EXchange
'Rate
.
Negative Fair
ValuejPhpyS
Ending
Balance in UsD
0,000
.
Exposure
Being
Hedged
0.000 0,000

NAME OF BANK
DAILY REPORT ON NON-DELIVERABLE FORWARDTRANSACnONS PARTV. TRANSAcrloNSINOTINvoLvlNC PHIUPPiNE PESO) WITH RESIDENTSjFOR CUSTOMERS OR BANK's OWN ACCOUNTj As of Idd-Minim. Wi f_FORWARDFURCHASES A. BALANCES As OF END OF DAY' Contract Date Fix B. TRANSACTIONS DURING THE DAY Settlement Beginning Balance in Us DIP Tenor INo. or Daysi . Counter a Curren Contracted Type Base New Availmen. Name Settlement Curren Base Amount In Original Ccy Contracted Settlement Amount in UsD Notional Amount tin Original Currency} Contract Date TOTAL EXCLUDING AMOUNT FIXED TOTAL AMOUNT OUTSTANDING TOTAL Curren UsD Equivalent" Base Contracted 0000 Settlement Spot EXchange "tel' ' IXx. xxXi Maturl Amount in Original Ccy EXchange Rate" 0< XXXXi Forward 0000 0000 Amount in UsD Positive Fair Value IPhPj' Contracted EXchange Rate TOTAL , Negative Fair Value IPhPF Ending Balance in Us of , 0000 Exposure Being Hedgedts 0000 0,000

NAME OF BANK
DAILY REPORT ON NON-DELIVERABLE FORWARD TRANSACTIONS PARTv. TRANSAcrloNslNOTINvoLvlNC PHIUPPINE PESO)WITH RESIDENTSjFon CUSTOMERS OR BANKS OWN ACCOUNTj As of Idd-Minm-wl ILEOR, *, 4,054LES A. BALANCES As OF END OF DAY' I Contract Date Fix B. TRANSACTIONS DURING THE DAY Settlement Beginning Balance in UsD Tenor INo. of Days} Currenc Contracted Counter a Type Base New Availment Prepared By Contact No. :
Date Prepared:
Name settlement curren
' Refers to all deals that are outstanding. inclusive of those that have been fixed. 'This column shall reflect 01 the UsD amount stated in the contract if the contract involves the UsD. or nil the amount converted to UsD using the rate in the BSP Reference EXchange Rate Bulletin as of contract date in case of third currency ' Use the spot eXchange rate that became the basis for the forward rate that was agreed upon. ' Use the forward eXchange rate indicated in the continenthe contracted rate. rs Report the cumulative mark. to. market gains/!losses lurider positive/Inegativelfair value column. respectively. Total amount shall reconcile with the reported amount in the Financial Reporting Package. relndicate nature of transaction and corresponding document. as applicable " Amount should be equal to the ending balance in the previous day's report re Amount should be equal to the Total Amount Outstanding in Section A. Amount In Original Ccy Base Contracted Settlement Amount in UsD Notional Amount jin Original Currency I Contract Date TOTAL EXCLUDING AMOUNT FIXED TOTAL T TALAMOUNT OUTSTANDING Currenc 0,000 UsD Equivalent'? Base Contracted Settlement Spot ' EXchange Rat'' Ixxxxx) Maruri Amountin Original ccy Forward ' EXchange Rate
Ixx. xxx)
0000
0000
Amount in UsD
TOTAL
Positive Fair
Value IPhpys
Contracted
EXchange
Rate
.
Negative Fair
Value IPhpyS
Ending
Balance in Us DB
0,000
,
Exposure
Being
Hedgedre
0,000 0,000

NAME OF BANK
DAILY REPORT ON NON. DELIVERABLE FORWARD TRANSACTIONS PARTVl. TRANSACTIONS NOTINVOLVINC PHILIPPINE PESOjWITH NON-RESIDENTS IFOR CUSTOMERS OR BANK's OWN ACCOUNT} As of Idd. Minm. W) LFOR. 1,164RDPURCHASES A. BAIANCES As OF END OF DAYn Contract Date Fix B. TRANSACTIONS DURING THE DAY Settlement Beginning Balance in usD" Tenor ' INo, of Days} Counter a Curren Contracted Type Base New Availment Name Settlement Curren Amount In Original C Base Contracted Settlement Amount in UsD Notional Amount jin Original Currency I Contract Date TOTAL EXCLUDING AMOUNT FIXED TOTALAMOUNT OUTSTANDING TOTAL Currenc UsD EquivalentZ Base Contracted 0,000 Settlement . Spot EXchange Rate I OCXXXxj Maturi Amountin OriginalCcy Forward EXchange Rate!"
Ixx. rocxi
0,000
0000
Amount in UsD
Positive Fair
Value IPhpys
Contracted
EXchange
Rate
TOTAL
,
Negative Fair yalue IPhpys
Ending
Balance in UsD'
,
0,000
Exposure
Being .
Hedgedts
0,000 0000

NAME OF BANK
DAILY REPORT ON NON-DEUVERABLE FORWARD TRANSACTIONS PARTVi. TRANSACriONSINOTiNVOLViNC PHIUPPiNE PESO} WITH NON-RESIDENTS IFOR CUSTOMERS OR BANK's OWN ACCOUNT) As of kid-Minm. Wi "FORWARDSALES A. BALANCES As OF END OF DAY Contract Date Fix B. TRANSAcrloNS DURING THE DAY Settlement Beginning Balance in usD" Tenor INC. of Days) counter a Curren Contracted Type Base Prepared By:
Contact No. :
Date Prepared:
New Avai merit
Name
Settlement
Currenc
' Refers to all deals that are outstanding. inclusive of those that have been fixed 'This column shall reflect tilthe UsD amount stated in the contract if the contract involves the UsD. orlii) the amount converted to UsD using the rate in the BSP Reference EXchange Rate Bulletin as of contract date in case of third currency ' Use the spot eXchange rate that became the basis for the forward rate that was agreed upon ' Use the forward eXchange rateindicatedin the contract/the contracted rate. ' Report the cumulative mark-to-market gains/110ssesiunder positive/megaLlvei, air value column. respectively. Total amount shall reconcile with the reported amount in the Financial Reporting Package. re Indicate nature or transaction and corresponding document. as applicable fiAmount should be equal to the ending balance in the previous day's report. in Amount should be equal to the Total Amount Outstanding in Section A Amount In Original Ccy Base Contracted Settlement Amount in UsD Notional Amount jin Original Currency) Contract Date TOTAL TOTAL EXCLUDING AMOUNT FIXED TOTALAMOUNTOUTSTANDING Currenc 0,000 usD Equivalentn. Base Contracted Settlement Spot .EXchange Rat's .'IXXXXX) Maturi Amountin OriginalCcy Forward EXchange RateA 0<XXXXi 0000 0000 Amountin UsD TOTAL Positive Fair Value IPhPf Contracted EXchange Rate , Negative Fair Valuejphpjs Ending Balancein UsD 0,000 , Exposure Being Hedgedre 0000 0000