Our BSRD application assistance provides the critical regulatory framework for foreign investors seeking to ensure the full repatriability of their capital and dividends.
Under the Manual of Regulations on Foreign Exchange Transactions (MORFXT), registering your investment with the Bangko Sentral ng Pilipinas (BSP) is the only way to guarantee access to the Philippine banking system for the purchase of foreign currency to remit profits abroad.
What You Should Know About Bangko Sentral Registration Document (BSRD) in the Philippines
A Bangko Sentral Registration Document (BSRD) is an official certification issued by the Bangko Sentral ng Pilipinas (BSP) that serves as primary evidence of registered onshore investments. While the Philippines maintains liberalized FX policies, Authorized Agent Banks (AABs) are strictly prohibited from selling foreign currency for repatriation purposes unless a valid BSRD or proof of BSP registration is presented.
Registrable Foreign Investments with BSP (for BSRD Issuance)
Under BSP Circular No. 1192, series of 2024, the following foreign investment instruments listed in Section 36 of the MORFXT shall be registered with the BSP:
- assigned capital and operational working fund for onshore branches, regional headquarters, regional operating headquarters and offices, and representative offices;
- contributed capital for onshore partnerships and joint ventures;
- ownership or purchase of condominium units;
- capitalized expenses incurred by foreign firms pursuant to government-approved service contracts or similar contracts for oil, gas, and geothermal energy exploration and development;
- equity securities issued onshore by residents that are not listed at an onshore exchange;
- debt securities issued onshore by private sector residents that are not listed at an onshore exchange and not covered by the provisions of Part 3, Chapter I of the FX Manual;
- investment funds created onshore by residents (e.g., MFs and UITFs), whether listed or not listed at an onshore exchange;
- Philippine Depository Receipts (PDRs) that are not listed at an onshore exchange;
- debt securities issued onshore by non-residents that are not listed at an onshore exchange;
- instruments issued by residents and non-residents that are not covered by Sections 33, 34, and the provisions of Part Three, Chapter I of the FX Manual; and
- instruments under Section 36.1 (a-g) used as collateral involving the transfer of legal or beneficial ownership of the collateral to the non-resident investor.
What Duran & Duran-Schulze Law Does
Duran & Duran-Schulze Law acts as strategic counsel in navigating the BSP mandates on foreign investments. We ensure that investments are not merely “remitted” but legally “registered” to protect exit strategies.
By performing a rigorous audit of Annex W applications and supporting Appendix 10.C documentation, we eliminate the technical errors that lead to application deferrals. We manage the interface with the BSP and AABs and ensure that capital, dividends, and branch profit remittances remain fully compliant with the National Internal Revenue Code (NIRC) and FX regulations.
Our BSRD Application Processing Assistance
We provide an end-to-end management of foreign investment registration lifecycle for the issuance of a Bangko Sentral Registration Document (BSRD):
Eligibility and Compliance Assessment
We conduct a preliminary audit to verify that the investor and investment instruments qualify for registration under the current BSP Circulars. We ensure that the application is within the mandatory one-year window from inward remittance.
Document Preparation and Technical Review
We handle the meticulous preparation of the application and curate the extensive supporting documents. We draft the necessary cover letters and verify that the proof of funding and investment contracts meet the rigorous standards.
BSRD Application Filing and Regulatory Liaison
We manage the formal submission of the application to the BSP-International Operations Department (IOD) or Authorized Agent Banks (AABs). We act as the primary liaison, respond to technical queries, and provide additional support.
Final Issuance and Custodial Support
Upon approval, we facilitate the release and collection of the BSRD. We provide guidance on the proper maintenance of the document, as it is an indispensable requirement for the future purchase of foreign exchange for profit remittance.
How to Get Started
For inquiries on requirements, processes, and fees, contact Duran & Duran-Schulze Law at (+632) 8478 5826, (+63) 917 194 0482, or info@duranschulze.com, or simply complete the form on this page. Our office is located at 1210 High Street South Corporate Plaza Tower 2, 26th Street, Bonifacio Global City, Taguig, Metro Manila, Philippines.
Need to Consult a Lawyer?
You can book an online or in-person consultation with Atty. March. Choose a 30-minute or 1-hour session, fill out the form with your information and preferred schedule, pay the fee via PayPal, and meet with the attorney at the scheduled time.
Atty. Marie Christine Duran-Schulze
Managing Partner [Read Profile]
Business and Corporate Law, Family Law, Litigation, Immigration Laws, Real Estate, Labor Management, and HR Services
Bangko Sentral Registration Document (BSRD) FAQs
For your reference and guidance, here are some frequently asked questions about Bangko Sentral Registration Document (BSRD) application in the Philippines:
Yes. While the BSP has liberalized many rules, filing for a BSRD beyond the one-year prescriptive period from inward remittance can result in administrative fines. In some cases, the BSP may require a more rigorous explanation or additional supporting documents to justify the late filing.
To qualify for a BSRD, you must generally file your application within one (1) year from the date the foreign exchange was inwardly remitted to the Philippines. Filing beyond this period may result in administrative penalties or the inability to register the investment for bank-sourced repatriation.
Repatriation is still possible using your own FX or funds sourced outside the banking system. However, you cannot use the Philippine banking system to convert pesos into foreign currency for remittance without a BSRD or proof of registration.
Even with a BSRD, banks will require proof of tax payment before processing a remittance. Varying tax rates for non-resident foreign corporations apply to dividends, branch profits, and interests from loans.
While the BSRD does not fix the exchange rate, it guarantees your legal right to purchase FX at the prevailing market rate at the time of repatriation, preventing you from being “trapped” in Philippine Pesos during periods of volatility.
If the original BSRD is lost or destroyed, you must apply for a replacement BSRD with the BSP-International Operations Department (IOD). Generally, you will be required an Affidavit of Loss, a formal request for replacement, and proof of the original registration.
