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According to a statement from BSP, central bank approval will no longer be needed to get these loans, making it easier to fund different types of private sector activities and projects. These, however, apply only to loans that do not have a guarantee form and exposure to, any public sector entity. Requirements are also lessened by regulators to make sure applicants have an easier registration process. It can also help them to purchase foreign exchange from banks.
“The revised rules aim to further facilitate financing of critical and urgent projects and activities that can contribute to a more vibrant business climate conducive to growth,” said BSP in a statement.
A response to the economy’s needs, this will help more entrepreneurs and businesses to make foreign transactions in the country’s banking system.