New Philippines FX regs flagged as problematic
Following changes barring import/export netting, treasurers operating in the Philippines have expressed concern that alternative methods impede their ability to manage their peso exposure.
“The BSP [Bangko Sentral ng Pilipinas] requires corporates to register their cross-border invoices […] 10 days prior to the maturity of the forward hedge. This means, practically, that hedges cannot be swapped to the actual payment date,” a treasurer for a multinational corporation recently complained to CT.
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