The Philippines: Repatriation of income proceeds
Clearstream Banking1 is pleased to inform customers of its new service, effective
3 December 2015
enabling customers to repatriate their Philippine Peso (PHP) income proceeds directly from their Clearstream account to their United States Dollars (USD) account.
To be eligible for this service, customers must ensure the following:
- The intended funds to be repatriated are income proceeds and not sales proceeds;
- The income proceeds are derived from securities held in their account with a valid Bangko Sentral Registration Document (BSRD);
- The income proceeds remain available in their account during the requested repatriation process;
- Instructions containing the full required details and representation (to be outlined as from effective date 3 December 2015, in Creation Link Guide – The Philippines - Other Services) are delivered to Clearstream via SWIFT (MT599).
Instructions that do not meet the necessary above requirements will not be processed until amended or clarified.
The Creation Link Guide – Philippines will be updated in due course.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500, and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248.