Registration of foreign/non-resident investments with the Bangko Sentral ng Pilipinas (BSP or Central Bank of the Philippines) is not mandatory. However, it is required when foreign exchange (FX) used to fund repatriation of the capital or remittance of dividends/profits is purchased from the Philippine banking system.
Businesses that wish to engage in import, export, or distribution of products in the Philippines must plan for FDA registration during the set-up phase of the business. Several product categories are regulated by the FDA, and products that fall within these categories require product registration.
The Philippine Food and Drug Administration (FDA) is the country’s official government arm that protects the health of the public by assuring safe, efficient, and quality drugs, food products, food supplements, cosmetics, household hazardous products, household urban hazardous products, and medical devices.
Last March 27, 2013, the Republic of the Philippines received its first Investment Grade Status from the rating agency, Fitch Group. From a previous ranking of BB+, the status of the Philippines has been upgraded to BBB-.
On Monday, March 25 2013, the Securities and Exchange Commission (SEC) released a draft memorandum circular regarding the government body’s foreign ownership rule. The SEC had released this draft to the concerned parties asking for their input and comments by April 25.