BSP- New E-System for Loans starting October 2012

The Bangko Sentral ng Pilipinas (BSP) announced on September 20 that starting October 2012, it will implement a new system for proposed borrowings of Philippine residents from offshore sources as well as from FCDUs of banks.

Here's the full press release statement from BSP:

BSP to implement new e-system for loans

A September 20, 2012, press release from the Bangko Sentral ng Pilipinas

The Bangko Sentral ng Pilipinas (BSP) announced today that starting October 2012, it will implement a new system for proposed borrowings of Philippine residents from offshore sources as well as from FCDUs of banks. Under the Foreign Loan Approval and Registration System or FLAReS, applications for approval/registration of loans shall be submitted via internet to the Bangko Sentral, through the International Operations Department (IOD). The system will also allow applicants to monitor the status of their applications, as well as exchange communications with the BSP-IOD, online. The FLAReS is in line with the BSP’s thrust to promote the use of technology in the delivery of public service.

Public and private sector entities with planned borrowings are, thus, enjoined to immediately enroll with FLAReS. The FLAReS Primer and User Account Registration form may be downloaded from the BSP website at http://www.bsp.gov.ph/regulations/reg_others.asp.