![]() ![]() Resident companies are taxed on worldwide income.Regulations are in line with international standards. BSP also regulates foreign-exchange controls. The banking industry is regulated by Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines.Outstanding local currency bonds stood at PHP9,122 billion at the end of March 2021. The corporate bond market is small, although it is growing rapidly. The Philippines' debt market consists mainly of short-term and long-term government bonds.A further 11 foreign banks have representative offices. The Philippines has 46 universal and commercial banks, of which three are government-owned and 26 are branches or subsidiaries of foreign banks. ![]() Companies must submit supporting documents to the central bank before purchasing foreign exchange above USD1 million. The Philippines has foreign-exchange controls. ![]()
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