Approvals for Peso Borrowings
Peso-denomnated transactions have a different approval process.1. Issue RFP
2. Evaluate and Request Board for Approval of the Transaction (this is a requirement of the BSP-DER)
3. Inform the selected bank
4. Request for DOF Approval (unlike international deals in which agreements are cleared by the IAC-FLRD, peso agreements only requires the clearance of DOF).
5. Request for MB Opinion, facilitated by DER
So when the boss said the Director of ID already agreed that the approval in principle covers the peso, it does not make sense because they only look at dollar-denominated deals. Strongly note that with PESO, only the DOF calls the shots.
posted by JD @ 1:05 PM
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