Filipino gov't eases red tape for registered money-changers; influx of U.S. bucks.

Filipinos may now buy bigger amounts of foreign currency from money changers without need for voluminous documents proving the money is for a legitimate transaction, according to a recent policy adopted by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP).

The move comes amid the peso's strength vis-a-vis the US dollar. The local currency has risen by more than six percent since last year.

BSP Governor Amando M. Tetangco Jr. told reporters that the central bank's policy-making body has approved the liberalization of foreign-exchange transactions, allowing money changers to require less documents from buyers of foreign currency in excess of $5,000.

Tetangco said there would be no need for notarization of the documents required when buying foreign currency.

The liberalization of foreign-exchange rules for money changers is aimed at facilitating over-the-counter transaction.

The BSP also aims to simplify penalties on violations.

About 3,000 money changers have registered with the central bank since January 2005.