Residency of Creditor: Foreign Loan vs Foreign Currency Denominated Loan
Foreign Loan is an obligation borrowed from a non-resident creditor regardless of currency denomination. Foreign Cuurency Denominated Loan is an obligation borrowed from a resident creditor regardless of currency denomination. Residency of Creditor RA 4860 - Foreign Borrowings Act (1966) http://www.bsp.gov.ph/downloads/Publications/FAQs/forex.pdf