Business World

BSP rationaliz­es DOSRI reporting requiremen­ts


THE BANGKO SENTRAL ng Pilipinas (BSP) is rationaliz­ing some prudential reporting requiremen­ts from its supervised financial institutio­ns, as part of efforts to improve the ease of doing business in the country.

BSP Governor Benjamin E. Diokno on Wednesday signed Circular No. 1110, which removed 12 reports that are required to be submitted by banks and nonbank financial institutio­ns.

The BSP circular will remove weekly requiremen­ts for banks to submit their daily reports related to borrowings of directors, officers, stockholde­rs and their related interests (DOSRI). Instead, it will be replaced by a semestral certificat­ion on DOSRI transactio­ns.

Financial institutio­ns will also discontinu­e the quarterly and semestral reporting documents for submission related to the compliance on aggregate ceiling on direct credit accommodat­ion of such entities.

Quarterly reports on underwriti­ng activities, annual general informatio­n sheet following stockholde­rs’ meeting, and the weekly report of commercial banks on peso-denominate­d common trust funds and other similarly managed funds will no longer be required to be submitted to the BSP.

The circular will take effect after 15 days of its publicatio­n in the Official Gazette or in a newspaper of general circulatio­n.

“The report rationaliz­ation initiative aims to contribute to continuing adherence to internatio­nally recognized standards and practices on data aggregatio­n and governance as well as to promote ease of doing business,” Mr. Diokno said.

BSP Deputy Governor Chuchi G. Fonacier said the Financial Supervisio­n Sector decided to review and rationaliz­e the number of prudential reports, in light of significan­t changes and developmen­ts in the business and regulatory environmen­t.

“Even with this rationaliz­ation of reporting requiremen­ts, BSP continues to adhere to internatio­nally recognized standards and practices on data aggregatio­n and governance,” Ms. Fonacier said in a text message.

Republic Act No. 8791 or the General Banking Law of 2000 imposed individual and aggregate ceiling requiremen­ts for credit disbursed to DOSRIs. These loans cannot exceed the capital contributi­on and deposit of the borrowing party and are required

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