BSP abolishes 21 bank reports

The Bangko Sentral ng Pilipinas (BSP) has abolished 21 reports it used to require from banks as part of its report rationalization initiative.

BSP Governor Benjamin E. Diokno, which just signed Circular No. 1057 for the “Rationalization of Prudential Reporting Requirements” said that the deletion of the 21 reports should “promote ease of doing business in BSFls (BSP supervised financial institutions).”

Diokno also noted in the circular memo that the report rationalization initiative “aims to contribute to continuing adherence to internationally recognized standards and practices on data aggregation and governance.”

“Cognizant of the significant developments in the regulatory and business environment, the BSP is continuously reviewing the prudential reports required from BSFIs to ensure that information being gathered remain relevant to the surveillance and supervisory functions of the BSP,” said Diokno.

The 21 reports to be deleted includes: the monthly derivative report; the semestral reporting of outstanding loans and advances, discounts and trading accounts; the weekly common trust fund report; the yearly self-assessment and certification of compliance with the rules and regulations on bank protection/updated security program; the yearly summary of loans granted; and the monthly report on credits granted by banking unit.

Related reporting of the initial adoption of new accounting standards PFRS9 was also removed.

In the meantime, the monthly reporting on the weighted average interest rates on outstanding loans and discounts and weighted average interest rates on savings deposits, as well as the weekly report on the volume and interest rates on loans and discounts granted will also be deleted from the list of required bank reporting upon the live implementation of the Interest Rate on Loans and Deposits by January 2020 based on