BSP Issues Guidelines

The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) adopted and issued Circular 628 on October 30, 2008 guidelines to financial institutions on relassifying financial assets between categories in response to amendments made by the International Accounting Standards Board (IASB) on International Accounting Standard (IAS) 39, Financial Instruments: Recognition and Measurement and International Financial Reporting Standard (IFRS) 7, Financial Instruments: Disclosures.  Earlier, on October 23, 2008, the BSP also issued Circular 626 adopting the amendments to IAS 39 and IFRS7.