- Accounting Alerts
- SEC Extends Deadline for Annual and Quarterly Reports for...
- Deferral of IFRIC Agenda Decision on Over Time Transfer of Constructed Goods (PAS 23) for Real Estate Industry
- Implementation of IFRS 17, Insurance Contracts
- Amendments to Regulations on Financial Audit of Banks and Non-Bank Financial Institutions
- Navigating the Changes to IFRS 2020
- SEC Memorandum Circular No. 2 - 2020 Filing of Annual Financial Statements and General Information Sheet
- IASB issues Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
- GTI IFRS News Q4 2019
- Insights into PFRS 3: Definition of a Business
- IASB issues Interest Rate Benchmark Reform
- Insights into PFRS 16: Presentation and Disclosure
- Insights into PFRS 16: Lease Payments
- Insurance Commission's Guidelines on Lease Accounting for Insurance and Reinsurance Companies
- GTI IFRS News Q1 2019
- Application Deferral of PIC Q&A 2018-H and 2018-14
- Sustainability Reporting Guidelines for Publicly-Listed Companies
- Insights into PFRS 16: Sale and Leaseback Accounting
- Insights into PFRS 16: Transition Choices
- Use of the New General Information Sheet (GIS) Form
- 2019 Filing of Annual FS and GIS
- Navigating the Changes to IFRS 18
- Insights into PFRS 3: Definition of a Business
- GTI IFRS News Q2 2019
- Rules on Material Related Party Transactions for Publicly-listed Companies
- BOA Repealed Resolutions on FS Compilation Services
- GTI IFRS News Q3 2019
- Guidelines on Submission by Electronic Mail of Required Forms and Documents and Recognition of Electronic Signature
- Guidelines for the Filing of General Information Sheet (GIS) During the COVID-19 Outbreak and Enhanced Community Quarantine
- Additional Operational Relief for BSFIs Affected by Measures to Manage the Coronavirus Disease (COVID-19) Situation and its Health and Safety Risks
- Alternative Means of Filing Reports, Communications and Other Documents with the SEC
- SEC Relaxes the Requirements for Extension in the Filing of Annual Reports and/or Audited Financial Statements
- Guidelines Covering the Conduct of Business in the Insurance Commission During the Community Quarantine Period
- SEC Issues Guidelines on the Participation in Regular and Special Meetings through Remote Means of Communication
- Regulatory Relief for...
- SEC Extends Deadline for Annual and Quarterly Reports for Companies affected by Covid-19
- Guidelines on Preventative Measures Against...
- 2018 2018
Additional Operational Relief for BSFIs Affected by Measures to Manage the Coronavirus Disease (COVID-19) Situation and its Health and Safety Risks
This accounting alert circulates the set of temporary measures issued by BSP aimed at assisting BSFIs whose ability to render financial services to the general public is affected by measures to manage COVID-19.
The Monetary Board, in its Resolution No. 403.A dated March 19, 2020, approved the grant of additional operational relief for BSFIs affected by measures imposed to manage the COVID-19 situation, together with heightened health and safety risks. These additional relief serves as a set of temporary measures to assist BSFIs in focusing their resources on the continuous delivery of financial services and supporting BSFIs' subsequent recovery efforts.
Period of Eligibility
The additional operational relief may be availed of by BSFIs for the duration of the enhanced community quarantine and 1 month thereafter, and may be extended depending on the developments related to the COVID-19 situation.
Additional Relief Measures
The additional operational relief measures that are available to BSFIs are as follows:
1. Relaxation in the regulations governing the submission of reports and other documents to the BSP-Financial Supervision Sector (FSS)
a. The submission of required reports that fall due within March to May 2020 is suspended until further notice, except for Financial Reporting Package for Banks (FRP), the Consolidated Foreign Exchange (FX) Position Report, event-driven report requirements and reserve requirement-related reports (which include the following: Consolidated Daily Report of Condition, Weekly Report on Required and Available Reserves Against Deposit Liabilities, Consolidated Report on Required and Available Reserves Against Deposit Substitutes and Special Financing, and Weekly Reserve Report on Trust and Other Fiduciary Accounts).
b. The pertinent provisions under M-2020-008 dated March 14, 2020 shall apply in the submission of the FRP, FX Position Report, event-driven report requirements and the reserve requirement-related reports.
c. Submission of the notarized certification related to the FRP, FX Position Report, event-driven report requirements and the reserve requirement-related reports, as applicable, shall be waived.
d. Reports or documents sent through an official email address of the BSFI to the BSP-FSS during the enhanced community quarantine period shall be recognized as an authorized submission without need for a physical signature, provided that the submission shall be made in accordance with the provisions of M-2020-007 dated March 14, 2020.
2. Extension in the period of compliance with BSP supervisory requirements
a. The period of compliance with BSP supervisory and notification requirements shall be extended until the end of June 2020 for those imposed by the BSP-FSS prior to March 8, 2020 and which fall due within the months of March to May 2020, unless otherwise directed by the concerned supervising department.
b. The period within which a BSFI is required to comply with the submission of documentary requirements related to activities that fall under a Type C license, as applicable, shall be extended, until end of June 2020, for those that fall due within the months of March to May 2020.
c. The documentary requirements shall be submitted by the BSFI to the BSP in accordance with prevailing guidelines at the time of submission.
3. Increase in the single borrower's limit (SBL) from 25% to 30% for a period of 6 months from March 19, 2020, pursuant to national interest.
4. Relaxation in the maximum penalty that may be imposed for reserve deficiencies, which shall be the Overnight Lending Facility rate plus 50 basis points, provided that the maximum reserve deficiency of the BSFI shall be 200 basis points above the reserve requirement.
5. Relaxation of the notification requirements related to changes in banking hours, wherein a bank need not inform the BSP of changes in banking hours during the enhanced community quarantine period.
6. Relaxation of the notification requirements on the temporary closure of bank branch/branch-lite units and BSFI offices/service units.
See attached memorandum for the complete details of this publication.