BSP Circular 1110 Rationalization of Prudential Reporting Requirements

This Accounting Alert is issued to circulate Bangko Sentral ng Pilipinas (BSP) Circular 1110 (the Circular) dated February 24, 2021.

The Monetary Board of the BSP, on its Resolution No. 174 dated February 11, 2021, approved amendments to selected Appendices (Reports Required from Banks and Reports required from Quasi-banks) and other relevant sections of the Manual of Regulations for Banks (MORB) and Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), as part of the report rationalization initiative of the BSP.

Summary of Amendments

Amendments to the MORB and MORNBFI are as follows:

• amending Appendix 7 of the MORB and Appendices Q-3, S-2 and N-1 of the MORNBFI to delete selected 12 reports as listed in Annex A of the Circular; and, 
• amending Section 346 and Appendix 7 of the MORB to include Certification on Loans and Other Credit Accommodations to Directors, Officers, Stockholders and Their Related Interests/ Subsidiaries/ Affiliates, as an additional reportorial requirement for banks.

Effectivity

The Circular will be effective beginning March 13, 2021.

 

See attached Accounting Alert for further details.