QAU Memo No. 20, s2020 : BSP Updates

Table of Contents

CIRCULAR NO. 1095 Bangko Sentral Issued Securities as an Additional Instrument of Monetary Operations under the Interest Rate Corridor (IRC) System.. 3

CIRCULAR NO. 1096 Semestral Submission of Reconciliation Statement by Banks/Quasi-Banks on their Demand Deposit Account Maintained with the Bangko Sentral 7

CIRCULAR NO. 1097 Guidelines for the Distribution of Unit Investment Trust Funds (UITFs) of Trust Corporation; and Amendments to the Regulations Governing the Establishment of Branches and Marketing Offices of Trust Corporations. 8

MEMORANDUM NO. M-2020-067 Transitory Guidelines on the Reporting of Certain Exposures in the Capital Adequacy Ratio (CAR) Reports. 12

MEMORANDUM NO. M-2020-068 Implementation of Section 4 (uu) of the R.A. No. 1194 or the “Bayanihan to Recover as One Act”. 13

MEMORANDUM NO. M-2020-070 e-Submission of Documents to the Payments and Settlement Office (PSO) 14

MEMORANDUM NO. M-2020-073 Submission of Supervisory Reports through the BSP Financial Institution Portal (FI Portal). 14

 

CIRCULAR NO. 1095 Bangko Sentral Issued Securities as an Additional Instrument of Monetary Operations under the Interest Rate Corridor (IRC) System

This Circular discussed the approval of Monetary Board in its Resolution No. 1108 dated September 3, 2020 to make amendments to the Manual of Regulation for Banks (MORB) and the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) to include the Bangko Sentral Issued Securities (Bill and Bonds), under the IRC system.

Section 231 of the MORB on Acceptance of Government Deposits is amended as follows:

“Also eligible for liquidity floor are the following:

  1. The free portion of the “Due from Bangko Sentral – Local Currency” after satisfying the legal and other reserve requirements; and
  2. Placement of banks in the Bangko Sentral’s Term Deposit Facility, Overnight Deposit Facility, and issued Securities (Bills and Bonds) Facility.

which replaces:

  1. Placement of banks in the TDF and the ODF of Bangko Sentral.

Section 601/601-Q of MORNBFI on Monetary Operations are amended as follows:

Existing Provision
Reverse Repurchase Agreements with the Bangko Sentral        

The Bangko Sentral shall withhold twenty percent (20%) Final Withholding Tax (FWT) and five percent (5%) Gross Receipts Tax (GRT) on its RPPs, under the following guidelines:

(1) All overnight RRPs with the Bangko Sentral shall be subject to the twenty percent (20%) FWT and five percent (5%) GRT in the same manner as term RPPs, which tax is deducted on each maturity date and remitted to the BIR. These taxes shall be automatically withheld; and

(2) Concerned QBs shall issue the corresponding debit authority to the Bangko Sentral to cover the twenty percent (20%) FWT on their RRPs with the Bangko Sentral.

New Provision
Reverse Repurchase Agreements with the Bangko Sentral        

The Bangko Sentral shall withhold twenty percent (20%) Final Withholding Tax (FWT) on its interest payments on RRPs, under the following guidelines:

(1) All overnight RRPs with the Bangko Sentral shall be subject to the twenty percent (20%) FWT, which is deducted from interest payments on each maturity date, for remittance to the BIR; and

(2) The Bangko Sentral shall withhold the twenty percent (20%) FWT from the concerned banks/QBs interest income from RRPs with the Bangko Sentral upon payment of accrual, whichever comes first.

The concerned banks/QBs shall bear the direct liability for, and the payment of, the Gross Receipts Tax (GRT) due on the interest payments above.

Existing Provision
Overnight Deposits with the Bangko Sentral        

The Bangko Sentral shall withhold the twenty percent (20%) FWT and five percent (5%) GRT on its overnight deposit transactions, under the following guidelines:

(1) All overnight deposit transactions with the Bangko Sentral shall be subject to the twenty percent (20%) FWT and the five percent (5%) GRT which tax is deducted on each maturity date and remitted to the BIR; and

(2) The Bangko Sentral Treasury Department shall automatically withhold the twenty percent (20%) FWT and the five percent (5%) GRT on the overnight deposit of eligible counterparties with the Bangko Sentral.

New Provision
Overnight Deposits with the Bangko Sentral        

The Bangko Sentral shall withhold the twenty percent (20%) FWT on its interest payments on overnight deposit transactions, under the following guidelines:

(1) All overnight deposit transactions with the Bangko Sentral shall be subject to the twenty percent (20%) FWT which is deducted from interest payments on each maturity date, for remittance to the BIR; and

(2) The Bangko Sentral shall withhold the twenty percent (20%) FWT from the concerned banks/QBs interest income from overnight deposits with the Bangko Sentral upon payment or accrual, whichever comes first.

The concerned banks/QBs shall bear the direct liability for, and the payment of, the GRT due on the interest payments above.

 

Existing Provision
The Bangko Sentral Term Deposit Facility (TDF)        

The Bangko Sentral shall withhold the twenty percent (20%) FWT and five percent (5%) GRT on its term deposit transactions, under the following guidelines:

(1) All term deposit transactions with the Bangko Sentral shall be subject to the twenty percent (20%) FWT and the five percent (5%) GRT which tax is deducted on each maturity date and remitted to the BIR; and

(2) The Bangko Sentral Treasury Department shall automatically withhold the twenty percent (20%) FWT and the five percent (5%) GRT on the term deposit of eligible counterparties with the Bangko Sentral.

New Provision
The Bangko Sentral Term Deposit Facility (TDF)        

The Bangko Sentral shall withhold the twenty percent (20%) FWT on its interest payments on term deposit transactions, under the following guidelines:

(1) All term deposit transactions with the Bangko Sentral shall be subject to the twenty percent (20%) FWT, which is deducted from interest payments on each maturity date, for remittance to the BIR; and

(2) The Bangko Sentral shall withhold the twenty percent (20%) FWT from the concerned banks/QBs interest income from term deposits with the Bangko Sentral upon payment of accrual, whichever comes first.

The concerned banks/QBs shall bear the direct liability for, and the payment of, the GRT due on the interest payments above.

 

Existing Provision
Bangko Sentral Trading Windows and Services During Public Sector Holidays        

The guidelines on the Bangko Sentral’s trading windows and services during public sector holidays are shown in Appendix Q-50.

New Provision
Bangko Sentral Trading Windows and Services During Philippine Holidays        

The guidelines on the Bangko Sentral’s trading windows and services during Philippine holidays are shown in Appendix 88/Q-51.

The Monetary Board approved the additional provision for Bangko Sentral Issued Securities (Bills and Bonds) as follows:

”The Bangko Sentral Issued Securities (Bills and Bonds). The Issuance of Bangko Sentral Securities is an additional monetary instrument for liquidity management. Issued Bangko Sentral Securities shall be offered to banks (UBs, KBs, and TBs)/QBs, subject to the rules and guidelines issued by the Bangko Sentral. The Bangko Sentral issued Securities shall be the subject to the following terms and conditions:

  1. Rate. The interest rates shall be determined by auction, based on the guidelines as prescribed by the Bangko Sentral.
  2. Term. The tenor of the issued Bangko Sentral Securities shall be set by the Bangko Sentral.
  3. Auction Schedule. Issued Bangko Sentral Securities shall be held on a weekly basis or as determined by the Bangko Sentral.
  4. Volume. The auction size shall be determined by the Bangko Sentral and to be announced with sufficient lead time ahead of the auction date.
  5. Placements in the Bangko Sentral Securities Facility (BSP-SF) shall be governed by guidelines issued by the Bangko Sentral.
  6. Currency. Denomination shall be in Philippine Peso.
  7. Buy-back/Early Redemption Feature. The Bangko Sentral has the right to buyback or redeem Bangko Sentral Securities. The Bangko Sentral shall announce its intent to buy-back or redeem outstanding Bangko Sentral Securities prior to its Maturity Date, at par and by lot, subject to the terms and conditions as may be determined by the Bangko Sentral.
  8. Secondary Marketing Trading. Issued Bangko Sentral Securities shall be available for trading in the secondary market and shall be done on the trading platform operated by the Philippine Dealing and Exchange Corporation (PDEx). Banks (UBs, KBs, and TBs)/QBs are eligible traders of BSP Securities in the secondary market, subject to the rules and guidelines issued by the Bangko Sentral. The trading and Settlement Window/Timeline for secondary market transactions shall follow the Self-Regulatory Organization (SRO) Rules, Guidelines, and Conventions. In case of extensions or amendments related trading and settlement hours, these shall be made in close coordination with SEC, PDEx and related parties in the secondary market.

The Bangko Sentral shall withhold the twenty percent (20%) FWT on its coupon payments and discounts on issued Bangko Sentral Securities transactions, under the following guidelines:

(1) Coupon earned on all issued Bangko Sentral Securities transactions with the Bangko Sentral shall be subject to the twenty percent (20%) FWT, which tax is deducted on each maturity date and remitted to the BIR;

(2) Discount on issued Bangko Sentral Securities shall be subject to the twenty percent (20%) FWT, which tax shall be paid upon issuance of the issued Bangko Sentral Security to form part of the net settlement amount; and

(3) The Bangko Sentral shall withhold the twenty percent (20%) FWT from the concerned banks/QBs coupon receipts from issued Bangko Sentral Securities transactions upon payment or accrual, whichever comes first.

The concerned banks/QBs shall bear the direct liability for, and the payment of, the GRT due on the coupon payments above.”

Inclusion of BSP-SF together with TDF and ODF in the provision related to prohibition against funds from non-residents being accepted is one of the amendments as discussed below:

Prohibition against funds from non-residents being accepted in the TDF, ODF and BSP-SF (primary and secondary markets). The TDF, ODF, and BSP-SF are monetary instruments deployed by the Bangko Sentral for the purpose of managing domestic liquidity in the financial system. These facilities should not be made available for opportunistic investment activities funded from non-resident sources. Further, placements in the TDF, the ODF and the BSP-SF are contractual in nature and thus shall be governed by the intent of contracting parties. In keeping with the nature of these facilities, counterparties of the Bangko Sentral shall comply with the Guidelines on the Prohibition Against the Use of Funds from Non-Resident Sources for Placements in the Bangko Sentral’s TDF, the ODF and the BSP-SF, as shown in Appendix 82/Q-48.”

Annexes A-1 and A-2 of this Circular replaced Appendix 82 of the MORB/Q-48 of the MORNBFI, respectively while Annex A-3 replaced Appendix 88 of the MORB/Q-51 of the MORNBFI.

Amended Appendices mentioned above can be seen in Circular No. 1095 Bangko Sentral Issued Securities as an Additional Instrument of Monetary Operations under the Interest Care Corridor (IRC) System.

CIRCULAR NO. 1096 Semestral Submission of Reconciliation Statement by Banks/Quasi-Banks on their Demand Deposit Account Maintained with the Bangko Sentral

Amendments to the MORB and the MORNBFI to implement the semestral submission of the Reconciliation Statement by banks and quasi-banks (QBs) on their Demand Deposit Account (DDA) maintained with the BSP approved by the Monetary Board in its Resolution No. 1151 dated September 10, 2020 are hereby discussed in this Circular.

Section 315/312-Q of the MORB/MORNBFI states the following accounting procedures for interbank loans:

  1. Both lending and borrowing QBs shall immediately pass the corresponding entries in their books.
  2. IBCL transactions shall be recorded by the lending QB as Interbank Call Loans Receivable and by the borrowing QB as Bills Payable – Interbank Call Loans Payable.
  3. QBs shall reconcile their DDAs with the Bangko Sentral against monthly statements of account to be furnished by the Bangko Sentral Financial Accounting Department Comptrollership Sub-Sector.

Section 315 (c)/312-Q (c) of the MORB/MORNBFI were amended to include the provisions on the DDA Reconciliation Statement, which shall now read as follows:

“Banks/QBs shall reconcile their demand deposit accounts/DDAs with the Bangko Sentral against monthly statements of account to be furnished by the Bangko Sentral Financial Accounting Department, Comptrollership Sub-Sector. In relation to this, banks/QBs shall submit a DDA Reconciliation Statement on solo basis as indicated in Appendix 7/Q-3. The submission of the DDA Reconciliation Statement shall be subject to the provisions of Sec. 171/172-Q.”

Regular submission for the DDA Reconciliation Statement shall commence starting with the semester ending December 31, 2021.

Appendix 7 “Reports Required by Banks” and Appendix Q-3 “List of Reports Required from Quasi-Banks” of the MORB/MORNBFI are hereby amended as shown in the Annex A and Annex B of this Circular, respectively.

For your reference on the Annexes, please follow the link below:

 Semestral Submission of Reconciliation Statement by Banks/Quasi-Banks on their Demand Deposit Account Maintained with the Bangko Sentral.

CIRCULAR NO. 1097 Guidelines for the Distribution of Unit Investment Trust Funds (UITFs) of Trust Corporation; and Amendments to the Regulations Governing the Establishment of Branches and Marketing Offices of Trust Corporations

Sections 105-T, 110-T and 112-T of MORNBFI T-Regulations on the establishment of branches and marketing offices are hereby amended pursuant to the approval of Monetary Board in its Resolution 1081 on the distribution guidelines of trust products of Trust Corporations (TC).

For your reference on the previous provisions of amended sections, please follow the link below:

Manual of Regulations for Non-Banks updated December 2018

Section 105-T is hereby amended as follows to ensure consistency in the marketing and distribution activities for UITFs of TCs and align with the licensing requirements under Section 111-T:

Trust and other fiduciary business of a Trust Corporation shall be carried out only at the place of business specified in its articles of incorporation. It may establish branch/es[1] or marketing office/s[2] in order to maximize the delivery of its products and services.

Allowable activities of a marketing office:

  1. Marketing, defined as the promotion and presentation of the TC’s products and services to clients or prospective clients;
  2. Client profiling;
  3. Preparation and receipt of documents for the opening and establishment of an account; and
  4. Receive client funds and/or the corresponding instructions for subscription to and/or redemption/withdrawal of UITFs provided that client funds may only be received once the client account has been created and approved.

TC shall ensure the segregation of functions of personnel handling funds and personnel handling client instructions and shall likewise adopt policies and procedures for the handling of funds, including, but not limited to, accounting, periodic reconciliation, and reporting to ensure the protection of client funds.

 Approval of the defined range of activities and services that shall be carried out in a marketing office is the sole responsibility of the TC’s board of directors. Such activities and services shall not include the approval and opening of trust/fiduciary accounts.

 [1] A branch shall refer to any permanent office or place of business in the Philippines other than the head office where a TC may perform activities and provide products and services that are within the scope of its authority and licenses.

[2] A marketing office shall refer to any permanent office or place of business of a TC that is annexed to the head office or to a branch.

Prerequisites and Documentary Requirements for the Grant of Authority to Establish a Branch/Marketing Office:

 Branch

 A TC seeking to establish a branch shall submit the following to the appropriate supervising department of the Bangko Sentral:

  1. Application letter signed by the TC’s President, which shall indicate the number of branches to be established and the proposed location/s;
  2. Corporate Secretary’s Certificate attesting to the approval by the TC’s Board of Directors to establish branch/es; and
  3. Certification/Undertaking signed by the President that the TC is compliant with the prudential criteria under Section 111-T.

 No TC operating in the Philippines shall establish branches without the prior approval of the Monetary Board;

 Marketing Office

 A TC may establish a marketing office/s upon giving prior notice transmitted to the appropriate supervising department of the Bangko Sentral not later than ten (10) banking days after the TC’s Board of Directors approval of the proposal to open a marketing office/s together with the corporate secretary’s certificate attesting the BOD’s approval to establish a marketing office and certification/undertaking signed by the President that the TC is compliant with the prudential criteria under Section 111-T.

 Enforcement Actions

  • The Bangko Sentral may limit the activities and services offered by a branch/marketing office or revoke the franchise and close any branch/marketing office;
  • If any part of the submitted certification is found to be false, the Bangko Sentral may also suspend the privilege of such TC to establish and/or open approved branches/marketing offices and/or relocate branches/marketing offices and impose sanctions on the certifying officers concerned.

 Section 110-T is hereby amended to provide the distribution guidelines of UITFs as follows:

 DISTRIBUTION OF TRUST PRODUCTS

 The trust products of a TC shall only be distributed by the TC itself, except for UITFs, which may be distributed as provided under this Section. The TC shall adopt a distribution arrangement which is consistent with its strategic plan of operation and in a manner that is not prohibited by laws, rules, and regulations. Such arrangement should be properly documented and shall be made available to the Bangko Sentral.

THIRD-PARTY DISTRIBUTORS OF UITFs

 A TC may engage the following third parties to distribute its UITFs:

  • individual agents; and
  • institutional agents

 The distribution of UITFs through a bank shall be governed by the provisions on cross-selling under Section 113 of the MORB.

 Use of a service provider, such as an electronic platform, to offer UITFs shall not be considered as a distribution arrangement and is subject to the outsourcing framework provided under Section 112-T:

 Qualification Requirements. The TC shall exercise prudence in the selection of third-party distributors.

  • An individual agent must meet the qualifications for UITF marketing personnel as prescribed under Section 109-T.
  • An institutional agent must be duly registered as a corporation with the SEC and actively operating. It must have the necessary authority from the appropriate regulatory agency to distribute financial products, must be in good financial standing, and must have the appropriate structure and adequate facilities to engage in the distribution of UITFs. Individuals involved in the distribution shall likewise meet the requirements prescribed under Section 109-T.

 Authority to Engage Third-Party UITF Distributors. Third-party engagement by the TC in the distribution is considered a Type “C” activity under Section 111-T.

 A TC seeking to engage a third-party distributor shall submit the following documents to the appropriate supervising department of the Bangko Sentral not later than ten (10) banking days after the approval of TC’s BOD on the proposal to distribute UITfs through a third-party:

      Notification letter signed by the TC’s President stating the intended mode of distribution;

      Corporate Secretary’s certificate on the BOD’s approval of the engagement of third-party distributors; and

      Certification signed by the President that the TC complies with the prudential criteria under Section 111-T, as well as pertinent laws, rules and regulations.

 Scope of Activities and Functions. A distributor shall only perform activities allowed for a TC’s marketing office as provided under Section 105-T (Allowable Activities of a Marketing Office)

 Agreement. At a minimum, the following shall be set out in the formal agreement of a distribution activity between the TC and the third-party distributor:

 1)   Complete description of the activities to be performed;

2)     Distribution fee arrangement;

3)     Any restriction or prohibition regarding the performance by the distributor of its functions;

4)  Responsibility and accountability of the distributor for errors, omissions or fraud, and any fine or penalty related thereto;

5)  Delineation of responsibilities on the handling of customer complaints pertaining to, at a minimum, the products covered under the agreement and the services performed by the distributor, and on the establishment of a redress mechanism;

6)    Ownership of, and access to, the relevant documents maintained by the distributor;

7)    The protection of confidentiality of all data and information related to the distribution activity, the liability/ies of the TC and the distributor, and the actions that the TC may take against the distributor for breach of confidentiality or any form of disclosure of confidential information;

8)      Amendment, pre-termination and cancellation of the agreement; and

9)      An undertaking to comply with the requirements under this Section.

 On-boarding Process and Maintenance of Client Information and Records. The on-boarding of clients through third-party distributors and the maintenance of client information and records shall be in accordance with the Basic Standards provided in Appendix Q-49. In addition, the following requirements shall apply:

  • Individual Agent – On behalf of the TC, the individual agent shall conduct the client suitability assessment (CSA) process. Individual agent may likewise conduct the customer identification and verification process, including the gathering of the minimum information and performing face-to-face contact subject to the rules on outsourcing under the existing anti-money laundering and combating the financing of terrorism (AML/CTF) laws, rules and regulations. The ultimate responsibility for knowing the customer still lies with the TC and it shall likewise maintain and be responsible for any information gathered through CSA and any related documents.
  • Institutional Agent – The institutional agent may adopt its own CSA process or that of the TC. Moreover, TC may rely on the institutional agent for the conduct of customer identification and verification process, including the gathering of the minimum information and performing face-to-face contact subject to the rules on outsourcing under the existing AML/CTF laws, rules and regulations. Still, the ultimate responsibility for knowing the customer lies with the TC and it shall likewise maintain and be responsible for any information gathered through CSA and any related documents.
  • General Provision – The TC shall adopt control mechanisms to ensure that distributors observe the requirements under relevant laws, rules and regulations. TC shall provide appropriate remedies or remuneration to clients as may be allowed under existing laws or regulations in cases where clients are prejudiced due to errors, omissions and fraud by the distributor.

 Disclosure to the public of authorized distributors by the TC shall remain in effect as long as the arrangement between the TC and the distributor remains active.

 Enforcement Actions. The Bangko Sentral may issue directives to improve the distribution activity or impose sanctions to limit the level of or suspend any distribution activity.

Section 112-T is hereby amended as follows:

 Duties and Responsibilities of TCs and their Directos/Officers in all Case of Outsourcing of Other Functions

 Outsourcing of activities shall not compromise confidentiality or access to (client) sensitive information; and

      No TC shall outsource inherent trust functions such as the administration and management of assets, strategic decision-making activities, and activities of similar import.

MEMORANDUM NO. M-2020-067 Transitory Guidelines on the Reporting of Certain Exposures in the Capital Adequacy Ratio (CAR) Reports

To: All Covered Banks and Quasi-Banks

All covered banks and quasi-banks shall temporarily report in the CAR reports the following in pursuant to the amendments to the Risk Based Capital Adequacy Frameworks for universal and commercial banks (U/KBs) and their subsidiary banks and quasi-banks, and stand-alone thrift banks (TBs), rural banks (RBs) and cooperative banks (Coop Banks):

  1. Peso-denominated loans, to the extent guaranteed by the Agricultural Guarantee Fund Pool (AGFP) and Agricultural Credit Policy Council (ACPC) shall be afforded a zero percent (0%) risk weight, and shall be temporarily reported in the same manner as a guaranteed exposure of the Trade and Investment Development Corporation of the Philippines (TIDCORP).
  2. Current exposures to micro, small and medium enterprises (MSMEs), both qualified and unqualified portfolio, shall be temporarily reported during the regulatory relief under Memorandum No. M-2020-034, starting from the reference cut-off date as of
    end-September 2020
    , as follows:

FROM

TO

Basel 1.5 CAR Report for Stand-alone TBs, RBs, and Coop Banks

Qualified MSME loan portfolio reported in Item D.(1)of Part III.1 Risk Weighted On-Balance Sheet Assets with 75 percent risk weight        

 

Current MSME loans, both qualified and unqualified portfolio to be reported in Item C.(2) of Part III.1 Risk Weighted On-Balance Sheet Assets with 50 percent risk weight

Basel III CAR Report for U/KBs and their Subsidiary Banks and Quasi-Banks

Qualified MSME loans reported in Item I.2.a.5.iof Part III.1 Risk Weighted On-Balance Sheet Assets with 75 percent risk weight column        

 

Unqualified MSME loans reported in Item I.2.a.5.iii of Part III.1 Risk Weighted On-Balance Sheet Assets under 100 percent risk weight column

 

Current MSME loans, both qualified and unqualified portfolio to be reported in Item I.2.a.5.iii of Part III.1 Risk Weighted On-Balance Sheet Assets with 50 percent risk weight

 

MEMORANDUM NO. M-2020-068 Implementation of Section 4 (uu) of the R.A. No. 1194 or the “Bayanihan to Recover as One Act”

To: All BSP-Supervised Financial Institutions (BSFIs)

All BSFIs are required to implement a mandatory one-time 60-day grace period to all loans that are existing, current and outstanding fall due, or any part thereof, on or before December 31, 2020 in accordance with Section 4 (uu) of R.A. No. 1194 or the “Bayanihan to Recover as One Act”. This mandatory grace period shall apply to each loan of individuals and entities with multiple loans.

During the mandatory grace period, BSFIs shall not charge or apply interest on interest, penalties, fees, or other charges to future payments/amortizations of borrowers. Waiver previously executed by borrowers covering payments falling due until December 31, 2020 is not valid because BSFIs are likewise prohibited from requiring clients to waive the application of provisions stated in R.A. No. 1194.

The parties may agree to: (1) a grace period longer than sixty (60) days, and/or (2) payment of accrued interest on staggered basis beyond December 31, 2020. Nonetheless, the borrower shall not preclude from paying the accrued interest in full on the new due date.

For full context of Section 4 (uu) of the R.A. No. 1194, see:

Memorandum No. M-2020-068 Implementation of Section 4 (uu) of the R.A. No. 1194 or the
“Bayanihan to Recover as One Act”

MEMORANDUM NO. M-2020-070 e-Submission of Documents to the Payments and Settlement Office (PSO)

To: Third Party Payment Service Providers Participating in PhilPaSS and All BSP-Supervised Financial Institutions

PSO will allow electronic submissions of documents through the e-mail address: Payments_Unit [at] bsp [dot] gov [dot] ph. Submission shall cover requests using the official forms uploaded in the BSP’s website and the required documents related to the following:

  1. Application for participation to the Philippine Payment and Settlement System (PhilPaSS)
  2. PhilPaSS Participant Browser user accounts (i.e. renewal of Smart Card/s, application for new user/s and/or deletion of user, password reset, etc.)
  3. Application for VPN connectivity
  4. Requests for manual settlement

Accomplished Summary Statement Form or SSF printed and scanned in the institution’s letter head shall be e-submitted together with all the documents pertaining to the above with all pages of the documents and the SSF bearing the stamp “Certified True Copy” and signed by the institution’s authorized officer. Template of SSF is in the Annex 1 of this Memorandum.

Acknowledgment via e-mail from PSO will be received, otherwise, it will imply non-delivery of the
e-submission to the PSO.

Take note that original copies of the documents shall no longer be required to be submitted after e-submissionexcept for board resolution on the list of authorized signatories of the institution that will be submitted in original and hard copy addressed to:

Ms. Remedios C. Macapinlac

Officer-in-Charge

Payments and Settlement Office

Room 101, 5-Storey Building

Bangko Sentral ng Pilipinas

A. Mabini Street, Malate, Manila 1004

MEMORANDUM NO. M-2020-073 Submission of Supervisory Reports through the BSP Financial Institution Portal (FI Portal)

To: All Banks

Relative to the submission of Reserve Reports, Financial Reporting Package (FRP) and FRP-Related reports for all banks through the BSP FI Portal, the following guidelines shall be observed:

  1. The BSP FI Portal can be accessed at https://fiportal.bsp.gov.ph/ using compatible version of web browsers[1]. For guidance in navigating the portal, BSP FI Portal Manual is attached in this memorandum as Annex A.
  2. Implementation of the FI Portal will entail a parallel run period to be followed by live submission as provided in the table below:

Type of Report

Industry

Frequency of Report

Coverage of Parallel Run

Start of Live Submission

Reserves Reports All banks

Weekly

Reference weeks ending October 8 to 29, 2020 Reference week ending November 5, 2020
FRP UKBs/TBs

Monthly

Reference periods ending September 30 and October 31, 2020 Reference period ending November 30, 2020
MRS All banks

 

Type of Report

Industry

Frequency of Report

Coverage of Parallel Run

Start of Live Submission

FRP RCBs

Quarterly

Reference period ending September 30, 2020 Reference period ending December 31, 2020
AGRI-GARA All banks
BRIS
CAR
MSME
PBS
EMI All covered banks
FRPTI
RPFE UKBs
RCBP UKBs and subsidiary TBs
ERREE UKBs, TBs and Subsidiary RCBs
Stress Test UKBs/TBs

Semestral

Reference period ending December 31, 2020 Reference period ending June 30, 2021

 

  1. Updated Data Entry Templates (DETs) of PBS, RCBP and Stress Testing Reports to be used in FI Portal submission should be downloaded at http://www.bsp.gov.ph/ses/reporting_templates. DETs of other reports submitted through the FI Portal don’t need to be downloaded.
  2. E-mail submissions shall continue to be considered as the official submission of the bank during the parallel run even those amendments to reports that are due prior to the parallel run. Upon live implementation, the submission to the FI Portal shall be considered official thus e-mail submissions shall be discontinued.
  3. Non-imposition of penalties for reporting violations stated under Section 171 of MORB shall be observed during the period of parallel run and in the first two (2) reporting periods for live submissions, as well as for cases of new or enhanced reports moving forward.
  4. Only a maximum of three (3) e-mail addresses for U/KBs and two (2) e-mail addresses for TBs and RCBs among the officially registered e-mail address/es of authorized officers of the bank shall be allowed to have access to the BSP FI Portal and must register for Two Factor Authentication (2FA) following the user guide attached in this Memorandum as Annex B. Access to the FI Portal of the remaining registered e-mail addresses shall be covered by a separate announcement.
  5. Reporting submissions should continue to comply with the prescribed BSP reporting standards for the particular report in order to be considered compliant with Section 171 of the MORB. It likewise follows that only files prescribed by the BSP for the report shall be accepted as compliant with the existing reportorial requirements subject to validation and applicable penalties for reporting violations.
  6. In cases of temporary inability to access the BSP FI Portal due to periodic maintenance, unscheduled downtime and other similar situations, banks will be advised accordingly on the actions they need to take.

-XXX-


QAU Memo is the official publication of R.S. Bernaldo & Associates to keep the Firm’s professional staff informed of the issues affecting the practice.  The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity.  Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.  No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.     
   

The Firm cannot be held liable for any losses suffered as a result of reliance upon information contained in this memo. 

This is a property of R.S. Bernaldo & Associates.  Reproduction of any material included in the memo should be subject to the approval of the Editorial Board.

R.S. Bernaldo & Associates is a member firm of the PKF International Limited family of legally independent firms and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms.

Comments and suggestions are welcome.

Editorial Board        
  • Rose Angeli S. Bernaldo

Partner | Quality and Compliance/ Training Partner

rose [dot] bernaldo [at] rsbernaldo [dot] com

 

  • Anthony D. Paño

Quality Assurance Senior Manager

Quality Assurance Leader

anthony [dot] pano [at] rsbernaldo [dot] com

 

  • Mary Rose A. Lorilla

Assistant Quality Assurance Manager

Quality Assurance Leader/
Ethics Leader

rose [dot] lorilla [at] rsbernaldo [dot] com

 

  • Jean S. Losloso

Senior Quality Assurance Associate

Engagement Quality Control Review Leader

qau [at] rsbernaldo [dot] com

 

  • Nikka Hazel M. Mendoza

Senior Quality Assurance Associate

Consultation Leader

qau [at] rsbernaldo [dot] com

 

  • Charmaine S. De Guzman

Senior Quality Assurance Associate

Learning and Training Leader

qau [at] rsbernaldo [dot] com

 

 


        

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