Question & AnswerQ&A (BSP CIRCULAR LETTER NO. CL-2008-024)
It pertains to the mandatory submission of the Report on Bank Liabilities to Non-residents by Universal Banks, Commercial Banks, and Thrift Banks.
Universal Banks, Commercial Banks, and Thrift Banks are required to submit the report.
The report is renumbered as ID Form 5, effective for the report month ending April 30, 2008.
The report must be transmitted via electronic mail to the International Department on or before the 15th banking day of the month following the reference month.
They must send it to the International Department at the email address id-form5@bsp.gov.ph.
Banks must also submit a hard copy certification signed by a duly authorized officer attesting to the correctness and consistency of the data reported.
The certification must be prepared using the format in Annex 2 of the BSP Circular and must be consistent with the Financial Reporting Package (FRP) and its related schedules.
A copy of the Board Resolution covering the designation of authorized signatories, including their specimen signatures, must be submitted to the International Department on or before the submission of the April 2008 report.
Penalties shall be imposed in accordance with Subsection X162.2 of the Manual of Regulations for Banks for Category A-2 reports.
Any provisions or reporting guidelines in previous circular letters dated August 11, 1994; July 29, 1999; February 18, 2003; and June 30, 2003 that are inconsistent with the current circular letter are deemed superseded.
Queries should be addressed to the International Department (c/o Standards and Data Control Group), and can be sent via email to id-form5@bsp.gov.ph, fax at 536-0053, or telephone at 523-4114.