Title
Amendment of BSP Reporting Requirements
Law
Bsp Circular No. 512, S. Of 2006
Decision Date
Feb 3, 2006
BSP Circular No. 512, issued on February 3, 2006, amends the Manual of Accounts and reportorial requirements for banks to align with Philippine Financial Reporting Standards, introducing a new Financial Reporting Package that mandates monthly and quarterly submissions of financial statements.
amendment
manual of
accounts
A

Coverage of Affected Banks

  • The circular applies to Universal Banks (UBs), Commercial Banks (KBs), Thrift Banks (TBs), Rural Banks (RBs), and Cooperative Banks.
  • It affects banks with financial allied subsidiaries, excluding insurance subsidiaries, regarding consolidated reports.

Structure and Components of the Financial Reporting Package (FRP)

  • The FRP is divided into five parts:
    1. General Instructions outlining overall reporting requirements.
    2. Structure of the FRP.
    3. Revised Manual of Accounts.
    4. Line Item Instructions for Balance Sheet, Income Statement, and Supporting Schedules.
    5. Report Formats for solo and consolidated reports.

Reporting Requirements and Submission Deadlines

  • Solo balance sheet (head office plus branches) to be submitted monthly.
  • Solo income statement and consolidated balance sheet and income statement to be submitted quarterly.
  • Submission timelines:
    • Solo balance sheet and income statement: within 15 banking days after the reference month/quarter.
    • Consolidated reports: within 30 banking days after the reference quarter.
  • Only banks with financial allied subsidiaries (excluding insurance) must submit consolidated reports.

Effective Dates and Transition Period

  • New BSP reportorial requirements take effect starting with reports as of December 31, 2006.
  • Pilot runs commence with December 31, 2005 quarter-end reports.
  • Pilot submission deadlines:
    • Solo reports: within 45 banking days after the quarter-end.
    • Consolidated reports: within 60 banking days after the quarter-end.

Mode and Manner of Submission

  • Specific guidelines on submission modes will be issued separately.
  • Until new requirements take effect, banks continue submitting existing reports within prescribed deadlines.

Classification and Supersession

  • The FRP reportorial requirements are classified as Category A-1 report.
  • This circular supersedes:
    • Circular No. 108 dated May 9, 1996, as amended (for UBs/KBs).
    • Circular No. 270 dated December 19, 2000, as amended (for TBs).
    • Circular No. 249 dated June 26, 2000, as amended (for RBs and Cooperative Banks).

Effective Date of the Circular

  • Takes effect 15 days after publication in the Official Gazette or a newspaper of general circulation.

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