BSP Updates Address Granular and Other Data Collections for Banks
BSP, the central Bank of the Philippines, issued guidelines on the submission of the supplemental report to the financial reporting package on Islamic banking and updated the Comprehensive Credit and Equity Exposures (COCREE) report package for all banking institutions. COCREE report package is part of the new upcoming granular reporting requirements from the banking regulator. BSP also announced successful implementation of the latest version of the Debt Management and Financial Analysis System (DMFAS) to enhance its external debt monitoring and analysis.
Supplemental report on Islamic banking. The guidelines on the supplemental report require all Islamic banks, as well as conventional banks with an Islamic banking unit, to use the supplemental report to the financial reporting package on Islamic banking Data Entry Template (DET) and its corresponding Control Prooflist. The supplemental report should be submitted within 15 banking days after end of reference month for solo basis and 30 banking days after end of reference quarter for consolidated basis. The due date for submission of June 30, 2022 to August 31, 2022 reports is on or before October 21, 2022. Any subsequent submission beginning September 30, 2022 should be submitted as per the mentioned timelines (that is, within 15 banking days after end of reference month for solo basis and 30 banking days after end of reference quarter for consolidated basis). The guidelines also specify the submission procedures and note that, starting from the reporting period March 31, 2024, report submissions that do not conform with the prescribed procedures shall not be accepted; these reports will be considered non-compliant with the existing reportorial requirements subject to applicable penalties for late and/or erroneous submission.
Update on COCREE Report Package (CRP). This reporting package for banks contains the latest XML Schema Definition (XSD) and the annexes on data dictionary, line-item instructions, control prooflist, validation user guide, frequently asked questions, and financial institution portal COCREE module user guide. The updated CRP will come into effect on COCREE’s live implementation beginning with the reporting period dated June 30, 2022; the submission will be due on September 16, 2022, pursuant to the prescribed submission deadlines under Memorandum No. M-2022-027. The COCREE report will be submitted via the BSP financial institutions portal in accordance with the guidelines and encryption requirements prescribed under Memorandum No. M-2022-018. In December 2021, the Monetary Board had approved to enhance its earlier report on credit and equity exposures (CREDEX) to enable BSP to capture granular credit and equity exposures of financial institutions, with the aim to strengthen the surveillance and analysis of emerging risks in the financial system. Therein, the enhanced report was renamed and referred to as the COCREE report. Certain sections of the Manual of Regulations for Banks (MORB) and the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) were amended to implement the COCREE report. This update is relevant for all universal/commercial banks and certain types subsidiaries they have as well as digital banks.
Enhancement of debt monitoring system DMFAS. The enhancement is expected to improve and expand the central bank's operations with the use of available DMFAS datasets in generating pre-built and user-defined reports. The DMFAS 6 has strengthened security to ensure data integrity and confidentiality and an enhanced user experience and navigation. It also offers enhanced analytical and managerial tools for debt portfolio analysis and reporting. The DMFAS is a database software developed by the United Nations Conference on Trade and Development (UNCTAD) used for recording, monitoring, reporting, and analysis of debt data that are aligned with international standards and rigorous set of validation checks to ensure consistency of records. Going forward, BSP will continue its data-driven initiatives by expanding the coverage of the DMFAS database and analysis through possible integration with other external debt data sources.
Related Links
- Guidelines on Submission of Supplemental Report (PDF)
- Update on Granular Reporting Package (PDF)
- Granular Reporting Circular, 2021 (PDF)
- Press Release on DMFAS Implementation
Keywords: Asia Pacific, Philippines, Banking, DMFAS, Guideline, Islamic Banking, COCREE Report Package, Reporting, Statistical Reporting, Credit Risk, Ganular Reporting, BSP
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