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    BSP Publishes Multiple Reporting Updates in November 2022

    November 13, 2022

    The Central Bank of Philippines (BSP) published the results of a survey on bank lending, a report that examines financial stability of banking sector, adopted the standardized business loan application form to speed up credit access for micro, small, and medium enterprises (MSMEs), a memorandum on rollout of advance suptech engine for cyber risk compliance (ASTERisC*), and the frequently asked questions (FAQs) on amendments to the regulations on outsourcing and information technology (IT) risk management.

    The key highlights of the aforementioned updates follow:

    • The results of the senior bank loan officers’ survey for the third quarter of 2022 indicates that majority of respondents maintained their overall lending standards for loans to businesses and households based on the modal approach. Meanwhile, results from the Diffusion Index-based approach presented mixed trends as credit standards for firms generally reflected a net tightening while loan standards for households revealed a net easing. Participating banks reported that the overall tightening of credit standards was driven by the deterioration of borrowers' profiles, reduced risk tolerance, a more uncertain economic outlook, and stricter financial system regulations. On specific lending standards, the net tightening of overall credit standards was observed through increased use of interest rate floors, stricter collateral requirements and loan covenants, shortened loan maturity, and wider loan margins. 
    • BSP adopted a Standard Business Loan Application Form (SBLAF) that makes the MSME loan application process more streamlined, transparent, and efficient.​​ With the adoption of SBLAF, the BSP-supervised financial institutions could facilitate faster loan processing and the use of digital loan application platforms. For credit registries, the SBLAF can support data requirements for efficient and effective credit information services. The mandatory adoption of the SBLAF took effect on October 28, 2022 and all BSP supervised financial institutions are given eighteen months to fully comply with SBLAF requirements. 
    • BSP published a memorandum on the implementation of the Advance Suptech Engine for Risk-based Compliance or ASTERisC*, which streamlines and automates regulatory supervision, reporting, and compliance assessment of cybersecurity risk management systems and processes of the BSP-supervised financial institutions. The memorandum provides information on the general requirements on the use of ASTERisC* and the preparatory activities prior to rollout. ASTERisC* will come in effect from January 01, 2023.
    • BSP published a set of frequently asked questions on amendments to the regulations on outsourcing and IT risk management. The FAQs relate to the conduct of materiality assessment and maintenance of outsourcing register, intra-group and offshore outsourcing, and subcontracting arrangements, cloud outsourcing, additional outsourcing activity, lT outsourcing questionnaire, and timeline on submission of documentary requirements.

     

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    Keywords: Asia Pacific, Philippines, Banking, Lending, Credit Risk, Basel, SBLAF, Regtech, Suptech, FAQs, Outsourcing, Cyber Risk, Cloud Computig Services, BSP

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