BSP proposes reporting changes to improve regulatory compliance

THE BANGKO SENTRAL ng Pilipinas (BSP) is looking to introduce a revised reporting governance framework aimed at enhancing regulatory compliance and improving its oversight of the financial system.

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“The Bangko Sentral espouses a data-driven approach to decision-making in support of its mandate to promote financial stability. In this respect, the Bangko Sentral expects banks to adopt a sound reporting governance framework that promotes the integrity, accuracy, and timeliness of prudential and regulatory reports submitted,” the central bank said in its explanatory note for the draft circular that proposes to amend provisions of the Manual of Regulations for Banks related to reporting governance.

Banks are required to submit these reports to the BSP to allow the regulator to assess their financial condition, risk levels, and compliance with its rules.