BSP improves reporting of interest rates on loans

Published February 8, 2019, 12:00 AM

by manilabulletin_admin

By Lee C. Chipongian

The Bangko Sentral ng Pilipinas (BSP) said it has improved the way banks report interest rates on loans and deposits.

Bangko Sentral ng Pilipinas (BSP) logo

The BSP said the Monetary Board approved “enhancements” to the required reports submitted by big banks or the universal and commercial banks.

“The structure requires greater granularity on the data reported that is expected to contribute to enhanced monitoring and analysis (of the BSP) as well as provide the public with more information in making decisions,” the central bank explained.

Banks are required to disclose interest rates on actual loans granted and deposits generated classified as to product types, maturity period/terms, and size of deposits as of a given reference period.

The banks will have to comply with the enhanced reporting by March 1, 2019 or a transitory period of one month from February 1.

The BSP said that “information generated from said reports provide analytical support for policy decisions as well as assessment of interest rate risk exposure of the industry.”

“Data on bank interest rates on loans and deposits are published on the BSP website on a regular basis,” the BSP added. These will provide consumers with more valuable information to compare costs and evaluate their needs based on the best loans and deposits products available to them.