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Manila Bulletin devider Business devider BSP approves enhanced banks' credit reporting

BSP approves enhanced banks' credit reporting

Published Dec 26, 2021 10:10 pm

BSP approves enhanced bank credit reporting

By LEE C. CHIPONGIAN

The Bangko Sentral ng Pilipinas (BSP) has approved a circular on the “Comprehensive Credit and Equity Exposures” (COCREE) report to better capture banks’ exposures to individuals, companies and groups and to detect emerging risks that could damage the financial system.

BSP Circular No. 1131, signed by BSP Governor Benjamin E. Diokno last Dec. 13, will “enable the (BSP) to capture granular credit and equity exposures of BSP supervised financial institutions (BSFls) for purposes of strengthening the surveillance and analysis of emerging risks in BSFIs and the financial system.”

The enhanced report is renamed as COCREE. In a separate memo (Memorandum No. M-2021-070), which was released before the Christmas break, the BSP issued the guidelines for the COCREE.

Based on the memo, to prepare for the effectivity of the COCREE report, it said all BSP supervised financial institutions (BSFIs) can pilot test their submissions with the BSP.

The pilot testing period will start in February next year until May 2022.

The BSP said BSFIs can test using records as of reporting period June 30, 2021.

The BSP also said that during the pilot period and live implementation of the COCREE, submissions of the quarterly report on credit exposures or CREDEX report will continue in accordance with its existing deadline and reporting rules “until otherwise advised by the BSP.”

“Covered BSFIs are urged to take advantage of the pilot testing period of the COCREE report,” said BSP Deputy Governor Chuchi G. Fonacier, who signed the memo on Dec. 22.

Based on the circular, COCREE is designed to capture granular borrower/counterparty information for all credit and equity exposures of BSFIs.

The report covers the big banks or the universal and commercial banks, thrift banks, non-bank financial institutions with quasi-banking functions, trust corporation subsidiaries, and digital banks.

The BSP said the maiden submission will take effect with the reporting period as of end-March 2022.

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