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Manila Bulletin devider Business devider Banking & Finance devider BSP relaxes banks' disclosure rules

BSP relaxes banks' disclosure rules

Published Dec 27, 2023 08:00 am

The Bangko Sentral Pilipinas (BSP) has relaxed and updated banks’ required public disclosures to make it more transparent and available online or in its digital version.

Based on BSP Circular No. 1186 (Amendments to the Guidelines on Disclosures to the Public), signed by BSP Governor Eli M. Remolona Jr. on Dec. 21, the BSP wants more market discipline and “greater transparency through the provision of comprehensive, relevant, reliable and comparable disclosures” of crucial banking information and data.

“The disclosures provide the public with sufficient information which reflects the financial condition, performance, corporate governance policies and processes, and risk management strategies and exposures of the bank,” said Remolona in the circular memo.

The circular included an alternative mode of compliance to the quarterly balance sheet (BS) and consolidated balance sheet (CBS) reports which should be published side by side, and the option for stand-alone thrift and rural banks that can submit either BS or CBS.

The BSP said that as alternative compliance, a bank may upload its quarterly BS and CBS, as applicable, on its website, and shared for a period of at least one year.

“In addition to this, banks may also display a tabletop standee with QR codes in a conspicuous place in the head office, all its branches and other offices, or through other digital/electronic means to make available their BS/CBS, as applicable, in digital format,” said the BSP.

In the previous circular, the BSP only requires submission of necessary reports for banks with resources of P1 billion and above. The threshold has been removed in the new guidelines on public disclosures.

As for banks’ annual report, the BSP said the minimum disclosure requirement “is aimed at ensuring that proper disclosure is made on all significant matters regarding the bank including its financial condition, performance, ownership and governance.”

Alternatively, the BSP said banks may post the annual report in digital copies by displaying a tabletop standee with QR codes in all of its branches and on its website.

 

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