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Manila Bulletin devider Business devider Banking & Finance devider BSP strengthens power to require data from persons, entities

BSP strengthens power to require data from persons, entities

Published Feb 5, 2025 05:31 am

The Bangko Sentral ng Pilipinas (BSP) has approved a circular for the accurate and timely submission of required data to the BSP such as reports, surveys or other data for statistical and policy development purposes.

BSP Circular No. 1209, which is the new guidelines for the implementation of Section 23 of Republic Act No. 7653 or The New Central Bank Act, as amended by RA No. 11211, will apply to all BSP data requests.

The circular, approved and signed by BSP Governor Eli M. Remolona Jr. on Jan. 28, 2025, authorizes the BSP to have the power to issue a data request or a subpoena for the production of books and records for statistical and policy development purposes.

A data request is described as a request by the BSP from individuals or entities for data through reports, surveys, inquiries, and such other forms as may be necessary for said purposes. The data received by the BSP will be covered by the applicable confidentiality and data privacy laws.

The BSP said to ensure it is achieving its mandate to promote and maintain price and financial stability, as well as a strong financial system and a safe and efficient payments and settlements system in support of growth, it has to have an accurate, timely, and relevant data and information, which will be used in the formulation of evidence-based policies.

The circular will govern any person or any entity, including government offices and instrumentalities, or government-owned or controlled corporations. It will cover all data requested by the BSP for statistical and policy development purposes.

The non-compliance or any violation of the circular such as refusal to provide data will face contempt from the central bank under Section 23 of the BSP charter.

Meanwhile, the BSP will give individuals and entities a transitory period of one year from date of the circular effectivity to make the necessary preparations such as in their resources to provide the required data.

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