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Manila Bulletin devider Business devider Banking & Finance devider BSP give rural banks break on new credit reporting rules

BSP give rural banks break on new credit reporting rules

Published May 19, 2026 02:57 pm
The Bangko Sentral ng Pilipinas (BSP) will grant a reprieve from penalties to rural and cooperative lenders adjusting to the more rigorous credit and equity reporting system, part of an ongoing effort to sharpen oversight of the financial sector’s risk exposures.
BSP Deputy Governor Lyn I. Javier issued a memorandum detailing the live implementation of the enhanced Comprehensive Credit and Equity Exposures Report of 2023 (COCREE 2.0).
The framework replaces the older, less detailed CREDEX reporting system to provide regulators with granular, real-time data on the credit and equity positions of smaller financial institutions.
While the BSP is offering leniency for errors during the initial live reporting period that began Sept. 30, 2025, the central bank stressed that the grace period is conditional.
BSP said lenders must demonstrate active engagement by consistently submitting their required data through the BSP Relationship Management System’s live module to qualify for the waiver.
Additionally, the BSP is incentivizing institutions that demonstrated early readiness.
“RCBs that have complied early with the live submission of the maiden reporting period on Sept. 30, 2025 within certain prescribed dates are eligible for the following additional grace period,” the memorandum stated.
Banks that complied on or before Nov. 28, 2025, will be exempt from penalties for three subsequent reporting periods ending Dec. 31, 2025, March 31, 2026, and June 30, 2026.
Those that met the requirements during the pilot testing period until Jan. 30, 2026, will be given a grace period for the December 2025 reporting cycle.
The BSP has finalized the updated schedule for the live implementation of COCREE 2.0 for succeeding reporting periods. The report for the period ending Dec. 31, 2025 is now due on May 26, 2026.
Last month, the BSP sought to expand the credit and equity exposures report to more financial institutions to strengthen monitoring of emerging risks and credit registry operations in the financial system.
This expansion will include non-stock savings and loan associations (NSSLAs), non-bank credit card companies, government non-bank financial institutions (FIs), non-bank subsidiaries and affiliates of banks and quasi-banks, and other non-bank financial institutions (NBFIs) under BSP supervision that maintain credit and equity exposures.
Along with these changes, covered entities will shift from submitting the Report on Credit and Equity Exposures (CREDEX) to the more granular COCREE 2.0.
Live implementation is scheduled to begin for the reporting period ending Sept. 30, 2026, marking a mandatory shift in how credit and equity exposures are tracked. Covered institutions must submit their first official quarterly reports by Nov. 27, 2026.

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