Simplified reporting for BSP-regulated financial institutions in the Philippines

As a financial institution in the Philippines regulated by the Bangko Sentral ng Pilipinas (BSP), you’re responsible for adopting the BSP set of standards for financial reporting. As stated by the BSP, this set of standards is aimed to promote fairness, transparency and accuracy in the financial reporting process.

While financial reporting is important for the BSP, it can be an administrative burden for your accounting department. Preparing your annual audited financial statements and financial statements for prudential reporting correctly requires time, training, attention to detail and an understanding of your business and the BSP’s requirements.

President of Cantilan Bank at the BSP headquarters

What you need to know about the BSP’s accounting standards for financial institutions

You can find Information about what your financial institutions must do to comply with the BSP’s circulars on the BSP’s website. To summarise, it’s important to know the following:

  • If your financial institution reports to the BSP,  you need to follow the Philippine Financial Reporting Standards (PFRS)/Philippine Accounting Standards (PAS). 
  • Your audited financial statements and your prudential reports should follow PFRS/PAS.
  • These standards are patterned after the revised International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) issued by the International Accounting Standards Board (IASB).

In general, if your accounting department follows the accounting principles that are internationally accepted, like PFRS/PAS, you will meet the BSP’s requirements for accounting standards.

What your financial institution must submit to the BSP

To provide the BSP with the reports they need, you need to have detailed information about your operations and your portfolio. The reports you must submit range from your balance sheet to more specific reports like an ageing analysis of your non-performing loans (NPLs) by economic activity. For many of the required reports, you must provide detailed classification.

You can access a full list of reports your financial institution must submit to the BSP online. To get an idea of the types of reports your financial institution is responsible for, here is a list of examples:

  • Balance sheet
  • Income statement
  • Checks and other cash items
  • Loans and Receivables Classified as to Status Peso Accounts
  • Restructured Loans and Receivables Classified as to Status Peso Accounts
  • Loans and Receivables Movements of Allowances for Credit Losses Peso Accounts
  • Gross Loans and Receivables – Others (At Amortised Cost) Peso Accounts
  • Schedule of Agri-Agra, Microenterprise and SME Loans and Receivables
  • Movements in Non-Performing Loans (NPLs) By Economic Activity
  • Ageing of Non-Performing Loans (NPLs) By Economic Activity
  • Deposit Liabilities by Size of Accounts
  • Interest Income from Loans and Receivables Classified as to Status Peso Accounts

How Oradian enables you to submit your reports to the BSP correctly and on-time

Oradian’s core banking platform enables financial institutions to streamline their reporting processes. Because we serve a growing community of financial institutions throughout the Philippines, our platform includes features to make reporting easier for BSP-regulated institutions. This custom reporting feature makes it easier for you to submit your financial statements to the BSP on time and in the correct format. Oradian enables you to quickly create reports for the BSP in the following ways:

  • Standard reports: Oradian’s reporting module offers more than 50 standard reports. In just one click, Oradian’s reporting module creates the standard report for you using accurate, real-time data.
  • Customised reports: Through Oradian’s platform, you can create customised reports. Custom reporting enables you to create reports with more specific information. All reports can be exported to Excel as a spreadsheet. In Excel, you can analyse the data and set filters to present the data according to the BSP’s requirements. This spreadsheet can be uploaded as a template to Oradian’s core banking platform. It is then saved a custom report and is available at all times without configuring it again.
  • Accounting standards: All of Oradian’s accounting reports are built with standard accounting principles. You have ready-made reports that follow GAAP and IFRS. This ensures that the reports you create and submit to the BSP follow GAAP and IFRS, meaning you meet the BSP’s requirements for accounting standards.

Use Instafin to streamline your BSP reporting

In addition to making your daily operations more efficient, Instafin makes your reporting process easier and more accurate. You have real-time data at your fingertips and the ability to make standard and custom reports in less time.

Contact us for more information about reporting to the BSP