BSP Circular 941: Amendments to the Regulations on Past Due and Non-Performing Loans

BSP Circular 940: Guidelines on Deposit and Cash Servicing Outside of Bank Premises

Electronic Processing of Checks to Start Soon

01.19.2017

The electronic processing of checks shall commence on 20 January 2017.

The Philippine Clearing House Corporation (PCHC) is set to implement the clearing of checks via electronic presentment through its Check Image Clearing System (CICS). Under the CICS, only the digital images of checks and their electronic payment information will be transmitted to the paying bank, allowing a shorter turnaround time for funds to be credited to the depositors’ accounts.

According to PCHC, depositors who transact with CICS-compliant banks/branches may already withdraw on the next banking day against their validated check deposits. Meanwhile, banks that are still on paper-based check processing will continue to render the service under existing timelines.

The public is likewise encouraged to get in touch with their banks about the new system and reminded on how to properly prepare checks under the CICS.

To achieve faster transition to the new process, the BSP enjoins the remaining non-CICS-compliant banks to take necessary measures to meet the technical requirements of CICS.

The implementation of CICS forms part of the reforms espoused by the Bangko Sentral to achieve a more efficient and safe payment system as this is critical to the promotion of the country’s Financial Stability.

Source: http://www.bsp.gov.ph/publications/media.asp?id=4277

BSP Issues Regulation Enabling Banks to Expand Service Delivery Channels

01.18.2017

In line with the thrust of the Bangko Sentral ng Pilipinas to create an enabling regulatory environment for innovations and allow banks to exponentially expand reach and serve clients more efficiently, the Monetary Board recently approved the guidelines for new bank service channels and relaxed existing regulations on deposit taking activities outside bank premises.

Under the new regulations, banks are now allowed, with prior BSP authorization, to serve clients through cash agents contracted by banks to accept and disburse cash in its behalf, facilitating online self-service deposits, withdrawals and fund transfers, as well as bills payment. Cash agents can also perform Know-Your-Customer procedures as well as collect and forward application documents for loan and account opening. They may also sell and service insurance as may be authorized by the Insurance Commission. These cash agents are typically cash rich third party entities with many outlets that conduct regular business in fixed locations anywhere in the country, such as convenience stores, pharmacies and other highly accessible retail outlets.

Cash agents enable banks to leverage on innovative digital solutions to serve a wider client base, particularly in the low-income and rural areas where there is limited commercial incentive to establish a full branch or even a micro-banking office (MBO). Through this new cost-efficient service channel, serving the currently unbanked and low-income segments can become more viable and sustainable for banks. Data from the BSP shows that more than 36% of all the municipalities in the country have no banking presence although most of these are served by a variety of non-bank financial institutions like pawnshops, cooperatives, and lending investors.

In addition to these new service delivery models, the Monetary Board also relaxed existing regulations on offsite deposit servicing as well as deposit solicitation, by removing highly prescriptive operational requirements and conditions before banks may engage and offer these services. The amended regulations provide banks with more flexibility in designing appropriate and cost-efficient ways to render deposit pick-up and delivery services and as a result, enhance client experience.

To ensure the safety and soundness of banks as well as to uphold consumer protection, the guidelines emphasize banks’ responsibility for ensuring the adequacy of risk management and internal control systems for these liberalized deposit servicing activities. The BSP will evaluate the quality and sufficiency of these risk management and control systems before granting authorization to perform banking services outside bank premises.

Source: http://www.bsp.gov.ph/publications/media.asp?id=4274

Amendment of Circular No. 910 dated 22 April 2O16

BSP CL 2017-002: Publication/Posting of Balance Sheet and Consolidated Balance Sheet (31 Dec 2016)

BSP CL 2017-001: Guidelines on the Issuance of DAR Clearance to Authorize the Transfer of Ownership of Agricultural Lands

BSP Circular 936-2016: Guidelines on the Implementation of EMV Card Fraud Liability Shift Framework with FAQs

BSP Circular 935-2016: Extension of the Deadline for the Exchange or Replacement of New Design Series Banknotes from 31 Dec 2016 to 31 Mar 2017

BSP Memo 023-2016: Regulatory Incentives for Mergers/Consolidations, Acquisitions of a Bank/Quasi-bank

BSP Memo No. 022-2016: Reminder on Handling Support for Magnetic Stripe Transactions Pending Full Compliance with EMV Migration Requirement

BSP Circular No. 932-2016: Amendments to Establishment/Relocation/Voluntary Closure/Sale of Branches

BSP Supervisory Process & Examination Approach on Bank’s Compliance – Oct 17 -Butuan City

One-Day Orientation/Briefing on BSP Supervisory Process and Examination
Approach on Monitoring Bank’s Compliance with the Single Borrower’s Limit

The Bangko Sentral ng Pilipinas, through the Central Point of Contact
Department III (CPCD III) and Examination Department III (ED III) and in
partnership with the Rural Bankers Association of the Philippines (RBAP)
invite you to attend the One-Day Orientation/Briefing of BSP Supervisory
Process and Examination Approach on Monitoring Bank’s Compliance with the
Single Borrower’s Limit.

DATE & VENUE
October 17, 2016 (Monday)

AMARIS SUITES
Rosario’s Restaurant & Convention Center J.P. Rosales Ave., Butuan City
Tel. No. 085-341-7379

RESOURCE SPEAKERS
Bangko Sentral ng Pilipinas

CARYL T. VALDEZ – Deputy Director, ED III
ALDRIN JAVIER – Deputy Director, CPCD III

TOPICS

1. BSP Supervisory Process

2. Compliance System
* Expectations of Compliance System

3.BSP Supervisory Enforcement Policy
* Enforcement framework

4.Expectations on Compliance with the Single Borrowers Limit (SBL)

EXPECTED PARTICIPANTS:

President, Chief Compliance Officers and Heads of Credit Risk Management
(CRM) /Loans Department

Should you be interested, kindly submit the CONFIRMATION FORM
training@rbap.org on or before OCTOBER 10, 2016. Lunch and
morning/afternoon snacks will be served. Please note that this is a
live-out seminar. Accommodation is on a first come, first serve basis due
to seats limit.

Download confirmation sheet in PDF

 

BSP Circular No. 908: Agricultural Value Chain Financing Framework

Agricultural Value Chain Financing Framework

BSP Memorandum No. M-2016- 005: Strengthening of Know-Your-Customer (KYC) Practices in View of the Reported Unauthorized Disclosure of Voters’ Registration Records