The Bangko Sentral ng Pilipinas (BSP) said it will soon release a circular intended to enhance banks’ reporting governance framework, which will impose stiffer sanctions on lenders who fail to submit timely and complete banking data necessary for policy making. Incoming central bank Governor Nestor Espenilla Jr. cited the importance of banking industry data as the foundation of policy making by monetary authorities. To address this, Espenilla said the new circular on reporting governance will lay down the framework for improved preparation and submission of supervision reports to the Bangko Sentral. The circular will make it very clear who is responsible for data reporting, to make sure that the data submitted to the central bank is accurate and in accordance with the requirements of the BSP, he explained. [for instance]If you continuously fail to meet the reporting timelines… that creates more sanctions,” he said.

Source: Manila Times June 26, 2017 16:52 UTC