Additional Operational Relief for BSFIs Affected by Measures to Manage the Corona Virus Disease 2019 (COVID-19) Situation and its Health and Safety Risks

OFFICE OF THE DEPUTY GOVERNOR FINANCIAL SUPERVISION SECTOR MEMORANDUM NO. M-2020-049 To : All BSP-Supervised Financial Institutions (BSFIs) Subject : Additional Operational Relief for BSFIs Affected by Measures to Manage the Corona Virus Disease 2019 (COVID-19) Situation and its Health and Safety Risks The Monetary Board (MB), in its Resolution No. 716 dated 4 June 2020, approved the following amendments to Item No. 5 of Memorandum No. M-2020-011 dated 19 March 2020: 1. xxx 5. Relaxation in the regulations governing the submission of reports and other documents to the BSP-Financial Supervision Sector (FSS) a. The submission of required reports to the BSP-FSS that fall due within the months of March to June 2020 is suspended until further notice, except for the submission of the Financial Reporting Package for Banks (FRP), the Consolidated Foreign Exchange (FX) Position Report, event- driven report requirements and reserve requirement-related reports.1 b. xxx xxx For guidance. CHUCHI G. FONACIER Deputy Governor 9 June 2020 1 The reserve requirement-related reports include the following: Consolidated Daily Report of Condition, Weekly Report on Required and Available Reserves Against Deposit Liabilities, Consolidated Report on Required and Available Reserves Against Deposit Substitutes and Special Financing and Weekly Reserve Report on Trust and Other Fiduciary Accounts (TOFA) A. Mabini St., Malate 1004 Manila, Philippines * (632) 8708-7701* www.bsp.gov.ph* [email protected]