Submission Deadline of the Finacial Reporting Package (FRP)

MEMORANDUM NO. M-2009-035

To:  All Rural and Cooperative Banks

Subject: Submission Deadline of the Finacial Reporting Package (FRP)

Rural and cooperative banks (RBs/Coop Banks) shall continue to submit the FRP on a quarterly basis in accordance with the Simplified FRP report format prescribed under BSP Circular No. 644 dated 10 February 2009 or the FRP report format issued under Circular 512 dated 3 February 2006, as amended, as applicable, within the following deadlines:

Reporting Period (Quarter Ending)

Submission Deadline

30 September 2009

9 November 2009

31 December 2009

5 February 2010

Unless otherwise advised, RBs/Coop Banks shall continue to submit the General Ledger-Consolidated Statement of Condition (GL-CSOC), Consolidated Statement of Income and Expense (CSIE) and their supporting schedules in accordance with the presently  prescribed mode  and submission frequency until the reporting period ending 31 December 2009.  Thereafter, the GL-CSOC and CSIE shall no  longer be submitted.  Starting with  reporting  period ending 31 March 2010, RBs/Coop Banks shall submit only the prescribed FRP on a quarterly basis within 15 banking days after end of reference quarter. A separate guideline covering the  monthly submission of the Solo Balance Sheet and selected schedules as prescribed  under  Memorandum No. M-2008-011 shall be issued on a later date.

Late and/or erroneous reporting of the FRP shall be subject to penalties provided under Subsection X162.1 of the Manual of Regulations for Banks for Category A-1 report starting with reporting period ending 30 September 2009.  Same penalties shall continue to apply for late and/or erroneous reporting of the GL-CSOC and CSIE until said reportorial requirement is discontinued.

For compliance.

NESTOR A. ESPENILLA, JR. Deputy Governor