Philippine Financial Reporting Standards 9

Beruero SExrRaL NG Prutprrues OFFICE OF THE GOVERNOR CIRCULAR NO. 733 Series of 20LL Subject : Philippine Financial Reporting Standards 9 Pursuant to Monetary Board Resolution No. 1064 dated 14 July 20L1, the guidelines on the implementation/early adoption of Philippine Financial Reporting Standards (PFRS) 9 Financial lnstruments are hereby amended. Section 1. The provisions of Circular No. 708 dated L0 January 2011. on the implementation/early adoption of PFRS 9 are hereby amended, as follows: " xxx Section 2. Classification and Measurement of Financial Assets and Financial Liabilities under PFRS 9 ' PFRS 9 shall apply to financial assets and financial liabilities within the scope of Philippine Accounting Standards (PAS) 39. Financial institutions (Fls) shalt classify and measure financial assets and financial liabilities in accordance with the provisions of PFRS 9 upon its initial application. Fls shall likewise observe the following guidelines in the implementation of PFRS 9: "xxx "3. Financial assets measured at fair value through profit or loss. x x x " Financial assets measured at fair value through profit or loss shall consist of the following: " a. Financial assets held for trading (HFT) as defined in PFRS 9; "xxx "9. Classification of financial liabilities. Financial liabilities shall be classified as subsequently measured at amortized cost using the effective interest method, except for: "a. Financial liabilities which are part of a hedging relationship, in which case the provisions of PAS 39 on hedge accounting shall apply; A. Mabini St., Malate 1"004 Manila, Philippines o (6321524-7OL1 ' www.bsp.gov.ph n [email protected]

"b. Financial liabilities measured at fair value through profit or loss; and ,rc. The following financial liabilities which shall be subsequently measured in accordance with the provisions of PFRS 9: "i. Financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies; "ii. Financial guarantee contracts, as defined under Appendix A of PFRS 9; and "aii. Commitments to provide a loan at a below-market interest rate. "9. Financial liabilities measured at fair value through profit or loss. Financial liabilities measured at fair value through profit or loss shall consist of the following: "a. Financial liabilities held for trading (HFT), including derivative liabilities that are not accounted for as hedging instruments, and "b. Financial liabilities designated at fair value through profit or loss. 'LO. Financial liabilities designated at fair value through profit or loss (DFVPLI. An Fl may, at initial recognition, irrevocably designate financial liabilities as measured at fair value through profit or loss subject to the conditions mentioned under PFRS 9 and the regulatory requirements for financial assets DFVPL under ltem No."4" above. " Net unrealized gains/losses arising from changes in the fair value of financial liabilities DFVPL shall be recognized in profit or loss: Provided, That those net unrealized gains/losses that are attributable to changes in the liability's credit risk shall be recognized in "Other Comprehensive Income (OCl)": Provided, however, That if the recognition of net unrealized gains/losses in OCI would create or enlarge an accounting mismatch in the Fl's profit or loss, the Fl shall present all net unrealized gains/losses on that financial liability DFVPL in profit or loss.

"LL. Reclassification of financial assets and financial liabilities. tta. Financial assets shall be reclassified when, and only when, an Fl changes its business model for managing financial assets in accordance with the provisions of PFRS 9 and of this Circular. Reclassifications other than due to change in business model are not permitted. "xxx " An Fl shall not effect a reclassification within the period of change in the business model. Any reclassification of financial assets due to change in business model should take effect from the beginning of the next reporting period of the Ff's financial statements: Provided, That the change in business model shall be disclosed in the financial statements in the period of change consistent with PFRS 7 Financiol lnstruments: Disclosures which require among others the disclosure of an entity's objectives, policies and processes for managing the risk from financial instruments and any changes to those objectives, policies, and procedures. ub. Financial liabilities shall not be reclassified. "L2. Operations and Accounting Manual. An Fl shall maintain an operations and accounting manual on the classification and measurement of financial assets and financial liabilities which shall be consistent with PFRS 9 and the provisions of this Circular. The said manual shall cover processes and procedures that will capture the reconfiguration and/or modification of existing systems, interface and data requirements, changes to the chart of accounts and implementation of new accounting/information systems to ensure compliance with the PFRS/PAS and the reportorial requirements of the SEC and the BSP, as applicable. " Section 3. Early Adoption of PFRS 9 "xxx "3. FRP reporting. Banks shall report financial assets and financial liabilities in accordance with the following guidelines on the mapping of financial assets and financial liabilities (Annexes A and 4-L) using the existing FRP template issued under Circular No. 5L2 dated 3 February 2006, as amended: "xxx

"d. Financial liabilities measured at fair value through profit or loss under PFRS 9 shall continue to be booked under the following accounts/sub- accounts: ui. The "Financial Liabilities Held for Trading" account shall be used to record financial liabilities held for trading, r The "Derivatives with Negative Fair Value Held for Trading" account shall be used to record the negative fair value of derivatives, other than those that are designated and effective hedging instruments. I The sub-account "Derivatives with Negative Fair Value Held for Trading (stand-alone derivatives)" shall be used to record the negative fair value of stand-alone derivatives, other than those that are designated and effective hedging instruments. I The sub-account "Derivatives with Negative Fair Value Held for Trading (embedded derivatives)" shall be used to record the negative fair value of embedded derivatives where the host contract is a financial liability of the Fl. r The "Liability for Short Position" account shall be used to record the (a) obligation of the purchaser/borrower of securities under Reverse Repurchase Agreements/Certificates of Assignment/Participation with Recourse/Securities Lending and Borrowing Agreements to return the securities purchased/borrowed from the seller/lender, which the former sold to third parties. "ii. The "Financial Liabilities Designated at Fair Value Through Profit or Loss' account shall be used to record financial liabilities that are designated as at fair value through profit or loss. The "Other Comprehensive Income - Others" account under the equity section of the balance sheet shall be used to record net unrealized gains/(losses)from changes in fair value attributable to own credit risk of financial liabilities DFVPL that are accounted for in accordance with PFRS 9. ,re, The following accounts/sub-accounts shall no longer be used upon initial application of PFRS 9:

"xxx "f . All the required information in the main schedules, sub-schedules, and additional disclosures/information in the FRP shall be accomplished for completeness. "4. Consolidated Statement of Condition. Quasi-banks and other non-bank financial institutions shall report financial assets and financial liabilities in accordance with the following guidelines on the mapping of financial assets and financial liabilities (Annexes B and B-1) using the existing CSOC template: "xxx ,re. The "Bills Payable - Others" account shall temporarily be used to record financial liabilities held for trading and financial liabilities DFVPL. 5. Changes in fair value of financial liabilities DFVPL attributable to own credit risk shall temporarily be recorded in the account "Net Unrealized Gains/Losses on Available for Sale Financial Assets". ttg. The following sub-accounts in the balance sheet of the CSOC shall no longer be used upon initial application of PFRS 9: " (i) Underwriting Accounts - Debt Securities x x x "5. FRP for Trust lnstitutions (FRPTll reporting. x x x u6. Supplementary report. Early adopters shall submit a Supplementary Report on Early Adoption of PFRS 9 which shall be a Category A-1 report to the SDC together with the prescribed monthly/quarterly FRP/CSOC reports, as follows: ,ra, Banks shall submit the solo and consolidated supplementary report (Annex D) in accordance with the submission frequency and deadline ofthe prescribed FRP. "b. Non-bank Fls, other than trust institutions, shall submit the solo supplementary report (Annex E) in accordance with the submission frequency and deadline of the Consolidated Statement of Condition report." u7. Report on initial application of PFRS 9. A bank/QB, and each of its subsidiary banks/QBs, that opt to early adopt PFRS 9 shall submit a one-time solo Report on Initial Application of PFRS 9 to the BSP through the SDC using the attached format (Annex F). The report which shall be considered a

category A-1 report shall be submitted to the BSp in accordance with the following timelines: ,ra. For Fls which initially apply PFRS 9 on or before 31 December 2010 - not later than 3L January ZOLL; "b. For Fls which initially apply PFRS 9 in 201.1 - not later than fifteen (15) banking/business days from the end of the month when such initial adoption is reflected in their books, and ,rc. For Fls which initially apply PFRS 9 in 2Ot2 -not later than fifteen (15) banking/business days from the end of the first month or quarter, in the case of rural banks/Coop Banks, of the calendar or fiscal year of initial application of PFRS 9. "The report shall disclose the cumulative impact of the Fl's adoption of PFRS 9 on selected balance sheet accounts, net income and capital position reckoned from the beginning of the Fl's calendar or fiscal year, as applicable. " Section 4. Transition Rules " Fls shall observe the transition rules provided under PFRS 9 as well as the following: UL, PFRS 9 shall not be applied to financial assets and financial liabilities that have already been derecognized at the date of initial application. "2. An Fl shall assess whether a financial asset shall be classified under the amortized cost, FVPL, or DFVOCI category on the basis of the facts and circumstances that exist at the date of initial application of PFRS 9. However, the resulting classification shall be applied retrospectively, irrespective of the Fl's business model in prior reporting periods. "3, The tainting rule for HTM securities and the related holding period for HTM securities that are reclassified to the AFS category under Appendix 33 of the MORB shall no longer apply to Fls upon initial application of PFRS 9. tt4 An Fl may choose to adopt the provisions of PFRS 9 issued in 2009 or the provisions of PFRS 9 issued in 2010 before l January 20L3. "5. An Fl that has adopted PFRS 9 on financial assets in 2010 need not submit revised FRP/CSOC reports that conform with the guidelines under Section 2 of this Circular for periods prior to 31 December 2010. lt may adopt the provisions of PFRS 9 on financial liabilities before L January 2OL3: Provided, That it does not re-applythe transitional provisions of the said standard on its

financial assets: Provided, further, That the Fl complies with the submission guidelines set forth under ltem Nos."6', o7' and "8" below, as applicable: Provided, finally, That the Fl limits the information that it shall report in the one-time solo Report on Initial Application of PFRS 9 to that arising from its adoption of the provisions of PFRS 9 on financial liabilities. "6, An Fl which intends to early adopt PFRS 9 in 2011 is given up to 31 December 201.L within which to reflect the requirements of PFRS 9 in its prudential reports: Provided, That it notifies the BSP, through the SDC, of the details of its actual implementation of adoption of the said standard, including the month-end date when such initial adoption is reflected in its books, in its one-time solo Report on Initial Application of PFRS 9. "7. An Fl that intends to early adopt PFRS 9 in 2OL2 shall reflect the requirements of the said standard in its FRP/CSOC report as of the end of the first month or quarter, in the case of rural banks/Coop Banks, of the calendar or fiscal year of initial application of PFRS 9. u8. An Fl is expected to comply with the reportorial and disclosure requirements of the Securities and Exchange Commission on the adoption of PFRS 9. "9. An Fl which adopts PFRS 9 on the mandatory effective date shall present prior period comparative general purpose financial statements which reflect all of the requirements of PFRS 9. Fls are, therefore, expected to have an implementation program in place to ensure compliance with the said requirement by l January 20t3." Section 2. The Supplementary Report on Early Adoption of PFRS 9 (Annex E) that shall be submitted by non-bank financial institutions (NBFls) is hereby amended to append a schedule {Schedule 2} to present information on financial liabilities designated at fair value through profit or loss upon initial application of PFRS 9. Section 3. The one-time solo Report on Initial Application of PFRS 9 (Annex F) is hereby amended to append schedules to present information on the reclassification of financial liabilities designated at fair value through profit or loss as of the date of initial application and the impact of the implementation/early adoption of PFRS 9 by ba n ks/quasi-ba n ks. Section 4. The penalties and sanctions provided under Subsection X388.5(c) of the MORB and Subsection 4388Q.5 of the MORNBFI shall be imposed on Fls and officers concerned found to have violated any of the provisions of this Circular.

Section 5. This Circular supersedes/amends/modifies the provisions of existing circulars, memorand a, andlor regulations that are inconsistent herewith. This Circular shall take effect fifteen (15) calendar days following its publication either in the Official Gazette or in a newspaper of general circulation. FORTHE MONETARY BOARD: Vnnv- AMANDp M. TETANGCo, JR. / Governor 5 Augustzotr

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Annex E Category: Deadline: 15 banking days after end of reference month Submission: E-mailtoSDC sdcnbfi -pfrs@bsp. gov.ph FOR QUAShBANKS/NON.BANK FINANCIAL INSTITUTIONS Name of QB/NBFI Code Supplementary Report on Early Adoptlon of PFRS 9 (As of reporting date) REPUBLTC OF THE PHILIPPtNES) ) s.s. I solemnly swear that all matters set forth in thiWeport are true and conect, to the best of my knoruledge and belief. (Signature of Chief Executive Comptroller/Chief AccountanVOfficer of Equivalent Position) SUBSCRIBED AND SWORN TO BEFORE ME this day of _, 20 affiant exhibiting to me his . Community Tax Certificate No. issued at on 20( Notary Public Until December 31, 20_ PTR No. Place Doc. No. Page No. Book No. Series of

Annex E-l 1of 1 Breakdown of Financial Assets Designated/ Mandatorily Measured at Fair Value Through Profit or Loss (Name of Quasi-BanUNon-Bank Financial Institution) f(Egf,RD DFVPL MMFVPL TOTAL NUMBER A" ISSUING ENTITY 1 GOVERNMENT ISSUED 0.00 a. NationalGovernment 701 0.0c b. LocalGqyernrnent 702 0.00 0.00 0.0c 1 Provincial 750 0.00 0.00 0.0c a. LGU Bond Flotation 751 0.0c b. Others 752 0.0c 2 Cily 753 0.00 0.00 0.0c a. LGU Bond Flotation 754 0.0c b. Others 755 0.0c 3 Municipal 756 0.00 0.00 0.00 a. LGU Bond Flotation 757 0.00 b. ofl 758 0.00 c. Govt Instrumentalities & Aoencies 765 0.00 0.00 0.00 1 Bangko Sentral ng Pilipinas 703 0.00 2 Others (specify) 704 0.0c 0.00 0.00 a. Bureau of Treasury 770 0.0c b. 771 0.0c 2 PRIVATE 0.0c a. CommercialBanks 710 0.0c b. Other Banks 71',| 0.0c c. Other Financial Intermediaries 712 0.0c d. Private Firms and Individuals 713 0.0c 3 FOREIGN 720 0.00 4 TOTAL 700 0.00 0.00 0.00 B. UTILIZATION OF BONDS & OTHER DEBT INSTRUMENTS 1 Reserve and Liquiditv Floor 731 0.00 2 Guarantee for Trust Credits 732 0.0c 3 Others 733 0.0c 4 TOTAL 730 0.00 0.00 0.0c

Annex E-2 lofl lchedule 2 Ereakdown of Bills Payabls. Other5, Net Unrealized Galns/Losses on Securities Avallable for Sale (Name of Quasl.BanUNon.Bank Financial Institutlon) RECORD HFT DFVPL BILLS TOTAL PARTICULARS NUIIIBER PAYABLE {. BySourceofFunds 1 Eangko S€ntral ng Pilipinas 801 a. Rediscounting 802 b. EmergencyAdvances 803 c. Overdrafu E04 d. Others 80s 2 InterbankEorrowings 810 a. Commercial Bank - Local 811 b. Other Bank 872 c. Other Financial Intermediaries - local 813 d. Othertorei8nBank 8L4 0 0 3 DepositSubrtitute 820 c a. Repurchase AgreemenB with EanEko Sentral 82t b. Commercial Bank- Local 822 c. Other Banks -Local 823 d. Other Financial Intermediaries - Local 824 e. Private Firrns and Indivlduals c75 f. Foreicn.Entiuesandtndlviduals 826 4 Government Lendinl Prosrams 830 a. GSIS - Special Financing Program 831 b. SSS - Special Flnancins Prorram 832 0 c. OtherGov't. Agencies Loan Prorram 833 0 5 Othirs 840 a. Reverse Repurchase Agreements with BSp Sold to Clients a4L b. Domestlc 842 1 Cornmercial Eanks 843 2 Other Bank 844 c 3 Other Financial Intermediaries 845 c 4 Private Firms and Indivlduals 846 c 5 Others 847 0 c. Foreign Entities and Individuals 848 0 Number of Lenders 849 !orAL- 850 3. Ey Orlglnal Maturlty 1 Demand 885 2 One (1) year or less 887 3 > One (1) yearto Five (51 vears 888 4 > Five {5} vears 889 TOTAL 890 Net Unrealized Galns/Losses on Securities Avallable for Sale v v Amount reported shall pertain to fair value gains/osses arlslng from changes in credit risk offinanclal tiabllities desitnated at fair mlue through proft or loss

Annex F Category: Gategory A-l Deadline: 15 banking days after end of reference month of date of implementation (for 2011 early adopters) or 15 banking days after end.of reference month of initial appfication of PFRS 9 (for 2012 early adopters) Submission: E-mailtoSDC UBJKBs:[email protected] I TBs: [email protected] RBs/Coop Banks: [email protected] NBFIs: sdcnbfi [email protected] FOR BANKS/QBs & THEIR SUBSIDIARY QUAShBANKS/NON-BANK FINANCIAL INSTITUTIONS Report on Initial Application of PFRS 9 (Effective Date of Application of PFRS 9) REPUBLTC OF THE PHTLTPPTNES) ) S.S. I solemnly swear that all matters set forth in this report are true and conect, to the best of my knowledge and belief, Signature of Chief Executive fficer/Executive Vice Presidenl Comptroller/Chief AccountanUOfficer of Equivalent Position) SUBSCRIBED AND SWORN TO BEFORE ME this day of 20 _, affiant exhibiting to me his Community Tax Certificate No, issued at on 20 *. Notary Public Until December 31, 20_ PTR No. Place Doc. No. Page No. Book No. Series of

Anner F-l 1ot1 Reporton lnillal Appllcallon of PFRIT I Justlfication on Early Appllcation ot PFRS I l'lame of Bank OB/NBF| BanUQBINBFI Code Efiec{t/c Oabof lnlthlAppllcatlon oIPFRS I l. Rcason/s forcarlyappfica0on ofpFRll g 2. Reasonlr llor choorlng the effec{ive dab ol Inltial appllcatbn of pFRS 9 , 3. Qualltathre a$esement of the lmpac-t of 0r. banfE Fl.r adop0on of PFRS 0 L Dab of lmplementatlon ot lnlfial applbaoon ot pFRS I (umlted !o 20i I carly adopterl

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Annex F5 lotl Report on lnitlal Applic{bn of PFRS 0 PFRS 9 A{fustnents l,tame of BanUQBrItlBFl Bank/QBlItlBFl Gode As of Date of Inilial Adoption/lmplenentatlon (please specify) L PesoAccounts JE No. il Partlcuhrs Debit Credit i. Forulgn Regular AmountlnlfSD JE No. U Paltcularr Deblt Gredit Peso Equiv.