Submission to the Department of Economic Research (DER) Consolidated Report on FX Assets and Liabilities (FX Form IA)

CIRCULAR NO. 284 Series of 2001

To     :   All Thrift Banks with FX Transactions Under the Regular and/or FCDU Books

In view of the thrust to computerize and simplify banks’ reports to the Bangko Sentral ng Pilipinas (BSP), thrift banks shall transmit electronically thru cc:mail or in diskette form to the Department of Economic Research (DER) their Consolidated Report on FX Assets and Liabilities, henceforth to be called FX Form IA including all supporting schedules of foreign exchange acquisition and disposition. The following are the implementing guidelines to be observed in the electronic reporting of FX Form 1A:

1.   Thrift banks shall pilot test the new reporting system for FX Form 1A (Annex A) covering  FX transactions for January-June 2001 and shall submit on the following dates:

For the Month of :             Deadline January                             - 29 June February                           - 6 July March                                - 13 July April                                   - 20 July May                                   - 27 July June                                  - 3 August

In accomplishing the report, thrift banks shall be guided by the attached Manual of Instructions in accomplishing FX Form 1A (Annex B).

2.   Starting July 2001, FX Form 1A shall be prepared and transmitted electronically or in diskette form on a monthly basis to the DER within ten (10) banking days after the end of the reference month.

3.   An officer of the bank with the rank of Assistant Vice-President or equivalent rank shall certify the veracity and accuracy of the report and schedules which shall be submitted to the DER on the next banking day following the prescribed date of submission of the report and schedules.

4.   Non-submission, delayed, erroneous or incomplete reporting (including delayed or non-submission of amended reports) shall be subject to a monetary penalty of P120.00 per business day of default until the respective report and schedules are transmitted to BSP-DER in accordance with Subsection X162.2 of the New BSP Manual of Regulations for Banks. The report is considered erroneous if there are  misclassification of accounts, erroneous entries or those resulting in changes or revisions in the amounts/totals of the Main Report and/or each schedule. The report is considered incomplete if it fails to provide the required information in the respective columns and rows of the report and schedules.

5.   This report shall replace the existing FED Form 1A and Sources and Uses of Foreign Currency Deposit (SUFCD) Report and will serve as a transitory report prior to the implementation of the GL/SL reporting system for thrift banks.

6.   FED Form 1A Report under Circular No. 50 dated 6 October 1994 and Thrift Bank’s SUFCD Report under Memorandum-Circular dated 26 December 1995 shall cease to be submitted upon successful pilot  testing of the report covering the period January- June 2001 transactions.  Banks shall be notified accordingly.

7.   This Circular shall supersede any other BSP rules inconsistent herewith.

FOR THE MONETARY BOARD:

ALBERTO V. REYES Deputy Governor