BSP again holds off new FX reporting portal
The Bangko Sentral ng Pilipinas (BSP) again deferred the full implementation of a new reporting system that would ensure a more transparent disclosure of banks’ foreign exchange transactions.
In a memorandum, the central bank moved the implementation of the International Transactions Reporting System (ITRS) to July 1, 2027, for rural and digital banks, and to Oct. 1, 2027, for universal, commercial and thrift banks.
The move marks the third delay in the full adoption of the ITRS. The new issuance replaces an earlier directive that had set the system’s full implementation for June 1 this year.
The reporting platform was originally scheduled to go live on June 28, 2024. This was first pushed back to June 2, 2025, to give banks more time to address “emerging technical and report-related concerns prior to full implementation.” The latest memo did not cite a reason for the further extension.
According to the memo, banks should continue their regular filing of reports following existing regulations until otherwise advised by the BSP.
The ITRS is a portal that collects reports from banks on all peso and foreign exchange transactions between residents and nonresidents, as well as transactions among the country’s residents that pass through the local banking system.
The BSP plans to use the ITRS to compile data for the country’s balance of payments statistics following international standards.
