SIMPLIFIED FINANCIAL REPORTING PACKAGE FOR RURAL AND COOPERATIVE BANKS
approved the issuance of the attached simplified Financial Reporting
Package (FRP) report format for rural and cooperative banks (RBs/Coop
Banks).
The simplified FRP report format is composed of the balance sheet,
income statement and their supporting schedules, which reflect accounts
and transactions that are within the generally authorized activities of
RBs/Coop Banks: Provided, That only RBs/ Coop Banks without
Foreign Currency Deposit Unit (FCDU) authority and derivatives
transactions shall be allowed to use the simplified FRP report format: Provided, further,
That RBs/Coop Banks which have or intend to engage in the said
authority/transactions shall continue to accomplish the FRP report
format issued under Circular No. 512 dated 3 February 2006, as amended: Provided, finally,
That RBs/Coop Banks with financial allied subsidiaries shall likewise
use the FRP report format issued under Circular No. 512, as amended on
both solo and consolidated basis.
Pilot runs of the simplified FRP report format shall be undertaken
for the end March 2009 and end June 2009 reports in accordance with the
following deadlines:
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Reporting Period-(Quarter ending)
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Revised FRP Submission Deadline
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March 2009
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29 May 2009
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June 2009
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15 August 2009
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RBs/Coop Banks that are required to continue to use the FRP report
format issued under Circular No. 512, as amended, shall submit said
report on a quarterly basis also within the foregoing prescribed
deadlines.
Until otherwise advised, RBs/Coop Banks shall continue to submit the
General Ledger-Consolidated Statement of Condition (GL-CSOC) and
Consolidated Statement of Income and Expense (CSIE) and their supporting
schedules in accordance with the presently prescribed mode and
submission frequency. Penalties for late and / or erroneous submission
of GL-CSOC and CSIE shall apply until said reportorial requirements are
discontinued.
The simplified FRP report format and the FRP report format issued
under Circular No. 512, as amended, shall be classified as Category A-1
reports. Penalties for late and/ or erroneous submission of said reports
shall apply starting with the end September 2009 report.
RBs/Coop Banks may access the simplified FRP reporting template for RBs/Coop Banks at the BSP website under http://www.bsp.gov.ph/frp/templates .
This Circular repeals the provisions of Memorandum No. M-2008-036
dated 28 November 2008 on the extension of the parallel run of the FRP
issued under Circular No. 512, as amended.
This Circular shall take effect fifteen (15) calendar days following
its publication either in the Official Gazette or in a newspaper of
general circulation.
Adopted: 10 Feb. 2009
FOR THE MONETARY BOARD:
(SGD.) NESTOR A. ESPENILLA, JR.
Officer-In-Charge