Small banks given more time to comply with new reporting rules

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May 20, 2026 | 12:00am

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is giving small banks more time to adjust to its upgraded credit and equity exposure reporting system before imposing penalties for reporting lapses.

In a memorandum, BSP Deputy Governor Lyn Javier said all rural and cooperative banks would be given a grace period from penalties for their first live submission under the Enhanced Comprehensive Credit and Equity Exposures Report of 2023 (COCREE 2.0).

The move gives smaller lenders some breathing room as they shift to the BSP Relationship Management System Live Module, the platform now used for COCREE 2.0 submissions.

Banks that submitted their first live report early will receive longer relief from penalties, depending on when they complied. Those that met the original November 2025 deadline will get the longest grace period, while those that complied by the end of the pilot testing phase in January will get a shorter extension.

However, the BSP said the grace period would only apply to banks that “remain actively engaged in submitting the COCREE 2.0 through the BSP Relationship Management System – Live Module.”

The BSP also reset the next reporting deadlines to give banks more time to comply. The next two submissions are due on May 26 and June 30, after which reports must be filed within 25 business days after every reporting period.

COCREE 2.0 is the BSP’s enhanced reporting framework used to monitor banks’ credit and equity exposures, helping regulators track potential concentration risks and improve oversight of the banking system.

The upgraded system was first prescribed under BSP Circular 1184 issued in December 2023 and forms part of the central bank’s broader push to improve the quality, accuracy and timeliness of supervisory data submitted by banks.

The BSP began extending the live implementation of COCREE 2.0 to rural and cooperative banks through a series of memoranda issued from 2023 to 2025, including pilot testing arrangements and transition guidelines before the system officially went live for smaller lenders.