The Monetary Board (MB) approved the extension of transitory period of the amended report on bank interest rates on loans and deposits until 31 December 2019.
This extension provides more time for banks to assess their compliance with the enhanced reporting structure prior to full implementation, the Bangko Sentral ng Pilipinas (BSP) said in a statement over the weekend.
The BSP implemented the amended reporting templates on bank interest rates on loans and deposits under Circular 1029 dated Jan. 25, 2019 covering all universal and commercial banks (UBs/KBs).
During the extended transitory period, UBs/KBs are required to submit both the existing and amended reports without penalty until the full implementation of the enhanced reporting requirements beginning January 1, 2020. (PNA)
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