BSP Circular No. 1209 (Series of 2025) issues guidelines for the accurate and timely submission of data requested by the BSP under Section 23 of RA 7653, as amended by RA 11211. It defines submission standards, deadlines, sanctions, and a one‑year transition period.
Key Changes
- Scope expanded to cover any person or entity requested by BSP to submit data for statistical and policy development.
- Submission standards require completeness, accuracy, consistency, reliability, and timeliness.
- Data Requests may be issued by the BSP Governor (or authorized representative), including subpoenas for records.
- Submission channels include electronic means, mail, courier, and hand delivery as specified in the Data Request.
- Sanctions defined for refusal, non‑submission, or non‑compliant data submissions.
- One‑year transition period before sanctions apply.
Who Is Affected
- Banks and BSP‑supervised institutions.
- Government offices, GOCCs, and other entities subject to BSP data requests.
- Teams responsible for regulatory reporting and data submissions.
Effective Date & Transition
The circular takes effect 15 calendar days after publication in the Official Gazette or a newspaper of general circulation.
Transitory provision
- A one‑year grace period is granted for entities to prepare systems and processes. Sanctions do not apply during this period.
Compliance Actions Checklist
- Validate data submissions against BSP standards before filing.
- Align internal workflows with BSP deadlines and transmission channels.
- Maintain submission evidence (email timestamps, postmarks, courier receipts).
- Prepare for subpoenas by maintaining organized, retrievable records.
FAQs
What counts as non‑compliant data? Delayed submissions or erroneous data that do not meet BSP standards.
What happens after the one‑year transition? Non‑compliance may trigger contempt proceedings and sanctions under RA 7653.
Who can be required to submit data? Any person or entity requested by BSP for statistical and policy development purposes.
Related Links
- Regulator hub: /regulations/bsp
- Topic hub: /regulations/topics/reporting
- Ask CHD: /chat (Ask CHD about this regulation)