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Philippines central bank streamlines public disclosure rules for banks

The Bangko Sentral ng Pilipinas (BSP) has updated its rules, allowing banks to publish quarterly balance sheets either in print or online, as per Circular No. 1186. Banks can now post these reports within 35 banking days of a quarter’s end on their websites for at least a year or use QR codes for digital access. Previously, banks with over PHP1bn (USD18m) in resources were required to publish in local newspapers; the new rules include online newspaper options. Small banks can display their balance sheets on their premises or in newspapers for three months. This policy aims to increase market transparency and align with BSP’s digitalisation efforts. It mandates the bank’s board of directors to ensure accurate, compliant disclosures. The amendment, enhancing public access to financial information, will be effective 15 days post its publication.

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