BW FILE PHOTOTHE BANGKO SENTRAL ng Pilipinas (BSP) has approved a circular detailing the guidelines for the submission of data requested by the regulator for statistical and policy development purposes.
In a circular posted on its website, the central bank said the Monetary Board approved guidelines for the implementation of Section 23 of Republic Act (RA) No. 7653, as amended, to ensure the “accurate and timely” submission of the required data.
“The mandates of the BSP are to promote and maintain price stability and financial stability, a strong financial system, and a safe and efficient payments and settlements system conducive to a sustainable and inclusive growth of the economy. The attainment of these mandates is founded on accurate, timely, and relevant data/information, which are used in the formulation of evidence-based policies. In view of the foregoing, it is important that data obtained by the BSP from economic agents are complete, accurate, consistent, reliable, and timely,” the BSP said.
“To carry out its authority to require any data from any person or entity, the BSP through the governor or in his absence, a duly authorized representative, shall have the power to issue a data request or a subpoena for the production of books and records for statistical and policy development purposes,” it said.
The guidelines will apply to any person or entity, including government offices and or government-owned or -controlled corporations that shall be requested by the BSP to provide data.
These data requests include reports and surveys on monetary and economic matters, including related statistics, such as on government and corporate borrowings; financial supervision; financial inclusion; consumer protection; and systemic risk surveillance, among others.
“All submissions to the BSP must be complete, accurate, consistent, reliable, and timely to be considered compliant with the BSP standards. To ensure completeness, accuracy, and correctness, submissions should be reviewed and validated by the respondent individuals and entities prior to transmittal to the BSP. The submissions must conform to the standards to be prescribed by the BSP in the data request. Submissions with incomplete schedules or attachments shall be considered non-compliant with the BSP standards,” the central bank said. — Luisa Maria Jacinta C. Jocson
