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Keisha Ta-Asan - The Philippine Star
March 31, 2026 | 12:00am
In a draft circular, the BSP said the enhanced reporting framework would now include non-stock savings and loan associations, non-bank credit card companies, government non-bank financial institutions as well as other non-bank entities with credit and equity exposures under its supervision.
Businessworld / File
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is moving to widen its surveillance of credit exposures across the financial sector, proposing to expand its Comprehensive Credit and Equity Exposures Report (COCREE) to cover more non- bank financial institutions.
In a draft circular, the BSP said the enhanced reporting framework would now include non-stock savings and loan associations, non-bank credit card companies, government non-bank financial institutions as well as other non-bank entities with credit and equity exposures under its supervision.
The proposal builds on earlier reforms aimed at strengthening the central bank’s ability to detect emerging risks, as it ramps up the collection of granular borrower- and counterparty-level data across the financial system.
“The BSP continues to strengthen its monitoring of credit exposures and emerging risks in the financial system through the collection of granular credit and equity exposure data from BSP-supervised financial institutions,” the central bank said.
COCREE was first introduced in 2021 to improve data gathering from selected banks and related entities, before being expanded in 2023 under COCREE 2.0 to include all banks, quasi-banks and trust entities, along with additional reporting data points.
The latest proposal further broadens coverage to the non-bank space, allowing the central bank to “collect more borrower- and counterparty-level credit information thereby enhancing the BSP’s capacity to analyze credit exposures, borrower characteristics and credit trends across demographic and geographic segments.”
Under the draft rules, COCREE 2.0 will be classified as a category A-1 report, requiring electronic submission in accordance with prescribed reporting formats, validation rules and data structures.
The BSP said the expansion would also support the maintenance of credit registry operations and strengthen overall financial system surveillance.
To ease the transition, the central bank will allow pilot testing prior to full implementation. Reporting for newly covered institutions is set to begin with the period ending Sept. 30, with submissions due by Nov. 27.
Subsequent reporting deadlines will follow a quarterly schedule, with submissions required 25 banking days after the end of each reference period once the framework is fully operational.
Penalties for reporting violations will not be imposed during the pilot phase, but will be strictly enforced after a grace period covering three reporting cycles following live implementation.
The BSP also noted that the existing CREDEX report covering exposures of at least P1 million will be discontinued once COCREE 2.0 is fully implemented, consolidating reporting requirements under the expanded framework.
The draft circular will take effect 15 calendar days after publication once finalized by the Monetary Board. Stakeholders are invited to submit their feedback on the draft circular until April 13.
