MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas (BSP) Revises Reporting Requirements, Other Guidelines for Banks’ Microfinance Operations

Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has expanded the amount of reporting that banks must perform regarding their microfinance operations with the aim of helping BSP create “evidence-based policies that are responsive to the needs of the market” [1]. Banks must now report each month on the number and value of microdeposit accounts, which are defined as savings accounts with an average daily balance of less than PHP 40,000 (USD 916), and wholesale loans intended to be on-lent by intermediaries as microfinance loans. The guidelines are expected to serve as a basis for the creation of other policies in support of loans to low-income Filipinos [2].

By Benjamin Krupp, Research Associate

About Bangko Sentral ng Pilipinas (BSP)

Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. Established under the provisions of the New Central Bank Act of 1993, BSP is headquartered in Manila and has three regional offices performing cash operations and eighteen branch offices. BSP participates in various advocacy programs concerning microfinance, financial education and consumer protection.

Sources and Additional Resources

[1] Bangko Sentral ng Pilipinas: BSP Revises Reports on Microfinance and Related Accounts in FRP

[2] Bangko Sentral ng Pilipinas: Circular No. 836

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