THE Central Bank of the Philippines (BSP) has partnered with the Philippine Deposit Insurance Corp. (PDIC) for information sharing on bank reports.
“The Bangko Sentral and the PDIC through a revised memorandum of agreement on information exchange agreed on the sharing and exchange of bank submitted reports and certain other reports, data and information as may be agreed upon by Bangko Sentral and PDIC,” the central bank said in a memorandum dated Oct. 21 and signed by BSP Deputy Governor Chuchi G. Fonacier posted on its website.
“The information sharing aims to improve the effectiveness of the operations of both Bangko Sentral and PDIC as well as to further cooperation to best achieve their complementary mandates.”
The BSP said the agreement is in line with the PDIC’s charter, which states that the central bank may share to the PDIC its reports on the examination on banks “provided that the use of such reports or information are in accordance with the terms and conditions agreed upon by the PDIC and the Bangko Sentral and prescribed by applicable laws and regulations.”
The financial and nonfinancial reports submitted by banks that can be shared with the PDIC include the quarterly solo financial reporting package, solo risk-based capital adequacy ratio report and control prooflist, solo liquidity report and control prooflist, and recovery plans of banks.
“In sharing the above information, the Bangko Sentral shall ensure that the Bangko Sentral and PDIC adhere to the basic data privacy principles of transparency, legitimate purpose, and proportionality,” it added. — LMJC Jocson
