BSP officials and members of the banking community attended a Regulation Asia-Adenza roundtable to discuss new XML-based reporting requirements in the Philippines.
Philippine banks expressed support for new regulatory reporting requirements introduced by the BSP (Bangko Sentral ng Pilipinas), even as some said they need more time to adapt their regulatory reporting workflows and processes to meet new standards.
The comments were made at a recent roundtable sponsored by Adenza, a specialist provider of reporting and risk solutions provider, and moderated by Regulation Asia, which brought together regulators and senior finance and risk leaders from banks in the Philippines.
The discussion centred around the BSP’s XML (Extensible Markup Language) transformation programme, which aims to streamline regulatory reporting processes in the industry and enhance the BSP’s own surveillance and risk monitoring capabilities. The XML transformation programme has been underway for the
last several years, to migrate prudential reporting from Excel-based to API-based mechanisms.
During the roundtable, held in May, participants discussed their implementation, along with the associated challenges, the potential benefits of the programme, and its implications for future regulatory change and supervisory effectiveness.
