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January 27, 2023

Banks given more time to submit audited financial statements

The Bangko Sentral ng Pilipinas (BSP) has given banks and financial institutions two more months to submit their audited financial statements for 2021.

The central bank’s Monetary Board approved the extension of the deadline for the submission of the 2021 AFS and the Accompanying Reports of BSP-supervised financial institutions (BSFIs) to June 30 this year.

“The BSP recognizes that the sudden surge in COVID-19 cases in the early part of the year posed operational challenges related to the conduct of audit,” the central bank said.

According to the BSP, the extension affords both the BSFIs and the external auditors additional time to complete discussions on the results of audit and preparation of the AFS and accompanying reports.

The BSP granted similar relief to BSFIs for the submission of the 2020 AFS.