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July 19, 2024

BSP extends pilot testing for new FX reporting system to June 2025 amid technical concerns

The Bangko Sentral ng Pilipinas (BSP) has decided to extend the live implementation of its International Transactions Reporting System (ITRS) until June 2025.

This move, outlined in BSP Memorandum No. M-2024-020, adjusts the ITRS pilot testing schedule from June 2024 to May 2025, giving banks additional time to resolve technical issues .

Scheduled for full implementation on June 2 next year, the ITRS mandates all banks to submit FX transaction reports via the ITRS portal upon its activation. During the testing phase, banks have the option to submit test reports through the ITRS system’s sandbox or production portals, while they are strongly encouraged to rigorously prepare their systems for the impending full rollout.

The ITRS aims to bolster transparency in reporting FX transactions by monitoring all peso and FX transactions within the domestic banking system, furnishing consolidated reports on banks’ net on-balance sheet FX assets and their net foreign asset (NFA) positions on a daily basis.

Pilot testing for the ITRS commenced in November and December 2023, during which banks submitted weekly and monthly reports. Technical briefings were conducted throughout October last year, followed by the system’s soft launch in January this year upon conclusion of the pilot testing phase.

The ITRS serves multiple purposes, including monitoring cross-border transactions, compiling data for the country’s balance of payments (BOP) statistics based on international standards, and supporting prudential supervision and oversight of FX transactions by the BSP.

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