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2. The updated FRP/Simplified FRP shall be adopted starting with the reporting period ending 31 December 2011 pursuant to Section 3 of Memorandum No. M-2011-052.

3. Consistent with the existing FRP submission guidelines, the updated FRP/Simplified FRP FRP data entry templates shall continue to be submitted electronically to the following prescribed e-mail addresses:


4. Banks shall electronically transmit the scanned Control Prooflist (CP) of the updated FRP/Simplified FRP in a compressed/zipped file, duly notarized and signed by the authorized official of the reporting bank to the above email address within the required submission deadline using the following prescribed filenames:


Balance Sheet Accounts page 1
Balance Sheet Accounts page 2
Income Statement Accounts page 1 IS1-FRP-ddmmmccyy.pdf
Income Statement Accounts page 2 IS2-FRP-ddmmmccyy.pdf

Where ddmmmccyy is the reference period (e.g. 31 dec2011).

5. Penalties for late and/or erroneous reporting of the FRP as provided for under existing regulation shall continue to apply.

Agra can be accessed at http:// 15 December 2011

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Annex A

Page 1 of 2


: 15 banking days after end of reference quarter (solo/conso basis)

Submission: Original copy to Supervisory Data
Center (SDC)



(as may be applicable)

Name of Bank



(Indicate if for Solo Basis or Consolidated Basis)

As of



I solemnly swear that all matters set forth in this report and all its supporting schedules are true and correct, to the best of my knowledge and belief.

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CIRCULAR No. 740 Series of 2011



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Pursuant to Monetary Board Resolution No. 1602 dated 21 October 2011, the pertinent provision of Appendix 26 (Guidelines to Incorporate Market Risk in the Risk-Based Capital Adequacy Framework) of the MORB, is hereby amended to read, as follows:

Calculation of the capital adequacy ratio (CAR)

7. The adjusted capital adequacy ratio covering combined credit risk and market risk shall be calculated using the qualifying capital expressed as a percentage of the total riskweighted assets (including credit risk and market risk-weighted assets). The components of this calculation are as follows:

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Market risk-weighted assets are the sum of the capital charges for all market risk categories calculated using either the standardized approach or the internal models approach [multiplied by 125% for those calculated using the standardized methodology to be consistent with the higher capital charge for credit risk, i.e., ten percent (10%) as opposed to BIS recommended eight percent (8%)] multiplied by 10. (The multiplier 10 is the reciprocal of the BSP required minimum capital adequacy ratio for credit risk of ten percent (10%). The effect is to convert the sum of the market risk of ten percent (10%). The effect is to convert the sum of the market risk capital charges into a risk-weighted assets equivalent which can then be directly added to the total credit risk-weighted assets.).

In calculating the capital charge for Foreign Exchange exposures, the net open position for Non-Deliverable Forwards (NDFs) shall be multiplied by 187.5 in lieu of the 125% factor referred to above.

This circular takes effect on 1 January 2012.


26 October 2011

26 October 2011

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The temporary window shall be available for the three 930-month period from December 2011 to February 2012 and shall cover the following foreign loans of the private sector that are outstanding as of 30 June 2011 with payments (principal, interest and other related fees) falling due within said period:

the three (3)-month period upon compliance with the following:

1. Private sector borrowers shall submit to the BSP, through the International Operations Department (IOD), the duly accomplished "Application for Authority to Purchased FX" (Annex A), together with documentary requirements specified therein and applicable processing fee, not later than 5 December 2011. 5 December 2011. For payments falling due/payments to be made from 1-9 December 2011, the application (together with the required documents) shall be submitted not later than 24 November 2011.

Applications received beyond the said deadline shall no longer be processed.

2. Private sector borrowers shall present to the FX selling AABS/AAB-forex corps the original BSP authority to purchase FX which shall be valid only within the dates stipulated therein. In case the end of the validity period of the BSP authority falls on a non

a. Loans not yet registered but already banking day, the BSP authority can still be used until the next banking day.

approved by the BSP;
b. Loans without BSP
BSP approval/
registration, but being reported to the
BSP; and

c. Loans without BSP
BSP approval/
registration, and not being reported

to the BSP.

Prepayments and arrears may also be considered subject to conditions indicate herein.

A limit on the maximum amount of FX that may be purchased shall be determined by the BSP based on prevailing conditions.

II. Procedures

3. The AABS/AAB forex corps shall "FX Sold" on the original authority and indicate the amount of FX sold, to be initialed by an authorized officer of the AABs/AAB forex cops.

III. Processing Fee

A fixed processing fee of PHP10,000 will be charge by BSP on each application for servicing of private sector foreign loans that are: (a) without BSP approval/registration, but being reported to the BSP; and

(b) without BSP approval/registration, and not being reported to the BSP. The Private sector borrowers with foreign processing fee shall be in the form of

loans covered by the above categories may purchase FX from authorize agent banks (AABs) and/or their subsidiary/affiliate foreign exchange corporations (AAB-forex corps) to service regular/schedule loan payments (principal, interest and related fees), including arrears and payments within

Manager's Check of Cashier's Check payment to the BSP.

IV. Reporting Requirements

FX selling AABS/AAB-forex corps and private sector borrowers shall report such FX sales/purchases to the BSP as follows:

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