THE Bangko Sentral ng Pilipinas (BSP) is expanding credit exposure reporting to include more non-bank financial institutions as part of efforts to strengthen risk monitoring across the financial system.
Under a draft circular, additional entities will be required to submit detailed credit and equity exposure data through the enhanced Comprehensive Credit and Equity Exposures Report (Cocree 2.0).
The Monetary Board approved the inclusion of non-stock savings and loan associations (NSSLAs), non-bank credit card companies, government non-bank financial institutions and other non-bank financial institutions with credit and equity exposures.
“This will enable the BSP to collect more borrower- and counterparty-level credit information thereby enhancing the BSP’s capacity to analyze credit exposures, borrower characteristics, and credit trends across demographic and geographic segments,” the central bank said.
Cocree was first introduced in 2021 to strengthen the BSP’s monitoring of credit exposures by collecting data from selected banks and related entities. The framework was later enhanced through Cocree 2.0, which expanded reporting coverage to all banks, non-bank financial institutions with quasi-banking functions and trust entities while adding new data elements for more detailed surveillance.
Under the proposed circular, the Cocree 2.0 reporting requirement will be incorporated into the Manual of Regulations for Non-Bank Financial Institutions, covering NSSLAs, credit card companies, government non-bank financial institutions and non-bank subsidiaries and affiliates of banks and quasi-banks with credit and equity exposures.
The report is designed to capture granular borrower and counterparty information for all credit and equity exposures of BSP-supervised financial institutions. The expanded coverage is expected to further support the BSP’s surveillance of emerging risks in the financial system and its credit registry operations.
To prepare covered institutions, the BSP will conduct pilot testing prior to full implementation. The first reporting period for newly covered entities will be for the quarter ending Sept. 30, 2026, with submissions due on Nov. 27, 2026.
Subsequent reports will be submitted quarterly, with deadlines set in February 2027 and May 2027, and 25 banking days after each reporting period thereafter.
Penalties for reporting violations will not be imposed during the pilot period. However, the BSP said sanctions will be strictly enforced after a grace period covering three reporting cycles following the live implementation of Cocree 2.0.
The central bank also noted that the Report on Credit and Equity Exposures to individuals, companies and groups aggregating to P1.0 million and above, or Credex, will no longer be required once Cocree 2.0 is fully implemented.
