The Bangko Sentral ng Pilipinas published a draft circular in September 2025 proposing a new asset-based graduated fine structure for banks that fail to submit required regulatory reports on time. Under the proposed framework, banks with total assets above PHP 400 billion — equivalent to approximately $7 billion — would face daily penalties of up to PHP 10,000, or roughly $175, for late or non-compliant reports. The proposal overhauls the existing framework, which classified reports as Category A or Category B and tracked repeat breaches through a habituality and demerit-point system.
The BSP said it 'espouses a data-driven approach to decision-making in support of its mandate to promote financial stability' and expects banks to adopt a sound reporting governance framework that promotes the integrity, accuracy and timeliness of their reports. Stakeholders have until 30 September to comment before the draft goes to the Monetary Board for approval, and banks would have six months from the circular's effectivity to adjust before penalties are enforced.
FINES SCALED TO BANK SIZE
Penalties would scale downward for institutions with smaller balance sheets, meaning that thrift banks, rural banks, and cooperative banks would face lower absolute fines than the country's largest commercial lenders.