THE Bangko Sentral ng Pilipinas (BSP) wants banks to report more detailed breakdowns of banks’ real estate exposure.
In a statement, the central bank said that the Monetary Board has approved additions to the reporting requirements of banks on real estate loans. The revised Expanded Report on Real Estate Exposures will be implemented starting on June 30, 2018.
“Under the new guidelines, covered banks shall report granular information on their real estate loans to mid- and high-end housing units, in addition to socialized and low-cost housing,” the BSP said Friday.
Also covered by the new requirement are loans disbursed for commercial projects like office buildings, malls, and factories.
While banks have 10 months to prepare for its implementation, BSP said it will start a pilot run of the revised report in the first quarter of 2018.
The BSP also wants banks to submit a new “Report on Project Finance Exposures,” covering infrastructure projects.
“This report will enable the BSP to obtain a better grasp of the extent and quality of universal and commercial banks’ exposures to project finance, especially since demand for project finance is expected to increase and gain traction as the country moves toward its infrastructure goals,” the BSP said. (JOG)
Published in the SunStar Cebu newspaper on September 25, 2017.
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