Submission Of Consolidated Report On Required And Available Reserves (Crrar) By Non-Banks With Quasi-Banking Functions

On 23 September 2021, the Bangko Sentral ng Pilipinas (“BSP”) released Memorandum No. M-2021-051 (M-2021-051) which governs the submission of the Consolidated Report on Required and Available Reserves (CRRAR) by Non-Banks with Quasi-Banking Functions or “NBQBs” through BSP’s Financial Portal (“FI Portal”). 

The FI Portal is an online, secured, web-based facility where BSP-Supervised Financial Institutions can submit required reports and receive feedback on its status. It serves as a repository of such reports and a means to exchange official communications related to report submissions.

As part of the on-going initiatives to maximize the BSP’s available Information Technology infrastructure, CRRARs for NBQBs may now be submitted via the FI Portal which may be accessed via https://fiportal.bsp.gov.ph/. For ease of navigating the same, the BSP has also issued the BSP FI Portal Manual through M-2021-051. NBQBs are advised to make sure that they have the correct software and hardware specs enumerated under M-2021-051 and the BSP FI Portal Manual to access and navigate the FI Portal.

The FI Portal will undergo a parallel run period until 14 October 2021. Live submission shall commence on the reference week ending 21 October 2021. Upon commencement of live submission, e-mail submissions shall no longer be allowed. Only e-mail submissions using the CRARR template submitted before or during the parallel run shall be considered, including e-mail amendments to reports that were already due prior to and during the said period.

NBQBs are allowed to register up to two (2) e-mail addresses to access the FI Portal and they must both register for Two-Factor Authentication. To get started, entities must set up FI Portal accounts and create passwords for the same. 

Once registered, submission of reports may be conveniently done through the Report Submission Module which also allows users to determine the details of the reports for submission, view error details, and resubmit reports that contain errors.

The FI Portal also contains: 

1. an Amendment Module which lets users view their list of successfully validated reports, submit amended reports, and view and download validation results;
2. an Assessment Module which contains assessments and billing notices from the BSP and has features that let entities send appropriate justifications to the BSP; 
3. a Report List Module which is a register of all the required templates and file structure, as well as regulatory issuances of the BSP that are relevant to report submissions; and
4. a History Module which contains all the reports submitted by a given user using the Report Submission Module and the Assessment Module.

M-2021-051 likewise states that in cases of downtime or maintenance periods, NBQBs will be advised on the actions that they would need to do.