The Bangko Sentral ng Pilipinas (BSP) has approved the amended rules and regulations on the prudential reporting of banks’ mandatory agriculture, fisheries, and rural development (AFRD) financing. | ManilaBulletin
The Bangko Sentral ng Pilipinas has approved the amended rules and regulation on the prudential reporting of banks’ mandatory agriculture, fisheries and rural development financing.
The circular, signed by BSP Governor Felipe M. Medalla on June 9, amended the reporting of AFRD loans such as reporting period, timelines, and clarification as well as changes to terms, accounts and instructions on reporting in compliance to the implementing rules and regulations or IRR. For banks that have just been established, they will be exempted from the required allocation for a period of five years. By BSP definition, newly-created banks are local or foreign banks whose first five years of operation ended on Aug. 18, 2022.
The BSP expects all banks to design and offer financial products and services that suit the specific requirements of rural community beneficiaries, taking into account their cash flows and the gestation and harvest period of the agricultural, fishery or rural produce, activity or project being financed.
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