The Bangko Sentral ng Pilipinas (BSP) has introduced new rules requiring banks and certain non-bank financial institutions to submit intraday liquidity and demand deposit account (DDA) reports in real time using an online platform. The measures, outlined in two separate memoranda issued by BSP Deputy Governor Chuchi Fonacier, aim to enhance the monitoring and validation of critical financial data.

Memorandum No. M-2025-024 directs all universal and commercial banks, their thrift bank subsidiaries, and digital banks to electronically report intraday liquidity information. Meanwhile, Memorandum No. M-2025-023 covers banks and non-bank entities with quasi-banking functions, mandating online submission of demand deposit account reports.

Both guidelines specify the use of extensible markup language (XML) format through the BSP’s Prudential Reporting Innovation and Monitoring Engine (PRIME) for these submissions. Fonacier emphasized that although these live reports must adhere to existing BSP reporting standards, only BSP-approved file formats will be accepted. Failure to comply will result in penalties.

The rollout features phased implementation dates: for intraday liquidity parallel reporting, the reference period began July 31, 2025, with full live reporting to commence on September 30, 2025. For DDA parallel reporting, the reference date was June 30, 2025, using PRIME’s sandbox module, while mandatory live reporting starts December 31, 2025.

As part of this transition, BSP-supervised financial institutions will stop using the existing BSP Financial Institution Portal for these submissions.

These updates tie into broader modifications the BSP has been making since 2023 to the intraday settlement facility (ISF), formerly known as the intraday liquidity facility. Adjustments include enhanced check clearing and settlement processes aimed at strengthening the peso real-time gross settlement (RTGS) system.

Notably, the BSP phased out the overdraft credit line facility last year, transferring its role to the ISF to streamline liquidity operations. The ISF supports the RTGS by ensuring timely and secure settlements of interbank payments, mitigating systemic risk within the financial system.

Under these reforms, banks are now prohibited from overdrafting or drawing funds beyond their demand deposit accounts during check clearing. DDAs, defined as current or checking accounts, can be designed as either interest-bearing or non-interest bearing deposit instruments, accessible via check withdrawal.

The BSP continues to strengthen the real-time settlement framework to safeguard financial stability, improve risk management, and ensure smooth functioning of the national payment infrastructure.