Regulatory Alerts2026-05-07
M-2026-018: Implementation of the International Transactions Reporting System (ITRS)
The Bangko Sentral ng Pilipinas issued this memorandum to revise the implementation timeline for the International Transactions Reporting System (ITRS), superseding prior schedules. The directive mandates that Rural and Digital banks achieve full ITRS implementation by 1 July 2027, while Universal, Commercial, and Thrift banks must comply by 1 October 2027. Banks are instructed to continue submitting FX Form 1/1A reports under existing policies until further notice.
MEMORANDUM NO. M-2026-___ To : ALL BANKS Subject : Implementation of the International Transactions Reporting System (ITRS) Further to BSP Memorandum No. M-2025-016 dated 15 May 2025, 1 the timeline of the implementation of the ITRS is revised as follows: This memorandum supersedes prior communications to banks on the schedule of the ITRS implementation. Furthermore, the FX Form 1/1A reports shall continue to be submitted regularly according to the existing policy, until otherwise advised by the Bangko Sentral ng Pilipinas. For ITRS queries and related concerns, kindly contact the Department of Economic Statistics (DES) at ESSG-ITRS@bsp.gov.ph or at (02) 87087692. For information and compliance. ZENO RONALD R. ABENOJA Deputy Governor 07 May 2026 1 https://www.bsp.gov.ph/Regulations/Issuances/2025/M-2025-016.pdf Schedule Full Implementation Date Activity 1 July 2027 ITRS Full Implementation for Rural and Digital banks 1 October 2027 ITRS Full Implementation for Universal, Commercial and Thrift banks