Regulatory Alerts2025-01-28
Circular on the Guidelines for the Implementation of Section 23 of Republic Act No. 7653 as Amended by Republic Act No. 11211
The Bangko Sentral ng Pilipinas issued Circular No. 1209 to establish implementing rules for Section 23 of the New Central Bank Act, mandating that all entities submit accurate, timely, and complete data for statistical and policy development purposes. The guidelines define specific submission standards, modes of transmission, and deadlines, while classifying non-compliant submissions as delayed, erroneous, or non-submissions subject to contempt sanctions. A one-year grace period is provided for entities to prepare their resources for compliance before sanctions under the amended Act take effect.
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