B SP Citizens Charter

CITIZEN’S CHARTER
2021 (1st Edition)

CITIZEN’S CHARTER
2021 (1st Edition)
I. Mandate
The primary objective of the Bangko Sentral is to maintain price stability conducive to a
balanced and sustainable growth of the economy and employment. It shall also promote and
maintain monetary stability and the convertibility of the peso.
The Bangko Sentral shall promote financial stability and closely work with the National
Government, including, but not limited to, the Department of Finance, Securities and
Exchange Commission, the Insurance Commission, and the Philippine Deposit Insurance
Corporation.
The Bangko Sentral shall oversee the payment and settlement systems in the Philippines,
including critical financial market infrastructures, in order to promote sound and prudent
practices consistent with the maintenance of financial stability.
In the attainment of its objectives, the Bangko Sentral shall promote broad and convenient
access to high quality financial services and consider the interest of the general public.
II. Vision
The BSP aims to be recognized globally as the monetary authority and primary financial
system supervisor that supports a strong economy and promotes a high quality of life for all
Filipinos.
III. Mission
To promote and maintain price stability, a strong financial system, and a safe and efficient
payments and settlements system conducive to a sustainable and inclusive growth of the
economy.
IV. Service Pledge

We, the officers and employees of the Bangko Sentral ng Pilipinas, in our pursuit to be a truly
world-class central monetary authority, commit ourselves to:
Be of service to the public on banking days during office hours, with authorized and properly
identified personnel providing continuous, prompt, efficient and courteous assistance.
Satisfy requirements of clients, including those with special needs, while within our premises.
Provide an active feedback and redress mechanism though any of the following:
1. Assistance desks located in our offices;

2. Hotlines 8708-7011; or
3. Email: bspmail@bsp.gov.ph
with an assurance of a reply of our action within five (5) banking days from the time we are
notified of your complaint.
V. List of Services
MONETARY AND ECONOMICS SECTOR Page
External Services
Approval of public sector foreign/foreign currency loans/
borrowings – IOD (update) 2
Approval of publicly-guaranteed private sector
foreign/foreign currency loans/borrowings – IOD (update) 5
Registration of publicly-guaranteed private sector
foreign/foreign currency loans/borrowings – IOD (update) 8
Notice of private sector to BSP on signing of covering loan documents of
its foreign loans/borrowings without public guarantee – IOD (update) 11
Registration of private sector foreign loans/borrowings
that are not publicly-guaranteed – IOD (update) 14
Registration of Inward Foreign Investments – IOD (update) 17
Rediscounting Facility – DLC 24
Processing of Requests for Monetary Board (MB) Opinion on
Proposed Domestic Borrowings of Government Entities – DER (update) 39
FINANCIAL SUPERVISION SECTOR
External Services
Application for Authority to Establish and Operate as
Non-Bank Credit Card Issuer 47
Application for Authority to Establish and Operate as
Money Service Business (MSB) (update) 90
Application for Authority to Establish and Operate
as Pawnshop (PS) (update) 126
Application for Grant of Authority to Establish a Bank (update) 163
Application for Grant of Authority to Establish a
New Foreign Bank Branch (update) 195
Application for Authority to Establish and Operate as a Non-Stock Savings
and Loan Association (NSSLA) 224
Application for Grant of Authority to Establish a Representative Office (RO)
or Offshore Banking Unit of Foreign Banks (update) 263
Application for Authority to Establish a Standalone Trust Corporation (update) 287
Page
Issuance of License/Authority to Operate as Electronic Money Issuer (EMI)
and Virtual Asset Service Provider (VASP) and Offer Advanced Electronic
Payment and Financial Services (EPFS) (update) 315
Application for Authority to Establish and Operate a Stand-Alone
Non-Bank Financial Institution with Quasi-Banking Functions 355
EXECUTIVE OFFICES
External Services
Access to the BSP’s Monetary Operations System (MOS)- DMOD 403
Registration of the Monetary Operations System (MOS)

User Account and Smart Card – DMOD 405
Updating of the Monetary Operations System (MOS) User Account
and Smart Card - DMOD 406
Manual Submission of Bids/Placements to the BSP Facilities - DMOD 408
Transacting in the Overnight Lending Facility (OLF) of the BSP - DMOD 409
Interview request for BSP Spokespersons from
Media Organizations – CO (update) 412
Interview request for the BSP Governor from
Media Organizations – CO (update) 414
Request for Sponsorship/Support/Donation – CO (update) 417
Attend to phone inquiries – CO (update) 419
Request for Observation Tour/Bench-Marking/Briefing/
Info Session – CDD (update) 423
Request to Conduct Presentation of Programs – CDD (update) 425
Request for Certifications for Previously Conducted Courses – CDD (update) 427
Evaluation and Processing Training Invitations – CDD (update) 429
BSP Online Buddy Chatbot – CPMCO (new) 433
Consumer Assistance Mechanism (Complex Transaction) – CPMCO (new) 435
Consumer Assistance Mechanism (Highly Technical, i.e. subsequent/
rejoinders and inquiries) – CPMCO (new) 437
Internal Services
Conduct In-house Course Offering – CDD (update) 443
PAYMENTS AND CURRENCY MANAGEMENT SECTOR Page
External Services
Cash and/or Check Payment from Clients of
Various BSP Departments – CD (update) 446
Biometric Registration and Granting of Access to the Integrated Currency
Management System (ICMS) –
Cash Services Portal (CSP – CD) (update) 449
Acceptance of Deposit and Conduct of Verification – CD (update) 458
Over-the-Counter Acceptance of Check Deposits – CD (update) 469
Redemption of Notes and Coins (Simple and Complex/
Highly Technical Cases) – CD (update) 473
Sale of Commemorative Notes and Coins – CD (update) 481
Servicing of Withdrawal Requests – CD (update) 485
Gold Buying Program – MROD (update) 493
Examination of Mutilated/Doubtful Currencies Classified as Highly
Technical or with Severe Mutilation – CIIO 501
Issuance of Permit to Reproduce or Use of Facsimiles
of Legal Tender Philippine Notes and Coins – CIIO 509
Security Plant Complex (SPC) Gallery Tour – DGS (update) 514
Sale of Silver/Gold Grains/Sheets/Souvenir Items – DGS (update) 515
Safe Work Permit: Hot Work Permit/Confined Space Entry Permit/
Demolition Permit – DGS (update) 518
Participation in the Philippine Payment and Settlement
System (PhilPaSS) - PSO 522
PhilPaSS Participant Browser User Registration - PSO 524
PhilPaSS Smart Card User Registration - PSO 525
REGIONAL OPERATIONS SUB-SECTOR

External Services
Redemption of Mutilated Currencies and Referral to CIIO (update) 529
IRIS User Registration and Recertification (update) 540
Servicing and Verification of Deposits of Client Banks (update) 546
Servicing of Withdrawals of Client Banks (update) 557
Purchase of Gold from General Public (update) 570
CORPORATE SERVICES SECTOR Page
External Services
Sale of Real Properties / Assets Acquired by the BSP – AMD (update) 582
Lease out BSP-Acquired Real Properties – AMD (update) 589
Creation, Transfer and Closure of a Bank’s Demand
Deposit Account (DDA) – FAD (update) 597
Issuance of Statement of Accounts (SOA) – FAD (new) 599
Transfer of Funds – DDA – FAD (update) 600
Confirmation of Account Balances of Foreign Financial Institutions (FFIs)
to their External Auditors – FAD (new) 602
Issuance of Statement of Account to FFIs – FAD (new) 603
Confirmation of DDA, Accounts Payable and
Accounts Receivable – FAD (update) 605
Issuance of Order of Payment – FAD (update) 606
Issuance of Acknowledgement Advice, Tax Certificates- FAD 607
Internal Services
Certification of Outstanding Payables for Payment – FAD (update) 611
Issuance of Order of Payment– FAD (update) 612

Grant of Cash Advance – BSP Personnel – FAD (update) 613
Payment of Reimbursement Claim – FAD (update) 614
Issuance of Clearance Certificate – FAD (update) 615
Certification of Funds Availability – FAD (update) 616
Grant Read-and Print Access to Budgetary and
Expense Control System (BECS) – FAD (update) 619
Payments of Salaries, Allowances, Reimbursements,
Cash Advances to BSP employees – FAD 621
Payments to Suppliers, Service Providers and other BSP
Creditors– FAD (update) 623
Core Financial Accounting System (cFAS) Administration,
Accountee and Bank Account Registration – FAD 625
Submission of the Approved Request for
Budget Adjustments – BMD (update) 629
Submission of request for Budget Adjustments (Submission of request
for fund transfer from the Provision for Contingency) – BMD (update) 631
Page
Submission of request for Budget Adjustments
(Submission of request for Budget Reallocation) – BMD (update) 633
Issuance of Clearance from Records and Property Accounting – ASD 637
Pre-employment Medical Examination Process – HWD (update) 643
Processing of Medical Claims of BSP Employees – HWD (new) 644
Clearance Processing - HWD (new) 654
International Operations Department
External Services
1
1. Approval of public sector foreign/foreign currency loans/borrowings
(update)
The BSP approval serves as an authority for public sector entities to: (i) finalize
negotiations with prospective creditor/s; (ii) sign covering agreements; and (iii) draw on
the proposed loan.
Office or Division: International Operations Department
Classification: Highly Technical
Type of Transaction: G2G - Government to Government
Who may avail: Public sector entities [(National Government, its agencies and
instrumentalities; government-owned and controlled corporations
(GOCCs); government financial institutions (GFIs); and local
government units (LGUs)]
CHECKLIST OF REQUIREMENTS1 WHERE TO SECURE
1. Covering letter (one original document) From the applicant/representative, as applicable (free
format)
2. Duly accomplished Annex D.1 (Application Annex D.1 may be downloaded from the BSP website
for Approval of Public Sector (https://www.bsp.gov.ph/SitePages/Regulations/Down
Foreign/Foreign Currency loadSection.aspx)
Loans/Borrowings) of the Manual of
Regulations on Foreign Exchange
Transactions (FX Manual), as amended
[one (1) original document]
3. Duly accomplished Annex E.3 Annex E.3 may be downloaded from the BSP website
(Loan/Borrowing Profile) of the FX Manual (https://www.bsp.gov.ph/SitePages/Regulations/Down
[one (1) original document] loadSection.aspx)
4. Supporting documents required under From the applicant/representative, as applicable

Annex D.1 of the FX Manual [one (1)
photocopy each]
FEES TO PROCESSING PERSON

CLIENT STEPS AGENCY ACTIONS
BE PAID TIME2 RESPONSIBLE
1 As provided under BSP Circular No. 1080 dated 27 March 2020 covering operational relief measures for
foreign exchange (FX) transactions under the FX Manual issued by the BSP in view of the declaration of
the community quarantine (CQ) amidst the COVID-19 pandemic, applications required to be submitted in
hard copy under the FX Manual, including all supporting documents, shall be submitted in soft copy to
the BSP, through IOD, for the period covered by said Circular (i.e., for the duration of the CQ as declared by
the Office of the President, or as may be extended by the BSP). Applications submitted under BSP Circular
No. 1080 shall be subject to the conditions/requirements under aforesaid Circular.
2 Under the Implementing Rules and Regulations (IRR) of Republic Act (R.A.) No. 11032 [Ease of Doing
Business and Efficient Government Service Delivery Act of 2018 (EODB Law)], processing time refers to
“the time consumed from the acceptance of an application or request with complete requirements,
accompanying documents and payment of fees up to the issuance of certification or such similar documents
approving or disapproving an application or request.” The time spent in assessing the completeness and
sufficiency of the application and the supporting documents submitted shall not be included in the
2
1. Submit application 1. BSP-IOD checks3 the None Analyst/
for BSP approval compliance and Administrative Staff
completeness of the
submitted documents,
and receives the
application.
Applications with
incomplete requirements
based on the application
form and incorrect
versions of forms used
shall not be accepted.
2. No action required 2. Perform pre- None Analyst,

from the client, unless assessment4 and issue Supervisor, and
an abeyance letter is an Deputy Director
received where the
client shall submit a) acknowledgement
additional documents/ letter5; or
information requested.
b) abeyance letter6, as
applicable.
Processing of the
application shall only
commence upon receipt
of complete and
sufficient documents/
information as well as
inputs comments from
other departments/units/
offices/group, if needed.
determination of processing time. Further, as stated therein, requirements shall only be considered complete
when all the necessary or appropriate documents that are required to be submitted together with an
application form by the applicant or requesting party fully satisfy the formal and substantive requirements of
the relevant law.
3 For applications received via electronic submission, as allowed under Circular No.1080, the checking shall
be done during the pre-assessment stage.

4 Preliminary assessment covers initial receipt of the application up to applicant’s submission of complete and
sufficient documents and information, and proof of payment of processing fee. The time spent in assessing
the completeness and sufficiency of the application and the documents/information submitted shall not be
included in the determination of processing time. Accordingly, the steps performed under preliminary
assessment are for applicant’s reference only and shall not form part of the processing time of the
application.
5 An acknowledgement signifying acceptance and commencement of the processing of application shall be
sent, upon determination of completeness and sufficiency of the application in form and substance.
6 In case the application or request is deficient, an abeyance letter/email shall be sent to the
applicant/requesting party specifying all the missing requirements/information.

3
3. During the 3.A. Evaluate loan None 20 working Analyst,
processing of the application and prepare days7 upon Supervisor, Deputy
application, the client a Memorandum to the receipt of Director, Head of
may call for status Monetary Board complete the Department or
update of the including the opinion on documents/ in his/her absence
application the monetary information/ the Officer-In-
implications of the inputs/ Charge, Head of
proposed borrowing for comments the Sub-Sector or
appropriate action required for in his/her absence
evaluation the Officer-In-
Charge, and the
Head of the Sector
or in his/her
absence the
Sector-In-Charge.
3.B. Upon receipt of the Analyst,
Monetary Board Supervisor, Deputy
Resolution (MBR), Director and Head
check the accuracy of of the Department
the MBR with the or in his/her
proposed absence the
recommendations and if Officer-In-Charge.
no issue/s, prepare draft
Implementing Letter (IL)
for review.
3.C. Finalize IL for

signature.
4. Client receives notice 4. Send notification to None Analyst

from BSP that the IL* is client that the IL is ready
ready for pick-up for pick up
*Shall be released upon

presentation of the
notice from BSP-IOD,
with authorization for
the designated
representative to claim
the IL, and valid ID
7 The BSP-IOD may extend the processing time once for the same number of days, provided that the
applicant/requesting party shall be notified prior to the lapse of the initial processing time. The
applicant/requesting party shall likewise acknowledge receipt of BSP-IOD’s notification. The prescribed
processing time shall be suspended and appropriate adjustments shall be made in case of delays due to
force majeure or natural or man-made disasters, which result in damage or destruction of documents and/or
system failure. The applicant will be notified in writing and through other means of communication of the
suspension of the processing time without any delay.
4
TOTAL 20 working
days
2. Approval of publicly-guaranteed private sector foreign/foreign

currency loans/borrowings (update)
The BSP approval serves as an authority for private sector entities to: (i) finalize
negotiations with prospective creditor/s; (ii) sign covering agreements; and (iii) draw on
the proposed loans/borrowings.

Type of G2B - Government to Business
Transaction: G2C - Government to Citizen
Who may avail: Private sector entities whose proposed foreign/foreign currency
loans/borrowings fall under Section 24.1 of the FX Manual

1. Covering letter [one (1) original document] From the applicant/representative, as applicable (free
format)
2. Duly accomplished Annex D.2.A Annex D.2.A may be downloaded from the BSP
(Application for Approval of Publicly- website
Guaranteed Private Sector (https://www.bsp.gov.ph/SitePages/Regulations/Downl
Foreign/Foreign Currency oadSection.aspx)
Loans/Borrowings) of the FX Manual [one
(1) original document]
3. Duly accomplished Annex E.3 of the FX Annex E.3 may be downloaded from the BSP website
Manual [one (1) original document] (https://www.bsp.gov.ph/SitePages/Regulations/Downl
oadSection.aspx)
4. Proof of payment of processing fee [one An official receipt shall be generated by the New Order
(1) photocopy] of Payment System (NOPS) and sent to the applicant
upon payment.
FEES TO BE PROCESSIN PERSON
PAID G TIME9 RESPONSIBLE
8 As provided under BSP Circular No. 1080 dated 27 March 2020 covering operational relief measures for FX
transactions under the FX Manual issued by the BSP in view of the declaration of the CQ amidst the COVID-
19 pandemic, applications required to be submitted in hard copy under the FX Manual, including all
supporting documents, shall be submitted in soft copy to the BSP, through IOD, for the period covered by
said Circular (i.e., for the duration of the CQ as declared by the Office of the President, or as may be extended
by the BSP). Applications submitted under BSP Circular No. 1080 shall be subject to the
conditions/requirements under aforesaid Circular.
9 Under the IRR of R.A. No. 11032 (EODB Law), processing time refers to “the time consumed from the
acceptance of an application or request with complete requirements, accompanying documents and

5
1. Submits application10 1. BSP-IOD 0.02 percent of Analyst/
for approval of private checks11 the the loan amount Administrative Staff
sector foreign/foreign compliance and applied for
currency completeness of the approval, with a
loans/borrowings submitted minimum of
documents, and US$300 and
receive the maximum of
application. US$50,000,
payable in peso
Applications with equivalent using
incorrect versions of the BSP
forms and reference rate
incomplete one (1) working
requirements based day preceding
on the application the date of New
form shall not be Order of
accepted. Payment Slip12
payment of fees up to the issuance of certification or such similar documents approving or disapproving an
application or request.” The time spent in assessing the completeness and sufficiency of the application and
the supporting documents submitted shall not be included in the determination of processing time. Further,
as stated therein, requirements shall only be considered complete when all the necessary or appropriate
documents that are required to be submitted together with an application form by the applicant or requesting
party fully satisfy the formal and substantive requirements of the relevant law.
10 Under Section 24.1 of the FX Manual, application for loan approval shall be submitted to BSP-IOD at least
30 banking days before the target signing date of the loan/borrowing documents. Loan/borrowing
agreements which have been signed and/or drawn/availed of prior to securing the requisite BSP approval
shall not be eligible for approval and registration.

12 All payments shall be supported by a New Order of Payment Slip to be generated by the BSP-IOD. The
payments in favor of the BSP shall be made to the accredited bank (UnionBank of the Philippines) or any
other bank that will be authorized by the BSP to collect payments via over-the-counter or online banking.
As provided under Circular Letter No. 2020-041 dated 28 August 2020, processing fees are waived for
application for BSP approval of private sector foreign/foreign currency loans/borrowings filed during the
period covered by Circular No. 1080 dated 27 March 2020 and up to one (1) month thereafter.
6
2. No action required 2. Perform pre- Analyst,
from the client, unless assessment13 and Supervisor, and
an abeyance letter is issue an Deputy Director
received where the
b) abeyance letter,
as applicable.
Processing of the
application shall
only commence
upon receipt of
complete and
sufficient
documents/
information.
3. Checks status 3.A. Evaluates 20 working Analyst
update of the application and days15 upon
application, as needed prepares draft receipt of
implementing letter acknowledge
(IL) for review. ment letter
Otherwise, drafts from BSP-IOD
abeyance letter to
clarify issues.
3.B Finalizes IL for Analyst,

signature Supervisor, Deputy
Director, and Head
of the Department
or in his/her
absence the
Officer-In-Charge
13 Preliminary assessment covers initial receipt of the application up to applicant’s submission of complete
and sufficient documents and information, and proof of payment of processing fee. The time spent in
assessing the completeness and sufficiency of the application and the documents/information submitted
shall not be included in the determination of processing time. Accordingly, the steps performed under
preliminary assessment are for applicant’s reference only and shall not form part of the processing time of
the application.
7
4. Receives notice from 4. Sends notification None Analyst
BSP that the IL* is to client that the IL
ready for is ready for pick-up
pick-up

presentation of the
designated
IL, and valid ID
TOTAL 20 working
days
3. Registration of publicly-guaranteed private sector foreign/foreign

currency loans/borrowings (update)
The BSP registration authorizes the client to purchase foreign exchange (FX) from
authorized agent banks (AAB) and AAB-foreign exchange corporations (AAB-forex
corps) for servicing of loan payments indicated in the Bangko Sentral Registration
Document (BSRD)

Who may avail: Private sector entities whose foreign/foreign currency
loans/borrowings fall under Section 24.1 of the FX Manual and has
secured prior BSP approval
format)
FX transactions under the FX Manual issued by the BSP in view of the declaration of the CQ amidst the
COVID-19 pandemic, applications required to be submitted in hard copy under the FX Manual, including all
supporting documents, shall be submitted in soft copy to the BSP, through IOD, for the period covered
by said Circular (i.e., for the duration of the CQ as declared by the Office of the President, or as may be
extended by the BSP). Applications submitted under BSP Circular No. 1080 shall be subject to the
8
2. Duly accomplished Annex D.2.B Annex D.2.B may be downloaded from the BSP
(Application for Registration of Private website
Sector Foreign/ Foreign Currency (https://www.bsp.gov.ph/SitePages/Regulations/Down
Loans/Borrowings) of the FX Manual [one loadSection.aspx)
(1) original document]
3. Duly accomplished Annex E.3 of the FX Annex E.3 may be downloaded from the BSP website
Manual [one (1) original document] (https://www.bsp.gov.ph/SitePages/Regulations/Down
including signed and unnotarized covering loadSection.aspx)
loan/borrowing agreement(s)/document(s)
[one (1) photocopy]
1. Submits application 1. BSP-IOD None Analyst/
for registration of loan checks18 the Administrative Staff
with the BSP including compliance and
supporting documents completeness of the
submitted
documents, and
receive the
application.
Applications with
incomplete
requirements based
on the application
form and incorrect
versions of forms
used shall not be
accepted.

9
2. No action required 2. Perform pre- None Analyst, Supervisor,
from the client, unless assessment19 and and Deputy Director
an abeyance letter is issue an
received where the acknowledgement
client shall submit letter20 or abeyance
additional documents/ letter as applicable.
Processing of the
application shall
only commence
upon receipt of
complete and
sufficient
documents/
information.
3. Checks status 3.A. Evaluates None 20 working Analyst
update of the application and days22 upon
application, as needed prepares draft receipt of
BSRD21 for review. acknowledgem
Otherwise, drafts ent letter from
abeyance letter to BSP-IOD
clarify issues.
3.B. Finalizes BSRD Analyst, Supervisor,

for signature Deputy Director, and
Head of the
Department or in
his/her absence the
Officer-In-Charge
BSP that the BSRD* is to client that the
ready for BSRD is ready for
pick-up pick-up
the application.
21 A provisional BSRD will be issued in electronic form during the effectivity of BSP Circular No. 1080. The
original BSRD, which shall replace the provisional BSRD, will be issued for the outstanding balance of the
registered loan after the effectivity of Circular No. 1080.
applicant/requesting party shall likewise acknowledge receipt of BSP-IOD’s notification. The
applicant/requesting party shall be notified in the event the prescribed processing time is suspended and
appropriate adjustments shall be made in case of delays due to force majeure or natural or man-made
disasters, which result in damage or destruction of documents and/or system failure.
10
presentation of the
designated
BSRD, and valid ID
TOTAL 20 working
days
4. Notice of private sector to BSP on signing of covering loan

documents of its foreign loans/borrowings without public guarantee
(update)
The private sector entities (excluding private sector banks and non-bank financial
institutions with quasi-banking functions) notify BSP on signing of the covering
agreement(s)/ document(s) of their foreign loans/borrowings. This is a prerequisite for
the registration of their foreign loans/borrowings.

Who may avail: Private sector entities whose foreign loans/borrowings fall under
Sections 24.2 of the FX Manual
format)
11
2. Duly accomplished Annex E.3 Annex E.3 may be downloaded from the BSP website
(Loan/Borrowing Profile) of the FX Manual (https://www.bsp.gov.ph/SitePages/Regulations/Down
[one (1) original document] including signed loadSection.aspx)
covering loan/borrowing
agreement(s)/document(s) [one (1)
photocopy]
1. Submits notice to the 1. BSP-IOD None Analyst/
BSP including signed checks25 the Administrative Staff
covering loan/borrowing compliance and
agreement(s)/ completeness of the
document(s) submitted
documents, and
receive the notice.
Notice with incorrect

versions of forms
and incomplete
requirements shall
not be accepted.
2. No action required 2. Perform pre- None Analyst, Supervisor,
from the client, unless assessment26 and and Deputy Director
an abeyance letter is issue an
received where the
b) abeyance letter,
as applicable.

the application.
12
Processing of the
notice shall only
commence upon
receipt of complete
and sufficient
documents/
information.
3. Checks status 3.A. Evaluates the None 20 working Analyst, Supervisor,

update of the notice, as notice and prepares days29 upon Deputy Director, and
needed draft letter-advice28 receipt of Head of the
for review. acknowledgem Department or in
Otherwise, drafts ent letter from his/her absence the
abeyance letter to BSP-IOD Officer-In-Charge
clarify issues.
3.B. Finalizes letter-

advice11 for
signature

BSP that the letter- to client that the
advice* is ready for letter-advice is
pick-up ready for pick-up

presentation of the
designated
letter-advice, and valid
ID
TOTAL 20 working
days
28 The letter-advice will be issued in electronic format during the effectivity of BSP Circular No. 1080. The
original letter-advice will be issued after the effectivity of said BSP Circular.
force majeure or natural or man-made disasters, which result in damage or destruction of documents
and/or system failure. The applicant will be notified in writing and through other means of communication
of the suspension of the processing time without any delay.
13
5. Registration of private sector foreign loans/borrowings that are not
publicly-guaranteed (update)
The BSP registration is required if the client will purchase FX from AABs/AAB-forex
corps for loan-related payments.
Who may avail: Private sector entities whose foreign loans/borrowings fall under
Section 24.2 of the FX Manual
1. Covering letter [one (1) original document] From the applicant/representative, as applicable
(free format)
2. Duly accomplished Annex D.2.B (Application Annex D.2.B may be downloaded from the BSP
for Registration of Private Sector Foreign/ website
Foreign Currency Loans/Borrowings) of the (https://www.bsp.gov.ph/SitePages/Regulations/Dow
FX Manual [one (1) original document] nloadSection.aspx)
3. Duly accomplished Annex E.3 of the FX Annex E.3 may be downloaded from the BSP
Manual [one (1) original document] including website
signed covering loan/borrowing (https://www.bsp.gov.ph/SitePages/Regulations/Dow
agreement(s)/document(s), as applicable nloadSection.aspx)
4. Proof of payments of processing fee, as An official receipt shall be generated by the NOPS
applicable [one (1) photocopy] and sent to the applicant upon payment.
FEES TO BE PROCESSING PERSON
PAID TIME31 RESPONSIBLE
30 As provided under Circular No. 1080 dated 27 March 2020 covering operational relief measures for FX
transactions under the FX Manual issued by the BSP in view of the declaration of the CQ amidst the

14
1. Submits application 1. BSP-IOD checks32 None if Analyst/
to the BSP including the compliance and submitted Administrative
supporting documents, completeness of the within the Staff
as applicable submitted prescribed
documents, and timelines
receive the under Section
application. 24 of
the FX
Applications with Manual33
incorrect versions of
forms and incomplete
requirements based
on the application
form shall not be
accepted.
2. No action required 2. Perform pre- None Analyst,
from the client, unless assessment34 and Supervisor, and
an abeyance letter is issue Deputy Director
received where the acknowledgement
client shall submit letter35 or abeyance
additional documents/ letter, as applicable.
Processing of the
application shall only
commence upon
receipt of complete
and sufficient
documents/
information.
3. Checks status of the 3.A. Evaluates None Analyst,
application, as needed application, and Supervisor,
Deputy Director,
33 In case the notice and/or the application for loan registration is submitted beyond the prescribed timelines,
this will be subject to PHP20,000.00 processing fee per loan. Please refer to Appendix 20 of the FX manual
for the processing fees on FX transactions. All payments shall be supported by a New Order of Payment
Slip to be generated by the BSP-IOD. The payments in favor of the BSP shall be made to the accredited
bank (UnionBank of the Philippines) or any other bank that will be authorized by the BSP to collect payments
via over-the-counter or online banking. However, under Circular Letter No. 2020-041 dated 28 August 2020,
processing fees are waived for application for BSP registration of private sector foreign loans/borrowings
filed during the period covered by Circular No. 1080 dated 27 March 2020 and up to one (1) month
thereafter.
the application.
15
prepares draft 20 working and Head of the
BSRD36, for review. days37 upon Department or in
receipt of his/her absence
Otherwise, drafts acknowledgem the Officer-In-
abeyance letter to ent letter from Charge
clarify issues. BSP-IOD
3.B. Finalizes BSRD

for signature

BSP that the hard copy to client that the
of BSRD38 is ready for BSRD16 is ready for
pick-up pick-up
The BSRD shall be

released upon
presentation of the
designated
BSRD, and valid ID
TOTAL 20 working
days
36 A servicing letter authority and/or provisional BSRD will be issued in electronic format during the effectivity
of
BSP Circular No. 1080. A servicing letter authority may be issued for maturing FX obligations falling due
within the period covered by BSP Circular No. 1080 prior to the issuance of provisional BSRD. The original
BSRD covering the outstanding balance of the registered loan will be issued after the effectivity of BSP
Circular No. 1080.
38 A servicing letter authority and/or provisional BSRD in electronic format will be issued during the effectivity
of
BSP Circular No. 1080 prior to the issuance of hard copy of BSRD.
16
6. Registration of Inward Foreign Investments (update)
The Bangko Sentral Registration Document (BSRD) authorizes the client to purchase
foreign exchange from Authorized Agent Banks (AABs) and AAB-foreign exchange
corporations for capital repatriation or remittance of cash dividends/profits/earnings
accruing on foreign investments registered with the BSP.
Office or International Operations Department

Division:
Who may avail: Non-resident investors (whether corporate or individual), and/or their
authorized representatives (e.g., private sector entities and individuals)
with existing foreign investments falling under Section 36 of the FX
Manual
1. Duly accomplished Annex W Annex W may be downloaded from the BSP website
(Application For Registration of Foreign (https://www.bsp.gov.ph/SitePages/Regulations/Downl
Investments) of the FX Manual [one (1) oadSection.aspx)
original document)
2. Proof of funding [one (1) original From the applicant/representative, as applicable40
document or photocopy]
3. Proof of investment [one (1) photocopy] From the applicant/representative, as applicable35
40 Please refer to Appendix 10.C of the FX Manual for the list of acceptable documents

application or request.” The time spent in assessing the completeness and sufficiency of the application
and the supporting documents submitted shall not be included in the determination of processing time.
Further, as stated therein, requirements shall only be considered complete when all the necessary or
appropriate documents that are required to be submitted together with an application form by the applicant
or requesting party fully satisfy the formal and substantive requirements of the relevant law.
17
1. Submit 1. BSP-IOD None at the Analyst/
application for checks42 the point of Administrative
registration of compliance and submission Staff
inward investments, completeness of the
together with proof submitted
of funding and proof documents, and
of investment, to the acknowledges
BSP-IOD receipt of the
application.
Applications with
incomplete
requirements based
on the application
form and incorrect
versions of forms
used shall not be
accepted.
2. No action 2. Perform pre- None during Analyst,

required from the assessment43 and pre-assessment Supervisor, and
client, unless an issue: Deputy Director
abeyance letter is
received where the a) Letter advising
client shall submit commencement
additional of processing of
documents/ the request44; or
information
requested. b) abeyance letter,
as applicable.
Processing of the
application shall
only commence
upon receipt of
complete and
sufficient
documents/
information.
and sufficient documents and information, and proof of payment of filing fee. The time spent in assessing
the completeness and sufficiency of the application and the documents/information submitted shall not be
included in the determination of processing time. Accordingly, the steps performed under preliminary
assessment are for applicant’s reference only and shall not form part of the processing time of the
application.
44 An advice signifying acceptance and commencement of the processing of application shall be sent, upon
determination of completeness and sufficiency of the application in form and substance.

18
3. During the 3.A. Evaluates None,46 except 20 working Analyst,
processing of the application and if the days48 upon Supervisor,
application, the prepares draft cover registration will receipt of Deputy Director,
applicant may letter and BSRD45 be filed beyond advice of and Head of the
communicate for for review. the one (1) year commencement Department or in
status update of the Otherwise, drafts prescriptive to process the his/her absence
application abeyance letter to period47: request from the Officer-In-
clarify issues, if any. 1st year of filing BSP-IOD Charge
beyond the
3.B. Finalize prescriptive
BSRD18 and cover period,
letter for signature. PHP10,000 for
every BSRD
issued
2nd year of
4. Client receives 4. BSP-IOD sends filing beyond the Analyst,
notice from BSP that notification to client prescriptive Supervisor and
the original BSRD49 that the original period and Deputy Director
is ready for pick-up BSRD is ready for onwards, an
pick-up additional fee of
The original BSRD PHP10,000 for
shall be released50, each year for
upon presentation of every BSRD
the notice from BSP- issued
IOD, with
authorization for
45 A provisional BSRD will be issued in electronic format during the effectivity of BSP Circular No. 1080. The
original BSRD shall be released after the effectivity of the aforesaid BSP Circular.
46 Please refer to Appendix 20 of the FX manual for the processing fees on FX transactions. All payments
shall be supported by a New Order of Payment Slip to be generated by the BSP-IOD. The payments in
favor of the BSP shall be made to the accredited bank (UnionBank of the Philippines) or any other bank
that will be authorized by the BSP to collect payments via over-the-counter or online banking.
47 Under BSP Circular No. 1080, the grace period (from 8 March 2019 to 7 March 2020) for registration of
foreign investments unregistered as of 8 March 2019 beyond the prescriptive period under Circular No.
1030 dated 5 February 2019 shall be re-opened from 8 March 2020 up to the period covered by this Circular
and one (1) month thereafter. Moreover, investments for registration with the BSP whose prescriptive period
shall end on 8 March 2020 up to the period covered by Circular 1080 dated 27 March 2020 shall likewise
be given a grace period of up to one (1) month thereafter. As clarified under Circular Letter No. CL-2020-
041 dated 28 August 2020, the prescriptive period for the submission of applications for registration of
foreign investments is temporarily lifted.
49 Under BSP Circular No. 1080, a provisional BSRD in electronic format shall be issued in lieu of the original
BSRD, which shall be valid for the duration of the community quarantine as declared by the Office of the
President (or as may be extended by the BSP) and up to one (1) month thereafter.
50 The original BSRD shall be released when BSP resumes normal operations.
19
designated
representative to
claim the original
BSRD, proof of
payment of
processing fee (as
applicable), and
valid ID.
TOTAL 20 working days
20
FEEDBACK AND COMPLAINTS MECHANISM
How to send feedback For transactions/services rendered, feedback
may be given by clients which may be sent
through the following channels:
 Via tablet/touchscreen kiosk [Feedback
Management System (FMS) emoticon]
 Survey response (FMS one-pager structured
form via paper-based or BSP website)
 Email or letter
How feedbacks are processed Sent through the FMS emoticon
tablet/touchscreen kiosk/BSP website
Email alert on sad emoticon/negative feedback

is received real time by all FMS users of the
department/office. Concerned Department to
immediately address issue. FMS
designate/alternate shall encode the action
taken within two (2) working days from receipt
of sad emoticon/negative feedback.
Sent through the paper-based FMS structured

form
FMS designate/alternate to gather and scan

accomplished paper-based structured form.
This is done within one (1) day upon receipt of
accomplished forms.
FMS designate/alternate to upload structured

form within one (1) working day from receipt of
accomplished form.

Department. Concerned Department to
Sent through Email
21
The recipient endorses the feedback to the
Group Head within three (3) working days from
receipt of email.
The concerned Group communicates with the

client regarding the feedback, if needed.
How to file a complaint This may be best done via formal
communication (i.e., letter or email) describing
the transaction, person/s involved and
circumstances leading to the complaint.
How complaints are processed Complaints are immediately forwarded to
concerned division to resolve or address issue.
Due process is accorded to the concerned
employee.
Contact Information of CCB, PCC, ARTA: complaints@arta.gov.ph
ARTA PCC: 8888
CCB: 0908-881-6565 (SMS)
Office Address Contact Information

International Operations Room 301, 5-Storey (02) 8708-7107
Department Building, Bangko Sentral (02) 5306-3060
ng Pilipinas, A. Mabini St.
corner P. Ocampo St.,
1004 Malate Manila
22
Department of Loans and Credit
External Services
23
1. Rediscounting Facility: Stage I – Application for Rediscounting Line
Rediscounting is a privilege of a qualified bank to obtain loans or advances from the
Bangko Sentral ng Pilipinas (BSP) using eligible papers of its borrowers as collaterals.
To be able to avail of the privilege, banks must apply for a Rediscounting Line (RL). A
RL establishes the maximum balance of rediscount that can be maintained with the BSP.
Office or Division: Credit Rating and Loan Evaluation Division (CRLED),

Department of Loans and Credit (DLC)
Type of G2B – Government to Business
Transaction:
Who may avail: Eligible banks under Section 281 of the Manual of Regulations for
Banks (MORB)
1. Application for Rediscounting Line CRLED, DLC, Room 215, 5-Storey Building,
(use DLC prescribed form), preferably BSP Head Office, Malate Manila (DLC Office)
printed on the bank’s stationery, or may be requested via telephone no. (02)
indicating the amount of RL applied 5306-2413 or email at DLCmail@bsp.gov.ph
for [one original copy] or eRediscounting@bsp.gov.ph.
2. Secretary’s Certificate or Board Applicant bank
Resolution duly signed by the Board
of Directors of the applicant bank,
authorizing the bank: (a) authorizing
the bank to apply for a RL with the
BSP; (b) indicating the amount applied
for; and (c) designating at least two (2)
senior officers of the bank (together
with their specimen signatures)
authorized to endorse Promissory
Notes and sign all papers pertaining to
rediscounting (one original copy)
3. List of Board of Directors and principal Applicant bank
officers (top three [3] executive
officers) and their education/training,
and work experience as of recent date
(one original copy)
4. Articles of Incorporation (for new Applicant bank
applications only) and amendments, if
51 Due to the declaration of the State of Public Health Emergency and the placement of the country
under the community quarantine, BSP Memorandum No. M-2020-016 dated 31 March 2020 provides,
among others, the submission of documentary requirements and other communications thru email using
DLCmail@bsp.gov.ph, including a certification that: (1) the electronic copies submitted are true and faithful
copy of the original; (2) the original copies shall be transmitted to the BSP-DLC upon resumption of work at
the BSP Head Office; (3) the bank acknowledges that any misrepresentation shall be subject to appropriate
enforcement actions, among other legal recourses available to the BSP.
24
any (one photocopy). New
applications from banks include those
filed within the month immediately
preceding the expiry of the line or
thereafter.
5. Organizational Chart (for new Applicant bank

applications only) [one photocopy].
New applications from banks include
those filed within the month
immediately preceding the expiry of
the line or thereafter.
6. Annual Report or Audited Financial Applicant bank
Statements for the immediately
preceding year (one photocopy)
7. Certification dated at most one (1) CRLED, DLC Office or may be requested via
month prior to the date of filing of telephone no. (02) 5306-2413 or email at
application, preferably printed on the DLCmail@bsp.gov.ph or
bank’s stationery, signed by any two eRediscounting@bsp.gov.ph.
(2) of the authorized officers indicated
in Requirement No. 2:
a. If the bank has outstanding
obligation/s: certification (use DLC
prescribed form) that the bank has
no past due obligation/s with all
other financial and lending
institutions, as enumerated therein
(one original copy); or
b. If the bank has no outstanding
obligation: certification (use DLC
prescribed form), that the bank
has no financial obligation with all
other financial and lending
institutions [one original copy].
8. Certification of good credit standing Financial institution/s where the bank has
prepared and issued by all the outstanding obligation/s.
financial institution/s listed in
Requirement No. 7 and dated at most
one (1) month prior to the date of filing
of application for RL (one original copy
from each financial institution)
9. For banks applying for microfinance Applicant bank
facility, a copy of the Manual of
Operations pertaining to microfinance
operations (one photocopy).
25
I. Preliminary Assessment53
1. Submit 1.1. Receive None Three working Bank Officer,
application documentary days CRLED, DLC
form and requirements.
complete
documentary
requirements
at DLC
Office54.
1.2. Check None Bank Officer,
completeness, CRLED, DLC
validate
accuracy and
consistency of
the contents of
the submitted
documentary
requirements.
1.3. If the submitted None Bank Officer,
documentary CRLED, DLC
requirements
are complete
and valid:
Prepare
acknowledge-
ment of
complete and
valid
documentary
requirements,
quoting therein
the unique
identification
number and
informing that
52 Processing time per agency action may be flexible, but the total processing time for preliminary
assessment of documentary requirements and the processing of application with complete documentary
requirements shall not exceed five and 20 working days, respectively.
53 The preliminary assessment includes the evaluation of the completeness and validity of the
documentary requirements submitted by the applicant bank. The processing time incurred therein shall not
be included in the total processing time of the transaction.
54 Please refer to footnote on BSP Memorandum No. M-2020-016 dated 31 March 2020 in the Checklist
of Documentary Requirements page of this service.
26
the application
will proceed to
the next stage
of the process
(Processing of
Application with
Complete
Documentary
Requirements).
If the submitted
documentary
requirements
are incomplete
and/or have
deficiencies:
Prepare a letter
returning the
application,
together with
other
documents
submitted, and
notifying the
applicant of any
the
deficiency/ies
noted.
1.4. Review, sign off None Two working Manager

and release days CRLED, DLC
results of
preliminary Deputy Director
assessment Credit Rating
and Financial
Services Group
(CRFSG), DLC
and
Director or
Officer-in-
Charge
27
DLC
TOTAL: None Five working

days
II. Processing of Application with Complete Documentary Requirements
1.5. Obtain relevant None Four working Bank Officer,
information days CRLED, DLC
from
appropriate
groups/
departments in
the BSP.
1.6. Evaluate, None Five working Bank Officer,
among others, days CRLED, DLC
the applicant
bank’s and
compliance with
the eligibility Manager
requirements CRLED, DLC
provided in
Section 281 of
the MORB;
determine the
amount of RL
based on the
total credit
score under the
Credit
Information
System (CRIS)
after
considering
management
and risk
management
system,
financial
indicators, and
credit
experience; and
recommend
action.
28
1.7. Evaluate and None Five working Deputy Director
review the days Credit Rating
application, and Financial
CRIS report Services Group
and the (CRFSG), DLC
recommended
action. and
Director or
Officer-in-
Charge
DLC
1.8. Review and act None Four working Deputy
on (i.e., days Governor or
approve/deny/ Sector-in-
modify) Charge
recommended Monetary and
action. Economics
Sector, BSP
or
Credit
Committee,
BSP
or
Monetary
Board, BSP
1.9. Prepare, review, None Two working Bank Officer,
sign off and days CRLED, DLC
release/send
letter of BSP Manager
action on the CRLED, DLC
application (i.e.,
approve/deny/ Deputy Director
modify). CRFSG, DLC
and
Director or
Officer-in-
Charge, DLC
TOTAL: None 20 working
days
29
2. Rediscounting Facility: Stage II – Application to Participate in the Electronic
Rediscounting System (eRS)
Qualified banks must request to participate in the eRS to be able to conduct their
rediscounting transactions and inquiries with the BSP on an online and real-time basis
at the convenience of their bank premises.
Office or Division: Systems Development and Management Division (SDMD), DLC

Classification: Simple
Transaction:
Who may avail: Eligible banks under Section 281 of the MORB
1. Application for Participation in the SDMD, DLC, Room 215, 5-Storey
Electronic Rediscounting System (use Building, BSP Head Office, Malate
DLC prescribed form) [one original copy] Manila (DLC Office) or may be requested
via telephone no. (02) 5306-2351 or
email at DLCmail@bsp.gov.ph or
eRediscounting@bsp.gov.ph.
2. Duly signed and notarized Electronic SDMD, DLC Office, or may be requested
Rediscounting System Participation via telephone no. (02) 5306-2351 or
Agreement (ERSPA) [use DLC prescribed email at DLCmail@bsp.gov.ph or
form] {four original copies} eRediscounting@bsp.gov.ph.
3. Board Resolution authorizing the bank to Applicant bank
participate in the eRS (two copies, at
least one copy is original)
4. Notarized Secretary’s Certificate on the Applicant bank
minutes of Board meeting authorizing the
bank to participate in eRS (two copies, at
least one copy is original)
5. User Account Registration Form (two SDMD, DLC Office or may be requested
original copies) via telephone no. (02) 5306-2351 or
email at DLCmail@bsp.gov.ph or
eRediscounting@bsp.gov.ph.
6. Duly signed and notarized Depository/ SDMD, DLC Office or may be requested
Custodianship Agreement or Depository via telephone no. (02) 5306-2351 or
Agreement56 (For Rural/Cooperative
55 Due to the declaration of the State of Public Health Emergency and the placement of the country
under the community quarantine, BSP Memorandum No. M-2020-016 dated 31 March 2020 provides,
among others, the submission of documentary requirements and other communications thru email using
DLCmail@bsp.gov.ph, including a certification that: (1) the electronic copies submitted are true and faithful
copy of the original; (2) the original copies shall be transmitted to the BSP-DLC upon resumption of work at
the BSP Head Office; (3) the bank acknowledges that any misrepresentation shall be subject to appropriate
enforcement actions, among other legal recourses available to the BSP.
56 For banks who are unable to secure a Depository/Custodianship Agreement, they may instead
deposit their rediscounted collateral with the nearest BSP Regional Office or Branch pursuant to BSP
30
Banks only) [use DLC prescribed form] email at DLCmail@bsp.gov.ph or
{six original copies} eRediscounting@bsp.gov.ph.
AGENCY FEES TO PROCESSING PERSON

CLIENT STEPS
ACTIONS BE PAID TIME57 RESPONSIBLE
1. Submit 1.1. Receive None Four hours Bank Officer
application complete SDMD, DLC
form and documentary
complete requirements
documentary and issue a
requirements unique identifi-
at DLC cation number.
Office58. 1.2. Validate None One working Bank Officer
accuracy and day SDMD, DLC
consistency of
the contents of
the submitted
documentary
requirements
including the
ERSPA;
recommend
action; and
prepare letter
of approval or
notification of
denial.
Reminder:
Recommended
action may include
return of application
due to deficiency/ies
noted in the
documentary
requirements.
Resubmitted
application is
Memorandum No. M-2020-016 dated 31 March 2020. However, instead of a DCA, banks need to execute
a Depository Agreement. This however, is only a temporary measure as a response to the declaration of
State of Public Health Emergency and the placement of the country under community quarantine.
57 Processing time per agency action may be flexible, but the total processing time shall not exceed
three working days.
58 Refer to footnote on BSP Memorandum No. M-2020-016 dated 31 March 2020 in the Documentary
Requirements Page of this service.
31
CLIENT STEPS
treated as a new
application.
1.3. Review, sign None One working Bank Officer
off and day and four SDMD, DLC
release/send hours
Manager
letter of BSP’s
SDMD, DLC
action on the
application
(i.e., approve
or deny). Deputy Director
Accounts
Note: If approved, Management
ERSPA shall be Group I, DLC
notarized before a
and
notary public.
Director or
Officer-in-
Charge
DLC
TOTAL: None Three working
days
32
How to send feedback Sent feedback through the following
channels:
 Feedback Management System
(FMS) emoticon
tablet/touchscreen kiosk59
 FMS one-pager structured form via
paper-based or BSP website
 BSP mail (bspmail@bsp.gov.ph)
For inquiries and follow-ups, clients

may contact the following telephone
numbers:
(02) 8708-7701 local nos. 3067, 2356
and 2474.
How feedbacks are processed  If feedback is sent through the FMS

emoticon tablet/ touchscreen
kiosk9/BSP website:
Email alert on sad

emoticon/negative feedback is
received real time by all FMS
users of the department/office.
FMS designate/alternate shall
encode the action taken within two
(2) working days from receipt of
sad emoticon/negative feedback.
If negative feedback is more than

20% of the day’s number of
respondents,
 FMS designate/alternate
generates and endorses the
Daily i-Report within a day
(24 hours) to the Servicing
Department/Office (SDO)
Head and other concerned
personnel to review and reply
to the concerned issue.
 Action Report to include the

action to be taken and the
target date of
59 Temporarily not available as precautionary measure to control the spread of COVID-19.

33
completion/resolution is
generated and submitted to
the SDO Head for
review/approval. Report is
generated and transmitted to
Feedback Management Unit
through the Economic and
Financial Learning Center
(EFLC), Director within two (2)
working days from receipt of
negative feedback.
In case the feedback is within the

purview of another
department/office, the FMS
Designate/Alternate requests
transfer of feedback to appropriate
department/office. Request for
transfer is done within one (1)
working day from receipt of sad
emoticon/negative feedback.
 If feedback is sent through the

paper-based FMS structured form:
FMS designate/alternate to gather

and scan accomplished paper-
based structured form. This is
done within one (1) day upon
receipt of accomplished forms.
FMS designate/alternate to upload

structured form within one (1)
working day from receipt of
accomplished form.
Email alert on sad

emoticon/negative feedback is
received real time by all FMS
users of the department/office.
FMS designate/alternate shall
encode the action taken within two
34
If negative feedback is more than
20% of the day’s number of
respondents,
 FMS designate/alternate
generates and endorses the
Daily i-Report within a day
(24 hours) to the SDO Head
and other concerned
personnel to review and reply
to the concerned issue.
 Action Report to include the

action to be taken and the
target date of
completion/resolution is
generated and submitted to
the SDO Head for
review/approval. Report is
generated and transmitted to
Feedback Management Unit
through the EFLC Director
within two (2) working days
from receipt of negative
feedback.
For inquiries and follow-ups,

clients may contact the following
telephone numbers:
(02) 8708-7701 local nos. 3067,
2356 and 2474
 If feedback is sent through the BSP

mail:
The Information Desk Officer

endorses the feedback to the
appropriate department with three
email.
The concerned department

communicates with the client
regarding the feedback, if needed.
How to file a complaint Written documentation with the
following information sent through
35
the BSP or DLC mail
(bspmail@bsp.gov.ph,
DLCmail@bsp.gov.ph ):
 Name of complainant and contact
information
 Nature of complaint to include
details (e.g., name of person
being complained, description of
incident, date/time of occurrence)
For inquiries and follow-ups,

clients may contact the following
telephone numbers:
(02) 8708-7701 local nos. 3067,
2356 and 2474
How complaints are processed The Information Desk Officer
endorses the complaint to the
appropriate department within
three (3) working days from receipt
of email.
The concerned department

communicates with the client
regarding the complaint, as
deemed appropriate.
Contact Information of CCB, ARTA:
PCC, ARTA complaints@arta.gov.ph
Tel. No. 1-ARTA (2782)
PCC:
pcc@malacanang@gov.ph
Tel. No. 8888
CCB:
0908-881-6565 (SMS)
36
Department of Loans and Room 215, 5-Storey (02) 8708-7701 local nos.
Credit Building, Bangko Sentral 3067, 2356 and 2474
ng Pilipinas,
A. Mabini corner
P. Ocampo Sr. Streets,
Malate, Manila
37
Department of Economic Research
External Services
38
1. Processing of Requests for Monetary Board (MB) Opinion on Proposed
Domestic Borrowings of Government Entities
Office or Division: Department of Economic Research (DER)
Type of G2G – Government to Government
Transaction:
Who may avail: Borrowing Government Entities (BGEs) - all government agencies,
sub-divisions, or instrumentalities, e.g. LGUs, GOCCs, SUCs, and
LWDs
CHECKLIST OF REQUIREMENTS WHERE TO SECURE
Pursuant to BSP Circular No. 926, series of Downloadable forms at http://www.bsp.gov.ph
2016, Appendices 57 and 57A
For LGUs:
1. Letter from LGU requesting for MB Local Chief Executive/Authorized Representative
opinion on its proposed domestic of the requesting LGU
borrowing (1 original)
2. Information on outstanding loans Requesting LGU
(1 original)
3. Valid BLGF certification on the Department of Finance-Bureau of Local
borrowing capacity (1 original) Government Finance (DOF-BLGF)
For GOCCs: Downloadable forms at http://www.bsp.gov.ph

1. Letter from GOCC requesting for MB President/Chief Executive Officer/Authorized
opinion on its proposed domestic Representative of the requesting GOCC
2. Board Resolution or Corporate Requesting GOCC
Secretary’s certificate approving the
proposed borrowing (1 original or
1 certified true copy of the original)
3. Department of Finance (DOF) DOF
comments on the proposed domestic
4. Endorsement of the proposed loan by Oversight Department/Agency
the oversight department/agency
(1 original)
5. Information on outstanding loans Requesting GOCC
(1 original)
39
1. Processing of Requests for Monetary Board (MB) Opinion on Proposed
Domestic Borrowings of Government Entities (update)

For LWDs: Downloadable forms at http://www.bsp.gov.ph
1. Letter from the LWD requesting for MB General Manager/Authorized Representative of
opinion on its proposed borrowing the requesting LWD
(1 original)
2. Board Resolution or Corporate Requesting LWD
3. Local Water Utilities Administration LWUA
(LWUA) endorsement/clearance
(1 original) for non-LWUA contracted
loans
4. Information on outstanding loans Requesting LWD
(1 original)
For SUCs: Downloadable forms at http://www.bsp.gov.ph

1. Letter from the SUC requesting for MB President/Authorized Representative of the
opinion on its proposed borrowing requesting SUC
(1 original)
2. Board Resolution or Corporate Requesting SUC
3. Commission on Higher Education CHED
(CHED) endorsement/clearance
(1 original)
4. Information on outstanding loans Requesting SUC
(1 original)
40
Office or Division: Department of Economic Research (DER)
Type of Transaction: G2G – Government to Government
Who may avail: Borrowing Government Entities (BGEs) - all government agencies,
sub-divisions, or instrumentalities, e.g., LGUs, GOCCs, SUCs, and
LWDs
Please refer to pages 39 to 40 Downloadable forms at http://www.bsp.gov.ph
CLIENT STEPS
ACTIONS BE PAID TIME RESPONSIBLE
1. Transmittal of 1. Acknowledge None 1 day Staff from the Real
required receipt via email and External Sector
documents and Research Group
information: (RESRG) of the
a. In view of the DER
social distancing/
no-contact
measures
implemented
amid the
pandemic:
To send/ transmit
the letter-request
for MB opinion
with the required
documents, or
any communica-
tions pertaining
to MB opinion
issuance, in
electronic format
(e.g., Word file or
PDF) to the email
address
mbopinion_der@
bsp.gov.ph
Note: In view of the quarantine measures to address the pandemic, the BSP on 7 August 2020 published an advisory to lending institutions and their government
entity clients to submit MB opinion requests or any communications pertaining to the MB opinion issuance via electronic format to the email address:
mbopinion_der@bsp.gov.ph
41
CLIENT STEPS
b. Post-pandemic:
To continue to
send/transmit the
letter-request for
MB opinion with
the required
documents, or
any communica-
tions pertaining
to MB opinion
issuance, in
electronic format
(e.g., Word file or
PDF) to the email
address:
mbopinion_der@
bsp.gov.ph
2. None 2. Process None 15 days  DER-RESRG staff

BGE’s request  Deputy Director,
for submission DER-RESRG
to/ and approval  Senior Director,
DER
of the MB  Asst. Governor,
opinion. Only MPSS
requests with  Deputy Governor,
complete MES
requirements will  Governor and
be submitted to Monetary Board
the MB.
3. None 3. Prepare the None 3 days  DER-RESRG staff
BSP letter  Deputy Director,
transmitting the DER-RESRG
requested MB  Senior Director,
opinion and DER
submit for  Asst. Governor,
signing (i.e., e- MPSS
signature) by the  Deputy Governor,
MES
authorized
signatories.
42
CLIENT STEPS
4. None 4. Send via email None 1 day  DER-RESRG staff
the PDF copy of
the digitally
signed BSP letter
transmitting the
requested MB
opinion to the
BGE.
TOTAL: 20 days
43
How to send feedback The BGE is requested to answer the
Customer Satisfaction Survey (CSS)
attached to the BSP letter transmitting
the MB opinion
How feedbacks are processed 1. The accomplished CSS responses
submitted to DER are tallied
according to the following:
a. Service received
very satisfied, neutral, satisfied,
dissatisfied, very dissatisfied
b. Timelines
strongly agree, agree, neutral,
disagree, strongly disagree
c. Descriptive aspect of
responses
d. Comments and suggestions
2. Processed responses are reported
to the Monetary Board as reflected
in the Semestral Report on
Requests for MB Opinion on
Domestic Government Borrowings
How to file a complaint A letter may be sent to:
The Governor
Bangko Sentral ng Pilipinas
A.Mabini corner P.Ocampo Sts.
Malate, Manila, Philippines 1004
How complaints are processed BSP sends a letter-reply providing
information/clarification on the issues
posed by the third party/ies
Contact Information of CCB, PCC, Email: mbopinion_der@bsp.gov.ph
ARTA Tel. Nos.:
(632) 8708-7214/
(632) 5306-2970
Fax Nos.:
(632) 8708-7428
44
BSP Head Office BSP Complex, 5-storey Trunk line:
Bldg., Malate, Manila (632) 8708-7701
BSP Monetary and 5th Floor, 5-storey Bldg., Direct Line:
Economics Sector BSP Complex, Malate, (632) 8708-7413
Manila
BSP Monetary Policy 4th Floor, 5-storey Bldg, Direct Line:
Sub-Sector BSP Complex, Malate, (632) 8708-7120
Manila Trunk line local No.: 3005
BSP Department of Room 403, 4th Floor, 5- Direct Lines: (632)
Economic Research storey Bldg., BSP 8708-7219
Complex, Malate, Manila 8708-7214
Trunk line local Nos.
3023, 2849, 2680, 2970
45
Financial Supervision Sector
External Services
46
1. Application for Authority to Establish and Operate as Non-Bank
Credit Card Issuer
The application for grant of authority to establish and operate as non-bank credit card
issuer constitutes a three-stage process:
 Stage 1 refers to the application for BSP approval to establish and operate as
credit card issuer with processing time60 of 20 working days;
 Stage 2 refers to the application for issuance of Certificate of Authority to register

with the Securities and Exchange Commission the Articles of Incorporation and/or
By-Laws or amendments61 thereto, indicating the corporate purpose as credit card
issuer with processing time of 7 working days; and
 Stage 3 refers to application for issuance of Certificate of Authority to establish and

operate as credit card issuer with processing time of 13 working days.
Office or Division: Financial Supervision Department IX

Type of Transaction: G2B – Government to Business Entity
Who may avail: Organizers/incorporators of new corporations or authorized representatives
of existing corporations that plan to engage in credit card business as credit
card issuer
Stage 1: Application for BSP Approval to Establish and Operate as Credit Card Issuer
A. DOCUMENTARY REQUIREMENTS62
(Submit original copy only, unless otherwise stated)
1. Application letter for authority to establish and operate as non- Applicant
bank credit card issuer, signed by the incorporators/directors or
the president or officer of equivalent rank.
The application letter shall state the name of the authorized

contact person relative to the application, official e-mail address
authorized to receive notifications, and other contact details.
60 Based on the Implementing Rules and Regulations of Republic Act No. 11032 (Ease of Doing Business
and Efficient Government Service Delivery Act of 2018), processing time is the time consumed from the
application or request. The time spent in determining whether or not all the requirements have been
complied with shall not be included in the determination of processing time. Further, as stated therein,
requirements are complete when all the necessary or appropriate documents that are required to be
submitted together with an application form by the applicant or requesting party fully satisfy the formal and
substantive requirements of the relevant law.
61 In case of existing corporation which opts to amend its Articles of Incorporation and/or By-Laws to include
as corporate purpose that it will engage in credit card business as credit card issuer.
62 Submission may be by electronic form, personal filing at FSS Booth or mail/courier
47
2. Document showing proof that minimum paid-up capital of ₱100 Applicant
million is met.
3. For new corporations:
a. Proposed Articles of Incorporation (AOI) reflecting the Applicant
primary/secondary purpose to engage in credit card
business, and/or By-laws (4 original copies for hardcopy
submissions); and SEC
b. Proof of reservation of the proposed corporate name with the
SEC.
4. For existing non-bank corporations:
a. Proposed amended AOI reflecting the primary/secondary Applicant

purpose to engage in credit card business as credit card
issuer, and/or By-laws (4 original copies for hardcopy
submissions);
b. Document showing proof of no past due obligation with any Applicant

financial institution as of date of application;
c. Proof of reservation of the proposed corporate name with the SEC

SEC (if amended AOI includes change in corporate name);
d. Present AOI and/or By-laws certified by the SEC as the SEC

“faithful reproduction of the original” (4 copies for hardcopy
submissions).
If the non-bank corporation is applying for amendment of the

AOI and/or By-laws for the first time, the original copy of the
AOI and/or By-laws plus 3 copies for hardcopy submissions
certified by the SEC as the “faithful reproduction of the
original”;
e. General Information Sheet as of the date of meeting when SEC

the amendment/s to AOI and/or By-laws was/were approved;
f. Directors’ Certificates (4 original copies for hardcopy Applicant

submissions):
i. Directors’ Certificate for the amendment of the AOI
attesting that: (i) majority of the directors; and (ii)
stockholders representing at least 2/3 of the outstanding
capital stock, approved the proposed amendment/s to the
AOI in a meeting; and
ii. Directors’ Certificate for the amendment of the By-laws
stockholders representing at least a majority of the
48
outstanding capital stock, approved the proposed
amendment/s to the By-laws in a meeting.
Applicant
g. Minutes of the stockholders’ and/or directors’ meeting or
excerpts thereof:
i. For the amendment of AOI:
1) It should indicate the date and place of the meeting
and the stockholders/directors present or absent in the
meeting and their respective stockholdings;
2) The minutes must show that stockholders
representing at least 2/3 of the outstanding capital
stock and majority of the directors voted for the
proposed amendment/s and must also state in detail
the amendment/s applied for; and
3) This document shall be certified as correct by the
Corporate Secretary of the meeting, attested to by the
President/Chairman of the directors’ and stockholders’
meetings and signed by at least a majority of the
directors.
ii. For the amendment of the By-laws:
1) It should indicate the date and place of the meeting
and the stockholders/directors present or absent in the
2) The minutes must show that stockholders
representing at least majority of the outstanding
capital stock and majority of the directors voted for the
proposed amendment/s and must also state in detail
the amendment/s applied for; and
directors.
5. Prior consent of the foreign regulator/supervisor of the parent Foreign regulator/
organization, if the owner or parent organization of the applicant supervisor of the parent
is a foreign-regulated financial institution or corporation. organization
6. List of stockholders and their stockholdings. Applicant
7. Biographical data with latest 2x2 ID picture of each incorporator, Template can be
subscriber, existing/proposed director and officer. The directors downloaded at the BSP
and officers of the applicant must comply with the fit and proper website:
rule prescribed under existing laws and regulations. http://www.bsp.gov.ph/
regulations/guidelines.
asp
8. National Bureau of Investigation (NBI) clearance of each of the National Bureau of
incorporator, subscriber, existing/proposed director and officer, Investigation (NBI) for
Filipino citizens and the
49
or similar document from the home country in the case of non- NBI counterpart for
Filipino citizens. non-Filipino citizens
9. Certificates of attendance to the required seminar on corporate Applicant
governance for directors conducted or accredited by the Bangko
Sentral.
10. Notarized authorization form for querying the BSP watchlist file Appendix Q-45 of the
for each incorporator, subscriber, existing/proposed director and Manual of Regulations
officer. for Non-Bank Financial
Institutions Volume I
http://www.bsp.gov.ph/
regulations/reg_MORB.
asp
11. Certification from home country’s supervisory authority that the Home country’s
non-Filipino citizen has no derogatory record, if applicable. supervisory authority
12. Alien employment permit for foreign directors/officers. Department of Labor
and Employment
13. Certification of independence for independent directors. Applicant
14. For officers who will be in-charge of the credit card operations, Applicant
document showing proof of actual experience of at least two (2)
years in a bank or quasi-bank as in-charge (or at least as
assistant-in-charge).
15. For corporate subscribers, the following additional documents Applicant
shall be submitted:
a. Copy of the board resolution authorizing the corporation to

invest in the business of credit card issuance and designating
the person who will represent the corporation in connection
therewith;
b. Copy of the latest AOI and By-laws;
c. Updated list of directors and principal officers;
d. Current list of substantial or major stockholders, indicating

the citizenship and the number, amount and percentage of
the voting and non-voting shares held by them. For this
purpose, substantial or major shareholder shall mean a
person, whether natural or juridical, owning such number of
shares that will allow him to elect at least one (1) member of
the board of directors of a credit card issuer/acquirer, or who
is directly or indirectly the registered or beneficial owner of
more than ten percent (10%) of any class of its equity
security;
e. A copy each of the corporation’s audited financial statements

for the last two (2) years prior to the filing of the application;
50
f. A copy of the corporation’s annual report to the stockholders
for the year immediately preceding the date of filing of the
application; and
g. Certified photocopies of the corporation’s Income Tax

Return.
For foreign corporations, in addition to Items “(a)” to “(g)”, it shall

also submit, if applicable, a certification from its home country’s
supervisory authority that it has no objection to the investment of
such company in a credit card issuer/acquirer in the Philippines
and that adequate information on such foreign corporation shall
be provided to the Bangko Sentral to the extent allowed under
existing laws.
16. Detailed plan of operation and economic justification for Applicant
engaging in the credit card issuance business, including a
manual of operations and other related documents embodying
the risk management system (RMS).
Include, among others, the business model, comprehensive

RMS [such as (i) information technology system/infrastructure
including features and functionalities of the platform/facility,
credit card network and payments ecosystem; (ii) Anti-Money
Laundering (AML) Act compliance; and (iii) consumer protection]
and other aspects of operations (such as accounting records,
systems and procedures, operational workflow and internal
control systems).
A presentation of business model, comprehensive RMS and

other aspects of operations is required to complete the
application. Requirements for the business presentation are
shown in BUSINESS PRESENTATION REQUIREMENTS
below.
17. Projected financial statements for the first five (5) years together Applicant
with assumptions. These should be consistent with its proposed
plan of operation and would show sufficient capital to support its
strategy and operations.
18. Requirements shown below in REQUIREMENTS FOR ONSITE Applicant
VERIFICATION in case onsite verification of the information
technology (IT) system, credit card network and payments
ecosystem is determined by the BSP as necessary to complete
the application. Such requirements shall be submitted only
and/or made available onsite for verification by BSP upon receipt
of advice from BSP that onsite verification shall be conducted.
51
19. Payment or proof of payment of non-refundable filing fee of Applicant
P1,000.00.
B. BUSINESS PRESENTATION REQUIREMENTS63
1. Purpose of the Business; Applicant
2. Form of Business Organization and Organizational Structure, Applicant
including the following:
 Capital Requirements and details of source of
funding/financing;
 Target Market;
 Target Network; and
 Projected Annual Volume of Transactions for three (3) years;
3. Products and services to be offered, including security standards Applicant
and product benefits;
4. Features and functionalities of the platform/facility, credit card Applicant
network and payments ecosystem;
5. Narrative discussion of the Operational Workflow – including the Applicant
roles and responsibilities of the parties involved (from credit card
application to fulfillment of the transaction):
 On-boarding process (e.g., marketing strategies);
 Account opening including AMLA and Know-Your-Customer
(KYC) process;
 Underwriting process;
 Cash-in and cash-out method process;
 Settlement (indicating the settlement bank) and collection
process; and
 Consumer complaints handling and redress mechanism
process;
6. Transaction fees to be charged to customers and partners; Applicant
7. Proposed set up of IT infrastructure (please include a detailed Applicant
discussion on the systems involved, system interfaces, security
controls/appliances, network diagram for both WAN/LAN and
disaster recovery set-up and how and where the application
system, customer and transaction data are located);
8. IT Risk Management; Applicant
9. List of third-party partners; Applicant
10. Records and reports; Applicant
11. Internal control system; and Applicant
12. Risk management system. Applicant
C. REQUIREMENTS FOR ONSITE VERIFICATION
1. Related Policies, Procedures and Manuals Applicant
a.Risk Management Manual;
b.Strategic Plans;
c. IT Operations Manual;
63 Virtual or other appropriate means of presentation of business model

52
d.Information Security policy manual;
e.Vendor Management framework;
f. System development life cycle manual/Project management
manual;
g.Business Continuity and Disaster Recovery plan;
h.Consumer Protection Framework;
i. IT Governance Structure and IT Strategic Plan;
j. Audit Manual;
k. Anti-Money Laundering Manual; and
l. System and user manuals (e.g. Credit Card System);
2. User acceptance test results on the credit card system including Applicant
certification on the user acceptance test results;
3. Memorandum of Agreement/vendor agreement/service level Applicant
agreement with partners and service providers;
4. Detailed implementation plan per phase on the credit card Applicant
business;
5. Payment Card Industry Data Security Standard (PCI DSS) Applicant
compliance certificate, if any;
6. Vulnerability assessment and/or penetration testing results, Applicant
follow-up and issue resolution, if any;
7. Detailed updated network diagram indicating security Applicant
controls/measures installed with narrative description of all the
systems involved;
8. Inventory list - IT Assets – hardware, software, network Applicant
components (including current version installed) and location;
9. System access rights matrices (e.g. for all functions); Applicant
10. Baseline configuration settings for application servers, Applicant
databases servers, network devices, etc.;
11. Parameter setting limits (screenshots); Applicant
12. Key IT Management and personnel; Applicant
13. Sample Management reports; Applicant
14. Walk-thru/demonstration of the features and functionalities of the Applicant
application/system; and
15. Walkthrough of the credit card operations from generation of Applicant
customers, application processing, credit scoring, determination
of credit limit, card embossing, card activation, account
settlement to contract termination.
53
CLIENT STEPS
Stage 1: Application for BSP Approval to Establish and Operate as Credit Card Issuer
A. PRELIMINARY ASSESSMENT65
1. Submit application
1.1 Electronic
submission66
1.1.1 Submit scanned

copy of application 1.1.1 System auto-
letter and acknowledges the
documentary submission
requirements to
fss- 1.1.2 Log-in and
somd@bsp.gov.ph open SOMD email Administrative
account. Officer, Frontline
Services
1.1.3 Transfer Administrative
email in the FSD Division (FSAD)
IX’s sub-folder. – Sectoral
Operations
Management
Department
(SOMD),
Financial
Supervision
Sector (FSS)
1.2 Personal filing at
the FSS Booth (Koi
Garden) / SOMD,
FSS (4th Floor, Multi-
64 Total processing time shall be suspended and appropriate adjustments shall be made in case of
delays due to force majeure or natural or man-made disasters, which result in damage or destruction of
documents and/or system failure. The applicant will be notified in writing and through other means of
communication of the suspension of the processing time without any delay.
65 Preliminary assessment covers initial receipt of the application up to applicant’s submission of
complete documentary documents in substance and in form, presentation of business model (if applicable)
and submission of proof of payment of filing fee. The time spent in determining whether or not all the
requirements have been complied with shall not be included in the determination of processing time.
Accordingly, the steps under preliminary assessment are for applicant’s reference only and not part of the
processing time of the application.
66 The auto-acknowledgment sent by FSS-SOMD e-mail does not signify receipt of complete and valid
application. A separate acknowledgment letter signifying acceptance of complete application shall be sent,
upon determination of completeness of application in form and substance. Original copies of the documents
should be made available upon request.
54
Storey Building, BSP
Complex, Manila)
1.2.1 Receive and Administrative
1.2.1 Proceed to FSS stamp date and Officer, FSAD -
Booth / SOMD. Get time of receipt. SOMD, FSS
queue number and
wait to be called. 1.2.2 Record
Once called, present receipt of
all the documentary application.
requirements.
1.2.3 Forward
documents to FSD
IX.
1.3 Mail/Courier
1.3.1 Send the 1.3.1 Receive and Administrative

application letter stamp date and Officer, FSAD -
together with time of receipt. SOMD, FSS
documentary
requirements. 1.3.2 Record
receipt of
application.
1.3.3 Forward
documents to FSD
IX.
2. Preliminarily Account Officer

assess the FSD IX, FSS
completeness of located at 14th
the application and Floor, Multi-
its supporting Storey Building.
documents vis-à-
vis checklist of
documentary
requirements.
2.1 Receive e-mail on 2.1 If complete: Account Officer

provisional receipt of Prepare and send and Division/
application provisional Group Head
receipt69 through FSD IX, FSS
FSD IX official e-
69 A separate acknowledgment letter signifying acceptance of complete application shall be sent, upon
determination of completeness of application in form and substance.
55
mail (a) signifying
receipt of
application and
accompanying
documents,
subject to further
preliminary
assessment to
determine if
application fully
satisfies the formal
and substantive
requirements of
relevant laws,
rules and
regulations; (b)
advising on
payment of non-
refundable filing
fee of ₱1,000.00
(with order of
payment*); (c)
containing the
following: (i) BSP
seal/logo; (ii)
assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; and
(iii) name of FSD
IX Account
Officer/contact
person, his/her
Group/Division
and position; and
(d) requiring the
applicant to
conduct
presentation of the
business model,
comprehensive
RMS and other
aspects of
56
operations, and
advising the
applicant to
coordinate with
FSD IX for the
schedule of
presentation.
*For order of
payment:
2.1.1 Receive OP 2.1.1 Request Non- Account Officer,
number and pay Order of Payment refundable FSD IX
through the following (OP) Number from filing fee of
payment options in Budget and ₱1,000.00
the UnionBank of the Finance
Philippines67: Administrative
a. Over-the-Counter Division (BFAD) -
b. Convergent SOMD, FSS
Banking/ Online through e-mail70
Banking (Web and
App)68 2.1.2 Process the Administrative
c. The Portal – Order of Payment Officer, BFAD-
Business Banking using the New SOMD, FSS
(Web and App) Order of Payment
System (NOPS)71
and send the OP
Number to the
requesting
department.
2.1.3 Send the OP Account Officer,

Number to the FSD IX
client through
email.
2.1.4. Provide the Administrative

department Officer, BFAD-
concerned with a SOMD, FSS
copy of collection
report on a daily
67 Other settlement banks (i.e., Chinabank, China Trust Bank Corporation) will also be available soon.
68 The system will also send an email and text notification to the client.
70 Use the OP Template; Cut-off time – 10:00 am
71 Pending the implementation of the NOPS, SOMD-BFAD is using the existing Order of Payment System.
57
basis,72 as
applicable (except
weekends and
holidays).
2.2 If deficient: Account Officer,

Prepare and Division/Group
release letter Head and
returning the Department
application and its Head
accompanying FSD IX, FSS
documents,
enumerating the
deficiencies and
missing
requirements, and
informing that
application is
considered
“closed”, without
prejudice to re-
submission of
application with
complete
documentary
requirements and
deficiencies noted
rectified.
2.2 Receive return 2.2.1 Process and Administrative

letter release documents Officer
to the FSAD – SOMD,
Administrative FSS
Services
Department
(ASD), BSP, for
mailing.
3. Coordinate and 3. Coordinate and Account Officer
finalize with FSD IX finalize schedule FSD IX, FSS
Account Officer the of presentation of
schedule of business model73,
comprehensive
72 Weekly in the current set up using the existing Order of Payment System; BSP receives collection report
from the settlement Bank thru NOPS the following day at 10:30 am, except for long weekends
73 Virtual or other appropriate means of presentation
58
presentation and RMS and other
confirm attendance. aspects of
operations, and
send confirmation
e-mail to applicant
on the date, time
and venue of the
presentation.
4. Present to BSP 4. Attend the Account Officer,
officials the business presentation and Division/Group
model, ask clarificatory Head and
comprehensive RMS questions, if any, Department
and other aspects of on the business Head
operations. model, FSD IX, FSS
comprehensive
Refer to BUSINESS RMS and other
PRESENTATION aspects of
REQUIREMENTS as operations.
shown above.
5. Determine if Account Officer,
onsite verification Division/Group
is necessary. Head and
Department
Head, FSD IX,
FSS
5.1 Receive notice of 5.1 In case onsite Account Officer

schedule of onsite verification is FSD IX, FSS
verification and necessary:
prepare the Prepare and send
requirements. e-mail notice
advising the
Refer to applicant of the
REQUIREMENTS schedule of the
FOR ONSITE onsite verification,
VERIFICATION as with advice to
shown above. prepare the
requirements.
5.1.1 Conduct Examination

onsite verification74 Team
to validate the FSD IX, FSS
features and
functionalities of
74 Maximum of 3 days, subject to extension depending on the complexity of the applicant’s operations
59
the IT system,
credit card
networks and
payment
ecosystem.
5.1.2 Prepare and Examiner-in-

submit report on Charge
the result of the FSD IX, FSS
onsite verification.
5.2 In case onsite

verification is not
necessary:
Proceed to next
step.
6. Complete the Account Officer
preliminary and
assessment of the Division/Group
application and Head
determine if FSD IX, FSS
application fully
and substantive75
requirements of
relevant laws,
rules and
regulations, taking
into consideration
the results of the
presentation of
business model,
comprehensive
RMS and other
aspects of
operations and the
onsite verification
of the IT system,
credit card network
and payments
ecosystem (if
applicable).
6.1 Receive return 6.1 If deficient: Account Officer,
letter Division/Group
75 May involve referral to appropriate departments of the BSP

60
Prepare and Head and
release return Department
letter citing Head
deficiencies noted FSD IX, FSS
and informing that
application is
considered
prejudice to re-
submission of
application with
complete
documentary
requirements and
deficiencies
already rectified.
Administrative
6.1.1 Process and Officer
release documents FSAD – SOMD,
to the ASD, BSP, FSS
for mailing.
B. ACCEPTANCE OF COMPLETE APPLICATION
6.2 Receive 6.2 If formally and After Account Officer
acknowledgment substantively preliminary and
letter complete and/or assessment Division/Group
no deficiency: Head
Prepare, review FSD IX, FSS
and release
acknowledgment
letter76 (a)
informing the
applicant that after
assessment of the
application, receipt
of filing fee and
determination of
sufficiency of
application and
submitted
requirements in
form and
substance, the
BSP finds the
same as complete
76 The standard processing timeline of 20 days shall commence from the date of the acknowledgment letter.
61
in form and
substance, hence,
the BSP will now
proceed with the
detailed evaluation
of the application
and shall notify the
applicant of the
result thereof; (b)
containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division
and position; and
(iv) date of receipt
of complete
requirements
which is the date
of the
acknowledgment
letter.
6.2.1 Email Account Officer

advance copy of FSD IX, FSS
letter, as
necessary.
6.2.2 Process and Administrative

release documents Officer
to the ASD, BSP, FSAD – SOMD,
for mailing. FSS
C. EVALUATION AND DECISION
7. Conduct 12 working Account Officer
detailed evaluation days and
of the application.
62
Division/Group
Head
FSD IX, FSS
7.1 Prepare and 3 working days
review Account Officer,
memorandum to Division/Group
appropriate BSP Head and
approving Department
authority. Head
FSD IX, FSS
7.2 Elevate 1 working day
memorandum to Sub-Sector Head
appropriate BSP and Sector
approving Head, FSS
authority for
appropriate action
on the application.
8. Decide on the 2 working days BSP approving
application. authority
8.1 Receive copy FSD IX, FSS

of document
showing decision
of the BSP
approving
authority.
9. Prepare, review 1 working day Account Officer,
and process Division/Group
notification letter to Head and
applicant of the Department
decision. Head
FSD IX, FSS
9.1 If decision is
for approval of
application:
State in the
notification letter to
applicant the
approval of the
application,
indicating the
conditions for
approval thereof
(such as, but not
limited to, the
condition that
63
approval is subject
to onsite
verification by the
BSP to validate
the features and
functionalities of
the IT system,
credit card
networks and
payment
ecosystem, if no
onsite verification
was conducted by
the BSP during the
application), and
that applicant may
now proceed with
next stage of the
application.
9.2 If decision is Account Officer,
for denial of Division/Group
application: Head and
State in the Department
notification letter Head
the denial of the FSD IX, FSS
application and
stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
considered
prejudice to re-
submission of
application with
complete
documentary
requirements and
deficiencies
already rectified.
10. Receive FSD IX 10. Notify 1 working day Account Officer

e-mail notification applicant through FSD IX, FSS
FSD IX official e-
64
mail of the
decision on the
application,
attaching scanned
copy of notification
letter, and stating
that original letter
shall be mailed
accordingly.
10.1 Receive original 10.1 Process and Administrative

copy of letter release documents Officer
for mailing. FSS
END OF TRANSACTION
65
Stage 2: Application for Issuance of Certificate of Authority to Register with the Securities and
Exchange Commission the Articles of Incorporation and/or By-Laws or Amendments thereto,
Indicating the Corporate Purpose as Credit Card Issuer
1. Application letter for issuance of Certificate of Authority to Applicant
register Articles of Incorporation (AOI) and/or By-Laws or
amendments thereto with the Securities and Exchange
Commission (SEC), signed by the incorporators/directors or the
president or officer of equivalent rank, in connection with the
application for authority to establish and operate as non-bank
credit card issuer.

It shall also indicate the BSP reference number assigned to the

application during Stage 1 (for tracking purposes) and preferred
mode of transmittal of the notification letter on the decision
relative to the application, if through mail or for pick-up.
2. Proof of compliance with the conditions for approval, if any, set Applicant
forth in the notification letter for BSP approval to establish and
operate as credit card issuer under Stage 1.

66
AGENCY FEES TO PROCESSIN PERSON
CLIENT STEPS
ACTIONS BE PAID G TIME78 RESPONSIBLE
Stage 2: Application for Issuance of Certificate of Authority to Register with the Securities
and Exchange Commission the Articles of Incorporation and/or By-Laws or Amendments
thereto, Indicating the Corporate Purpose as Credit Card Issuer
1. Submit
application
1.1 Electronic
submission79
1.1.1 Submit scanned 1.1.1 System

copy of application auto-
letter and acknowledges the
documentary submission
requirements to
fss- 1.1.2 Log-in and
somd@bsp.gov.ph open the SOMD Administrative
email account. Officer, FSAD –
SOMD, FSS
1.1.3 Transfer
email in the FSD
IX’s sub-folder.
the FSS Booth (Koi
Garden) / SOMD,
Complex, Manila)
1.2.1 Proceed to FSS 1.2.1 Receive and Administrative

Booth / SOMD. Get stamp date and Officer, FSAD -
queue number and time of receipt. SOMD, FSS
wait to be called.
Once called, present 1.2.2 Record
all the documentary receipt of
requirements. application.
78 Total processing time shall be suspended and appropriate adjustments shall be made in case of delays
due to force majeure or natural or man-made disasters, which result in damage or destruction of documents
67
1.2.3 Forward
documents to
FSD IX.
1.3 Mail/Courier

documentary
receipt of
application.
1.3.3 Forward
documents to
FSD IX.

assess the and
application and Division/Group
determine if Head FSD IX,
application fully FSS
satisfies the
formal and
substantive
requirements of
relevant laws,
rules and
regulations. This
includes a
determination of
whether the
conditions set
forth in the
approval of the
application for
BSP approval to
establish and
operate as credit
card issuer under
Stage 1 have
been complied
with.
68
letter Prepare, review Division/Group
and release Head and
return letter citing Department
deficiencies noted Head
and informing that FSD IX, FSS
application is
considered
prejudice to re-
submission of
application with
complete
documentary
requirements and
deficiencies
already rectified.

release Officer
documents to the FSAD – SOMD,
ASD, BSP, for FSS
mailing.
2.2 Receive 2.2 If formally and Account Officer
acknowledgment substantively and
letter complete and/or Division/Group
no deficiency: Head
and release
acknowledgment
letter80 (a)
informing the
applicant that
after assessment
of the application,
receipt of filing
fee and
determination of
sufficiency of
application and
submitted
requirements in
form and
substance, the
69
BSP finds the
same as
complete in form
and substance,
hence, the BSP
will now proceed
with the detailed
evaluation of the
application and
shall notify the
applicant of the
result thereof; (b)
containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division
and position; and
of complete
requirements
which is the date
of the
acknowledgment
letter.

letter, as
necessary.

release Officer
ASD, BSP, for FSS
mailing.
70
EVALUATION AND DECISION
3. Conduct 3 working Account Officer
detailed days and
evaluation of the Division/Group
application. Head
FSD IX, FSS
3.1 Prepare, 1 working day Account Officer,

review and Division/Group
elevate Head and
documents to Department
appropriate BSP Head
approving/signing FSD IX, FSS
authority.
4. Decide on the 1 working day BSP approving/
application and signing authority
sign documents
(including the
Certificate of
Authority to
register with SEC
the AOI and/or
By-Laws, if
application is
approved).

of document
showing decision
of the BSP
approving/signing
authority together
with the signed
documents (if
applicable).
4.2 Prepare and Half working Account Officer,

review day Division/Group
memorandum to Head and
Office of the Department
Secretary, Head
Monetary Board, FSD IX, FSS
for affixing of BSP
dry seal on the
Certificate of
Authority.
71
4.3 Elevate Half working Sub-Sector
memorandum to day Head, FSS
Office of the
Secretary,
Monetary Board,
for affixing of BSP
dry seal on the
Certificate of
Authority.
4.4 Affix BSP dry Office of the

seal on the Secretary,
Certificate of Monetary Board
Authority.

of Certificate of
Authority with
affixed BSP seal.
5. Prepare, Half working Account Officer,

review and day Division/Group
process Head and
notification letter Department
to applicant Head
informing of the FSD IX, FSS
decision.
5.1 If decision is
for approval of
application:
State in the
notification letter
to applicant the
approval of the
application and
attach the signed
Certificate of
Authority to
register with the
SEC its AOI
and/or By-Laws
indicating its
corporate
purpose as credit
72
card issuer and
other documents.
Indicate that
applicant may
proceed with the
next stage after it
has registered
with SEC its AOI
and/or By-Laws.
5.2 If decision is Account Officer,
for denial of Division/Group
application and
stating the
reasons therefor
and/or the
deficiencies noted
and informing that
application is
considered
prejudice to re-
submission of
application with
complete
documentary
requirements and
deficiencies
already rectified.
6. Receive FSD IX e- 6.1 If decision is Half working Account Officer
mail notification for approval of day FSD IX, FSS
application:
Notify applicant
through FSD IX
official e-mail81 of
the decision on
the application,
attaching
scanned copy of
81 Notification to applicant of the decision on the application through FSD IX official e-mail is considered the
last step of the application for Stage 2. Steps on releasing (i.e., by mail or pick-up) of original notification
letter and attachments are not part of the processing time.
73
notification letter
(without
attachments), and
stating that
original letter and
signed Certificate
of Authority to
register with SEC
the AOI and/or
By-Laws will be
transmitted to
applicant based
on preferred
mode of delivery
indicated in the
application letter.
If for pick-up,
state that
documents are
ready for pick-up,
thus, applicant is
advised to
coordinate with
and notify FSD IX
Account Officer
on when it can
pick-up the
documents,
presenting proof
of such authority
to pick-up the
documents.
6.1 Receive original 6.1.1 If for

copy of letter and mailing:
signed Certificate of Process and Administrative
Authority. release Officer
ASD, BSP, for FSS
mailing.
6.1.2 If for pick-

up:
At the time set by Account Officer
the applicant for FSD IX, FSS
pick-up, release
74
original copy of
letter and signed
Certificate of
Authority to
register with SEC
the AOI and/or
By-Laws to
applicant’s
authorized
representative
upon presentation
of authority to
pick-up
documents.
6.2 If decision is
for denial of
application:
Notify applicant Account Officer
through FSD IX FSD IX, FSS
official e-mail of
the decision on
the application,
attaching
scanned copy of
notification letter
(without
attachments), and
stating that
original letter shall
be mailed
accordingly.
6.2 Receive original 6.2.1 Process and Administrative

copy of letter. release Officer
ASD, BSP, for FSS
mailing.
END OF TRANSACTION
75
CHECKLIST OF REQUIREMENTS WHERE TO
SECURE
STAGE 3: Application for Issuance of Certificate of Authority to Establish and Operate as
Credit Card Issuer
1. Application letter for issuance of Certificate of Authority to Establish Applicant
and Operate as Credit Card Issuer in connection with the
application for authority to establish and operate as non-bank credit
card issuer.
The application letter shall state the name of the authorized contact
person relative to the application, official e-mail address authorized
to receive notifications, and other contact details.
For tracking purposes, it shall also indicate the BSP reference

number assigned to the application during Stages 1 and 2.
2. Certified true copy of the Articles of Incorporation (AOI)83 and/or SEC
By-Laws and the Securities and Exchange Commission Certificate
of Filing of such AOI and/or By-Laws.
3. Payment or proof of payment of licensing fee of ₱100,000.00 Applicant
(inclusive of ₱1,000.00 filing fee), to be paid upon approval of the
application for issuance of Certificate of Authority to establish and
operate as non-bank credit card issuer.

83 Indicating as primary/secondary purpose to engage in credit card business as credit card issuer
76
PERSON
AGENCY FEES TO PROCESSING
CLIENT STEPS RESPONSIBL
ACTIONS BE PAID TIME84
E
Stage 3: Application for Issuance of Certificate of Authority to Establish and Operate as
Credit Card Issuer
1. Submit
application
1.1 Electronic
submission85
1.1.1 Submit scanned 1.1.1 System auto-

copy of application acknowledges the
letter and submission
documentary
requirements to 1.1.2 Log-in and Administrative
fss- open the SOMD Officer, FSAD
somd@bsp.gov.ph email account. – SOMD, FSS
1.1.3 Transfer
email in the FSD
IX’s sub-folder.
the FSS Booth (Koi
Garden) / SOMD,
Complex, Manila)

wait to be called.
77
1.2.3 Forward
documents to FSD
IX.
1.3 Mail/Courier

documentary
receipt of
application.
1.3.3 Forward
documents to FSD
IX.

assess the and
determine if Head
application fully FSD IX, FSS
and substantive
requirements of
relevant laws,
rules and
regulations.
2.1 Receive return 2.1 If deficient: Account
letter Prepare and Officer,
release return Division/Group
letter citing Head and
deficiencies noted Department
and informing that Head
application is FSD IX, FSS
considered
prejudice to re-
submission of
application with
complete
documentary
requirements and
deficiencies
already rectified.
78
to the ASD, BSP, FSAD –
for mailing. SOMD, FSS
no deficiency: Head
Prepare and FSD IX, FSS
release
acknowledgment
letter86 (a)
informing the
assessment of the
of filing fee and
determination of
sufficiency of
application and
submitted
requirements in
form and
substance, the
BSP finds the
same as complete
in form and
substance, hence,
the BSP will now
proceed with the
detailed evaluation
of the application
applicant of the
result thereof; (b)
containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
identification
number for the
application as
reference for all
79
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division
and position; and
of complete
requirements
which is the date
of the
acknowledgment
letter.

letter, as
necessary.

to the ASD, BSP, FSAD –
for mailing. SOMD, FSS

3. Conduct 6 working days Account Officer
detailed evaluation and
of the application. Division/Group
Head
FSD IX, FSS
3.1 Prepare and 2 working days Account

review Officer,
approving/signing Department
authority. Head
FSD IX, FSS
3.2 Elevate 1 working day Sub-Sector

appropriate BSP Sector Head,
approving/signing FSS
authority for
80
appropriate action
on the application.

application and signing
sign documents authority
(including the
Certificate of
Authority to
Establish and
Operate as Credit
Card Issuer, if
application is
approved).

of document
showing decision
of the BSP
approving/signing
authority together
with signed
documents (if
applicable).
4.2 Prepare and Half working Account

review day Officer,
Office of the Head and
Secretary, Department
Monetary Board, Head
for affixing of BSP FSD IX, FSS
dry seal on the
Certificate of
Authority.

Office of the
Secretary,
Monetary Board,
for affixing of BSP
dry seal on the
Certificate of
Authority.
81
Certificate of Monetary
Authority. Board

of Certificate of
Authority with
affixed BSP dry
seal.
5. Prepare, review 1 working day Account
and process Officer,
notification letter to Division/Group
applicant informing Head and
of the decision on Department
the application. Head
FSD IX, FSS
5.1 If decision is
for approval of
application:
State in the
applicant the
approval of the
application.
Indicate in the
letter that as a
condition for
release of the
signed Certificate
of Authority, the
payment of
₱100,000.00
licensing fee
(inclusive of the
₱1,000 non-
refundable filing
fee) shall be made
within 30 calendar
days from receipt
of the
e-mail notice
mentioned under
step no. 6 hereof,
otherwise, the
Certificate of
82
Authority shall be
deemed
automatically
cancelled. State in
the letter that
applicant is
required to submit:
(i) proof of
payment of
licensing fee prior
to release of the
signed Certificate
of Authority which
shall be for pick-up
by the applicant’s
authorized
representative
upon presentation
of OR and the
authority to pick-
up; and (ii) notice
of actual date of
commencement of
operations.
5.2 If decision is Account
for denial of Officer,
application: Division/Group
process the letter Department
notifying denial of Head
application and FSD IX, FSS
stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
considered
prejudice to re-
submission of
application with
complete
documentary
requirements and
deficiencies
already rectified.
83
6. Receive FSD IX e- 6.1 If decision is Licensing 1 working day Account Officer
mail notification. for approval of fee of FSD IX, FSS
application: ₱100,000.00
Notify applicant (inclusive of
through FSD IX the ₱1,000
official e-mail87 of non-
the decision on the refundable
application, filing fee)
attaching scanned
letter (without
attachments), and
stating that original
letter and signed
Certificate of
Authority to
Establish and
Operate as Credit
Card Issuer is
ready for pick-up,
thus, applicant is
advised to
coordinate with
and notify FSD IX
Account Officer on
when it can pick-
up the documents
upon presentation
of OR on payment
of licensing fee
and the authority
to pick-up.
6.1 Submit copy of 6.1.1 Release Account Officer

OR to FSD IX and original copy of FSD IX, FSS
present authority for letter and signed
applicant Certificate of
representative to Authority to
pick-up the certificate applicant’s
of authority. Receive authorized
original copy of letter representative
and signed Certificate upon presentation
of Authority. of OR on payment
last step of the application for Stage 3. Steps on releasing (i.e., by pick-up) of original notification letter and
attachments are not part of the processing time.
84
of licensing fee
Refer to similar steps and authority of
in Stage 1 on representative to
securing OP and pick-up the
payment of licensing documents.
fee
6.2. Receive FSD IX 6.2. If decision is Account Officer

e-mail notification. for denial of FSD IX, FSS
application:
Notify applicant
through FSD IX
official e-mail of
the decision on the
application,
attaching scanned
letter (without
attachments), and
letter shall be
mailed
accordingly.
6.2.1. Receive 6.2.1. Process and Administrative

original copy of letter. release documents Officer
for mailing. FSS
END OF TRANSACTION
85
How to send feedbacks Feedbacks and complaints in Bangko Sentral ng
and complaints? Pilipinas may be sent through the following channels:
FOR FEEDBACK/COMPLAINTS ON RECEIVING AND

RELEASING OF DOCUMENTS
 Press the smiley or sad face button (encoding in
the comment section, “Receiving/Releasing of
documents with SOMD, FSS”) and input
feedback/complaints in the Feedback Management
System (FMS) tablet installed in the receiving area
of the Sectoral Operations Management
Department (SOMD), Financial Supervision Sector
(FSS), 4th Floor, Multi-storey Building.
FOR FEEDBACK/COMPLAINTS ON PROCESSING

OF SERVICES ENROLLED IN THE BSP CITIZEN’S
CHARTER
 Input the transaction code to be provided by FSD
IX, FSS, in the Feedback Corner of the BSP
website at www.bsp.gov.ph and fill-out the
structured form online for any feedback/complaints.
How feedbacks and Feedbacks and complaints may be filed through the
complaints are following:
processed?
1. Bangko Sentral ng Pilipinas:
 Feedbacks and complaints sent through the FMS

emoticon tablet/ touchscreen kiosk/BSP website
Email alert on sad emoticon/negative

feedback/complaint is received real time by all FMS
users of the department/office. FMS
designate/alternate shall encode the action taken
within two (2) working days from receipt of sad
If negative feedback is more than 20% of the day’s

number of respondents,
o FMS designate/alternate of the SOMD, FSS
generates and endorses the Daily i-Report within
a day (24 hours) to the Servicing
Department/Office (SDO) Head and other
concerned personnel to review and reply to the
concerned issue.
86
o Action Report (i.e., with information on action to
be taken and target date of completion/resolution)
approved by the SDO Head is transmitted to
Feedback Management Unit through the Director
of the Economic and Financial Learning Center
(EFLC) within two (2) working days from receipt
of negative feedback/complaint.
In case the feedback/complaint is within the purview

of another department/office of the BSP, the FMS
Designate/Alternate of SOMD, FSS requests transfer
of feedback to appropriate department/office thru the
FMS. Request for transfer is done within one (1)
working day from receipt of sad emoticon/negative
feedback/complaint.
 Feedbacks and complaints sent through the paper-

based FMS structured form
FMS designate/alternate of SOMD, FSS will scan the

accomplished paper-based structured form and
upload it in the system within one (1) working day
from receipt.
Handling of negative feedback/ complaint received

through the paper-based FMS structured form and
through the FMS emoticon tablet/BSP website are the
same.
2. Presidential Complaint Center (PCC), Office of the

President
Bahay Ugnayan, J.P. Laurel Street Malacañang,

Manila
Telephone:
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
Telefax: +63(2)-8736-8621
E-mail: pcc@malacanang.gov.ph
87
3. Complaints Action Center, Anti-Red Tape
Authority
Ground Floor, HPGV Building (Formerly

Accelerando), 395 Senator Gil J. Puyat Avenue, 1200
Makati City
Telephone: +63(2)-8478-5091;
+63(2)-8478-5099
E-mail: complaints@arta.gov.ph
4. Contact Center ng Bayan
Public Assistance and Information Office, Civil

Service Commission, CSC Building, IBP Road,
Constitution Hills, 1126 Quezon City
Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565
E-mail: email@contactcenterngbayan.gov.ph
Website: www.contactcenterngbayan.gov.ph
88
For processing of 14th floor, Multi-Storey BSP Trunkline:
request: Building, Bangko Sentral +63(2)-8708-7011, local
ng Pilipinas, A. Mabini 3017
Financial Supervision St., Malate, Manila 1004 Direct Line:
Department IX (FSD IX), +63(2)-8708-7297
Financial Supervision E-mail:
Sector FSD9@bsp.gov.ph
For the receipt and 4th floor, Multi-storey BSP Trunkline:
release of documents: Building, Bangko Sentral +63(2)-8708-7011, local
Sectoral Operations St., Malate, Manila 1004
Management Direct Line:
Department (SOMD), +63(2)-8708-7689
Financial Supervision
Sector
Schedule of Service Availability: Working days, 9:00 AM to 5:00 PM (Cut-off time:

Applications received from 1:00 PM onwards will be considered as received the following
working day).
89
2. Application for Authority to Establish and Operate as Money Service
Business (update)
The application for grant of Authority to Establish and Operate as Money Service Business
(MSB) constitutes a three-stage process.
 Stage 1 refers to the application for BSP approval to establish and operate as Money
Service Business with processing time88 of 20 working days.
 Stage 2 refers to the application for issuance of Letter of No Objection to register

with the Securities and Exchange Commission (SEC) or Cooperative Development
Authority (CDA) the Articles of Partnership (AOP) or Articles of Incorporation (AOI)
or Articles of Cooperation (AOC), respectively, and By-Laws (BL) or amendments
indicating its purpose to operate as MSB operator for partnerships/corporations/
cooperatives with processing time of 7 working days; and
 Stage 3 refers to the application for issuance of Certificate of Authority to establish

and operate as money service business with processing time of 13 working days.
Applications for Authority to Establish and Operate as MSB are subject to filing fee of
P1,000.00 upon submission of application (Stage 1). Payment of the applicable fees shall
be required (under Stage 3) depending on the type of MSB license as shown in the table
below:
Type of Fees Amount

Licensing Fee (inclusive of filing fee) depending on the type
of license as follows:
Type A - Large-Scale Operator - Remittance Agent with P 100,000.00
or without money changing/foreign exchange dealing
operations with average monthly network volume of
transactions of at least P75.00 million
Type B - Small-Scale Operator - Remittance Agent with P 20,000.00
or without money changing/foreign exchange dealing
90
operations with average monthly network volume of
transactions of less than P75.00 million
Type C - E-Money Issuer as authorized under Sec. 702 P 100,000.00
of MORB
Type D - Remittance Platform Provider P 100,000.00
Type E - Large-Scale Operator - Money P 100,000.00
Changer/Foreign Exchange Dealer with average monthly
network volume of transactions of at least P50.00 million
Type F - Small-Scale Operator – Money P 20,000.00
Changer/Foreign Exchange Dealer with average monthly
network volume of transactions of less than P50.00 million
Metal Plate Fee P 500.00
91
Who may avail: Proprietors/Partners/Organizers/incorporators of new entities or
authorized representatives of existing entities that plan to engage in
money service business
Stage 1: Application for BSP Approval to Establish and Operate as Money Service Business
1. Letter application for authority to establish and operate as Money Applicant
Service Business signed by the Proprietor/Managing
Partner/President/Officer of Equivalent Rank containing the
following:
a. Applicant’s authorized contact person relative to the

application and contact number
b. Applicant’s email address to be used in communications with
BSP and vice versa
c. Type of Money Service Business license being applied for
d. Average monthly network volume of transactions for types A,
B, E and F applications only)
Transaction Estimated Average

Monthly Volume (in
PhP)
FX Bought / FX Purchase
FX Sold / FX Sale
Domestic and international pay-out
(inward) transactions
Domestic and international send-out
(outward) transactions
TOTAL
2. For new partnership/corporation/cooperative: Applicant

 Proposed Articles of Partnership (AOP)/ Articles of
Incorporation (AOI) bearing the SEC Quick Response (QR)
Code or Proposed Articles of Cooperation (AOC)
For existing partnership/corporation/cooperative: Applicant
89Submission may be by electronic form, personal filing at FSS Booth or mail/courier. Original copy of the
documentary requirements shall be made available upon request.
92
 Notarized Proposed Amended Articles of Partnership
(AOP)/ Articles of Incorporation (AOI)/ Articles of
Cooperation (AOC)
 Current AOP/AOI/AOC
 Notarized and signed Director’s Certificate on the approval
of the amendments
3. Business Plan which includes the following, at a minimum: Applicant
a. Purpose of the Business
b. Form of Business Organization and Organizational Structure
c. Products and Services including Features and Functionalities
of the facility
d. Capital Requirements and details of Source of Funding/
Financing
e. Target Market
f. Target Network (i.e., number of branches/offices, Remittance
Sub-agents (RSAs), tie-up partners)
g. Projected Annual Volume of Transactions for three (3) years
h. Features and functionalities of the platform/facility
i. Operational Workflow from account opening including AMLA
process, transaction initiation to fulfilment and settlement
process
j. Consumer complaints handling and redress mechanism
process
k. Transaction fees to be charged to customers and partners
l. Information Technology infrastructure (network diagram,
system interface, security controls and disaster recovery set-
up)
Above-mentioned information shall be contained in the material for

business model presentation, if warranted.
4. List of owners/controlling shareholders, directors, and principal Applicant
officers using the following format:
Amount of % of Contact E-mail
Name Citizenship Birthday Address Position TIN
Contribution Ownership No. Address
5. Compliance with fitness and propriety requirements by the

proprietor, partners, directors, president or officer of equivalent
rank and function, and over-all head of the money service
business operation and the head of the compliance unit, as the
case may be:
 Form can be
downloaded at the
BSP website:
https://www.bsp.gov.
93
a. Personal Data and Authorization Form, FSS Licensing Form ph/Pages/Regulation
No. 03-005 s/GuidelinesOnTheE
stablishmentOfBank
s/RegistrationOfPaw
nshopsAndMoneySe
rviceBusiness.aspx
 National Bureau of
Investigation (NBI)
for Filipino citizens
and the NBI
b. NBI Clearance, or its equivalent, if issued in foreign counterpart for non-
jurisdictions Filipino citizens
(With validity of at least 3 months from the date of application)
6. Proof of Financial Capacity: Applicant

a. For New Entity: Treasurer's Affidavit or Bank Certification
b. For Existing Entity: Latest Audited Financial Statement
7. Duly notarized certification that the funds were not derived from Applicant
borrowings, unlawful activity or any money laundering activity
signed by the Proprietor/Managing Partner /President/Officer of
Equivalent Rank
8. Proof of provisional registration with the Anti-Money Laundering Anti-Money
Council Secretariat (AMLCS) Laundering Council
Secretariat (AMLCS)
9. Proof of payment of non-refundable filing fee Applicant
10. Requirements to be made available during the onsite verification Applicant
of the business process including information technology (IT)
system, if warranted, are as follows:
a. System and user manual which includes screenshots and
description of all the functionalities and features of the
system and back-end system
b. Terms and conditions in using the system
c. Contract between the Entity and vendor provider of the
mobile application and back-end system, if not developed in-
house
d. Business continuity program in place
e. Pro-forma Memorandum of Agreement with tie-up partners
f. Vendor Agreement / Service level agreement with cloud
service providers
g. Policies and procedures on customer due diligence and risk
profiling
94
h. Measures for identification and verification of a customer's
identity are at least as effective as that for face-to-face
customer verification
i. Policies and procedures to address any specific risks
associated with the implementation of e-KYC
j. Policy on the creation/establishment of threshold amount
k. Updated Organization Chart
l. List of hardware and software inventory with technical
specifications including location
m. Overall assessment report on the user acceptance test
conducted
n. Walk-thru/demonstration of the features and functionalities of
the application/system
11. Additional document required for applications for Type A and B
license only:
List of Remittance Tie-Up Partners 90 signed by the Proprietor/ Applicant

Managing Partner/President/Officer of Equivalent Rank using the
following format:
BSP E-
Full Complete
No Registration Contact Design mail
Company Business Domicile
. No. (if Person ation Addr
Name Address
applicable) ess
90For any RTC or counterparty based abroad, proof that the RTC or counterparty is licensed by the regulatory
authority to engage in the remittance business and is subject to the anti-money laundering laws of the country
where it operates. Likewise, remittance agreement(s) supporting the relationship with tie-up partners shall be
made available upon request.
95
Stage 1: Application for BSP Approval to Establish and Operate as Money Service Business
for BSP approval to
establish and operate
as money service
business together with
complete documentary
requirements
1.1 Send an e-mail 1.1.1 Log-in and open Account

request for Order of the FSD IX email Officer,
Payment (OP) of account. FSD IX, FSS
filing fee for
Application for 1.1.2 Request Order of Account
Authority to Operate Payment (OP) to Officer,
as MSB to Budget and Finance FSD IX, FSS
fsd9@bsp.gov.ph Administrative Division
with Subject of the (BFAD), SOMD, FSS
email: Request for through email
OPN_ Filing Fee
1.1.3 Process the Non- Administrative

Order of Payment refundable Officer
using the New Order of filing fee of FSAD –
Payment System (P1,000.00) SOMD, FSS
(NOPS) and send the
OP Number to the
96
1.2 Receive OP requesting entity thru e-
Number thru e-mail93 mail
and pay the filing fee
Via Electronic Administrative

submission94 Officer
Frontline
1.3.a Submit scanned 1.3.a.1 Log-in and Services
copy of application open the SOMD email Administrative
letter and complete account. Division
documentary (FSAD) –
requirements to fss- 1.3.a.2 Transfer email Sectoral
somd@bsp.gov.ph) in the department’s Operations
sub-folder. Management
Department
(SOMD),
Financial
Supervision
Sector (FSS)
Via Personal filing at
the FSS Booth (Koi
Garden) / SOMD, FSS
(4th Floor, Multi-Storey
Building, BSP
Complex, Manila)
93 Which includes payment guidelines and list of payment channels

upon determination of completeness of application in form and substance.
97
1.3.b Proceed to FSS 1.3.b.1 Receive and Administrative
Booth / SOMD. Get stamp date and time of Officer FSAD -
queue number and wait receipt. SOMD, FSS
to be called. Once
called, present all the 1.3.b.2 Record receipt
documentary of application.
requirements.
1.3.b.3 Forward
documents to Financial
Supervision
Department IX (FSD
IX).
Via Mail/Courier
1.3.c Send the 1.3.c.1 Receive and Administrative

application letter stamp date and time of Officer FSAD -
together with complete receipt. SOMD, FSS
documentary
requirements 1.3.c.2 Record receipt
addressed to FSD IX of application.
Building, BSP 1.3.c.3 Forward
Complex, Manila) documents to FSD IX.
2. Preliminarily assess Account
the completeness and Officer,
validity of the submitted FSD IX, FSS
documents vis-à-vis
checklist of
documentary
requirements
2.1 If complete:
2.1 Receive provisional 2.1.1 Prepare and send Account

receipt of application Provisional Receipt 95 Officer,
thru email thru FSD IX official FSD IX, FSS
e-mail (a) signifying
receipt of application
and accompanying
documents, subject to
further preliminary
assessment to
determine if application
fully satisfies the formal
95A separate acknowledgment letter signifying acceptance of complete application shall be sent once
determination of completeness of application in form and substance
98
and substantive
requirements of
relevant laws, rules and
regulations; (b)
containing the
following: (i) BSP
seal/logo; (ii) assigned
unique identification
number for the
application as
reference for all
subsequent
transactions; and (iii)
name of FSD IX
Account Officer/contact
person, his/her
Group/Division and
position; and (c)
advising the applicant
to coordinate with FSD
IX for the schedule of
business model 96
presentation 97 (if
applicable).
2.2 Receive return 2.2 If deficient:
letter together with the
submitted documents 2.2.1 Prepare and Account
release letter 98 Officer,
returning the Division Head/
application and its Group Head
accompanying and
documents, Department
enumerating the Head, FSD IX,
deficiencies and FSS
missing requirements,
and informing that
application is
considered “closed”,
without prejudice to re-
submission of
application with
96 May include RMS such as IT system, AML Act compliance and consumer protection and/or other aspects
of operations
98 Advance copy to be sent thru e-mail
99
requirements and
deficiencies already
rectified.
2.2.2 Through mail/

courier (as necessary):
Process and release Administrative

documents to SOMD, Officer
FSS, for mailing. FSAD –
SOMD, FSS
3. Coordinate and 3. If presentation of Account
finalize with FSD IX business model is Officer,
Account Officer the necessary: FSD IX, FSS
schedule of Coordinate and finalize
presentation and schedule of
confirm attendance. presentation 99 of
business model and
send confirmation e-
mail to applicant on the
date and time of the
presentation.
4. Present to BSP 4. Attend the FSD IX
Officials the business presentation and Officers, FSS
model, which may assess the business
include presentation of model, including the
the RMS (such as IT RMS such as IT
system, AML system, AML
compliance and compliance, consumer
consumer protection) protection and/or other
and/or other aspects of aspects of operations
operations
5. Determine if onsite Account
verification is Officer,
necessary FSD IX, FSS
5.1 Receive notice of 5.1 In case onsite Account

schedule of onsite verification is Officer,
verification and prepare necessary: FSD IX, FSS
the requirements. Prepare and send e-
mail notice advising the
applicant of the
schedule of the onsite
99 Virtual or other appropriate means of presentation

100
verification, with advice
to prepare the
requirements.
5.1.1 Conduct onsite FSD IX

verification 100 to Examination
validate the features Team
and functionalities of
the IT system
5.1.2 Prepare and Account

submit report on the Officer,
result of the onsite FSD IX, FSS
verification.
5.2 In case onsite

verification is not
necessary:
Proceed to next step.
6. Complete the Account

preliminary Officer,
assessment of the FSD IX, FSS
application and
and substantive 101
requirements of
regulations, taking into
consideration result of
the business model
presentation onsite
verification conducted
(if applicable).
7.1.1 Receive return 7.1 If deficient: Account
letter together with the Prepare, review and Officer,
documents submitted release return letter 102 Division Head/
citing deficiencies Group Head
noted and informing and
that application is Department
101
without prejudice to re- Head, FSD IX,
submission of FSS
application with
requirements and
rectified.
7.1.1 Through
mail/courier (as Administrative
necessary) Officer, FSAD-
Process and release SOMD, FSS
documents to SOMD,
FSS for mailing.

7.2 Receive 7.2 If formally and After Account
Acknowledgment letter substantively complete preliminary Officer,
thru email and/or no deficiency: assessment Division Head
Prepare and release and Group
Acknowledgment Head, FSD IX,
Letter 103 thru FSD IX FSS
official e-mail (a)
informing the applicant
that after assessment
of the application and
determination of
sufficiency of
application and
submitted
requirements in form
and substance, the
BSP finds the same as
complete in form and
substance, hence, the
BSP will now proceed
with the detailed
evaluation of the
application and shall
notify the applicant of
103The standard processing timeline of 20 working days shall commence from the date of the
Acknowledgment Letter
102
the result thereof; and
(b) containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
identification number
for the application as
reference for all
subsequent
transactions; (iii) name
of FSD IX Account
Officer/contact person,
his/her Group/Division
and position; and (iv)
date of receipt of the
which is the date of the
acknowledgment letter.
8. Conduct detailed 12 working Account
evaluation of the days Officer, FSD
application and prepare IX, FSS
evaluation report and
action documents.
8.1 Prepare and review

memorandum to 3 working Account
appropriate BSP days Officer,
approving authority Division
Head/Group
Head and
Department
Head, FSD IX,
FSS
8.2 Elevate for
appropriate action on 1 working day Sub-sector
the application Head and
Sector Head,
FSS
9. Decide on the 2 working BSP
application and sign days approving and
documents signing
authorities
9.1 Receive copy of

document showing
103
decision of the BSP Account
approving/signing Officer, FSD
authority IX, FSS
10. Prepare and 1 working day Account
process notification Officer,
letter to the applicant of Division Head/
the decision Group Head
and
10.1 If decision is for Department
approval of application: Head
Prepare and process FSD IX, FSS
applicant on the
approval of the
authority to establish
and operate as MSB,
indicating that applicant
may now proceed with
next stage.
10.2 If decision is for Account

denial of application: Officer,
Prepare and process Division Head/
the letter notifying Group Head
denial of request and and
stating the reasons Department
therefor and/or the Head
deficiencies noted and FSD IX, FSS
informing that
application is
submission of
application with
requirements and
rectified.
11. Receive FSD IX e- 11. Notify applicant 1 working day Account
mail notification through FSD IX official Officer
e-mail of the decision FSD IX, FSS
on the application,
attaching scanned
letter.
104
11.1 Receive original 11.1 Through mail/ Administrative
copy of letter courier, (as necessary): Officer
Process and release FSAD –
documents to SOMD, SOMD, FSS
FSS, for mailing.
END OF TRANSACTION

Stage 2 – Application for Issuance of Letter of No Objection to Register with the Securities and
Exchange Commission (SEC) or Cooperative Development Authority (CDA) the Articles of
Partnership (AOP)/ Articles of Incorporation (AOI) or Articles of Cooperation (AOC), respectively,
and By-Laws (BL) indicating its purpose to operate as MSB operator for
partnerships/corporations/cooperatives
1. Print-out of e-mail notification from FSD9@bsp.gov.ph FSD IX, BSP
advising the applicant to proceed to Stage 2 processing
2. Application letter for issuance of Letter of No Objection to Applicant
register Articles of Partnership (AOP)/Articles of
Incorporation (AOI) or Articles of Cooperation (AOC) and
By-Laws with the Securities and Exchange Commission
(SEC) or Cooperative Development Authority (CDA),
respectively, signed by the incorporators/directors or the
president or officer of equivalent rank, in connection with
the application for authority to establish and operate as
money service business.
It shall also indicate the BSP reference number assigned

to the application during Stage 1 (for tracking purposes).
3. Proof of compliance with the conditions for approval, if Applicant
any, set forth in the notification letter for BSP approval to
establish and operate as MSB under Stage 1.

Exchange Commission (SEC) or Cooperative Development Authority (CDA) the Articles of
Partnership (AOP)/ Articles of Incorporation (AOI) or Articles of Cooperation (AOC), respectively,
104 Submission may be by electronic form, personal filing at FSS Booth or mail/courier. Original copy of the
105
and By-Laws (BL) indicating its purpose to operate as MSB operator for
partnerships/corporations/cooperatives
for issuance of letter of
no objection to register
with SEC or CDA
1.1 Electronic
submission106
1.1.1 Submit scanned 1.1.1 Log-in and Administrative

copy of application open the SOMD Officer FSAD -
letter and complete email account. SOMD, FSS
documentary
requirements to fss- 1.1.2 Transfer email
somd@bsp.gov.ph) in the department’s
sub-folder.
the FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila)

Booth / SOMD. Get stamp date and time Officer FSAD -
queue number and wait of receipt. SOMD, FSS
to be called. Once
called, present all the 1.2.2 Record receipt
requirements.
1.2.3 Forward
documents to FSD
IX.
1.3 Mail/Courier

application letter stamp date and time Officer FSAD -
together with complete of receipt. SOMD, FSS
documentary
requirements
106The auto-acknowledgment sent by FSS-SOMD e-mail does not signify receipt of complete and valid
106
addressed to FSD IX 1.3.2 Record receipt
(14th Floor, Multi-Storey of application.
Building, BSP
Complex, Manila) 1.3.3 Forward
documents to FSD
IX.
2. Preliminarily Account Officer,
assess the Division Head
application and and Group
and substantive 107
requirements of
relevant laws, rules
and regulations. This
includes a
determination of
whether the
conditions set forth in
the approval of the
application for BSP
approval to establish
and operate as
money service
business under
Stage 1 have been
complied with.
2.1 Receive 2.1 If formally and Account Officer,
Acknowledgment letter substantively Division Head
thru email complete and/or no and Group
deficiency: Head, FSD IX,
Prepare, review and FSS
release
Acknowledgment
Letter108 thru FSD IX
official e-mail (a)
informing the
assessment of the
application and
determination of
May involve referral to appropriate departments of the BSP

107
Acknowledgement Letter
107
sufficiency of
application and
submitted
and substance, the
BSP finds the same
as complete in form
and substance,
hence, the BSP will
now proceed with
the detailed
evaluation of the
notify the applicant
of the result thereof;
and (b) containing
the following: (i) BSP
seal/logo; (ii) the
assigned unique
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division and
position and (iv) date
of receipt of the
complete
requirements which
is the date of the
acknowledgment
letter.
letter together with the Prepare, review and Division Head/
submitted documents release letter 109 Group Head and
application and its Head, FSD IX,
accompanying FSS
documents,
enumerating the

108
deficiencies and
missing
requirements, and
informing that
application is
without prejudice to
re-submission of
application with
complete
documentary
requirements and
rectified.
2.2.1 Through Administrative

mail/courier (as Officer, FSAD-
necessary) SOMD, FSS
Process and release
documents to
SOMD, FSS for
mailing.
3. Conduct detailed 3 working days Account Officer,
evaluation of the FSD IX, FSS
application and
prepare evaluation
report and action
documents
3.1 Prepare, review 1 working day Account Officer,

and elevate letter to Division
appropriate BSP Head/Group
approving/ signing Head and
authority for Department
appropriate action Head, FSD IX,
FSS
4. Decide on the 1 working day BSP approving
application and sign and signing
documents authorities
(including the Letter
of No Objection to
Register with SEC or
CDA the AOI or
AOC, respectively,
and By-Laws, if
109
application is
approved).
4.1 Receive copy of Account Officer,

documents showing FSD IX, FSS
decision of the BSP
approving authority
and process Division Head/
notification letter to Group Head
applicant informing and Department
of the decision. Head
FSD IX, FSS
5.1 If decision is for
approval of
application:
Prepare and process
applicant on
approval of the
application for
issuance of no
objection letter
indicating that
applicant may
proceed with the
next stage after it
has registered with
SEC or CDA its
AOP/AOI or AOC
and By-Laws.
5.2 If decision is for Account Officer,
denial of application: Division Head/
Prepare and process Group Head
the letter notifying and Department
denial of application Head
and stating the FSD IX, FSS
reasons therefor
and/or the
deficiencies noted
and informing that
application is
re-submission of
application with
110
complete
documentary
requirements and
rectified.
6.1 Receive FSD IX e- 6.1 If decision is for 1 working day Account Officer
mail notification approval of FSD IX, FSS
application:
Notify applicant
through FSD IX
official e-mail 110 of
the decision on the
application,
attaching scanned
copy of the letter.
6.1.1 Receive original 6.1.1 Through mail/ Administrative

copy of letter. courier (as Officer, FSAD-
necessary): SOMD, FSS
Process and release
documents to
SOMD, FSS for
mailing.
6.2 Receive original 6.2 If decision is for Account Officer
copy of letter. denial of application: FSD IX, FSS
Notify applicant
through FSD IX
official e-mail of the
decision on the
application,
attaching scanned
letter.
6.2.1 Through mail/ Administrative

courier (as Officer, FSAD-
Process and release
documents to
SOMD, FSS for
mailing.
END OF TRANSACTION
110Notification to applicant of the decision on the application through FSD IX official e-mail is considered the
last step of the application for Stage 2. Steps on releasing of original notification letter and attachments are
not part of the processing time.
111
Stage 3 – Application for Issuance of Certificate of Authority to Establish and Operate as Money
Service Business
advising the applicant to proceed to Stage 3 processing
2. Duly notarized Application for Authority to Establish and Form can be downloaded at the
Operate a Money Service Business, FSS Licensing Form BSP website:
No. 03-001 accompanied by copy of acknowledgement https://www.bsp.gov.ph/Pages/Re
e-mail from FSD9Licensing@bsp.gov.ph. gulations/GuidelinesOnTheEstabli
shmentOfBanks/RegistrationOfPa
It shall also indicate the BSP reference number assigned wnshopsAndMoneyServiceBusine
to the application during Stage 1 (for tracking purposes). ss.aspx
3. Certified true copy of AOI/AOP/AOC112 and By-Laws or Securities and Exchange
Certificate of Business Registration Commission/ Cooperative
Development Authority/
Department of Trade and Industry
4. Copy of the business license/permit from the Local Government Unit
city/municipality concerned for the current period, which
should indicate the line of business of the entity
5. Notarized Deed of Undertaking, FSS Licensing Form No. Form can be downloaded at the
03-003 BSP website:
https://www.bsp.gov.ph/Pages/Re
gulations/GuidelinesOnTheEstabli
wnshopsAndMoneyServiceBusine
ss.aspx
6. Proof of attendance to the mandatory training on anti- Applicant
money laundering/combating the financing of terrorism
7. Proof of payment of licensing fee (net of filing fee) and Applicant
metal plate fee
Note: To be submitted upon receipt of notification letter

advising the applicant to pay the licensing fee and metal
plate fee
112 Indicating as primary/secondary purpose to engage in money service business
112
Stage 3 - Application for Issuance of Certificate of Authority to Establish and Operate as Money
Service Business
1. Download the
prescribed Data Entry
Template (DET) and
User’s Guide from BSP
website at
https://www.bsp.gov.ph
/Pages/Regulations/Gu
idelinesOnTheEstablis
hmentOfBanks/Registr
ationOfPawnshopsAnd
MoneyServiceBusines
s.aspx or request
directly from BSP-FSD
IX thru email address
fsd9@bsp.gov.ph
2. Send the duly 2. An auto reply shall
accomplished DET be sent advising the
electronically to BSP- entity to submit
FSD IX thru email within 5 banking
address days the DET
fsd9licensing@bsp.gov generated form, all
.ph in accordance with: other documentary
BSP Memorandum No. requirements
M-2019-018 dated 2 including a copy of
July 2019 the emailed auto
reply. Non-compliant
e-mail submission as
to subject and
attachment shall
likewise receive an
email advice.
3. Submit the duly
notarized DET-
generated application
form for the issuance of
Certificate of Authority
to establish and
operate as MSB
113Total processing time shall be suspended and appropriate adjustments shall be made in case of delays
113
together with complete
documentary
requirements
3.1 Electronic
submission114

copy of application open the SOMD Officer FSAD -
letter and complete email account. SOMD, FSS
documentary
requirements to fss- 3.1.2 Transfer email
somd@bsp.gov.ph) in the department’s
sub-folder.
the FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila)

to be called. Once
requirements.
3.2.3 Forward
documents to FSD
IX.
3.3 Mail/Courier

application letter stamp date and time Officer FSAD -
documentary
requirements 3.3.2 Record receipt
Building, BSP
Complex, Manila)
114
3.3.3 Forward
documents to FSD
IX.
and substantive 115
requirements of
and regulations
Prepare and release FSS
Acknowledgment
official e-mail (a)
informing the
assessment of the
application and
determination of
sufficiency of
application and
submitted
and substance, the
BSP finds the same
as complete in form
and substance,
hence, the BSP will
now proceed with
the detailed
evaluation of the
and (b) containing

115
115
seal/logo; (ii) the
assigned unique
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division and
of receipt of the
complete
requirements which
is the date of the
acknowledgment
letter.

letter together with the Prepare and release Division Head/
submitted documents letter117 returning the Group Head and
application and its Department
accompanying Head, FSD IX,
documents, FSS
enumerating the
deficiencies and
missing
requirements, and
informing that
application is
re-submission of
application with
complete
documentary
requirements and

116
rectified
Administrative
4.2.1 Through Officer, FSAD-
mail/courier (as SOMD, FSS
necessary):
Process and release
documents to
SOMD, FSS for
mailing
evaluation of the Division Head/
application and Group Head and
prepare evaluation Department
report and action Head
documents. FSD IX, FSS
5.1 Prepare and 5 working days Account Officer,

review Division
memorandum to Head/Group
authority and elevate Head
for appropriate FSD IX, FSS
action.
(including the
Certificate of
Authority to
Establish and
Operate a Money
Service Business, if
application is
approved).

decision of the BSP
approving authority
and process Division
notification letter to Head/Group
Head and
117
applicant informing Department
FSD IX, FSS
approval of
application:
Account Officer,
7.1.1 State in the FSD IX, FSS
applicant the
approval of the
application. Indicate
in the letter that as a
condition for release
of the signed
Certificate of
Authority, the
payment of
appropriate licensing
fee (net of the
P1,000 non-
refundable filing fee)
within 30 calendar
days from receipt of
the e-mail notice
mentioned under
step no. 8 hereof,
otherwise, the
Certificate of
Authority shall be
deemed
automatically
cancelled. State in
the letter that
applicant is required
to submit proof of
payment of
fee prior to release of
the signed
Certificate of
Authority.

Group Head and
118
Prepare and process Department
the letter notifying Head
denial of application FSD IX, FSS
and stating the
reasons therefor
and/or the
deficiencies noted
and informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified
8.1 If decision is for 1 working day
approval of
application:
8.1.1 Request Order 1. Licensing Account Officer,

of Payment (OP) fee FSD IX, FSS
Number to Budget depending
and Finance on the type
Administrative of license
Division (BFAD) - (inclusive of
SOMD, FSS through the P1,000
e-mail118 non-
refundable
8.1.2 Process the filing fee),
Order of Payment as follows: Administrative
using the New Order Officer, BFAD-
of Payment System Types A, C, SOMD, FSS
(NOPS) and send D and E –
the OP Number to P100,000
the entity thru email Types B
and F –
P20,000

119
2. Metal
8.1.3 Receive FSD IX 8.1.3 Notify applicant Plate Fee –
e-mail notification through FSD IX P500120 Account Officer,
official e-mail 119 of FSD IX, FSS
the (i) decision on
the application and
that a separate e-
mail containing the
OP Number for the
payment of
fee shall be sent,
attaching scanned
letter (without
attachments); and
letter and signed
Certificate of
Authority to
Establish and
Operate as Money
Service Business will
be released within
three (3) working
proof of payment.
Note: Delisted MSBs

reapplying for
Authority to
Establish and
Operate as MSB
shall be required to
pay the unpaid/
outstanding fees.
8.1.4 Receive email 8.1.4 Prepare, Account Officer

notification with OP review and process FSD IX, FSS
number thru email121 transmittal letter and
Certificate of
120 Applicable for Head Office only
120
and pay the Authority to
appropriate fees Establish and
Operate as Money
Service Business.
8.1.5 Release Administrative

8.1.5 Email proof of original copies of Officer, BFAD-
payment to FSD IX at letters and signed SOMD, FSS
fsd9@bsp.gov.ph. Certificate of
Authority to
Establish and
Operate as Money
Service Business
within three (3)
working days upon
8.1.6 Receive original receipt of proof of
copies of letters and payment of licensing
signed certificate. fee to SOMD, FSS
for mailing.
8.2 If decision is for Account Officer

denial of application: FSD IX, FSS
Notify applicant
through FSD IX
decision on the
application,
attaching scanned
letter (without
8.2 Receive original attachments).
copy of letter.
8.2.1. Through Administrative
mail/courier (as Officer
necessary): FSAD – SOMD,
Process and release FSS
documents to
SOMD, FSS for
mailing.
END OF TRANSACTION
FEEDBACKS AND COMPLAINTS MECHANISM

How to send feedbacks and Feedbacks and complaints in Bangko Sentral ng
complaints? Pilipinas may be sent through the following
channels:
121
FOR FEEDBACK/COMPLAINTS ON RECEIVING
AND RELEASING OF DOCUMENTS
 Press the smiley or sad face button (encoding
in the comment section, “Receiving/Releasing
of documents with SOMD, FSS”) and input
feedback/complaints in the Feedback
Management System (FMS) tablet installed in
the receiving area of the Sectoral Operations
Management Department (SOMD), Financial
Supervision Sector (FSS), 4th Floor, Multi-
storey Building.
FOR FEEDBACK/COMPLAINTS ON
PROCESSING OF SERVICES ENROLLED IN THE
BSP CITIZEN’S CHARTER
 Input the transaction code to be provided by
FSD IX, FSS, in the Feedback Corner of the
BSP website at www.bsp.gov.ph and fill-out the
structured form online for any
feedback/complaints.
complaints are processed? following:
 Feedbacks and complaints sent through the

FMS emoticon tablet/ touchscreen kiosk/BSP
website

feedback/complaint is received real time by all
FMS users of the department/office. FMS
If negative feedback is more than 20% of the

day’s number of respondents,
generates and endorses the Daily i-Report
within a day (24 hours) to the Servicing
122
concerned personnel to review and reply to
the concerned issue.
o Action Report (i.e., with information on action
to be taken and target date of
completion/resolution) approved by the SDO
Head is transmitted to Feedback
Management Unit through the Director of the
Economic and Financial Learning Center
(EFLC) within two (2) working days from
receipt of negative feedback/complaint.
In case the feedback/complaint is within the

purview of another department/office of the BSP,
the FMS Designate/Alternate of SOMD, FSS
requests transfer of feedback to appropriate
department/office thru the FMS. Request for
transfer is done within one (1) working day from
receipt of sad emoticon/negative
feedback/complaint.

paper-based FMS structured form
FMS designate/alternate of SOMD, FSS will scan

the accomplished paper-based structured form
and upload it in the system within one (1) working
day from receipt.
Handling of negative feedback/ complaint

received through the paper-based FMS
structured form and through the FMS emoticon
tablet/BSP website are the same.
2. Presidential Complaint Center (PCC), Office

of the President

Manila
Telephone:
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
Telefax: +63(2)-8736-8621
123

Authority

Accelerando), 395 Senator Gil J. Puyat Avenue,
1200 Makati City
Telephone: +63(2)-8478-5091;
+63(2)-8478-5099

Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565

Financial Supervision St., Malate, Manila 1004
Department IX (FSD IX), Direct Line:
Financial Supervision +63(2)-8708-7297
Sector
E-mail:
FSD9@bsp.gov.ph
For the receipt and 4 th floor, Multi-storey BSP Trunkline:
St., Malate, Manila 1004
124
Sectoral Operations Direct Line:
Management +63(2)-8708-7689
Department (SOMD),
Sector

working day).
125
3. Application for Authority to Establish and Operate as Pawnshop (update)
The application for grant of Authority to Establish and Operate as pawnshop (PS)
constitutes a three-stage process.
 Stage 1 refers to the application for BSP approval to establish and operate as
pawnshop with processing time122 of 20 working days.

with the Securities and Exchange Commission (SEC) the Articles of Partnership
(AOP)/Articles of Incorporation (AOI) and By-Laws (BL) or amendments indicating
its purpose to operate as pawnshop for partnerships/corporations with processing
time of 7 working days; and
 Stage 3 refers to the application for issuance of Certificate of Authority to establish

and operate as pawnshop with processing time of 13 working days.
Applications for Authority to Establish and Operate as Pawnshop are subject to filing fee of
P1,000.00 upon submission of application (Stage 1). Payment of the applicable fees shall
be required (under Stage 3) depending on the type of pawnshop license as shown in the
table below:
Type of Fees Amount

Licensing fee (inclusive of filing fee) depending on
the type of license as follows:
Type A - Basic pawnshop business with not more than ten P 5,000.00
(10) offices
Type B - (a) Pawnshop business with more than ten (10) P 25,000.00
offices; or (b) Pawnshop business with money
changing/foreign exchange dealing
acceptance of an application or request with complete requirements, accompanying documents and payment
of fees up to the issuance of certification or such similar documents approving or disapproving an application
or request. The time spent in determining whether or not all the requirements have been complied with shall
not be included in the determination of processing time. Further, as stated therein, requirements are complete
when all the necessary or appropriate documents that are required to be submitted together with an
application form by the applicant or requesting party fully satisfy the formal and substantive requirements of
the relevant law.
126
Type C - Basic pawnshop business with corollary P 50,000.00
remittance activity requiring Bangko Sentral registration,
with or without money changing/foreign exchange dealing
Type D - Virtual pawnshop operators or those engaged in P 50,000.00
pawnshop business through electronic pawning (e-
pawning) which refer to systems and processes that
enable customers to pawn their personal property through
electronic channels
Metal Plate Fee P 500.00
127
Who may avail: Proprietors/Partners/Organizers/incorporators of new entities or
authorized representatives of existing entities that plan to engage in
pawnshop business
SECURE
Stage 1: Application for BSP Approval to Establish and Operate as Pawnshop
1. Letter application for authority to establish and operate as Applicant
Pawnshop signed by the Proprietor/Managing
Partner/President/Officer of Equivalent Rank containing the
following:
a. Applicant’s authorized contact person relative to the application

and contact number
b. Applicant’s email address to be used in communications with
BSP and vice versa
c. Type of pawnshop license being applied for
2. For new partnership/corporation Applicant
 Proposed Articles of Partnership (AOP)/ Articles of Incorporation
(AOI) bearing the Securities and Exchange Commission (SEC)
Quick Response (QR) Code
For Existing Partnership/Corporation Applicant

 Notarized Proposed amended AOP/AOI
 Current AOP/AOI
 Notarized and signed Director’s Certificate on the approval of
the amendments
m. Purpose of the Business
n. Form of Business Organization and Organizational Structure
o. Products and Services including Features and Functionalities
of the facility
p. Capital Requirements and details of Source of Funding/
Financing
q. Target Market
123Submission may be by electronic form, personal filing at FSS Booth or mail/courier. Original copy of the
128
r. Target Network (i.e., number of branches/offices)
s. Projected Annual Volume of Transactions for three (3) years
t. Features and functionalities of the platform/facility
u. Operational Workflow from transaction initiation to fulfilment
process including AMLA process
v. Consumer complaints handling and redress mechanism process
w. Transaction fees to be charged to customers and partners
x. Information Technology infrastructure (network diagram, system
interface, security controls and disaster recovery set-up)
Above-mentioned information shall be contained in the material for

business model presentation, if warranted.
4. List of owners/controlling shareholders, directors, and principal Applicant
officers using the following format:
Amount of % of Contact E-mail

Name Citizenship Birthday Address Position TIN
Contribution Ownership No. Address
5. Compliance with fitness and propriety requirements by the

proprietor, partners, directors, president or officer of equivalent rank
and function, and over-all head of the pawnshop operation and the
head of the compliance unit, as the case may be:
c. Personal Data and Authorization Form, FSS Licensing Form  Form can be
No. 01-004 downloaded at the
BSP website:
https://www.bsp.go
v.ph/Pages/Regula
tions/GuidelinesOn
TheEstablishment
OfBanks/Registrati
onOfPawnshopsAn
dMoneyServiceBu
siness.aspx
d. NBI Clearance, or its equivalent, if issued in foreign jurisdictions  National Bureau of

(With validity of at least 3 months from the date of application) Investigation (NBI)
for Filipino citizens
and the NBI
counterpart for
non-Filipino
citizens
6. Proof of Financial Capacity: Applicant
a. For New Entity: Treasurer's Affidavit or Bank Certification
b. For Existing Entity: Latest Audited Financial Statement
7. Duly notarized certification that the funds were not derived from Applicant
borrowings, unlawful activity or any money laundering activity
129
signed by the Proprietor/Managing Partner/President/Officer of
Equivalent Rank
8. Proof of provisional registration with the Anti-Money Laundering Anti-Money
Council Secretariat (AMLCS) Laundering Council
Secretariat (AMLCS)
9. Proof of payment of non-refundable filing fee Applicant
10. Requirements to be made available during the onsite verification of Applicant
the business process including information technology (IT) system,
if warranted, as follows:
a. System and user manual which includes screenshots and
description of all the functionalities and features of the system
and back-end ssystem
b. Terms and conditions in using the system
c. Contract between the Entity and vendor provider of the mobile
application and back-end system, if not developed in-house
d. Business continuity program in place
e. Pro-forma Memorandum of Agreement with tie-up partners
f. Vendor Agreement / Service level agreement with cloud service
providers
g. Policies and procedures on customer due diligence and risk
profiling
h. Measures for identification and verification of a customer's
identity are at least as effective as that for face-to-face customer
verification
i. Policies and procedures to address any specific risks associated
with the implementation of e-KYC
j. Policy on the creation/establishment of threshold amount
k. Updated Organization Chart
l. List of hardware and software inventory with technical
specifications including location
m. Overall assessment report on the user acceptance test
conducted
n. Walk-thru/demonstration of the features and functionalities of
the application/system
130
PERSON
FEES TO PROCESSIN
CLIENT STEPS AGENCY ACTIONS RESPONSIBL
BE PAID G TIME124
E
Stage 1: Application for BSP Approval to Establish and Operate as Pawnshop
for authority to
establish and operate
as pawnshop together
with complete
documentary
requirements
1.1 Send an e-mail 1.1.1 Log-in and open Account

request for Order of the FSD IX email Officer,
Payment Number account. FSD IX, FSS
(OPN) of filing fee for
Application for 1.1.2 Request Order of Account
Authority to Operate Payment (OP) to Officer,
as Pawnshop to Budget and Finance FSD IX, FSS
fsd9@bsp.gov.ph Administrative Division
with Subject of the (BFAD), SOMD, FSS
email: Request for through email
OPN_ Filing Fee
1.2 Receive OP 1.1.3 Process the Non- Administrative

Number thru email126 Order of Payment refundable Officer
and pay the filing fee using the New Order of filing fee of FSAD –
Payment System (P1,000.00) SOMD, FSS
(NOPS) and send the
OP Number to the
requesting entity thru
email
131
Via Electronic
submission127
1.3.a Submit scanned

copy of application 1.3.a.1 Log-in and Administrative
letter and complete open the SOMD email Officer,
documentary account. Frontline
requirements to fss- Services
somd@bsp.gov.ph 1.3.a.2 Transfer email Administrative
in the department’s Division
sub-folder (FSAD) –
Sectoral
Operations
Management
Department
(SOMD),
Financial
Supervision
Sector (FSS)
Via Personal filing at
the FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila)
1.3.b Proceed to FSS 1.3.b.1 Receive and Administrative

Booth / SOMD. Get stamp date and time of Officer, FSAD
queue number and wait receipt. - SOMD, FSS
to be called. Once
called, present all the 1.3.b.2 Record receipt
requirements.
1.3.b.3 Forward
documents to FSD IX
Via Mail/Courier
1.3.c Send the 1.3.c.1 Receive and Administrative

application letter stamp date and time of Officer, FSAD
together with complete receipt. - SOMD, FSS
documentary
132
requirements 1.3.c.2 Record receipt
Building, BSP 1.3.c.3 Forward
Complex, Manila) documents to FSD IX
2. Preliminarily assess Account

the completeness and Officer,
validity of the submitted FSD IX, FSS
documents vis-à-vis
checklist of
documentary
requirements
2.1 If complete:
2.1 Receive provisional 2.1.1 Prepare and send Account

receipt of application Provisional Receipt 128 Officer,
thru email thru FSD IX official FSD IX, FSS
e-mail (a) signifying
and accompanying
further preliminary
assessment to
and substantive
requirements of
regulations; (b)
containing the
following: (i) BSP
number for the
application as
reference for all
subsequent
name of FSD IX
person, his/her
Group/Division and
133
position; and (c)
to coordinate with FSD
IX for the schedule of
business model 129
presentation 130 (if
applicable).
2.2 Receive return 2.2 If deficient:
letter together with the
submitted documents 2.2.1 Prepare and Account
release letter 131 Officer,
returning the Division Head/
accompanying and
enumerating the Head, FSD IX,
deficiencies and FSS
missing requirements,
and informing that
application is
submission of
application with
requirements and
rectified.
2.2.2 Through mail/

courier (as necessary):

documents to SOMD, Officer
FSS, for mailing. FSAD –
SOMD, FSS
3. Coordinate and 3. If presentation of Account
finalize with FSD IX business model is Officer,
Account Officer the necessary: FSD IX, FSS
schedule of Coordinate and finalize
presentation and schedule of
confirm attendance.
129 May include RMS such as IT system, AML Act compliance and consumer protection and/or other aspects
of operations
134
presentation 132 of
business model and
send confirmation e-
date and time of the
presentation.
4. Present to BSP 4. Attend the FSD IX
Officials the business presentation and Officers, FSS
model, which may assess the business
include presentation of model, including the
the RMS (such as IT RMS such as IT
system, AML system, AML
compliance and compliance, consumer
consumer protection) protection and/or other
and/or other aspects of aspects of operations
operations

135
5. Determine if onsite Account
verification is Officer,
necessary FSD IX, FSS
5.1 Receive notice of 5.1 In case onsite Account

schedule of onsite verification is Officer,
verification and necessary: FSD IX, FSS
prepare the Prepare and send e-
requirements. mail notice advising the
applicant of the
schedule of the onsite
verification, with advice
to prepare the
requirements.
5.1.1 Conduct onsite FSD IX

verification 133 to Examination
validate the features Team, FSS
and functionalities of
the IT system
5.1.2 Prepare and Account

submit report on the Officer,
result of the onsite FSD IX, FSS
verification.
5.2 In case onsite

verification is not
necessary:
Proceed to next step.

assessment of the FSD IX, FSS
application and
and substantive 134
requirements of
the business model
136
presentation onsite
verification conducted
(if applicable).
7.1 Receive return 7.1 If deficient: Account
letter together with the Prepare, review and Officer,
documents submitted release return letter 135 Division Head/
citing deficiencies Group Head
noted and informing and
that application is Department
considered “closed”, Head, FSD IX,
without prejudice to re- FSS
submission of
application with
requirements and
rectified.

Process and release
documents to the
SOMD, FSS for
mailing.
7.2 Receive 7.2 If formally and After Account
Acknowledgment letter substantively complete preliminary Officer,
thru email and/or no deficiency: assessment Division Head
Prepare and release and Group
Acknowledgment Head, FSD IX,
Letter 136 thru FSD IX FSS
official e-mail (a)
that after assessment
determination of
sufficiency of
application and
submitted
and substance, the
Advance copy to be sent thru e-mail

135
137
BSP finds the same as
complete in form and
with the detailed
evaluation of the
(b) containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
reference for all
subsequent
transactions; (iii) name
of FSD IX Account
Officer/contact person,
his/her Group/Division
and position; and (iv)
acknowledgment letter.
8. Conduct detailed 12 working Account
evaluation of the days Officer, FSD
application and prepare IX, FSS
action documents
8.1 Prepare and review

memorandum to 3 working Account
appropriate BSP days Officer,
approving authority Division
Head/Group
Head and
Department
Head, FSD IX,
FSS
8.2 Elevate for
appropriate action on 1 working day Sub-sector
138
Sector Head,
FSS

documents signing
authorities
9.1 Receive copy of Account

document showing Officer, FSD
decision of the BSP IX, FSS
approving/signing
authority
10. Prepare and 1 working day Account
and
approval of application: Head
Prepare and process FSD IX, FSS
applicant on the
approval of the
authority to establish
and operate as
pawnshop, indicating
that applicant may now
proceed with next
stage.
Prepare and process Division Head/
the letter notifying Group Head
denial of request and and
therefor and/or the Head
deficiencies noted and FSD IX, FSS
informing that
application is
submission of
application with
requirements and
139
rectified.
11. Receive FSD IX 11. Notify applicant 1 working day Account
e-mail notification through FSD IX official Officer
e-mail of the decision FSD IX, FSS
on the application,
attaching scanned
letter.
11.1 Receive original 11.1 Through mail/ Administrative

copy of letter courier, (as necessary): Officer
Process and release FSAD –
documents to SOMD, SOMD, FSS
FSS for mailing.
END OF TRANSACTION
140
Exchange Commission (SEC) the Articles of Partnership (AOP)/ Articles of Incorporation (AOI)
and By-Laws (BL) indicating its purpose to operate as pawnshop (for partnerships/corporations)
1. Print-out of e-mail notification from FSD9@bsp.gov.ph, FSD IX, FSS, BSP
advising applicant to proceed to Stage 2 processing
register Articles of Partnership(AOP)/Articles of
Incorporation (AOI) and By-Laws with the Securities and
Exchange Commission (SEC), signed by the
incorporators/directors or the president or officer of
equivalent rank, in connection with the application for
authority to establish and operate as Pawnshop
It shall also indicate the BSP reference number assigned

to the application during Stage 1 (for tracking purposes).
3. Proof of compliance with the conditions for approval, if Applicant
any, set forth in the notification letter for BSP approval to
establish and operate as pawnshop under Stage 1

Exchange Commission (SEC) the Articles of Partnership (AOP)/ Articles of Incorporation (AOI)
and By-Laws (BL) indicating its purpose to operate as pawnshop (for partnerships/corporations)
with SEC
1.1 Electronic
submission139
and/or system failure. The applicant will be notified in writing and through other means of communication of
the suspension of the processing time without any delay.
141
copy of application open the SOMD Officer,
letter and complete email account. Frontline
documentary Services
requirements to fss- 1.1.2 Transfer email Administrative
somd@bsp.gov.ph in the department’s Division (FSAD)
sub-folder. – Sectoral
Operations
Management
Department
(SOMD),
Financial
Supervision
Sector (FSS)

the FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila)

Booth / SOMD. Get stamp date and time Officer, FSAD -
to be called. Once
requirements.
1.2.3 Forward
documents to FSD
IX
1.3 Mail/Courier

application letter stamp date and time Officer, FSAD -
documentary
Building, BSP 1.3.3 Forward
Complex, Manila) documents to FSD
IX
142
Assess the Division Head
and substantive 140
requirements of
and regulations. This
includes a
determination of
whether the
conditions set forth in
the approval of the
application for BSP
approval to establish
and operate as
pawnshop under
Stage 1 have been
complied with.
Prepare, review and FSS
release
Acknowledgment
official e-mail (a)
informing the
assessment of the
application and
determination of
sufficiency of
application and
submitted
and substance, the
BSP finds the same
as complete in form
and substance,

140
143
hence, the BSP will
now proceed with
the detailed
evaluation of the
and (b) containing
seal/logo; (ii) the
assigned unique
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division and
of receipt of the
complete
requirements which
is the date of the
acknowledgment
letter.

letter together with the Prepare, review and Division Head/
submitted documents release letter 142 Group Head and
application and its Head, FSD IX,
accompanying FSS
documents,
enumerating the
deficiencies and
missing
requirements, and
informing that
application is

144
re-submission of
application with
complete
documentary
requirements and
rectified.
2.2.1 Through mail/ Administrative

courier (as Officer, FSAD-
Process and release
documents to
SOMD, FSS for
mailing.
evaluation of the FSD IX, FSS
application and
prepare evaluation
report and action
documents
3.1 Prepare, review 1 working day Account Officer,

appropriate action Head, FSD IX,
FSS
(including the Letter
of No Objection to
Register with SEC
the AOP or AOI, and
By-Laws, if
application is
approved).

decision of the BSP
approving authority
145
and process Division Head/
notification letter to Group Head
applicant informing and Department
FSD IX, FSS
approval of
application:
Prepare and process
applicant on
approval of the
application for
issuance of no
objection letter
indicating that
applicant may
proceed with the
next stage after it
has registered with
SEC its AOP/AOI
and By-Laws.
reasons therefor
and/or the
deficiencies noted
and informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified.
6.1 Receive FSD IX e- 6.1 If decision is for 1 working day Account Officer
mail notification approval of FSD IX, FSS
application:
146
Notify applicant
through FSD IX
the decision on the
application,
attaching scanned
copy of the letter.
6.1.1 Receive original 6.1.1 Through mail/ Administrative

copy of letter. courier (as Officer, FSAD-
Process and release
documents to
SOMD, FSS for
mailing.

copy of letter. denial of application: FSD IX, FSS
Notify applicant
through FSD IX
decision on the
application,
attaching scanned
letter.
6.2.1 Through mail/

courier (as Administrative
necessary): Officer, FSAD-
Process and release SOMD, FSS
documents to
SOMD, FSS for
mailing.
END OF TRANSACTION
147
Stage 3 – Application for Issuance of Certificate of Authority to Establish and Operate as
Pawnshop
advising applicant to proceed to Stage 3 processing
2. Duly notarized Application for Authority to Establish and Form can be downloaded at the
Operate a Pawnshop, FSS Licensing Form No. 01-001 BSP website:
accompanied by copy of acknowledgement e-mail from https://www.bsp.gov.ph/Pages/Re
FSD9Licensing@bsp.gov.ph. gulations/GuidelinesOnTheEstabli
It shall also indicate the BSP reference number assigned wnshopsAndMoneyServiceBusine
to the application during Stage 1 (for tracking purposes). ss.aspx
3. Certified true copy of AOI/AOP 145 and By-Laws or Securities and Exchange
Certificate of Business Registration Commission/ Department of Trade
and Industry
4. Copy of the business license/permit from the Local Government Unit
city/municipality concerned for the current period, which
should indicate the line of business of the entity
5. Notarized Deed of Undertaking, FSS Licensing Form No. Form can be downloaded at the
01-003 BSP website:
https://www.bsp.gov.ph/Pages/Re
gulations/GuidelinesOnTheEstabli
wnshopsAndMoneyServiceBusine
ss.aspx
6. Proof of attendance to the mandatory training on anti- Applicant

money laundering/combating the financing of terrorism
7. Proof of payment of licensing fee (net of filing fee) and Applicant
metal plate fee
Note: To be submitted upon receipt of notification letter

advising the applicant to pay the licensing fee and metal plate
fee
145 Indicating as primary purpose to engage in pawnshop
148
Stage 3 - Application for Issuance of Certificate of Authority to Establish and Operate as Pawnshop
1. Download the
prescribed Data Entry
Template (DET) and
User’s Guide from BSP
website at
https://www.bsp.gov.ph
/Pages/Regulations/Gu
idelinesOnTheEstablis
hmentOfBanks/Registr
ationOfPawnshopsAnd
MoneyServiceBusines
s.aspx or request
directly from BSP-FSD
IX thru email address
fsd9@bsp.gov.ph
2. Send the duly 2. An auto reply shall
accomplished DET be sent advising the
electronically to BSP- entity to submit
FSD IX thru email within 5 banking
address days the DET
fsd9licensing@bsp.gov generated form, all
.ph in accordance with: other documentary
BSP Memorandum No. requirements
M-2019-019 dated 2 including a copy of
July 2019 the emailed auto
reply. Non-compliant
e-mail submission as
to subject and
attachment shall
likewise receive an
email advice.
3. Submit the duly
notarized DET-
generated application
form for the issuance of
to establish and
146Total processing time shall be suspended and appropriate adjustments shall be made in case of delays
149
operate as pawnshop
together with complete
documentary
requirements
3.1 Electronic
submission 147

copy of application 3.1.1 Log-in and Administrative
letter and complete open the SOMD Officer,
documentary email account. Frontline
requirements fss- Services
somd@bsp.gov.ph) 3.1.2 Transfer email Administrative
in the department’s Division (FSAD)
sub-folder. – Sectoral
Operations
Management
Department
(SOMD),
Financial
Supervision
Sector (FSS)

the FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila)

to be called. Once
requirements.
3.2.3 Forward
documents to FSD
IX
150
3.3 Mail/Courier

documentary
Building, BSP 3.3.3 Forward
Complex, Manila) documents to FSD
IX

and substantive 148
requirements of
and regulations
Prepare and release FSS
Acknowledgment
official e-mail (a)
informing the
assessment of the
application and
determination of
sufficiency of
application and
submitted
and substance, the
BSP finds the same

148
151
as complete in form
and substance,
hence, the BSP will
now proceed with
the detailed
evaluation of the
and (b) containing
seal/logo; (ii) the
assigned unique
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division and
of receipt of the
complete
requirements which
is the date of the
acknowledgment
letter.

submitted documents letter150 returning the Group Head and
accompanying Head, FSD IX,
documents, FSS
enumerating the
deficiencies and
missing
requirements, and
informing that
application is

152
re-submission of
application with
complete
documentary
requirements and
rectified

Process and release
documents to
SOMD, FSS for
mailing.
evaluation of the Division Head/
application and Group Head and
prepare evaluation Department
report and action Head
documents FSD IX, FSS

review Division
memorandum to Head/Group
authority and elevate Head
for appropriate FSD IX, FSS
action
(including the
Certificate of
Authority to
Establish and
Operate as
Pawnshop, if
application is
approved).
153
decision of the BSP
approving authority
and process Division
notification letter to Head/Group
applicant informing Head and
of the decision. Department
Head
7.1 If decision is for FSD IX, FSS
approval of
application:
7.1.1 State in the Account Officer,

notification letter to FSD IX, FSS
applicant the
approval of the
of the signed
Certificate of
Authority, the
payment of
fee (net of the
P1,000 non-
within 30 calendar
the e-mail notice
mentioned under
step no. 8 hereof,
otherwise, the
Certificate of
Authority shall be
deemed
automatically
cancelled. State in
the letter that
to submit: (i) proof of
payment of
fee prior to release of
154
the signed
Certificate of
Authority

Prepare and process Group Head and
the letter notifying Department
reasons therefor
and/or the
deficiencies noted
and informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified.
8.1 If decision is for 1 working day
approval of
application:
8.1.1 Request Order 1. Licensing Account Officer,

of Payment (OP) fee FSD IX, FSS
Number to Budget depending
and Finance on the type
Administrative of license
Division (BFAD) - (inclusive of
SOMD, FSS through the P1,000
e-mail152 non-
refundable
8.1.2 Process the filing fee),
Order of Payment as follows: Administrative
using the New Order Officer, BFAD-
of Payment System Type A – SOMD, FSS
(NOPS) and send P5,000
the OP Number to Type B –
the entity thru email P25,000

155
Type C –
P50,000
Type D –
P50,000
2. Metal
Plate Fee –
P500154
8.1.3 Receive FSD IX 8.1.3 Notify applicant Account Officer

e-mail notification thru through FSD IX FSD IX, FSS
email official e-mail 153 of
the decision on the
application and that
a separate email
containing the OP
Number for the
payment of
fee shall be sent,
attaching scanned
letter (without
attachments), and
letter and signed
Certificate of
Authority to
Establish and
Operate a
Pawnshop will be
released within three
(3) working days
upon receipt of proof
of payment.
Note: Delisted
Pawnshops
reapplying for
Authority to
Establish and
Operate as
154 Applicable for Head Office only
156
Pawnshop shall be
required to pay the
unpaid/outstanding
fees
8.1.4 Prepare,
review and process
8.1.4 Receive email transmittal letter and Account Officer
notification with OP Certificate of FSD IX, FSS
number thru e-mail 151 Authority to
and pay the Establish and
appropriate fees Operate as
Pawnshop.
8.1.5 Release
original copies of
8.1.5 Email proof of letters and signed Administrative
payment to FSD IX Certificate of Officer, BFAD-
fsd9@bsp.gov.ph. Authority to SOMD, FSS
Establish and
Operate as
Pawnshop within
three (3) working
days upon receipt of
proof of payment of
8.1.6 Receive original licensing fee to
copies of letters and SOMD, FSS for
signed certificate. mailing.
8.2. If decision is for

denial of application:
Notify applicant Account Officer
through FSD IX FSD IX, FSS
decision on the
application,
attaching scanned
letter (without
attachments).
8.2 Receive original
copy of letter. 8.2.1. Through
mail/courier (as
necessary):

157
documents to the Officer, BFAD-
SOMD, FSS for SOMD, FSS
mailing.
END OF TRANSACTION
158
channels:
RECEIVING AND RELEASING OF
DOCUMENTS
 Press the smiley or sad face button
(encoding in the comment section,
“Receiving/Releasing of documents with
SOMD, FSS”) and input feedback/complaints
in the Feedback Management System (FMS)
tablet installed in the receiving area of the
Sectoral Operations Management
Department (SOMD), Financial Supervision
Sector (FSS), 4th Floor, Multi-storey Building.
PROCESSING OF SERVICES ENROLLED IN
THE BSP CITIZEN’S CHARTER
o Input the transaction code to be provided by
FSD IX, FSS, in the Feedback Corner of the
BSP website at www.bsp.gov.ph and fill-out
the structured form online for any
How feedbacks and Feedbacks and complaints may be filed through
complaints are processed? the following:

FMS emoticon tablet/ touchscreen kiosk/BSP
website

159
o FMS designate/alternate of the SOMD,
FSS generates and endorses the Daily i-
Report within a day (24 hours) to the
Servicing Department/Office (SDO) Head
and other concerned personnel to review
and reply to the concerned issue.
o Action Report (i.e., with information on
action to be taken and target date of
completion/resolution) approved by the
SDO Head is transmitted to Feedback
Management Unit through the Director of
the Economic and Financial Learning
Center (EFLC) within two (2) working days
feedback/complaint.

purview of another department/office of the
BSP, the FMS Designate/Alternate of SOMD,
FSS requests transfer of feedback to
appropriate department/office thru the FMS.
Request for transfer is done within one (1)
emoticon/negative feedback/complaint.

paper-based FMS structured form
FMS designate/alternate of SOMD, FSS will

scan the accomplished paper-based structured
form and upload it in the system within one (1)
working day from receipt.

structured form and through the FMS emoticon
tablet/BSP website are the same.
2. Presidential Complaint Center (PCC),

Office of the President
Bahay Ugnayan, J.P. Laurel Street

Malacañang, Manila
160
Telephone:
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
Telefax: +63(2)-8736-8621

Authority

Accelerando), 395 Senator Gil J. Puyat
Avenue, 1200 Makati City
Telephone: +63(2)-8478-5091;
+63(2)-8478-5099

Service Commission, CSC Building, IBP
Road, Constitution Hills, 1126 Quezon City
Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565
161
For processing of
request:
14th floor, Multi-Storey
Financial Supervision Building, Bangko Sentral BSP Trunkline:
Department IX (FSD IX), ng Pilipinas, A. Mabini +63(2)-8708-7011, local
Financial Supervision St., Malate, Manila 1004 3017
Sector
Direct Line:
+63(2)-8708-7297
E-mail:
FSD9@bsp.gov.ph
For the receipt and
release of documents:
Sectoral Operations 4th floor, Multi-storey BSP Trunkline:

Management Building, Bangko Sentral +63(2)-8708-7011, local
Department (SOMD), ng Pilipinas, A. Mabini 2434
Financial Supervision St., Malate, Manila 1004
Sector Direct Line:
+63(2)-8708-7689

working day).
162
4. Application for Grant of Authority to Establish a Bank (update)
The application for grant of Authority to Establish a Bank constitutes a 3-stage process.
 Stage 1 refers to the application for BSP approval to establish a bank with processing
time of 20 working days.
 Stage 2 refers to the application for issuance of Certificate of Authority to Register
with the Securities and Exchange Commission (SEC) its Articles of Incorporation
(AOI) and/or By-Laws (BL) indicating its purpose to establish a bank with processing
 Stage 3 refers to the application for issuance of certificate of authority to operate a
bank with processing time of 5 working days.
Applications for Authority to Establish a Bank are subject to processing fee upon
submission of application (Stage 1) and license fee (Stage 3) depending on the type of
bank being applied, as shown in the table below:
Type of Domestic Bank Processing License

Fee155 Fee156
(in Million Pesos)
Universal Banks/Islamic Banks 0.500 25.000

Commercial Banks 0.400 20.000
Digital Banks 0.250 12.500
Thrift Banks
- Head Office in National Capital Region 0.100 5.000

(NCR)
- Head Office in All Other Areas Outside NCR 0.040 2.000
Rural and Cooperative Banks
- Head Office in NCR 0.010 0.500
- Head Office in All Other Areas Outside NCR 0.004 0.200
(All Cities up to 3rd class municipalities)
-Head Office in All Other Areas Outside NCR 0.002 0.100
(4th class to 6th class municipalities)
155The Processing Fee shall be non-refundable.

156The license fee, net of processing fee, shall be paid after the Monetary Board has approved the said
application.
163
1. Establishment of a Bank
Office or Division: Supervisory Policy and Research Department (SPRD)
Type of Transaction: G2B - Government to Business Entity
Who may avail: Applicant/Entities that plan to engage in banking operations/activities
in the Philippines

Stage 1: Application for BSP approval to establish a bank in the Philippines
A. DOCUMENTRAY REQUIREMENTS158 (Submit two (2) original copies)
1. Application letter requesting for authority to establish a Applicant
bank in the Philippines
2. Agreement to organize a bank using the prescribed form. Please download template from:
https://www.bsp.gov.ph/Regulation
s/Guidelines%20and%20other%20
Regulations/Agreement%20to%20
Organize%20a%20Bank.pdf
3. For each individual incorporator159, subscriber, proposed
director and principal officer:
a. Bio-data using the prescribed form with (2”x2”) Please download updated format
photograph taken within the last (6) months from the from:
date the application was received by the Bangko Sentral. https://www.bsp.gov.ph/Regulatio
ns/Guidelines%20and%20other
%20Regulations/Biographical%2
b. Evidence of citizenship; 0Data.pdf
c. Evidence of financial capacity as of date not earlier than Applicant
ninety (90) calendar days prior to the filing of application Applicant
such as credit reports, bank deposits, investments, real
estate owned, etc., accompanied by waiver of rights
under R.A. No. 1405, as amended, for covered items (for
incorporators and subscribers);
d. Certified photocopies of Income Tax Returns (ITRs) or
equivalent document from other jurisdiction for non- Applicant
Filipinos/non-resident Filipinos for the last three (3)
calendar/fiscal years (for incorporator and subscriber);
and
e. Clearances from the National Bureau of Investigation
(NBI) and Bureau of Internal Revenue (BIR) or NBI, BIR
equivalent clearances or certificate from home country
157 Please note that the BSP does not prescribe any format on the required documents, unless otherwise
indicated.
158 Documents issued outside the country shall be apostilled or consularized, as applicable.
159 This shall include ultimate beneficial owners (UBOs).
164
for non-Filipinos, obtained within the last six (6) months
from the date the application was received by the
Bangko Sentral.
4. For corporate subscribers:
a. Board resolution authorizing the corporation to invest Applicant
in such bank; and designating the person who will
represent the corporation in connection therewith;
b. Latest articles of incorporation (AOI) and by-laws (BL) Applicant
registered with the Securities and Exchange
Commission (SEC) or similar agency from home
country for foreign corporate subscribers;
c. Corporate background providing the following: Applicant
i. Date and place of incorporation;
ii. List of domestic and foreign branches, agencies,
other offices, subsidiaries and affiliates and their
location and line of business;
iii. Range of financial and non-financial products
offered to and services performed for clients;
iv. Conglomerate structure/map where the corporate
subscriber belongs; and
v. Financial and commercial relationship with the
Philippine government, local banks, business
entities and residents, past and present.
d. Latest General Information Sheet filed with the SEC or Applicant
equivalent information sheet filed with the home
country’s SEC or similar agency for foreign corporate
subscribers;
e. List of all stockholders, including the corporation’s Applicant
UBOs, indicating the citizenship, address, and the
number, amount and percentage of the voting and non-
voting shares held by them;
f. Annual reports at the entity-level and consolidated Applicant
level with audited financial statements for the last three
(3) calendar/fiscal years prior to the filing of application;
g. Certified photocopies of ITRs or equivalent tax returns
filed by foreign corporate subscribers for the last three Applicant
(3) calendar/fiscal years;
h. BIR clearance or equivalent clearance from home
country’s tax authorities for foreign corporate BIR
subscribers obtained within the last six (6) months from
the date the application was received by the Bangko
Sentral;
i. Certification from the board of directors that it is
compliant with the applicable conditions set forth in Applicant
165
Sec. 371 of the MORB for the equity investment to the
proposed bank (for domestic bank subscriber); and
j. List of directors and principal officers including their
citizenships.
k. Certification from relevant home country supervisory Applicant
authority that it has no objection to the investment in a
bank in the Philippines, and it will provide the Bangko Applicant
Sentral with relevant supervisory information on the
foreign corporate subscriber to the extent allowed
under existing laws.
5. A UBO of a corporate stockholder shall likewise submit Applicant
clearances from the NBI and the BIR or equivalent
clearances or certificates from home country for non-
Filipinos, obtained within the last six (6) months from the
date the application was received by the Bangko Sentral.
6. Comprehensive corporate plan describing its business Applicant
model, including the target market and channels,
corporate strategy and economic justification for
establishing the bank. The said document shall also
provide detailed information to substantiate that the
proposed bank has adequate financial, managerial and
organizational resources in place to support its strategy
and operations on an ongoing basis.
7. Feasibility study with projected monthly financial Applicant
statements (FS) for the first year and projected yearly FS
for the first five (5) years of operation, using realistic
assumptions consistent with the proposed business model
and corporate strategy of the bank. The details of the
assumptions used shall be presented in the feasibility
study.
If an applicant is seeking a digital banking license, a
detailed review and assessment of the supporting
information technology (IT) systems and infrastructure vis-
à-vis the digital banking business model should be
performed by a competent independent third-party IT
expert. Said technical review shall cover a comprehensive
assessment of the design, security controls, scalability,
and resilience capability of the IT infrastructure, network,
application, database, security systems, AML/CFT
measures and other applicable technologies supporting
the digital banking operations.
166
A copy of the assessment and technical reports shall be
submitted to Bangko Sentral as part of the application
requirements.
8. Certification executed by each of the subscribers that the Applicant
amount committed to pay the proposed paid-up
capitalization in the bank was not derived from borrowings,
unlawful activity or any money laundering activity.
9. In addition to the foregoing requirements, an applicant Applicant
seeking for a digital banking license shall also submit the
applicable requirements in offering Electronic Payments
and Financial Services (EPFS) as enumerated under
Sec. 701 (Requirements for the grant of authority to offer
EPFS) and Appendix 141, including the list and nature of
material outsourcing arrangements.
10. In addition to the foregoing requirements, the applicant Applicant
seeking for Islamic banking license shall submit a deed of
undertaking to establish a Shari’ah Governance
Framework (SGF) as prescribed by the Bangko Sentral
appropriate to the risk profile of the Islamic bank signed
by its directors.
11. For the confirmation of its directors/officers160 pursuant to

Section 16 of Republic Act (R.A.) No. 8791 (The General
Banking Law of 2000), as implemented by Section 137 of
the MORB, the documentary requirements are as follows:
a. Letter-request for Bangko Sentral confirmation signed
by authorized officer with an affirmative statement that Applicant
the institution has conducted a fit and proper test on
the directors/officers concerned;
b. Secretary’s Certificate attesting to the resolution of the
stockholders or board of directors approving the Applicant
election/appointment;
c. Bio-data with a photograph (2” x 2”) taken within the
last 6 months; Please download updated format
from:
https://www.bsp.gov.ph/Regulatio
ns/Guidelines%20and%20other
%20Regulations/Biographical%2
0Data.pdf
160e.g., Treasurer, trust officer, heads of internal audit, risk management, and compliance functions, and
other functions with the rank of Senior Vice President and above
167
d. Certification under oath of the director/officer Applicant
concerned that he/she possesses all the qualifications
and none of the disqualifications to become a
director/officer;
e. For independent directors, certification under oath that Applicant
he/she is an independent director as defined in Bangko
Sentral regulations;
f. Brief description of the officers’ responsibilities; Applicant
g. Duly accomplished and notarized authorization form Please follow the format
for querying the Bangko Sentral watchlist file from the indicated in Appendix 80 of the
director/officer concerned; and MORB.
For first-time directors in a particular bank/banking group DOLE
as defined in Section 137 of the MORB:
a. Certification under oath of compliance with Bangko
Sentral-prescribed syllabus on boarding/orientation
program (Corporate Governance seminar); and
b. Certification under oath that the director has received Applicant
copies of the general responsibility and specific duties
and responsibilities of the board of directors and of a
director that he/she fully understands and accepts the Applicant
same.
12. Payment or proof of payment of non-refundable Applicant

processing fee (photocopy)
168
BE PAID TIME RESPONSIBLE
A. Submission of Letter-Request and Documentary Requirements
1. Submit application for
authority to establish a
bank together with
documentary
requirements
1.1 Electronic Submission
1.1.1 Submit scanned 1.1.1 Log-in and open None Half working Account
copy of application letter the SPRD email account. day Officer, SPRD
and documentary
requirements to 1.1.2 Transfer email in Account
ospd@bsp.gov.ph. the SPRD’s sub-folder Officer, SPRD
1.1.3 Encode application Account

in the Document Tracking Officer, SPRD
System.161
1.2. Personal filing at the None Half working
FSS Booth (Koi day
Garden)/SOMD,FSS (4th
Floor, Multi-Storey
Building, BSP Complex,
Manila)
1.2.1 Proceed to SOMD. 1.2.1 Receive and stamp Administrative

Get queue number and date and time of receipt. Officer FSAD-
wait to be called. Once SOMD,FSS
called, present all the
documentary 1.2.2 Record receipt of Administrative
requirements. application. Officer FSAD-
SOMD,FSS
1.2.3 Forward Administrative

documents to SPRD. Officer FSAD-
SOMD,FSS

System162
161 The Reference Number generated shall serve as the unique number assigned to the entity’s application.
169
1.3 Mail/Courier
1.3.1 Send the 1.3.1 Receive and stamp None Half working Administrative
application letter together date and time of receipt. day Officer FSAD-
with documentary SOMD,FSS
requirements.
1.3.2 Record receipt of Administrative
application. Officer FSAD-
SOMD,FSS

SOMD,FSS

System163
B. Preliminary assessment of the completeness of the submitted documents

2. Preliminary assess the Account
completeness of the Officer, SPRD,
submitted documents vis- 9/F, Multi-
à-vis checklist of storey Building
documentary
requirements.
2.1 Receive return letter 2.1 If deficient: None 1 working Account

together with the day165 Officer, SPRD
submitted documents Prepare letter returning
the application and its
accompanying
documents164. Release
letter to SOMD
164 The letter enumerates the deficiencies and missing requirements and informs the applicant that the
application is considered “closed”, without prejudice to re-submission of application with complete
documentary requirements.
165 Reckoned from the date of receipt by the SPRD.
170
Process and release to Administrative
Administrative Services Officer, FSAD-
Department (ASD), BSP, SOMD,FSS
for mailing.
2.2. Receive e-mail on 2.2 If complete: None 1 working Account

Provisional Receipt of day Officer, SPRD
application. Prepare and send
Provisional Receipt
through SPRD official e-
mail.166 Advise the
applicant to coordinate
with SPRD on the
schedule of presentation.
C. Presentation to the FSS Management167
3. Presentation to the
FSS Management
3.1 Coordinate and 3.1 Coordinate and None 1 working day Account
finalize with SPRD finalize schedule of Officer, SPRD
Account Officer the presentation of business
schedule of presentation model and send
and confirm confirmation e-mail to
attendance.168 applicant on the date,
time and venue (e.g. BSP
conference rooms, video
conference) of the
presentation.
166 A separate acknowledgment letter signifying acceptance of complete application shall be sent once
determination of completeness of application in form and substance. The provisional receipt signifies receipt
of application and accompanying documents, subject to further preliminary assessment to determine if
application fully satisfies the formal and substantive requirements of relevant laws, rules and regulations.
167 This is scheduled based on the common availability of the FSS Management and the applicant. This step
is part of the preliminary screening and not part of the 20 working days processing time.
168 A copy of presentation materials, names of attendees with their brief background and/or picture should be
submitted to the SPRD through email at least one (1) week before the scheduled presentation.
171
3.2 Present to BSP 3.2 Attend the None 1 working day FSS
officials the overview and presentation and assess Management/
business plan for the the applicant’s business SPRD Officers
proposed bank and other plan.
information relevant to the
application.
D. Payment of Processing Fee

4. Pay the applicable
processing fee
4.1 Receive Order of 4.1 Request OP Please Half working Administrative

Payment (OP) number Number to BFAD-SOMD, refer to the day171 Officer FSAD-
and pay through the FSS through email and amount of SOMD,FSS/
following payment send the OP number to processing Account
options of UnionBank169: the client through email. fee Officer, SPRD
d. Over-the-Counter indicated
e. Convergent above
Banking/Online
Banking (Web and
App)170
f. The Portal – Business
Banking (Web and
App)
4.2 Provide SPRD the 4.2 Receive the proof of Account

proof of payment of the payment of the Officer, SPRD
processing fee. processing fee.
E. Submission of Complete Documentary Requirements172
169 Other settlement banks (i.e., Chinabank, CTBC Bank) will also be available soon.
171 This is not part of the 20 working days.
172 The date of the acknowledgment letter is the start of the 20 working days processing time.
172
preliminary assessment Officer, SPRD
and substantive173
requirements of relevant
laws, rules and
consideration result of the
presentation
5.1 Receive return letter 5.1 If deficient: None 1 working Account

together with the day Officer, SPRD
documents submitted Prepare and release
letter citing deficiencies
noted and informing that
application is considered
prejudice to re-
submission of application
with complete
documentary
requirements and
rectified.
5.1.1 Process and release Account

to SOMD for mailing. Officer, SPRD
173 May involve referral to appropriate departments of the BSP.
173
5.2 Receive 5.2 If formally and None 1 working Account
acknowledgment letter via substantively complete day Officer, SPRD
email, courier, or and/or no deficiency:
authorized representative
and confirm/sign proof of Prepare and release
receipt. Acknowledgment Letter
that after assessment of
the application, and
determination of
sufficiency of application
and submitted
requirements in form and
substance, the BSP finds
the same as complete in
form and substance,
hence, the BSP will now
proceed with the detailed
evaluation and shall
notify the applicant of the
result thereof; and the
acknowledgment letter
5.3 Email advance Account

copy of letter. Release Officer, SPRD
letter to SOMD.
5.4 Process and Administrative

release documents to the Officer FSAD -
ASD, BSP, for mailing. SOMD, FSS
F. Evaluation and Decision
6. Conduct detailed None 10 working Account
evaluation of the days Officer, SPRD
application and prepare
action documents
6.1 Prepare and review 3 working Account

memorandum to days Officer,
174
appropriate BSP Division
approving authority Head/Group
Head and
Department
Head, SPRD
6.2 Elevate for 2 working Sub-sector

appropriate action on the days Head/
application Sector Head
7. Decide on the None 2 working BSP
documents signing
authorities

document showing Officer, SPRD
decision of the BSP
approving/signing
authority
8. Prepare and None 1 working Account

process notification letter day Officer,
to the applicant of the Division
decision Head/Group
8.1 If decision is for Head and
approval of application: Department
Prepare and process Head, SPRD
applicant on the approval
of the authority to
establish a bank,
indicating that applicant
may not proceed with the
next stage
8.2 If decision is for denial Account

of application: Prepare Officer,
and process the letter Division
notifying denial of request Head/Group
and stating the reasons Head and
therefor and/or the
175
deficiencies noted and Department
informing that application Head, SPRD
is considered “closed”,
submission of application
with complete
documentary
requirements and
rectified.
9. Receive email 9. Notify applicant through None 1 working Account
notification from SPRD SPRD official email of the day Officer, SPRD
decision on the
application, attaching
scanned copy of
notification letter, and
stating that original letter
shall be mailed
accordingly.

copy of the letter release documents to the Officer, FSAD-
ASD, BSP, for mailing SOMD,FSS
END OF TRANSACTION

Stage 2 – Application for the Issuance of Certificate of Authority (COA) to Register with the
Securities and Exchange Commission (SEC) its Articles of Incorporation (AOI) and By-Laws
(BL) indicating its purpose to establish a bank in the Philippines.
A. DOCUMENTARY REQUIREMENTS (copies specified)
1. Within thirty (30) calendar days from receipt of advice of

approval by the MB of their application for authority to
establish a bank in the Philippines, the organizers shall:
a. Submit the proposed AOI, BL and treasurer’s sworn Applicant

statement in four (4) copies and the letter requesting the
issuance of the COA to Register the AOI and BL with the
SEC;
176
b. Deposit with any U/KB (for KBs, TBs and and digital Applicant
banks), and any bank (for RBs and coop banks), and any
UB (for lslamic banks) the initial paid-up capital of the
proposed bank, and submit a copy of the depository
bank's certification of deposit;
c. Pay the applicable license fee at the Bangko Sentral Applicant

Cash Department (for cash) or other alternative payment
modes acceptable to the Bangko Sentral, net of the
previously paid application fee and submit a copy of proof
of payment; and
d. Submit a copy of certificate of the inward remittance of Please follow the format
capital, in the case of foreign subscribers. indicated in:
Appendix 10.1 of the Manual of
Regulations on Foreign
Exchange Transactions
(FX Manual)
https://www.bsp.gov.ph/SitePag
es/Regulations/DownloadSectio
n.aspx
2. Within sixty (60) calendar days after the issuance by the SEC
Bangko Sentral of the COA to Register the AOI and BL, the
organizers shall effect the filing of said documents with the
SEC.
177
PERSON
FEES TO PROCESSING
CLIENT STEPS AGENCY ACTIONS RESPONSIB
BE PAID TIME
LE
Stage 2 – Application for the Issuance of Certificate of Authority (COA) to Register with the
Securities and Exchange Commission (SEC) its Articles of Incorporation (AOI) and By-Laws
(BL) indicating its purpose to establish a bank in the Philippines.
A. Certification of Deposit of the Minimum Paid-up Capital/Inward Remittance of Capital
1. Send a copy of the 1. Receive copy None 1 working Account Officer,
depository bank’s of the depository day174 SPRD
certification of deposit of bank’s certification of
initial paid-up capital deposit and
and certificate of the certification of the
inward remittance of inward remittance of
capital, in the case of capital via email
foreign subscribers to
the processor of SPRD. 1.1 Acknowledge Account Officer,
receipt thereof. SPRD
B. Payment of License Fee
2. Pay the applicable Please refer Half working
license fee to the day177
amount of
2.1 Receive OP 2.1 Request OP license fee Administrative
number and pay through Number from BFAD- indicated Officer FSAD-
the following payment SOMD, FSS through above SOMD,FSS/
options of UnionBank175: email and send the Account Officer,
a. Over-the-Counter OP Number to the SPRD
b. Convergent client through email.
Banking/Online
Banking (Web and
App)176
c. The Portal –
Business Banking
(Web and App)
2.2 Provide SPRD the 2.2 Receive the proof Account Officer,
proof of payment of the of payment of the SPRD
license fee. license fee.
174 Not part of the 15 working days processing time.

177 This is not part of the 15 working days processing time.
178
PERSON
FEES TO PROCESSING
BE PAID TIME
LE
C. Submission of Letter-Request for the Issuance of the COA to Register the AOI and BL
with the SEC
3. Submit letter None Half working day
requesting for the
issuance of Certificate
of Authority to register
with SEC together with
documentary
requirements
3.1 Electronic
Submission
3.1.1 Submit scanned 3.1.1 Log-in and Account

copy of the application open the SPRD email Officer,
letter and documentary account SPRD
requirements to
ospd@bsp.gov.ph. 3.1.2 Transfer email
in the SPRD’s sub- Account
folder Officer,
SPRD
3.1.3 Encode
application in
the Document Account
Tracking Officer,
System178 SPRD
3.2 Through personal None Half working day

filing at the FSS Booth
(Koi Garden)/SOMD,
Complex, Manila)
3.2.1 Proceed to 3.2.1 Receive and Administrativ

SOMD. Get queue stamp date and time e Officer
number and wait to be of receipt. FSAD-
called. Once called, SOMD,FSS
present all the
documentary 3.2.2 Record receipt
requirements. of application.
179
PERSON
FEES TO PROCESSING
BE PAID TIME
LE
Administrativ
e Officer
3.2.3 Forward FSAD-
documents to SPRD. SOMD,FSS
Administrativ
3.2.4 Encode e Officer
application in the FSAD-
Document Tracking SOMD,FSS
System179
Account
Officer,
SPRD
3.3 Mail/Courier None Half working day
3.3.1 Send the 3.3.1 Receive and Administrativ

application letter stamp date and time e Officer
together with of receipt. FSAD-
documentary SOMD,FSS
requirements. 3.3.2 Record receipt
of application. Administrativ
e Officer
FSAD-
3.3.3 Forward SOMD,FSS
documents to SPRD.
Administrativ
e Officer
3.3.4 Encode FSAD-
application in the SOMD,FSS
Document Tracking
System180 Account
Officer,
SPRD
4. Preliminary Account
assess the Officer,
completeness of the SPRD
submitted documents
vis-à-vis checklist of
179 The Reference Number generate shall serve as the unique number assigned to the entity’s application.
180
PERSON
FEES TO PROCESSING
BE PAID TIME
LE
documentary
requirements.
4.1 Receive return letter None 1 working
together with the 4.1 If deficient Day Account
submitted documents. Officer,
Prepare letter SPRD
returning the
application and its
accompanying
documents. Release
letter to SOMD.
Process and release

documents to the Administrati
ASD, BSP for ve
mailing. Officer,
4.2 Receive email on None 1 working FSAD-
Acknowledgement 4.2 If complete day SOMD, FSS
letter.
Prepare and send
acknowledgement Account
letter181 through Officer,
SPRD official email. SPRD
5. Assess the None 1 working Account

application and day183 Officer,
determine if SPRD
application fully
and substantive182
requirements of
and regulations.
5.1 Review the None 12 working days Account
submitted documents Officer,
and refer for legal SPRD
review for comments/
suggestions
181
PERSON
FEES TO PROCESSING
BE PAID TIME
LE
1 working
5.2 If with legal day
issues, prepare letter Account
informing the client of Officer,
the comments/ SPRD
suggestions on the
proposed AOI and BL
5.2.1 Receive advance 5.2.1 Email advance

copy via email. copy of letter.
Account
5.2.2 Receive hard 5.2.2 Process and Officer,
copy of the letter release documents to SPRD
together with the the SOMD for mailing.
submitted documents Administrativ
e Officer
FSAD –
SOMD, FSS
6. Submit revised 6. Receive None 12 working days184 Account
documents in revised proposed Officer,
compliance with the AOI/BL and assess SPRD
comments/suggestions. applicant’s
compliance with the
comments/suggestio
ns
7. Wait for the 7. Endorse the Account

approval of the revised revised AOI/BL Officer,
AOI/BL documents for legal SPRD
review/comments, as
may be applicable.
D. Preparation of COA to Register AOI and BL with SEC

8. Once the AOI None 1 working Account
and BL satisfies the day Officer,
formal and Division
substantive Head/Group
requirements of Head and
184 Processing time of 15 working days will again start from the time the SPRD receives the revised AOI and BL.
182
PERSON
FEES TO PROCESSING
BE PAID TIME
LE
and regulations, Department
prepare and issue Head, SPRD
letter and COA to
Register (original and
BSP copy) certifying
approval of the
bank’s authority to
register the AOI and
BL of the bank with
the SEC.
8.1 Receive the 8.1 Through email,

advance copy of the release scanned
letter, signed COA to copy of the letter, Account
Register, and AOI/BL signed COA to Officer,
Register, and SPRD
AOI/BL.
8.2 Present Letter of 8.2 Through pick-

Authority, if through up, release original
pick-up by authorized copy of letter, signed
representative COA to Register and Account
AOI/BL to authorized Officer,
representative SPRD
8.3 Through
8.3 Receive original mail/courier, process
copy of the letter, signed and release
COA to Register and documents to the
AOI/BL. ASD, BSP for
mailing. Administrativ
e Officer
FSAD –
SOMD, FSS
END OF TRANSACTION
183
Stage 3 – Application for Issuance of Certificate of Authority to Operate a Bank in the
Philippines
A. DOCUMENTARY REQUIREMENTS (Submit two original copies, unless otherwise
specified)
1. Within one (1) year from receipt of advice of approval Applicant
by the Monetary Board of their application for authority
to establish the bank, the organizers shall:
a. Complete the establishment of the bank premises,
with the applicable minimum security measures
under Section 147 (Minimum security measures)
and requirements under Batas Pambansa Blg.
344186 and Republic Act No. 9994187;
b. Effect and complete the recruitment and hiring of Applicant
officers and employees of the bank;
c. Attend the briefing on BSP reportorial requirements Applicant
conducted by the appropriate department of the
BSP together with the relevant officers of the bank;
d. Attend the briefing on Anti-Money Laundering Applicant
(AML) registration and reportorial requirements
conducted by the AML Council Secretariat
(AMLCS) together with the relevant officers of the
bank; and
e. Submit the letter requesting the issuance of COA to
Operate the bank and the following documentary
requirements at least thirty (30) calendar days
before the scheduled start of operations:
i. Proof of registration of AOI and BL with the SEC;
ii. Certification signed by all the directors stating SEC
that –
1. All the conditions of the approval to establish the Applicant
proposed bank have been complied with;
2. The policies, and procedures covering all risk
areas; internal controls, information technology,
accounting systems, and business continuity plan
that have been approved by the board of directors
are in place upon start of operations;
3. The necessary bond policy on custodial officers
and insurance policy on bank properties required
to be insured have been obtained;
185 Please note that the BSP does not prescribe any format on the required documents, unless otherwise
indicated.
186 An Act to Enhance the Mobility of Disabled Persons by Requiring Certain Buildings, Institutions,
Establishments and Public Utilities to Install Facilities and Other Devices.

187 An Act Granting Additional Benefits and Privileges to Senior Citizens.
184
Philippines
4. All pre-operating requirements under existing laws
and regulations, which include among others: (a)
use of business name; (b) posting of schedule of
banking days and hours, notice to depositors on
clearing cut-off time, and disclosure statement on
loan/credit transaction; (c) Batas Pambansa Blg.
344 and Republic Act No. 9994; (d) minimum
security measures; and (e) publication of
consumer assistance management system have
been complied with; and
5. No person who is the spouse or relative within the
second degree of consanguinity or affinity will be
appointed to any officership positions across the
following functional categories in the bank: (a)
decision making and senior management function,
(b) treasury function, (c) recordkeeping and
financial reporting function, (d) safekeeping of
assets, (e) risk management function, (f)
compliance function, and (g) internal audit
function.
iii. Proof of compliance with all the pre- operating
requirements under existing rules and regulations;
iv. List of principal and junior officers and their
respective designations and salaries; Applicant
v. Ownership and governance structure;
vi. Contract of lease on bank’s premises, if the same Applicant
are to be leased;
vii. List of stockholders stating the number and Applicant
percentage of voting stocks owned by them as well Applicant
as their citizenships;
viii. Certification from the Philippine Deposit Insurance Applicant
Corporation (PDIC) stating that the organizers have
undergone a briefing on all of its requirements;
ix. Copy of the Alien Employment Permit (AEP) or PDIC
other applicable document issued by the
Department of Labor and Employment for foreign
directors and officers;
x. Provisional certificate of registration from the DOLE
AMLCS;
xi. Copy of SEC-issued license to transact business in
the Philippines; and
xii. For IBs, submit the BOD-Approved Appointment of AMLCS
Members of the Shari’ah Advisory Council (SAC) or
185
Philippines
a BOD-Approved Appointment of Shari’ah SEC
Advisor/Consultant, in case the bank opted for the
regulatory incentive for 3 years without the SAC. Applicant
This should be accompanied by deed of
undertaking that the bank has adopted an adequate
risk management systems and internal controls;
and necessary policies and procedures, information
system and documentation that support the offering
of lslamic banking products and services.
FEES TO PROCESSIN PERSON

BE PAID G TIME RESPONSIBLE
Stage 3 – Application for the Issuance of Certificate of Authority (COA) to Operate a Bank188
A. Attend Briefing on the BSP Reportorial Requirements
2. Coordinate and 1. Coordinate and finalize None Half working Account
finalize with SPRD schedule of briefing of day190 Officer, SPRD
Account Officer the reportorial requirements
schedule of briefing and and send confirmation e-
confirm attendance.189 mail to applicant on the
date, time and venue
(e.g. BSP conference
rooms, video conference)
of the briefing.
3. Attend the 2. Conduct briefing on None 1 working Bank Officers
scheduled briefing with BSP reportorial day191 Various BSP
the relevant officers of requirements. Department/
the bank based on the Offices
agreed schedule.
B. Submission of Letter-Request for the Issuance of COA to Operate192
189 Names of attendees with their brief background and/or picture should be submitted to the SPRD through
email at least one (1) week before the briefing.
192 Reckoned from the date of receipt by the SPRD. Not part of the 5 working days processing time.
186
4. Submit letter- None Half working
request for the day
application for the
issuance of COA to
Operate together with
documentary
requirements
3.1 Electronic
Submission 4.1.1 Log-in and open Account
the SPRD email account. Officer, SPRD
copy of the application 4.1.2 Transfer email in Account
letter and documentary the SPRD’s sub-folder Officer, SPRD
requirements to
ospd@bsp.gov.ph. 4.1.3 Encode receipt of Account
application in the Officer, SPRD
Document Tracking
System.193
3.2 Through personal None Half working
filing at the FSS Booth day
(Koi
Garden)/SOMD,FSS
Manila)
3.2.1 Proceed to 3.2.1 Receive and Administrative

SOMD. Get queue stamp date and Officer FSAD-
number and wait to be time of receipt. SOMD,FSS
called. Once called,
present all the 3.2.2 Record receipt of Administrative
documentary application. Officer FSAD-
requirements. SOMD,FSS

documents to Officer FSAD-
SPRD. SOMD,FSS
3.2.4 Encode receipt of Account

187
Documentary
Tracking
System194
3.3 Mail/Courier None Half working

day
application letter stamp date and time of Officer FSAD-
together with receipt. SOMD,FSS
documentary
requirements.
SOMD,FSS

SOMD,FSS

System195
5. Preliminary assess Account
the completeness of the Officer, SPRD
submitted documents vis-
à-vis checklist of
documentary
requirements.
4.1 If deficient None 1 working Account

day197 Officer, SPRD
188
4.1 Receive return letter Prepare letter returning
together with the the application and its
submitted documents. accompanying
documents. Release
letter to SOMD.

documents to the ASD, Officer,
BSP for mailing. FSAD-SOMD,
FSS
4.2 If complete None 1 working Account

day198 Officer, SPRD
4.2 Receive email on Prepare and send
Provisional Receipt Provisional Receipt196
application through SPRD official
email (advance copy)
C. Submission of Complete Documentary Requirements199

6. Evaluate the Account
application and determine Officer, SPRD
if application fully
satisfies the formal and
substantive200
laws, rules and
regulations
5.1 Receive 6.1 Prepare and 1 working Account

Acknowledgment Letter release Acknowledgment day201 Officer, SPRD
via email, courier, or Letter informing the
authorized applicant that after
representative and evaluation of the
confirm/sign proof of application and
receipt determination of
196 A separate acknowledgement letter shall be issued upon determination of the completeness of application
documents, both in form and substance.
189
and submitted
form and substance,
proceed with the
issuance of COA

copy of letter, as Officer, SPRD
necessary
6.3 Process and Account

release documents to the Officer, SPRD
SOMD for mailing
D. Issuance of COA to Operate

review memorandum to day Officer,
approving/signing Head/Group
authority and elevate for Head and
signature of COA. Department
Head, SPRD
8. Receive a copy of None 2 working BSP approving
documents showing days and signing
decision of the BSP authorities
approving authority
process notification letter day Officer, SPRD
to applicant indicating
conditions of the
approval.
Account
Officer, SPRD
190
8.1 Receive the 9.1 Though email,
advance copy of letter release scanned copy of
and signed COA. letter and signed COA. Account
Officer, SPRD
8.2 Present Letter of 9.2 Through pick-up,
Authority, if through pick- release original copy of Administrative
up by authorized letter and signed COA to Officer FSAD-
representative authorized SOMD,FSS
representative.
8.3 Receive original 9.3 Through

copy of letter and signed mail/courier, process and
COA. release documents to the
ASD, BSP, for mailing.
END OF TRANSACTION

How to send feedbacks and Feedback and complaints in Bangko Sentral
complaints? ng Pilipinas may be sent through the
following channels:
For Feedback/Complaints on Receiving and

Releasing of Documents:
 Input the feedbacks/complaints using

the Feedback Management System
(FMS) installed in a tablet (by
pressing the smiley or sad face)
located in the receiving area of the
Sectoral Operations Management
Department (SOMD), Financial
Supervision Sector (FSS), 4th Floor,
Multi-Storey Building).
For Feedback/Complaints on Processing of

Services Enrolled in the BSP Citizen’s
Charter:
191
 SPRD, FSS will provide a transaction

code and input it in the Feedback
Corner of the BSP website at
www.bsp.gov.ph to fill-out the structured
form online.
How feedbacks and Feedback and complaints may be filed
complaints are processed? through the following:
 Feedbacks and complaints sent through

the FMS emoticon tablet/ touchscreen
kiosk/BSP website

feedback/complaint is received real time
by all FMS users of the
department/office. FMS
designate/alternate shall encode the
action taken within two (2) working days
from receipt of sad emoticon/negative
feedback.
If negative feedback is more than 20% of

the day’s number of respondents,
o FMS designate/alternate of the
SOMD, FSS generates and endorses
the Daily i-Report within a day (24
hours) to the Servicing
Department/Office (SDO) Head and
other concerned personnel to review
o Action Report (i.e., with information
on action to be taken and target date
of completion/resolution) approved by
the SDO Head is transmitted to
Feedback Management Unit through
the Director of the Economic and
Financial Learning Center (EFLC)
within two (2) working days from
receipt of negative
feedback/complaint.
192
In case the feedback/complaint is within
the purview of another department/office
of the BSP, the FMS Designate/Alternate
of SOMD, FSS requests transfer of
feedback to appropriate
department/office thru the FMS. Request
for transfer is done within one (1) working
day from receipt of sad emoticon/negative
feedback/complaint.
 Feedback and complaints sent through

the paper-based FMS structured form
FMS designate/alternate of SOMD, FSS

will scan the accomplished paper-based
structured form and upload it in the
system within one (1) working day from
receipt.

structured form and through the FMS
emoticon tablet/BSP website are the
same.


Malacañang, Manila
Telephone: +63(2)-8736-8645; +63(2)-
8736-8603; +63(2)-8736-8629; +63(2)-
8736-8621
Telefax: +63(2)-87368621
3. Complaints Action Center, Anti-Red

Tape Authority

Telephone: +63(2)-8478-5091; +63(2)-
8478-5099
193
4. Contact Center ng Bayan (CCB)
Public Assistance and Information Office,

Civil Service Commission, CSC Building,
IBP Road, Constitution Hills, 1126
Quezon City
Hotline : 8888
SMS : 0908-8816565
Telephone: 1-6565
E-mail :
email@contactcenterngbayan.gov.ph
Website :
www.contactcenterngbayan.gov.ph

Supervisory Policy and 9th floor, Multi-storey BSP Trunkline: (02) -
Research Department Building 8708-7701 local 2766,
Bangko Sentral ng 2687 and 2679
Pilipinas
A. Mabini Street
1004 Malate, Manila
Sectoral Operations 4th Floor, Multi-storey BSP Trunkline: (02)

Management Department Building 8708-7011, local 2441
(SOMD) Bangko Sentral ng and 2787
Pilipinas,
Frontline Services Direct Line: (02) 8708-
Administration Division A.Mabini St., Malate, 7689 ; 8708-7446
(FSAD) Manila 1004
Budget and Finance
Administration Division
(BFAD)

Applications received from 1:00 PM onwards will be considered as received the
following working day). Processing of Order of Payment for payment of fees will be
until 10:00 AM only.
194
5. Application for Grant of Authority to Establish a Foreign Bank Branch
(update)
The application for grant of Authority to Establish a Foreign Bank Branch constitutes a
2-stage process.
 Stage 1 refers to the application for BSP approval to establish a foreign bank branch
with processing time of 20 working days.
foreign bank branch with processing time of 5 working days.
Applications for Authority to Establish a Foreign Bank Branch are subject to processing
fee 202 of P500,000.00 upon submission of application (Stage 1) and license fee 203 of
P25,000,000 (under Stage 2), as shown in the table below204:
Processing fee P 500,000.00

License fee P 25,000,000.00
202 The processing fee shall be non-refundable.

203 The license fee, net of the processing fee, shall be paid after the Monetary Board has approved said
application.
204 The establishment of an Islamic Bank shall also be subject to the payment of appropriate application and
license fees for universal banks (UBs) as prescribed under Section 102 and Appendix 2 of the MORB, as
applicable.
195
1. Establishment of a Foreign Bank Branch
Foreign bank application for authority to establish a branch (Mode 3) with full banking
authority under Republic Act (R.A.) No. 7721205, as amended by R.A. No. 10641206.

Type of Transaction: G2B – Government-to-Business Entity
Who may avail: Foreign bank applicants that meet the entry criteria provided
under R.A. No. 10641.
Stage 1: Application for BSP approval to establish a foreign bank branch in the
Philippines
A. DOCUMENTARY REQUIREMENTS (Submit two (2) original copies)
1. The application letter shall be Applicant
accompanied by a document which
describes in meaningful details the
foreign bank’s –
a. Contribution to the Philippine Applicant
economy
b. Contribution to the local banking Applicant

industry, including undertaking to
share banking technology
c. Corporate Plan Applicant

i. Business model
ii. Corporate strategy
iii. Financial projections
(including underlying
assumptions)
d. Financial capability and Applicant

ownership structure
a. Latest annual report;
b. Basic corporate background:
i. Date and place of
incorporation;
205 An Act Liberalizing the Entry and Scope of Operations of Foreign Banks in the Philippines and for Other
Purposes.
206 An Act Allowing the Full Entry of Foreign Banks in the Philippines, Amending for the Purpose Republic Act
No. 7721. The BSP issued the corresponding implementing rules and regulations under Circular No. 858
dated 21 November 2014.
207 Documents issued outside the country shall be apostilled or consularized, as applicable.
196
ii. Number of branches and
agencies in the home
country;
iii. List of foreign branches,
agencies, other offices,
parent
(if any), subsidiaries and
affiliates, and their location
and line of business (if
different from banking);
and
iv. Range of banking services
offered.
e. Articles of Incorporation and By-
laws;
f. Major stockholders and their
corresponding percentage of
ownership;
g. List of directors and principal
officers as well as their respective
citizenship; and
h. Latest audited financial
statements; and
i. Proof of financial capacity and
fitness of other investors in the
bank such as audited financial
statements and business
references.
2. Head Office Guarantee Please follow the format indicated in:

https://www.bsp.gov.ph/Regulations/Guidelines%
20and%20other%20Regulations/Head%20Office
%20Guarantee%20(Mode%203).pdf
3. Certification from the foreign bank Applicant bank’s home country supervisory
applicant’s home country supervisory authority
authority that:
a. It has no objection to the foreign
bank’s investment;
b. It will provide the Bangko Sentral
ng Pilipinas with relevant
supervisory information, including
derogatory information, related to
the applicant bank, to the extent
allowed under existing laws;
197
c. The foreign bank applicant is
compliant with the capital
requirements as prescribed by
the laws and regulations of its
country of origin; and
d. Philippine banks may establish
subsidiaries and/or branches in
the foreign bank applicant’s home
country, subject to compliance
with the host country’s rules and
regulations governing admission
generally applicable to all foreign
banks.
4. Transition Plan (for existing foreign Applicant
banks opting to change their original
mode of entry)
5. Board resolution authorizing the Applicant
foreign bank applicant to (i) establish
a branch; and (ii) designate person/s
who will represent the foreign bank,
duly authenticated by the Philippine
consulate
6. Certification from the foreign bank Applicant
applicant’s Corporate Secretary or
any officer holding equivalent
position containing the information
that the bank is widely owned and
publicly-listed, duly authenticated by
the Philippine consulate
7. Certification by the responsible Applicant bank’s home country stock
officer of the Home Country Stock exchange
Exchange that the foreign bank
applicant is listed therein, duly
authenticated by the Philippine
consulate
8. Authority to obtain information from Certification from the applicant’s Head Office
other relevant regulatory authorities giving BSP the authority to obtain other
information from other relevant regulatory
authorities
198
9. If an applicant is seeking a digital Applicant
banking license, a detailed review
and assessment of the supporting
information technology (IT) systems
and infrastructure vis-à-vis the digital
banking business model should be
performed by a competent
independent third-party IT expert.
Said technical review shall cover a
comprehensive assessment of the
design, security controls, scalability,
and resilience capability of the IT
infrastructure, network, application,
database, security systems,
AML/CFT measures and other
applicable technologies supporting
the digital banking operations.
A copy of the assessment and

technical reports shall be submitted
to Bangko Sentral as part of the
application requirements.
10.In addition to the foregoing Applicant
requirements, an applicant seeking
for a digital banking license shall also
submit the applicable requirements in
offering Electronic Payments and
Financial Services (EPFS) as
enumerated under Sec. 701
(Requirements for the grant of
authority to offer EPFS) and
Appendix 141, including the list and
nature of material outsourcing
arrangements.
11.In addition to the foregoing Applicant

requirements, the applicant seeking
for Islamic banking license shall
submit a deed of undertaking to
establish a Shari’ah Governance
Framework (SGF) as prescribed by
the Bangko Sentral appropriate to the
risk profile of the Islamic bank signed
by its appropriate officer.
199
12. For the confirmation of its officers Applicant
pursuant to Section 16 of RA No.
8791 (The General Banking Law of
2000), as implemented by Section
137 of the MORB, the documentary
requirements are as follows:
a. Letter-request for Bangko Sentral

confirmation signed by authorized
officer208 with an affirmative
statement that the institution has
conducted a fit and proper test on
the directors/officers concerned;
b. Letter of appointment of the Applicant bank’s head office and/or regional

officer concerned from the Head office.
Office and/or Regional Office;
c. Biographical data with a Please download updated format from:
photograph (2” x 2”) taken within
the last 6 months; https://www.bsp.gov.ph/Regulations/Guidelin
es%20and%20other%20Regulations/Biograp
hical%20Data.pdf
d. Certification under oath of the Applicant

officer concerned that he/she
possesses all the qualifications
and none of the disqualifications
to become an officer;
e. Duly accomplished notarized Please follow the format indicated in:
authorization form for querying Appendix 80 of the MORB
the BSP watchlist file from the
officer concerned;
f. Brief description of the officers’ Applicant

responsibilities; and
13. Payment or proof of payment of non- Applicant

refundable processing fee
(photocopy).
208Authorized signatory is the Chief Executive Officer (CEO) of the institution, except for appointment of CEO,
in which case the authorized signatory shall be the Chairman of the Corporate Governance Committee or
of the board of directors, as may be applicable.
200
Stage 1: Application for BSP approval to establish a foreign bank branch in the
Philippines
1. Submit application None Half working
for authority to day
establish a foreign
bank branch together
with documentary
requirements
1.1 Electronic
Submission
1.1.1 Submit scanned 1.1.1 Log-in and open Account

copy of application the SPRD email Officer, SPRD
letter and account
documentary
1.1.3 Encode Account

Document Tracking
System.209
1.2 Personal filing None Half working

at the FSS Booth (Koi day
Garden)/SOMD,FSS
Building, BSP
Complex, Manila)
1.2.1 Proceed to 1.2.1 Receive and Administrative

SOMD. Get queue stamp date and time of Officer FSAD-
number and wait to be receipt. SOMD,FSS
documentary application. Officer FSAD-
201
SOMD,FSS
1.2.4 Encode receipt Account

of application in the Officer, SPRD
Documentary Tracking
System210.

day

application letter stamp date and time of Officer FSAD-
together with receipt. SOMD,FSS
documentary
requirements. 1.3.2 Record receipt of Administrative
application Officer FSAD-
SOMD,FSS
1.3.3 Forward
documents to SPRD Administrative
Officer FSAD-
1.3.4 Encode SOMD,FSS
application in the
Document Tracking Account
System211. Officer, SPRD

the completeness of the Officer, SPRD,
submitted documents
202
vis-à-vis checklist of 9/F, Multi-
documentary storey Building
requirements.
2.1 If deficient: None 1 working Account

2.1 Receive return day214 Officer, SPRD
letter together with the Prepare letter returning
submitted documents. the application and its
accompanying
documents.212 Release
letter to SOMD. Administrative
Officer,
Process and release FSAD-SOMD,
documents to the FSS
Administrative Services
Department (ASD),
BSP, for mailing.
2.2 If complete: None 1 working Account

2.2 Receive email on day215 Officer, SPRD
Provisional Receipt Prepare and send
application. Provisional Receipt
through SPRD official e-
mail.213 Advise the
applicant to coordinate
with SPRD on the
schedule of
presentation
determination of completeness of application in form and substance. The provisional receipt signifies
receipt of application and accompanying documents, subject to further preliminary assessment to
determine if application fully satisfies the formal and substantive requirements of relevant laws, rules and
regulations.
203
C. Presentation to the FSS Management216

3. Presentation to the None 1 working day Account
FSS Management Officer, SPRD
3.1 Coordinate and 3.1 Coordinate and

finalize with SPRD finalize schedule of
Account Officer the presentation to BSP of
scheduled of and send confirmation
presentation and e-mail to applicant on
confirm attendance.217 the date, time and
venue (e.g. BSP
conference rooms,
video conference) of the
presentation.
3.2 Present to BSP 3.2 Attend the None 1 working day FSS
officials the overview presentation and Management/
and business plan for assess the applicant’s SPRD Officers
the proposed bank business plan.
and other information
relevant to the
application.
D. Payment of Processing Fee

4. Pay the applicable Please Half working
processing fee. refer to the day220
amount of
4.1 Receive Order of 4.1 Request OP processing Administrative
Payment (OP) number Number to BFAD- fee Officer
and pay through the SOMD, FSS through
216 This is scheduled based on the common availability of the FSS Management and the applicant. This step
is part of the preliminary screening and not part of the 20 working days processing time.
217 A copy of presentation materials, names of attendees with their brief background and/or picture should
be submitted to the SPRD through email at least one (1) week before the scheduled presentation.
220 This is not part of the 20 working days.

204
following payment email and send the OP indicated FSAD –
options of number to the client above SOMD,
UnionBank218: through email FSS/Account
a. Over-the-Counter Officer, SPRD
b. Convergent
Banking/Online
Banking (Web and
App)219
c. The Portal –
Business Banking
(Web and App) Account
Officer, SPRD
4.2 Provide SPRD the 4.2 Receive the
proof of payment of the proof of payment of the
processing fee. processing fee.
5 Complete the Account
preliminary assessment Officer, SPRD
and substantive222
requirements of
the presentation.
5.1 Receive return 5.1 If deficient: None 1 working Account

letter together with the day Officer, SPRD
documents submitted. Prepare and release
noted and informing
that application is
submission of
application with
205
requirements and
rectified.

release to SOMD for Officer,
mailing. FSAD-SOMD,
FSS

acknowledgment letter substantively complete day Officer, SPRD
via email, courier, or and/or no deficiency:
authorized
representative and Prepare and release
confirm/sign proof of Acknowledgment
receipt. Letter223 informing the
assessment of the
application, and
determination of
sufficiency of
application and
submitted requirements
in form and substance,
the BSP finds the same
as complete in form and
with the detailed
evaluation of the
the date of receipt of
the complete
requirements which is
the date of the
Account
Officer, SPRD
206
5.3 Email advance
copy of letter. Release
letter to SOMD. Administrative
Officer FSAD -
5.4 Process and SOMD, FSS
release documents to
the ASD, BSP, for
mailing.
F. Evaluation and Decision

application and prepare
action documents
6.1 Prepare and 3 working Account

review memorandum to days Officer,
Head and
Department
Head, SPRD
6.2 Elevate for 2 working Sub-sector

appropriate action on days Head and
the application Sector Head

documents signing
authorities

decision of the BSP
approving/signing
authority
207
process notification day Officer,
letter to the applicant of Division
the decision Head/Group
Head and
approval of application: Head, SPRD
Prepare and process
applicant on the
approval of the authority
to establish a foreign
bank branch, indicating
that applicant may now
proceed with the next
stage

Prepare and process Division
the letter notifying Head/Group
denial of request and Head and
therefor and/or the Head, SPRD
deficiencies noted and
informing that
application is
submission of
application with
requirements and
rectified.
208
9. Receive email 9. Notify applicant None 1 working Account
notification from SPRD through SPRD official day Officer, SPRD
email of the decision on
the application,
attaching scanned copy
of notification letter, and
letter shall be mailed
accordingly.

copy of the letter release documents to Officer
the ASD, BSP, for FSAD –
mailing SOMD, FSS
END OF TRANSACTION
209
Stage 2: Application for Issuance of Certificate of Authority (COA) to Operate a
Foreign Bank Branch
A. DOCUMENTARY REQUIREMENTS (Submit two original copies, unless otherwise
specified)
1. Within thirty (30) calendar days from receipt Applicant
of advice of approval by the Monetary
Board (MB) of their application for authority
to establish a branch in the Philippines, the
foreign bank shall:
a. Deposit with any U/KBs (for KBs and
TBs and digital banks), and any bank
(for RBs and coop banks), and any UB
(for Islamic banks) the minimum paid-up
capital of the proposed bank, and
submit a copy of the depository bank’s
certification of deposit;
b. Pay the applicable license fee at the Applicant
Bangko Sentral Cash Department (for
cash) or other alternative payment
modes acceptable to the Bangko
Sentral, net of the previously paid
application fee and submit a copy of
proof of payment; and
c. Submit a copy of certificate of the Please follow the format indicated in:
inward remittance of capital. Appendix 10.1 of the Manual of
Regulations on Foreign Exchange
Transactions
(FX Manual)
https://www.bsp.gov.ph/SitePages/Regul
ations/DownloadSection.aspx
2. Within thirty (30) days from issuance by the SEC

BSP of the endorsement letter to the
Securities and Exchange Commission
(SEC), the foreign bank shall file its
application with the SEC for a license to
transact business in the Philippines;
3. Within one (1) year from receipt of advice of Applicant
approval by the MB, the foreign bank shall:
a. Complete the establishment of the bank
premises, with the applicable minimum
security measures under Section 147
(Minimum security measures) and
requirements under Batas Pambansa
210
Blg. 344224 and Republic Act No.
9994225;
b. Effect and complete the recruitment and Applicant
hiring of officers and employees of the
bank;
c. Attend the briefing on BSP reportorial Applicant
requirements conducted by the
appropriate department of the BSP
together with the relevant officers of the
bank;
d. Attend the briefing on Anti-Money Applicant
Laundering (AML) registration and
reportorial requirements conducted by
the AML Council Secretariat (AMLCS)
together with the relevant officers of the
bank; and
e. Submit the letter requesting the Applicant
issuance of COA to Operate the bank
and the following documentary
requirements at least thirty days (30)
calendar days before the scheduled
start of operations:
i. Certification signed by the Head of
the Branch stating that –
(a) All the conditions of the approval to
establish the proposed bank have
been complied with;
(b) The policies, and procedures
covering all risk areas; internal
controls, information technology,
accounting systems, and business
continuity plan are in place upon start
of operations in the Philippines;
(c) The necessary bond policy on
custodial officers and insurance
policy on bank properties required to
be insured have been obtained;
(d) All pre-operating requirements under
existing laws and regulations, which
include among others: (1) use of
business name; (2) posting of
224 An Act to Enhance the Mobility of Disabled Persons by Requiring Certain Buildings, Institutions,
Establishments and Public Utilities to Install Facilities and Other Devices.
225 An Act Granting Additional Benefits and Privileges to Senior Citizens.
211
schedule of banking days and hours,
notice to depositors on clearing cut-
off time, and disclosure statement on
loan/credit transaction; (3) Batas
Pambansa Blg. 344 and Republic Act
No. 9994; (4) minimum security
measures; and (5) publication of
consumer assistance management
system have been complied with;
and
(e) No person who is the spouse or
relative within the second degree of
consanguinity or affinity will be
appointed to any officership positions
across the following functional
categories in the bank: (1) decision
making and senior management
function, (2) treasury function,
(3) recordkeeping and financial
reporting function, (4) safekeeping of
assets, (5) risk management
function, (6) compliance function,
and (7) internal audit function.
ii. Proof of compliance with all the pre- Applicant

operating requirements under
existing rules and regulations;
iii. List of principal and junior officers Applicant

and their respective designations
and salaries;
iv. Ownership and governance Applicant

structure;
v. Contract of lease on bank’s Applicant
premises, if the same are to be
leased;
vi. Certification from the Philippine Philippine Deposit Insurance Corporation

Deposit Insurance Corporation
(PDIC) stating that the organizers
have undergone a briefing on all of
its requirements;
212
vii. Alien Employment Permit (AEP) or Department of Labor and Employment
other applicable document issued
by the Department of Labor and
Employment for foreign directors
and officers;
viii. Provisional certificate of registration AMLCS

from the AMLCS;
ix. Copy of SEC-issued license to Securities and Exchange Commission
transact business in the Philippines;
and
x. For IBs, submit the BOD-Approved Applicant

Appointment of Members of the
Shari’ah Advisory Council (SAC) or
a BOD-Approved Appointment of
Shari’ah Advisor/Consultant, in
case the bank opted for the
regulatory incentive for 3 years
without the SAC. This should be
accompanied by deed of
undertaking that the bank has
adopted an adequate risk
management systems and internal
controls; and necessary policies
and procedures, information system
and documentation that support the
offering of lslamic banking products
and services.
213
PAID TIME RESPONSIBLE
Stage 2: Application for the Issuance of Certificate of Authority (COA) to Operate a Foreign
Bank Branch 226
A. Certification of Deposit of the Minimum Paid-up Capital/Inward Remittance of Capital
1. Send a copy of the 1. Receive copy of the None 1 working Account
depository bank’s depository bank’s day227 Officer, SPRD
certification of deposit certification of deposit and
of initial paid-up certification of the inward
capital and certificate remittance of capital via
of the inward email Account
remittance of capital Officer, SPRD
to the processor of 1.1 Acknowledge receipt
SPRD. thereof.

2. Pay the Please refer Half working
applicable license fee. to the day230
amount of
2.1 Receive OP processing Administrative
number and pay 2.1 Request OP fee Officer,
through the following Number from BFAD- indicated FSAD-SOMD,
payment options of SOMD and send the OP above FSS/Account
UnionBank228: Number to the client Officer, SPRD
a. Over-the-Counter through email.
b. Convergent
Banking/Online
Banking (Web and
App)229
c. The Portal –
Business Banking
(Web and App)
214
2.2 Provide SPRD the 2.2 Receive the proof Account
proof of payment of of payment of the license Officer, SPRD
the license fee. fee.
C. Attend Briefing on the BSP Reportorial Requirements

3. Coordinate and 3. Coordinate and None Half working Account
finalize with SPRD finalize schedule of day232 Officer, SPRD
Account Officer the briefing of reportorial
schedule of briefing requirements and send
and confirm confirmation e-mail to
attendance. 231 applicant on the date, time
and venue (e.g. BSP
conference rooms, video
conference) of the
briefing.
4. Attend the 4. Conduct briefing on None 1 working Bank Officers

scheduled briefing BSP reportorial day233 Various BSP
with the relevant requirements. Department/
officers of the bank Offices
based on the agreed
schedule.
231 Names of attendees with their brief background and/or picture should be submitted to the SPRD through
email at least one (1) week before the briefing.
215
D. Submission of Letter-Request for the Issuance of COA to Operate234
5. Submit letter- None Half working
request for the day
application for the
issuance of COA to
Operate together with
documentary
requirements
5.1 Electronic
Submission
5.1.1 Submit 5.1.1 Log-in and open the Account

scanned copy of the SPRD email account. Officer, SPRD
application letter and
documentary 5.1.2 Transfer email in Account
requirements to the SPRD’s sub-folder Officer, SPRD
ospd@bsp.gov.ph.
Document Tracking
System.235
5.2 Through None Half working
personal filing at the day
FSS Booth (Koi
Garden)/SOMD,FSS
Building, BSP Administrative
Complex, Manila) Officer FSAD-
SOMD,FSS
5.2.1 Proceed to 5.2.1 Receive and stamp Administrative
SOMD. Get queue date and time of receipt. Officer FSAD-
number and wait to be SOMD,FSS
documentary application Officer FSAD-
5.2.4 Forward to SPRD. Account

Officer, SPRD
216
5.2.5 Encode receipt of

application in the
System236

day Administrative
5.3.1 Send the 5.3.1 Receive and stamp Officer FSAD-
application letter date and time of receipt. SOMD,FSS
together with Administrative
documentary Officer FSAD-
requirements. 5.3.2 Record receipt of SOMD,FSS
application.
Administrative
Officer FSAD-
5.3.3 Forward documents SOMD,FSS
to SPRD.
Account
Officer, SPRD
5.3.4 Encode application
in the Documentary
Tracking System237.
217
à-vis checklist of
documentary
requirements.
6.1 Receive return 6.1 If deficient None 1 working Account

letter together with day239 Officer, SPRD
the submitted Prepare letter returning
documents. the application and its
accompanying
documents. Release letter
to SOMD.

FSS
6.2 Receive email on 6.2 If complete None 1 working Account

Provisional Receipt day240 Officer, SPRD
application Prepare and send
Provisional Receipt238
through SPRD official

7. Evaluate the
application and determine
if application fully satisfies
the formal and
substantive242
laws, rules and regulations
218
7.1 Receive 7.1 Prepare and None 1 working Account
Acknowledgment release Acknowledgment day243 Officer, SPRD
letter via email, Letter informing the
courier, or authorized applicant that after
representative and evaluation of the
confirm/sign proof of application and
receipt determination of
and submitted
form and substance,
proceed with the issuance
of COA.
7.2 Email advance

copy of letter, as Account
necessary Officer, SPRD
7.3 Process and

release documents to the Administrative
SOMD for mailing Officer FSAD -
SOMD, FSS
F. Issuance of COA to Operate

8. Prepare and review None 1 working Account
memorandum to day Officer,
Head, SPRD
9. Receive a copy of None 2 working BSP
documents showing days approving and
decision of the BSP signing
approving authority authorities

219
process notification letter day Officer, SPRD
to applicant indicating
conditions of the approval.
10.1 Receive the 10.1 Though email, Account

advance copy of letter release scanned copy of Officer, SPRD
and signed COA. letter and signed COA.
10.2 Present Letter 10.2 Through pick-up, Administrative

of Authority, if through release original copy of Officer FSAD -
pick-up by authorized letter and signed COA to SOMD, FSS
representative authorized representative.
10.3 Receive 10.3 Through Administrative

original copy of letter mail/courier, process and Officer FSAD -
and signed COA. release documents to the SOMD, FSS
END OF TRANSACTION

How to send feedbacks Feedback and complaints in Bangko Sentral ng
FOR FEEDBACK/COMPLAINTS ON RECEIVING

AND RELEASING OF DOCUMENTS
Press the smiley or sad face button and encode

“Receiving/Releasing of ARTA-related
documents” and feedbacks/complaints in the
comment section of the Feedback Management
System (FMS) tablet installed in the receiving area
of the Sectoral Operations Management
Department (SOMD), Financial Supervision
Sector (FSS), 4th Floor, Multi-storey Building.
FOR FEEDBACK/COMPLAINTS ON PROCESSING

OF SERVICES ENROLLED IN THE BSP CITIZEN’S
CHARTER
220
Input the transaction code to be provided by
SPRD, FSS, in the Feedback Corner of the BSP
structured form online.
How feedbacks and Feedbacks and complaints may be filed through

complaints are the following:
processed?


concerned issue.
be taken and target date of
completion/resolution) approved by the SDO
Head is transmitted to Feedback Management
Unit through the Director of the Economic and
Financial Learning Center (EFLC) within two (2)
working days from receipt of negative
feedback/complaint.

Designate/Alternate of SOMD, FSS requests
transfer of feedback to appropriate department/office
thru the FMS. Request for transfer is done within
one (1) working day from receipt of sad
221
2. Presidential Complaint Center (PCC), Office of
the President

Manila
Telephone:
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
Telefax: +63(2)-8736-8621

Authority

1200 Makati City
Telephone: +63(2)-8478-5091;
+63(2)-8478-5099

Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565

Supervisory Policy and 9th floor, Multi- BSP Trunkline (02) 8708-7701 local
Research Department storey Building 2679
Bangko Sentral ng
Pilipinas
A. Mabini Street
1004 Malate, Manila
222
Sectoral Operations 4th Floor, Multi- BSP Trunkline (02) 8708-7701 local
Management Department storey Building 2441 and 2787
(SOMD) Bangko Sentral ng
Pilipinas,
Frontline Services Direct Line: (02) 8708-7689; 8708-
Administration Division A.Mabini St., 7446
(FSAD) Malate, Manila 1004
Budget and Finance
(BFAD)

223
6. Application for Authority to Establish and Operate as a
Non-Stock Savings and Loan Association (NSSLA)
The application for grant of authority to establish and operate as a non-stock savings
and loan association (NSSLA) constitutes a three-stage process:
 Stage 1 refers to the application for BSP approval to establish and operate a non-
stock savings and loan association with processing time244 of twenty (20) working
days and requires payment of a non-refundable filing fee of ₱10,000.00 upon filing
of application;
 Stage 2 refers to the application for the issuance of a Certificate of Authority

(COA) to register the Articles of Incorporation (AOI) and By Laws (BL) with the
Securities and Exchange Commission, with processing time of seven (7) working
days; and
 Stage 3 refers to the application for the issuance of COA to Operate a non-stock
savings and loan association with processing time of thirteen (13) days and
requires payment of licensing/registration fee of ₱50,000.00 (inclusive of the filing
fee)

Who may avail: Organizers/incorporators of new corporations or authorized
representatives of existing corporations that plan to engage
in the business of non-stock savings and loan association
Stage 1 – Application for BSP approval to establish and operate a non-stock savings and
loan association
1. One (1) original copy of application for Applicant
authority to establish and operate as a non-
stock savings and loan association signed by
the incorporators/trustees and verified by one
224
of them. The application letter shall state the
name of the contact person relative to the
application, official e-mail address authorized
to receive notifications and other contact
details. In addition, application letter shall
state the preferred mode of receipt of decision
on the application (i.e., by mail or pick-up by
authorized client representative).
2. Four (4) original copies of Proposed Articles of Applicant
Incorporation (with primary purpose to operate
as an NSSLA)
3. Four (4) original copies of Proposed By-laws Applicant
4. One (1) original copy of proof of reservation of Securities and Exchange Commission
the proposed NSSLA name with the Securities
and Exchange Commission (SEC)
5. One (1) original copy of Biographical data with Applicant
picture of each incorporator, trustee and
officer, with a statement of their character, Template can be downloaded at the
experience, and general fitness to engage in Bangko Sentral ng Pilipinas website:
the non-stock savings and loan business, in http://www.bsp.gov.ph/regulations/guid
compliance with the fit and proper rule elines.asp
prescribed under existing laws and
regulations, as well as authority for BSP to
conduct background investigation
6. National Bureau of Investigation (NBI) National Bureau of Investigation
clearance of each of the incorporator, trustee
and officer
7. Notarized authorization form for querying the Applicant
Bangko Sentral watchlist file for each
incorporator, trustee and officer Template can be found in Appendix Q-
45 of the Manual of Regulations for
Non-Bank Financial Institutions Volume
I
http://www.bsp.gov.ph/regulations/reg_
MORB.asp
8. Copy of certificate of attendance of the Corporate Governance Seminar
trustees and officers to the required seminar Provider (accredited by the Bangko
on corporate governance for directors Sentral)
conducted or accredited by the Bangko
Sentral
9. One (1) original copy of an itemized statement Applicant
of the estimated receipts and expenditures of
the proposed NSSLA for the first year
10. Feasibility study to show viable business for Applicant
the first year of operations, using realistic
225
assumptions consistent with the proposed
business model and corporate strategy
11. Notarized Certification executed by each of Applicant
the incorporators that the entity will have an
initial minimum capital of ₱1 million which will
not be derived from borrowing, unlawful
activity or any money laundering activity
12. Detailed plan of operation and economic Applicant
justification for engaging in non-stock savings
and loan business, including a manual of
operations and other related documents
embodying the risk management system
(RMS).
Include, among others, the business model

and comprehensive RMS
A presentation of an acceptable business

model and comprehensive RMS and/or other
aspects of operations may be required to
complete the application. The following are
the requirements for the business
presentation:
a. Well-defined group targeted as members

b. Products and services to be offered
c. Operational Workflow
d. Account opening including Know-Your-
Member and Know-Your-Client process
e. Underwriting and loan collection process
f. Consumer complaints handling and
redress mechanism process
g. Kinds and amount of fees to be charged to
members
h. Proposed set up of IT infrastructure and IT
risk management system
i. Internal control systems
13. One (1) photocopy of proof of payment of non-

refundable filing fee of ₱10,000.00
226
Stage 1 – Application for BSP approval to establish and operate a non-stock savings
and loan association
PERSON
AGENCY FEES TO PROCESSIN
CLIENT STEPS 246 RESPONS
ACTIONS BE PAID G TIME
IBLE
1.1 Electronic submission248
1.1.1 Submit scanned copy 1.1.1 System auto- Account

of application letter and acknowledge Officer,
documentary requirements s the (FSD IX) or
to fss-somd@bsp.gov.ph submission Administrat
ive Officer,
1.1.2 Log-in and Frontline
open the FSS Services
Department or Administrat
SOMD email ive
account. Division
(FSAD) –
1.1.3 Transfer Sectoral
email in the Operations
department’s Manageme
sub-folder. nt
Departmen
t (SOMD),
Financial
Supervisio
due to force majeure or natural or man-made disasters, which result in damage or destruction of
documentary documents in substance and in form, presentation of business model (if applicable) and
submission of proof of payment of filing fee. The time spent in determining whether or not all the
227
n Sector
(FSS)
1.2 Personal filing at the

FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila)
1.2.1 Proceed to FSS Booth 1.2.1 Receive and Administrat

/ SOMD. Get queue number stamp date and ive Officer,
and wait to be called. Once time of receipt. FSAD -
called, present all the SOMD,
documentary requirements. 1.2.2 Record FSS
receipt of
application.
1.2.3 Forward
documents to FSD
IX
1.3 Mail/Courier
1.3.1 Send the application 1.3.1 Receive and Administrat

letter together with stamp date and ive Officer,
documentary time of receipt. FSAD -
requirements. SOMD,
1.3.2 Record FSS
receipt of
application.
1.3.3 Forward
documents to FSD
IX
2. Preliminarily Account
assess the Officer,
completeness FSD IX,
of the 14/F, Multi-
application and Storey
its supporting Building
documents vis-
à-vis checklist
228
of documentary
requirements
2.1 If complete:
2.1.1 Request Filing Fee Account
Order of Payment ₱10,000 Officer,
(OP) Number to Non- FSD IX
Budget and refundabl
Finance e
Administrative
Division (BFAD) -
SOMD, FSS
through e-mail249
Administrat
2.1.2 Process the
ive Officer,
Order of Payment
BFAD-
using the New
SOMD,
Order of Payment
FSS
System (NOPS) 250
and send the OP
Number to the
requesting
department.
Account
2.1.3 Prepare and
Officer and
send provisional
Division/
receipt 251 through
Group
FSD IX official e-
Head
mail:
FSD IX,
FSS
(a) signifying
receipt of
application and
accompanying
documents, subject
to further
preliminary
assessment to
determine if

251 A separate acknowledgment letter signifying acceptance of complete application shall be sent, upon

229
application fully
and substantive
requirements of
and regulations;
(b) containing the

following:
(i) BSP seal/logo;
(ii) assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; and
(iii) name of FSD IX
Account
Officer/contact
person, his/her
Group/Division and
position;
(iv) OP Number
and deadline of
payment; and
(c) requiring, if
applicable, the
applicant to
conduct virtual or
other appropriate
means of
presentation of an
acceptable
business model 252
and advising the
applicant to
coordinate with
FSD IX for the
schedule of
presentation
252May include RMS such as IT system, AML Act compliance and consumer protection and/or other aspects
of operations
230
2.2 Receive e-mail on 2.2 Provide the Administrat
provisional receipt of department ive Officer,
application and OP concerned with BFAD-
number and pay through a copy of SOMD,
the following payment collection report FSS
options in the on a daily
UnionBank of the basis, 255 as
Philippines253: applicable
a. Over-the-Counter (except
b. Convergent weekends and
Banking/Online holidays).
Banking (Web and
App)254
c. The Portal –
Business Banking
(Web and App)
2.3 Receive return letter If deficient: Account

Officer and
2.3. Prepare and Division/
release letter Group
returning the Head
application and its FSD IX,
accompanying FSS
documents,
enumerating the
deficiencies and
missing
requirements, and
informing that
application is
considered
prejudice to re-
submission of
application with
complete
documentary
requirements and
231
deficiencies noted
rectified
Administrat
2.3.1. Process and ive Officer
FSAD –
release documents
SOMD,
to the
FSS
Administrative
Services
Department
(ASD), BSP, for
mailing.
2.4 Coordinate and finalize 2.4.Coordinate and Account
with FSD IX Account Officer finalize schedule of Officer
the schedule of virtual or other FSD IX,
presentation and confirm appropriate means FSS
attendance. of presentation of
business model4 (if
applicable) and
send confirmation
e-mail to applicant
on the date, time
and venue of the
presentation.
2.5 Present to BSP officials 2.5. Attend the Account
the business model. presentation Officer,
Please see Item 12 of and assess the Division
checklist of business model Head
requirements Group
Head and
Departmen
t Head
FSD IX,
FSS
2.6. 2.6 Complete the Account

assessment of Division
and determine if Group
application fully Head FSD
satisfies the IX, FSS
formal and
232
substantive 256
requirements of
relevant laws,
rules and
regulations,
taking into
consideration
result of the
presentation
conducted
2.7. Receive return letter 2.7 If deficient: Account
Officer,
Prepare and Division
release return letter Head
citing deficiencies Group
noted and Head and
informing that Departmen
application is t Head
considered FSD IX,
“closed”, without FSS
prejudice to re-
submission of Mailing:
application with FSAD,
complete SOMD,
documentary 4/F, Multi-
requirements and Storey
deficiencies Building
already rectified
2.8.Receive 2.8 If formally and After Account
acknowledgment letter substantively preliminary Officer,
complete and/or no assessment Division
deficiency: Head
Group
release Departmen
acknowledgment t Head
letter 257
FSD IX,
(a) informing the FSS
assessment of the Mailing:
application, receipt FSAD,

256
233
of filing fee and SOMD,
determination of 4/F, Multi-
sufficiency of Storey
application and Building
submitted
requirements in
form and
substance, the
BSP finds the
same as complete
in form and
substance, hence,
the BSP will now
proceed with the
detailed evaluation
of the application
applicant of the
result thereof; (b)
containing the
following: (i) BSP
seal/logo;
(ii) the assigned
unique
identification
number for the
application as
reference for all
subsequent
transactions;
Account
Officer/contact
person, his/her
Group/Division and
position; and (iv)
date of receipt of
complete
requirements
which is the date of
the
acknowledgment
letter
234
Email advance
copy of letter, as
necessary

3.Conduct detailed 12 working Account
evaluation of the days Officer,
application Division
Head,
Group
Head and
Departmen
t Head
FSD IX,
FSS

review days Officer,
memorandu Division/Gr
m to oup Head
appropriate and
Bangko Departmen
Sentral t Head
approving FSD IX,
authority FSS
3.2. Elevate to Sub-Sector

1 working day Head and
appropriate
Bangko Sector
Sentral Head, FSS
approving
authority for
appropriate
action on the
application

request and days approving
sign documents authority/
ies and
signing
authority/
ies
235
4.1. Receive copy FSD IX,
of document 14/F, Multi-
showing Storey
decision of the Building
BSP approving
authority
5. FSD IX official e- 1 working day Account
mail notification Officer,
to the applicant Division
informing of the Head,
decision on the Group
request. Head and
Departmen
The decision for t Head
Stage 1 shall FSD IX,
not be released FSS
until proof of
payment is
received from
the applicant
5.1 If decision is
for approval of
application:
Prepare and
process
notification letter
to applicant on
approval of the
application,
indicating the
conditions for
approval (onsite
verification) that
applicant may
now proceed
with next stage
(filing of
application for
Bangko Sentral
endorsement of
AOI and BL to
the SEC.)
236
5.2. If decision is Account
for denial of Officer,
request: Division
Notify denial of Head,
request and Group
state the Head and
reasons Departmen
therefor and/or t Head
the FSD IX,
deficiencies FSS
noted and
inform that
application is
considered
“closed”,
without
prejudice to re-
submission of
application
with complete
documentary
requirements
and
deficiencies
already
rectified
6. Receive FSD IX e-mail 6. Notify applicant 1 working day Account

notification through FSD IX Officer
official e-mail of FSD IX,
the decision on FSS
the application,
attaching
scanned copy of
notification
letter, and
stating that
original letter
shall be mailed
accordingly
6.1 Receive original copy of 6.1.1 Through pick- Administrat

letter up, ive Officer,
release original FSAD -
letter to authorized SOMD,
representative, FSS
237
after presenting a
letter of authority.
6.1.2 Through
mail/courier,
process and
release documents
to the
Administrative
Services
Department (ASD),
BSP, for mailing.
END OF TRANSACTION

Stage 2 – Issuance of Certificate of Authority to Register with the Securities and
Exchange Commission the Articles of Incorporation and/or By-Laws indicating the
corporate purpose as Non-Stock Savings and Loan Association
1. One (1) original copy of application letter Applicant
requesting the issuance of Certificate of
Authority to register Articles of Incorporation
(AOI) and/or By-Laws with the Securities and
Exchange Commission (SEC) ), signed by
the incorporators/directors or the president
or officer of equivalent rank, in connection
with the application for authority to establish
and operate as a non-stock savings and loan
association.
The application letter shall state the name of

the authorized contact person relative to the
application, official e-mail address authorized
to receive notifications, and other contact
details.
It shall also indicate the BSP reference

number assigned to the application during
Stage 1 (for tracking purposes).
238
Stage 2 – Issuance of Certificate of Authority to Register with the Securities and Exchange
Commission the Articles of Incorporation and/or By-Laws indicating the corporate
purpose as Non-Stock Savings and Loan Association
1.1. Electronic Account

submission260 Officer, (FSD
1.1.1 System auto- IX) or
1.1.1 Submit scanned acknowledges the Administrative
copy of application letter submission Officer,
and documentary Frontline
requirements to fss- 1.1.2 Log-in and o Services
somd@bsp.gov.ph pen the FSS Administrative
Department or Division
SOMD email (FSAD) –
account. Sectoral
Operations
1.1.3 Transfer email Management
in the department’s Department
sub-folder. (SOMD),
Financial
Supervision
Sector (FSS)

FSS Booth (Koi
Garden) / SOMD,
Complex, Manila)
1.2.1 Proceed to FSS

Booth / SOMD. Get queue
239
number and wait to be 1.2.1 Receive and Administrative
called. Once called, stamp date and time Officer, FSAD -
present all the of receipt. SOMD, FSS
documentary
of application.
1.2.3 Forward
documents to FSD
IX
1.3 Mail/Courier
1.3.1 Send the application 1.3.1 Receive and Administrative

letter together with stamp date and time Officer, FSAD -
documentary of receipt. SOMD, FSS
requirements.
1.3.2 Record receipt
of application.
1.3.3 Forward
documents to FSD
IX

assess the and
satisfies the
formal and
substantive
requirements of
relevant laws,
rules and
regulations. This
includes a
determination of
whether the
conditions set
forth in the
approval of the
application for
BSP approval to
establish and
operate as a non-
240
stock savings and
loan association
under Stage 1
have been
complied with.
2.1. Receive return letter 2.1. If deficient: Account
Prepare, review Officer,
and release Division/Group
return letter Head and
citing Department
deficiencies Head
noted and FSD IX, FSS
informing that
application is
considered
prejudice to re-
submission of
application with
complete
documentary
requirements
and deficiencies
already
rectified.
2.1.1. Process and

release Administrative
documents to the Officer
ASD, BSP, for FSAD –
mailing. SOMD, FSS
2.2.Receive 2.2. If formally and Account Officer
no deficiency: Head
FSD IX, FSS
Prepare, review and
release
acknowledgment
261
letter (a)
informing the
The standard processing timeline of 7 working days shall commence from the date of the Acknowledgment
261
Letter
241
assessment of the
of filing fee and
determination of
sufficiency of
application and
submitted
and substance, the
BSP finds the same
as complete in form
and substance,
hence, the BSP will
now proceed with
the detailed
evaluation of the
(b) containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division and
position; and (iv)
date of receipt of
complete
requirements which
is the date of the
acknowledgment
letter.
2.2.1.Email advance Account Officer

copy of letter, FSD IX, FSS
as
necessary.
242
2.2.2. Process and Administrative
release Officer
documents to FSAD –
the ASD, SOMD, FSS
BSP, for
mailing.
3. Conduct detailed 2 working Account Officer
evaluation of the days and
application. Division/Group
Head
FSD IX, FSS
3.1. Prepare, review 1 working day Account

and elevate Officer,
documents to Division/Group
appropriate Head and
BSP Department
approving/signi Head
ng authority. FSD IX, FSS
4. Decide on the 1 working day BSP
application and approving/
sign documents signing
(including the authority
Certificate of
Authority to
register with
SEC the AOI
and/or By-Laws,
if application is
approved).
4.1. Receive copy of FSD IX, FSS

document
showing
decision of the
BSP
approving/signi
ng authority
together with
the signed
documents (if
applicable).
1 working day
243
4.2. Prepare and Account
review Officer,
Office of the Head and
Monetary Head
Board, for FSD IX, FSS
affixing of BSP
dry seal on the
Certificate of
Authority.
4.3.Elevate Sub-Sector
memorandum to Head, FSS
Office of the
Secretary,
Monetary
Board, for
affixing of BSP
dry seal on the
Certificate of
Authority.
Office of the
4.4. Affix BSP dry Secretary,
seal on the Monetary
Certificate of Board
Authority.

Certificate of
Authority with
affixed BSP
seal.
5. Prepare, review 1 working day Account
and process Officer,
notification letter Division/Group
to applicant Head and
informing of the Department
decision. Head
FSD IX, FSS
approval of
application:
State in the
notification letter
to applicant the
244
approval of the
application and
attach the
signed
Certificate of
Authority to
register with the
SEC its AOI
and/or By-Laws
indicating its
corporate
purpose as a
non-stock
savings and
loan association
and other
documents.
Indicate that
applicant may
proceed with the
next stage after
it has registered
with SEC its AOI
and/or By-Laws.
5.2. If decision is for Account
denial of Officer,
State in the Head and
notification letter Department
the denial of the Head
application and FSD IX, FSS
stating the
reasons therefor
and/or the
deficiencies
noted and
informing that
application is
considered
prejudice to re-
submission of
application with
complete
documentary
requirements
245
and deficiencies
already
rectified.
6. Receive FSD IX e-mail 6.1. If decision is for 1 working day Account Officer
notification approval of FSD IX, FSS
application:
Notify applicant
through FSD IX
official e-mail 262
of the decision
on the
application,
attaching
scanned copy of
notification letter
(without
attachments),
and stating that
original letter
and signed
Certificate of
Authority to
register with
SEC the AOI
and/or By-Laws
will be
transmitted to
applicant based
on preferred
mode of delivery
indicated in the
application
letter. If for pick-
up, state that
documents are
ready for pick-
up, thus,
applicant is
advised to
coordinate with
and notify FSD
IX Account
246
Officer on when
it can pick-up
the documents,
presenting proof
of such authority
to pick-up the
documents
6.1.1. Through
mail/courier:
process and release Administrative
6.1. Receive original copy documents to the Officer, FSAD -
of letter and signed ASD, BSP, for SOMD, FSS
Certificate of mailing.
Authority.
6.1.2. Through pick-
up, release original
copy of letter and
Present original copy signed Certificate of
of Official Receipt and Authority to register
Letter of Authority, if wit SEC the AOI
through pick-up by and/or By-Laws to
authorized authorized
representative. representative.

denial of
application: Account Officer
6.2. Receive original copy FSD IX, FSS
of letter. Notify applicant
through FSD IX
official e-mail of
the decision on
the application,
attaching
scanned copy of
notification letter
(without
attachments),
and stating that
original letter
shall be mailed
accordingly.
247
6.2.1.Process and
release Administrative
documents to Officer
the ASD, BSP, FSAD –
for mailing SOMD, FSS
END OF TRANSACTION

Stage 3 – Application for the issuance of COA to Operate as a Non-Stock Savings and
Loan Association
1. One (1) original copy of application letter Applicant
for issuance of Certificate of Authority to
Establish and Operate as a Non-Stock
Savings and Loan Association in
connection with the application for
authority to establish and operate as non-
stock savings and loan association
The application letter shall state the name of the

authorized contact person relative to the
application, official e-mail address authorized to
receive notifications, and other contact details.
2. One (1) Certified true copy of the Articles of Securities and Exchange Commission
Incorporation (AOI)264 and/or By-Laws and
the Securities and Exchange Commission
Certificate of Filing of such AOI and/or By-
Laws.
3. One (1) original copy of Certification of the Mother Company or Government Agency
officer or responsible official of mother of the applicant
company or government agency on
exclusive use of space and authorized
business hours of the applicant NSSLA and
records affecting personal integrity,
administrative offense or criminal case
involving incorporators
4. One (1) original copy of schedule of Applicant
membership and capital contribution of
each member
264 Indicating as primary purpose to engage in the business of a non-stock savings and loan association
248
5. One (1) original copy of pledge of Applicant
membership accomplished by each of the
members indicating therein the amount of
their monthly contribution
6. If applicable, one (1) original copy of Mother Company or Government Agency
certification of the officer or responsible of the applicant
official of mother company or government
agency on payroll deduction of capital
contribution and repayment of loans
7. One (1) photocopy of proof of payment of Applicant
licensing fee of P50,000.00 (inclusive of
P10,000.00 filing fee), to be paid upon
approval of the application for issuance of
Certificate of Authority to establish and
operate as a non-stock savings and loan
association.
Stage 3 – Application for the issuance of COA to Operate as an NSSLA
FEES TO BE PROCESSI PERSON
PAID NG TIME265 RESPONSIBLE
1. Submit application Once the
application
1.1 Electronic is approved,
submission266 the payment
of licensing
1.1.1 Submit scanned copy 1.1.1 System auto- fee of Account
of application letter and acknowledges the ₱50,000.00 Officer, (FSD
documentary requirements submission (inclusive of IX) or
to fss-somd@bsp.gov.ph the Administrative
1.1.2 Log-in and ₱10,000.00 Officer,
open the FSS filing fee) Frontline
Department or shall be Services
SOMD email required Administrative
account. Division
(FSAD) –
1.1.3 Transfer email Please see Sectoral
in the department’s step 7.1.1 Operations
sub-folder. Management
Department
(SOMD),
Financial
265 Total processing time shall be suspended and appropriate adjustments shall be made in case of delays due
to force majeure or natural or man-made disasters, which result in damage or destruction of documents
and/or system failure. The applicant will be notified in writing and through other means of communication of
the suspension of the processing time without any delay.
249
Supervision
Sector (FSS)

FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila)

Booth / SOMD. Get queue stamp date and time Officer, FSAD -
number and wait to be of receipt. SOMD, FSS
present all the 1.2.2 Record receipt
requirements.
1.2.3 Forward
documents to FSD
IX
1.3 Mail/Courier

letter together with stamp date and time Officer, FSAD -
documentary of receipt. SOMD, FSS
requirements.
1.3.2 Record receipt
of application.
1.3.3 Forward
documents to FSD
IX

assess the and
determine if Head
satisfies the
formal and
substantive
requirements of
relevant laws,
250
rules and
regulations.
2.1 Receive return letter 2.1. If deficient: Account
Prepare and Officer,
release return Division/Group
letter citing Head and
deficiencies Department
noted and Head
informing that FSD IX, FSS
application is
considered
prejudice to re-
submission of
application with
complete
documentary
requirements
and deficiencies
already
rectified.
2.1.1. Process and

release
documents to
the ASD, BSP,
for mailing.
2.2.Receive 2.2. If formally and Account Officer
acknowledgment letter substantively and
complete and/or Division/Group
no deficiency: Head
FSD IX, FSS
Prepare and release
acknowledgment
letter 267 (a)
informing the
assessment of the
of filing fee and
determination of
sufficiency of
251
application and
submitted
and substance, the
BSP finds the same
as complete in form
and substance,
hence, the BSP will
now proceed with
the detailed
evaluation of the
(b) containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division and
position; and (iv)
date of receipt of
complete
requirements which
is the date of the
acknowledgment
letter.
2.2.1. Email
advance Account Officer
copy of letter, FSD IX, FSS
as
necessary.
2.2.2. Process and Administrative

release Officer
documents to
252
the ASD, FSAD –
BSP, for SOMD, FSS
mailing.
3. Conduct detailed 6 working Account Officer

evaluation of the days and
application. Division/Group
Head
3.1. Prepare and 2 working FSD IX, FSS
review days
memorandum to Account
appropriate BSP Officer,
approving/signing Division/Group
authority. Head and
Department
3.2. Elevate 1 working Head
memorandum to day FSD IX, FSS
appropriate BSP
approving/signing Sub-Sector
authority for Head and
appropriate action Sector Head,
on the application. FSS
application and day approving/
sign documents signing
(including the authority
Certificate of
Authority to
Establish and
Operate as
Non-Stock
Savings and
Loan
Association, if
application is
approved).

document
showing
decision of the
BSP
approving/signi
ng authority
together with
253
signed
documents (if
applicable).
4.2. Prepare and Account

review 1 working Officer,
memorandum day Division/Group
to Office of the Head and
Monetary Head
Board, for FSD IX, FSS
affixing of BSP
dry seal on the
Certificate of
Authority.
4.3. Elevate
memorandum Sub-Sector
to Office of the Head, FSS
Secretary,
Monetary
Board, for
affixing of BSP
dry seal on the
Certificate of
Authority.
4.4. Affix BSP dry Office of the

Certificate of Monetary
Authority. Board
4.5. Receive copy of

Certificate of FSD IX, FSS
Authority with
affixed BSP
dry seal.
5. Prepare, review 1 working Account
and process day Officer,
notification letter Division/Group
to applicant Head and
informing of the Department
decision on the Head
application. FSD IX, FSS
254
approval of
application:
State in the
applicant the
approval of the
of the signed
Certificate of
Authority, the
payment of
P50,000.00
licensing fee
(inclusive of the
P10,000.00 non-
within 30 calendar
the
e-mail notice
mentioned under
step no. 6 hereof,
otherwise, the
Certificate of
Authority shall be
deemed
automatically
cancelled. State in
the letter that
to submit: (i) proof of
payment of licensing
fee prior to release
of the signed
Certificate of
Authority which shall
be for pick-up by the
applicant’s
authorized
representative upon
presentation of OR
and the authority to
255
pick-up; and (ii)
notice of actual date
of commencement
of operations.
Provide applicant
with OP number
(same procedure in
Stage 1)
Payment procedure is the

same as in Stage 1
6. If decision is for Account
denial of Officer,
Head and
Prepare and Department
process the letter Head
notifying denial of FSD IX, FSS
application and
stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified.
7. Receive FSD IX e-mail 7. If decision is for Licensing 1 working Account Officer
notification. approval of fee of day FSD IX, FSS
application: P50,000.00
(inclusive of
Notify applicant the P10,000
through FSD IX non-
official e-mail 268 of refundable
the decision on the filing fee)
256
application,
attaching scanned
letter (without
attachments), and
letter and signed
Certificate of
Authority to
Establish and
Operate as a Non-
Stock savings and
Loan Association is
ready for pick-up,
thus, applicant is
advised to
coordinate with and
notify FSD IX
Account Officer on
when it can pick-up
the documents upon
presentation of OR
on payment of
licensing fee and the
authority to pick-up.
7.1 Through pick-up,

7.1 Present original copy of release original copy
Official Receipt and of letter and signed Administrative
Letter of Authority, if Certificate of Officer, FSAD -
through pick-up by Authority to Operate SOMD, FSS
authorized as a NSSLA to
representative. authorized
representative.
7.2 Through
7.2 Receive original copy of mail/courier,
letter and signed process and release
Certificate of Authority. documents to the
ASD, BSP, for
mailing.
257
7.3 Receive FSD IX e-mail 7.3 If decision is for
notification. denial of
application:
Notify applicant
through FSD IX
decision on the
application,
attaching scanned Account Officer
copy of notification FSD IX, FSS
letter (without
attachments), and
letter shall be mailed
accordingly.
7.3.1. Receive original 7.3.1. Process and Administrative

copy of letter release Officer
documents to FSAD –
the ASD, BSP, SOMD, FSS
for mailing.
END OF TRANSACTION

How to send feedbacks and Feedbacks and complaints in Bangko
complaints? Sentral ng Pilipinas may be sent through
the following channels:
DOCUMENTS
 Press the smiley or sad face button
(encoding in the comment section,
“Receiving/Releasing of documents
with SOMD, FSS”) and input
feedback/complaints in the
Feedback Management System
(FMS) tablet installed in the
receiving area of the Sectoral
Operations Management
Department (SOMD), Financial
Supervision Sector (FSS), 4th Floor,
Multi-storey Building.
258
PROCESSING OF SERVICES
ENROLLED IN THE BSP CITIZEN’S
CHARTER
 Input the transaction code to be
provided by FSD IX, FSS, in the
Feedback Corner of the BSP
website at www.bsp.gov.ph and fill-
out the structured form online for any
How feedbacks and complaints are Feedbacks and complaints may be filed
processed? through the following:
 Feedbacks and complaints sent

through the FMS emoticon tablet/
touchscreen kiosk/BSP website

feedback/complaint is received real
time by all FMS users of the
department/office. FMS
designate/alternate shall encode the
action taken within two (2) working
days from receipt of sad
If negative feedback is more than 20%

of the day’s number of respondents,
o FMS designate/alternate of the
SOMD, FSS generates and
endorses the Daily i-Report within
Department/Office (SDO) Head
and other concerned personnel to
review and reply to the concerned
issue.
o Action Report (i.e., with information
on action to be taken and target
date of completion/resolution)
approved by the SDO Head is
transmitted to Feedback
Management Unit through the
259
Director of the Economic and
Financial Learning Center (EFLC)
within two (2) working days from
receipt of negative
feedback/complaint.
In case the feedback/complaint is

within the purview of another
department/office of the BSP, the FMS
Designate/Alternate of SOMD, FSS
requests transfer of feedback to
appropriate department/office thru the
FMS. Request for transfer is done
within one (1) working day from receipt
of sad emoticon/negative
feedback/complaint.
 Feedbacks and complaints sent

through the paper-based FMS
structured form
FMS designate/alternate of SOMD,

FSS will scan the accomplished paper-
based structured form and upload it in
the system within one (1) working day
from receipt.
Handling of negative feedback/

complaint received through the paper-
based FMS structured form and
through the FMS emoticon tablet/BSP
website are the same.
2. Presidential Complaint Center

(PCC), Office of the President

Malacañang, Manila
Telephone:
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
Telefax: +63(2)-8736-8621
260

Tape Authority
Ground Floor, HPGV Building

(Formerly Accelerando), 395 Senator
Gil J. Puyat Avenue, 1200 Makati City
Telephone: +63(2)-8478-5091;
+63(2)-8478-5099
Public Assistance and Information

Office, Civil Service Commission, CSC
Building, IBP Road, Constitution Hills,
1126 Quezon City
Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565
E-mail:
Website:
261
Financial 14th floor, Multi-Storey BSP Trunkline: +63(2)-8708-
Supervision Building, Bangko Sentral ng 7011, local 3017
Department Pilipinas, A. Mabini St.,
IX (FSD IX) Direct Line: +63(2)-8708-7297
Malate, Manila 1004
E-mail: fsd9@bsp.gov.ph
Central 4F, Multi-Storey Building, BSP Trunkline: +63(2)-708-

Administrative Bangko Sentral ng Pilipinas, A. 7011, local 2434
Services Mabini St., Malate, Manila Direct Line: +63(2)-708-7689
Group 1004
(CASG)

working day).
262
7. Application for Grant of Authority to Establish a Representative
Office/Offshore Banking Unit of Foreign Banks (update)
The application for grant of Authority to Establish a Representative Office/Offshore Banking

Unit constitutes a 2-stage process.
 Stage 1 refers to the application for BSP approval to establish a representative

office/offshore banking unit with processing time of 15 working days.
representative office/offshore banking unit with processing time of 5 working days.
Applications for Authority to Establish a Representative Office/Offshore Banking Unit are

subject to the following fees upon submission of application (Stage 1), as shown in the table
below:
Category Application Fee License Fee (In USD)
Representative Office None 2,000.00
Offshore Banking Unit None 20,000.00 (annual fee)
1. Establishment of a Representative Office or Offshore Banking Unit

A foreign bank application for authority to establish a representative office or offshore
banking unit.

Type of Transaction: G2B – Government-to-Business Entity
Who may avail: Qualified foreign bank applicants
Stage 1: Application for BSP approval to establish a representative office/offshore
banking unit
A. DOCUMENTARY REQUIREMENTS (Submit two original copies)
Representative Office
1. The application letter signed by an Applicant
authorized representative of the
foreign bank applicant requesting for
authority to establish a
representative office, accompanied
by the following documents:
Please note that the BSP does not prescribe any format on the required documents, unless specified.
269
Documents issued outside the country shall be apostilled or consularized, as applicable.

263
a. Certified true copy of the Applicant

resolution of the board of
directors of the applicant foreign
bank authorizing the proposed
establishment of a representative
office in the Philippines;
b. Historical background of the Applicant

applicant including, but not
limited to, the following:
i. Date founded;
ii. Number of foreign branches,
affiliates, subsidiaries and
representative offices, if
any, and their locations;
iii. Number of domestic
branches, if any;
iv. Growth of the bank,
including the range of
banking services offered;
and
v. Ratio of domestic operations
to foreign operation;
c. Certification duly authenticated Applicant

by the Philippine Consulate from
the proper Government
entity/supervisory authority
confirming that the requesting
bank is currently in compliance
with the applicable banking laws
and regulations, including the
integrity and competence of the
bank management, its internal
organization and its financial
soundness;
d. Certification duly authenticated Applicant

by the Philippine Consulate
showing that the Bank is duly
authorized by the proper
Government entity/supervisory
authority of its country to
establish and open a
264
representative office in the
Philippines or a statement from
such government
entity/supervisory authority that
such approval/authority is not
required;
e. The bank’s statement of Applicant

condition as of the end of the
fiscal/calendar year preceding
the filing of application;
f. The bank’s statement of income Applicant

for the last five (5) fiscal/calendar
years preceding the filing of
application;
g. Brief description of Philippine Applicant

trade and financial relations with
the country of the applicant bank
which may be promoted through
the presence of the applicant
bank in the country;
h. The bank’s annual report for the Applicant

last two (2) years;
i. The bank’s articles of Applicant

incorporation, as amended to
date, duly authenticated by the
Philippines Consulate;
j. The bank’s by-laws, as amended Applicant

to date, duly authenticated by the
Philippine Consulate;
k. Names and addresses of Applicant

correspondent banks worldwide;
l. Bio-data of the Philippine Please follow the format indicated in:

Representative with a https://www.bsp.gov.ph/Regulations/Guideline
photograph (2” x 2”) taken within s%20and%20other%20Regulations/Biographic
the last 6 months al%20Data.pdf
265
m. Proposed services to be Applicant
promoted;
n. Proposed location of Applicant

representative office; and
o. List of authorized signatories. Applicant
Offshore Banking Unit

2. The application letter signed by an Applicant
authorized representative of the
foreign bank applicant requesting for
authority to establish a offshore
banking unit, accompanied by the
following documents:
a. Certified true copy of the Applicant

resolution of the board of
directors of the applicant foreign
bank authorizing the proposed
establishment of the offshore
banking unit in the Philippines;
b. Certification duly authenticated Applicant

by the Philippine Consulate from
the proper Government
entity/supervisory authority
confirming that the requesting
bank is currently in compliance
with the applicable banking laws
and regulations, including the
integrity and competence of the
bank management, its internal
organization and its financial
soundness;
c. A brief profile of the banking and Applicant

monetary system of the state or
nation where the applicant is
domiciled including the laws and
administrative policies relating to
the establishment of foreign
offices by the applicant;
266
d. Historical background of the Applicant
applicant including, but not
limited to, the following:
i. Date founded;
ii. Number of foreign branches,
affiliates, subsidiaries and
representative offices, if any,
and their locations;
iii. Number of domestic
branches, if any;
iv. Growth of the bank, including
the range of banking services
offered; and
v. Ratio of domestic operations
to foreign operation; and
vi. Foreign currency loans and
investments of the bank in the
ASEAN region by country, if
any, for the immediately
preceding three (3) years;
e. Certification duly authenticated Applicant

by the Philippine consulate
showing that it is duly authorized
by the proper Government
entity/supervisory authority of its
country to establish and engage
in offshore banking business in
the Philippines or a statement
from said government
entity/supervisory authority that
such approval/authority is not
required;
f. The bank’s latest annual report to Applicant

shareholders;
g. The bank’s Articles of Applicant

Incorporation, as amended to
date, duly authenticated by the
Philippines Consulate;
h. The bank’s by-laws, as amended Applicant

to date, duly authenticated by the
Philippine Consulate;
267
i. The bank’s statement of Applicant

condition as of the end of the
fiscal/calendar years preceding
the filing of application,
expressed in US dollars;
j. The bank’s statement of income Applicant

for the last five (5) fiscal/calendar
years preceding the filing of
application;
k. Proposed organizational Applicant

structure of the OBU to be set-
up, including the following:
i. Minimum number of
expatriates and Philippine
nationals to be employed
during the first three (3)
years;
ii. maximum credit authority of
the unit manager; and
iii. extent of supervision of the
unit by the head office;
l. Proposed allocation of funds for Applicant

the operations of the unit;
m. Proposed operations to be Applicant

conducted by the unit for the first
three (3) years of business;
n. Names and addresses of Applicant

persons in the Philippines
authorized to represent the
application in connection with this
application; and
o. List of Correspondent Banks Applicant

throughout the world.
268
Stage 1: Application for BSP approval to establish a representative office/offshore banking
unit
1. Submit application for None Half working
authority to establish a day
representative
office/offshore banking
unit together with
documentary
requirements
1.1 Electronic Submission

copy of application letter the SPRD email Officer, SPRD
and documentary account
requirements to
ospd@bsp.gov.ph. 1.1.2 Transfer email Account
in the SPRD’s sub- Officer, SPRD
folder

Document Tracking
System.270
None Half working

1.2 Personal filing at day
the FSS Booth (Koi
Garden)/SOMD,FSS
Manila)
1.2.1 Proceed to SOMD. 1.2.1 Receive and Administrative

Get queue number and stamp date and time Officer FSAD-
wait to be called. Once of receipt. SOMD,FSS
documentary 1.2.2 Record receipt Administrative
requirements. of application. Officer FSAD-
SOMD,FSS
269
SOMD,FSS
1.2.4 Encode receipt Account

of application in the Officer, SPRD
Document Tracking
System.271
1.3 Mail/Courier None

letter together with stamp date and time of Officer FSAD-
documentary receipt. SOMD,FSS
requirements.
application Officer FSAD-
SOMD,FSS
1.3.3 Forward
documents to SPRD Administrative
Officer FSAD-
1.3.4 Encode SOMD,FSS
application in the
Document Tracking Account
System272. Officer, SPRD

2. Preliminary Account
assess the Officer, SPRD,
completeness of the 9/F, Multi-
submitted documents storey Building
vis-à-vis checklist of
documentary
requirements.

letter together with the day275 Officer, SPRD
submitted documents Prepare letter
returning the
application and its
270
accompanying
documents273.
Release letter to
SOMD.
Administrative
Process and release Officer, FSAD-
to Administrative SOMD,FSS
Services Department
(ASD), BSP, for
mailing.
2.2 Receive email on 2.2 If complete: None 1 working Account

Provisional Receipt of day276 Officer, SPRD
application. Prepare and send
Provisional Receipt
e-mail.274
preliminary Officer, SPRD
assessment of the
application and
and substantive278
requirements of
and regulations.
letter together with the day Officer, SPRD
documents submitted Prepare and release
noted and informing
that application is
determination of completeness of application in form and substance. The provisional receipt signifies receipt
of application and accompanying documents, subject to further preliminary assessment to determine if
application fully satisfies the formal and substantive requirements of relevant laws, rules and regulations.
271
submission of
application with
requirements and
rectified.

release to SOMD for Officer,
mailing. FSAD-SOMD,
FSS
272
acknowledgment letter via substantively complete day Officer, SPRD
email, courier, or and/or no deficiency:
and confirm/sign proof of Prepare and release
receipt. Acknowledgment
Letter informing the
assessment of the
application, and
determination of
sufficiency of
application and
submitted
and substance, the
BSP finds the same
as complete in form
and substance,
hence, the BSP will
now proceed with the
detailed evaluation of
the application and
shall notify the
applicant of the result
thereof; and the date
of receipt of the
complete
requirements which is
the date of the

copy of letter. Release Officer, SPRD
letter to SOMD.

release documents to Officer, FSAD-
the ASD, BSP, for SOMD,FSS
mailing.
273
D. Evaluation and Decision
application and
prepare evaluation
report and action
documents

review memorandum days Officer,
to appropriate BSP Division
Head and
Department
Head, SPRD
4.2 Elevate for Sub-sector

appropriate action on 2 working Head and
the application days Sector Head
documents signing
authorities
decision of the BSP
approving/signing
authority
6. Prepare and None 1 working day Account

letter to the applicant Division
of the decision Head/Group
Head and
approval of application: Head, SPRD
Prepare and process
applicant on the
approval of authority to
establish
representative
office/offshore banking
unit, indicating that
274
applicant may now
proceed with the next
stage

Prepare and process Division
the letter notifying Head/Group
denial of request and Head and
therefor and/or the Head, SPRD
informing that
application is
submission of
application with
requirements and
rectified.
7. Receive email 7. Notify applicant None 1 working day Account
notification from SPRD through SPRD official Officer, SPRD
email of the decision
on the application,
attaching scanned
letter, and stating that
original letter shall be
mailed accordingly.

copy of the letter release documents to Officer, FSAD-
the ASD, BSP, for SOMD,FSS
mailing
END OF TRANSACTION
275
Stage 2: Application for Issuance of Certificate of Authority (COA) to Operate a
Representative Office/Offshore Banking Unit
A. DOCUMENTARY REQUIREMENTS (Submit two original copies, unless
otherwise specified)
Representative Office
1. Copy of the SEC-issued license to Securities and Exchange Commission
transact business in the Philippines
2. Payment or proof of payment of the Applicant

license fee (photocopy)
Upon issuance of a certificate of

authority to operate an RO in the
Philippines, the bank shall pay the
BSP a license fee of US$2,000.00.
Offshore Banking Unit

1. Submit a sworn undertaking of its Applicant
head office through any of its duly
authorized officers, supported by an
appropriate resolution of its board of
directors, to the effect that it shall:
a. Provide, on demand, the
necessary currencies to cover
liquidity needs that may arise or
other shortfall that its OBU may
incur;
b. Manage the operations of its
OBU soundly and with prudence;
c. Continually train a specific
number of Filipinos in
international banking and foreign
exchange trading with a view to
reducing the number of
expatriates;
d. Provide and maintain in its OBU
at all times net office funds in the
minimum amount of USD1
million;
e. Start operations of its OBU
within 180 days from receipt of its
279Please note that the BSP does not prescribe any format on the required documents, unless otherwise
indicated.
276
certificate of authority to operate
such unit;
f. Comply with all applicable local
laws relating to labor and
employment; and
g. Submit, before start of
operations, other documents as
may be required by the BSP such
as certification or similar
documents showing that it is duly
authorized by the proper
government entity of its country
to engage in offshore banking
business in the Philippines.
2. Copy of the SEC-issued license to Securities and Exchange Commission

transact business in the Philippines
3. Payment or proof of payment of the Applicant
license fee (photocopy)
Upon issuance of a certificate of

authority to operate an OBU in the
Philippines, and yearly thereafter,
the authorized bank shall pay the
BSP a fee of not less than
USD20,000.00.
277
Stage 2: Application for the Issuance of Certificate of Authority (COA) to Operate a
A. Submission of Letter-Request and Issuance of COA to Operate280
1. Submit letter-request None Half working
for the application for day
the issuance of COA
to Operate together
with documentary
requirements
1.1 Electronic
Submission

copy of the application the SPRD email account Officer, SPRD
letter and documentary

Document Tracking
System.281
1.2 Through personal None Half working

filing at the FSS Booth day
(Koi Garden)/SOMD,FSS
Manila)
1.2.1 Proceed to SOMD. 1.2.1 Receive and Administrative

Get queue number and stamp date and time of Officer FSAD-
wait to be called. Once receipt. SOMD,FSS
documentary 1.2.2 Record receipt of Administrative
requirements. application. Officer FSAD-
SOMD,FSS
1.2.3 Forward to SPRD.
278
Administrative
1.2.4 Encode receipt of Officer FSAD-
application in the SOMD,FSS
Document Tracking
System.282 Account
Officer, SPRD

day
application letter together stamp date and time of Officer FSAD-
with documentary receipt. SOMD,FSS
requirements.
SOMD,FSS

SOMD,FSS

System
279
à-vis checklist of
documentary
requirements.
2.1 Receive return 2.1 If deficient None 1 working day Account

letter together with the Officer, SPRD
submitted documents. Prepare letter returning
the application and its
accompanying
documents. Release
letter to SOMD.

FSS
2.2 Receive email on 2.2 If complete None 1 working day Account

Provisional Receipt Officer, SPRD
application Prepare and send
Provisional Receipt283
283A separate acknowledgement letter shall be issued upon determination of the completeness of application
280
3. Pay the applicable Please Half working
license fee. refer to the day286
amount of
processing
3.1 Receive OP 3.1 Request OP Number fee Administrative
number and pay through from BFAD-SOMD and indicated Officer,
the following payment send the OP Number to above FSAD-SOMD,
options of UnionBank284: the client through email. FSS/Account
d. Over-the-Counter Officer, SPRD
e. Convergent
Banking/Online
Banking (Web and
App)285
f. The Portal – Business
Banking (Web and
App)
3.2 Provide SPRD the 3.2 Receive the proof of Account

proof of payment of the payment of the license Officer, SPRD
license fee. fee.
4. Evaluate the Account
application and Officer, SPRD
and substantive288
laws, rules and
regulations.

281
4.1 Receive 4.1 Prepare and None 1 working Account
Acknowledgment letter release Acknowledgment day289 Officer, SPRD
via email, courier, or Letter informing the
authorized representative applicant that after
and confirm/sign proof of evaluation of the
receipt application and
determination of
and submitted
form and substance,
proceed with the
issuance of COA

copy of letter, as Officer, SPRD
necessary

release documents to the Officer FSAD -
SOMD for mailing SOMD, FSS
D. Issuance of COA to Operate

review memorandum to day Officer,
Head, SPRD
6. Receive a copy of None 2 working BSP approving

documents showing days and signing
decision of the BSP authorities
approving authority

282
process notification day Officer, SPRD
letter to applicant
indicating conditions
of the approval.
7.1 Receive the advance 7.1 Though email, Account

copy of letter and signed release scanned copy of Officer, SPRD
COA. letter and signed COA.
7.2 Present Letter of 7.2 Through pick-up, Administrative

Authority, if through pick- release original copy of Officer FSAD -
up by authorized letter and signed COA to SOMD, FSS
representative authorized
representative.
7.3 Receive original
copy of letter and signed 7.3 Through Administrative
COA. mail/courier, process and Officer FSAD -
release documents to the SOMD, FSS
END OF TRANSACTION

How to send feedbacks and Feedback and complaints in Bangko Sentral
complaints? ng Pilipinas may be sent through the following
channels:
DOCUMENTS
Press the smiley or sad face button and

encode “Receiving/Releasing of ARTA-
related documents” and
feedbacks/complaints in the comment
section of the Feedback Management
System (FMS) tablet installed in the
receiving area of the Sectoral
Operations Management Department
(SOMD), Financial Supervision Sector
(FSS), 4th Floor, Multi-storey Building.
283
PROCESSING OF SERVICES
ENROLLED IN THE BSP CITIZEN’S
CHARTER
Input the transaction code to be

provided by SPRD, FSS, in the
Feedback Corner of the BSP website at
www.bsp.gov.ph and fill-out the
structured form online.
How feedbacks are Feedbacks and complaints may be filed

processed through the following:

feedback/complaint is received real time by
all FMS users of the department/office.
FMS designate/alternate shall encode the
action taken within two (2) working days
from receipt of sad emoticon/negative
feedback.
If negative feedback is more than 20% of

the day’s number of respondents,
FSS generates and endorses the Daily
i-Report within a day (24 hours) to the
Servicing Department/Office (SDO)
Head and other concerned personnel to
review and reply to the concerned issue.
Management Unit through the Director
of the Economic and Financial Learning
Center (EFLC) within two (2) working
days from receipt of negative
feedback/complaint.

284
BSP, the FMS Designate/Alternate of
SOMD, FSS requests transfer of feedback
to appropriate department/office thru the
FMS. Request for transfer is done within
one (1) working day from receipt of sad


Malacañang, Manila
Telephone:
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
Telefax: +63(2)-8736-8621

Tape Authority

Telephone: +63(2)-8478-5091;
+63(2)-8478-5099
Public Assistance and Information Office,

Civil Service Commission, CSC Building,
IBP Road, Constitution Hills, 1126 Quezon
City
Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565
E-mail:
Website:
285

Supervisory Policy and 9th floor, Multi-storey BSP Trunkline (02)
Research Department Building 8708-7701 local 2679
Bangko Sentral ng
Pilipinas
A. Mabini Street
1004 Malate, Manila
Sectoral Operations 4th Floor, Multi-storey BSP Trunkline (02)

Management Department Building 8708-7701 local 2441
(SOMD) Bangko Sentral ng and 2787
Pilipinas,
Frontline Services
Administration Division A.Mabini St., Malate, Direct Line: (02) 8708-
(FSAD) Manila 1004 7689; 8708-7446
Budget and Finance
(BFAD)

286
8. Application for Authority to Establish a Standalone Trust Corporation (update)
The application for the grant of authority to establish a standalone trust corporation (SATC)
consists of three stages as follows:
 Stage 1 refers to the application for BSP approval to establish a SATC with
processing time of 20 working days.
 Stage 2 refers to the application for the issuance of Certificate of Authority to register
with the Securities and Exchange Commission with processing time of 13 working
days. This process requires the evaluation of the Articles of Incorporation and/or By-
Laws or amendments thereto, indicating the corporate purpose to engage in trust,
investment management, and other fiduciary activities and assessing if these are
compliant with governing trust laws and regulations.
 Stage 3 refers to the application for the issuance of the Certificate of Authority to
establish and operate a SATC with a processing time of 7 working days. This
process requires evaluation of compliance to the conditions under Stage 1 and
evaluation of submitted manuals that will govern the operations of the SATC.
Office or Division: Capital Markets and Trust Supervision Department (CATSD)

Who may avail: Applicant entities that plan to engage in trust and other fiduciary
business
Stage 1 – Application for approval to establish a SATC
(Submit one (1) original copy only, unless otherwise stated)
1. Application letter for authority to establish SATC Applicant
2. Accomplished bio-data sheet with latest 2x2 ID Template of the bio-data may be downloaded at
picture of each incorporator, proposed director the BSP website:
and officer, and subscriber. The directors and http://www.bsp.gov.ph/
officers of the applicant entity must comply with the regulations/guidelines.
fit and proper rule prescribed under existing laws asp
and regulations.
3. Certificate of Net Worth as of a date not earlier Applicant
than ninety (90) days prior to the filing of
application of each subscriber. Such certificate
shall be used to evaluate the certifying person’s
financial capacity to invest in the SATC. A waiver
of rights under Republic Act (R.A.) No. 1405 shall
also be submitted for purposes of verification of
the declared networth – (1 original copy for each
subscriber)
4. Certified photocopy of the Income Tax Return of Applicant
each incorporator, subscriber, proposed director
287
and officer for the last two (2) calendar years (or
similar document from the home country in the
case of non-Filipino citizens) (1 set of documents
for each incorporator, subscriber, proposed
director and officer)
5. NBI clearance of each incorporator, subscriber, National Bureau of Investigation
proposed director and officer (or similar document
from the home country in the case of non-Filipino
citizens, or a certification that the incorporator,
subscriber, proposed director and officer
concerned has already undergone prior
approval/confirmation by the BSP as director
and/or officer of a BSP-supervised entity) (1
original copy for each incorporator, subscriber,
proposed director and officer)
6. Written authorization in favor of the Bangko Applicant
Sentral ng Pilipinas giving consent to conduct the
verification/validation of the documents or
representations stated in the application
For corporate subscribers, the following additional
documents shall be submitted:
7. Secretary’s Certificate of the board’s approval for Applicant
the corporation to invest in such SATC and
designating the person who will represent the
corporation in connection therewith (1 photocopy)
8. Latest articles of incorporation (AOI) and by-laws Applicant
duly stamped received by the Securities and
Exchange Commission (SEC) (1 photocopy)
9. Current list of directors and principal officers Applicant
10. Current list of substantial or major stockholders, Applicant
indicating their citizenship and the number,
amount and percentage of the voting and non-
voting shares held by each of the stockholders
11. The corporation's audited financial statements for Applicant
the last two (2) years prior to the filing of
application (1 photocopy)
12. The corporation's annual report to the Applicant
stockholders for the year immediately preceding
the date of filing of application (1 photocopy)
13. The corporation’s Income Tax Returns and BIR Applicant
clearances for the last two (2) calendar years (1
certified photocopy)
288
14. Detailed plan of operation and economic Applicant
justification for establishing a SATC. (Please refer
to the Manual of Regulations for Non-Bank
Financial Institutions for the minimum content of
the plan.)
15. Detailed plan showing how the subscribers would Applicant
put up the required capitalization for the proposed
SATC
16. Projected financial statements of the proposed Applicant
SATC for the first five (5) years together with
assumptions. The assumptions should be
consistent with the proposed plan of operation.
The projected financial statements should show
sufficient capital to support strategies and
operations.
17. For foreign corporate subscribers, the following
documents shall be submitted in addition to items
7 to 12:
(a) Where the proposed owner or parent Home country’s supervisory authority
organization is a foreign-regulated financial
institution, a certification from the corporation’s
home country supervisory authority that it has
no objection to the investment of such
company in a SATC in the Philippines and that
adequate information on such foreign
corporation shall be provided to the Bangko
Sentral ng Pilipinas to the extent allowed under
existing laws (1 original copy)
(b) A certification from the Corporate Secretary or Applicant
any officer holding an equivalent position that
the bank/entity is established, reputable and
financially sound
(c) If the proposed ownership represents Applicant
controlling interest in the SATC, a certification
from the Corporate Secretary or any officer
holding an equivalent position containing the
information that the bank/entity is widely-
owned and publicly-listed, duly authenticated
by the Philippine Consulate
18. In the case of a BSP-supervised institution (BSFI)
that decides to spin-off its trust department to a
SATC, the following documents shall be submitted,
in addition to items 1 and 8:
289
(a) Updated bio-data sheet with latest 2x2 ID picture Template can be downloaded at the BSP
of each incorporator, proposed director and website:
officer, and subscriber (1 original copy for each http://www.bsp.gov.ph/
incorporator, proposed director and officer, and regulations/guidelines.
subscriber) asp
(b) Certificate of Net Worth as of a date not earlier Applicant
than ninety (90) days prior to the filing of
application of each subscriber. Such certificate
shall be used to evaluate the certifying person’s
financial capacity to invest in the SATC.A waiver
of rights under Republic Act (R.A.) No. 1405
shall also be submitted for purposes of
verification of the declared networth (1 original
copy for each subscriber)
(c) Certified photocopy of the Income Tax Return of Applicant
each incorporator, subscriber, proposed director
and officer for the last two (2) calendar years (or
similar document from the home country in the
case of non-Filipino citizens) (1 set of documents
for each incorporator, subscriber, proposed
director and officer)
(d) NBI clearances of each incorporator, subscriber, National Bureau of Investigation
proposed director and officer (or similar
document from the home country in the case of
non-Filipino citizens or certification that the
incorporator, subscriber, proposed director and
officer concerned has already undergone prior
approval/confirmation by the BSP as director
and/or officer of a BSP-supervised entity) (1
original copy for each of the incorporator,
subscriber, proposed director and officer)
(e) Secretary’s Certificate of the board’s approval for Applicant
the trust department to spin-off into a SATC and
designating the person who will represent the
corporation in connection therewith (1
photocopy)
(f) The detailed plan of operation and economic Applicant
justification for establishing a SATC, including
specific actions and timelines for the smooth
transition of operations and timelines for ample
notification to clients
290
(g) Detailed plan showing how the BSFI would put Applicant
up the required capitalization for the proposed
SATC
(h) For a trust department of a foreign bank/branch, Home country’s supervisory authority
in addition to items 18.a to 18.g, a certification
from its home country’s supervisory authority
that it has no objection to the spin-off of the trust
department of said bank/branch into a SATC and
that adequate information shall likewise be
provided to the Bangko Sentral ng Pilipinas to
the extent allowed under existing laws.
PERSON
FEES TO PROCESSING
BE PAID TIME
E
A. Preliminary Assessment290
1.1 Electronic submission
290Preliminary assessment covers initial receipt of the application up to applicant’s submission of complete
documentary documents in substance and in form, presentation of business model (if applicable) and
submission of proof of payment of filing fee. The time spent in determining whether or not all the requirements
have been complied with shall not be included in the determination of processing time. Accordingly, the steps
under preliminary assessment are for applicant’s reference only and not part of the processing time of the
application.
291
PERSON
FEES TO PROCESSING
BE PAID TIME
E
1.1.1 Submit scanned 1.1.1 System auto- None Half-Day n/a

letter and submission Account
documentary Officer,
requirements to fss- 1.1.2 Log-in and open the CATSD
somd@bsp.gov.ph) FSS Department or
SOMD email
account.
Account
1.1.3 Transfer email in the Officer,
1.2 Personal filing at the department’s sub- CATSD
FSS Booth (Koi Garden) folder.
/ SOMD, FSS (4th Floor,
Multi-Storey Building, 1.2.1 Receive and stamp None Half-day Administrative
BSP Complex, Manila) date and time of receipt. Officer, FSAD
- SOMD, FSS
1.2.1 Proceed to FSS 1.2.2 Record receipt of
Booth / SOMD. Get application.
queue number and wait
to be called. Once called, 1.2.3 Forward documents
present all the to CATSD.
documentary
requirements.
1.3 Mail/Courier
1.3.1 Receive and stamp
1.3.1 Send the date and time of receipt.
application letter together 1.3.2 Record receipt of Administrative
with documentary application. None Half-day Officer, FSAD
requirements. - SOMD, FSS
1.3.3 Forward documents
to CATSD.
2. Upon receipt of the None 1 working day Processor,
application letter and CATSD, FSS
documentary
requirements,
accomplish the
checklist of
documentary
requirements.
292
PERSON
FEES TO PROCESSING
BE PAID TIME
E
2.1 If documents are in
order, prepare the
provisional receipt
with notice of
payment of the filing
fee of
PHP 25,000.00. 291
2.2 In case of
documentary
deficiency/ies,
prepare return letter
and attach the
submitted
documents.292
2.3 Release to SOMD-

FSAD.
2.4 Email advance copy

of the letter as
necessary.
3. Receive the original 2. Release the letter to None Half-day Administrative

copy of letter. Sign and the applicant/ Officer, SOMD-
return proof of receipt authorized FSAD, FSS
of letter. representative.
2.1 If through registered

mail/ courier: Process
and release
documents to the
Administrative
If through pick-up, Services Department
proceed to SOMD- (ASD) for mailing.
FSAD, 4th floor, Multi-
storey Building 2.2If through pick-up:
release original letter
Amount of the filing fee and shall be charged upon filing of the application and is non-refundable
291
This is without prejudice to the re-submission of another application once the deficiency/ies has/have been
292
addressed.
293
PERSON
FEES TO PROCESSING
BE PAID TIME
E
to authorized
representative upon
presentation of a
3. Receive the OP 3.1 Request Order of P25,000.00 1 working day Processor,
number and pay Payment (OP) CATSD
through the following Number to Budget
payment options in the and Finance
UnionBank of the Administrative
Philippines293: Division (BFAD) -
a. Over-the-Counter SOMD, FSS through
b. Convergent e-mail.295
Banking/Online
Administrative
Banking (Web and 3.2 Process the Order of
Payment using the Officer, BFAD-
App)294
New Order of SOMD, FSS
c. The Portal –
Business Banking Payment System
(Web and App) (NOPS) 296 and send
the OP Number to
the requesting
department.
3.3 Send the OP Number Processor,

to the applicant CATSD
through email.
3.4 Provide CATSD with Administrative

a copy of collection Officer, SOMD-
report on a daily FSAD, FSS
basis, 297 as
applicable (except
weekends and
holidays).
4. Prepare the None 1 working day Processor,
acknowledgment CATSD, FSS
letter.
294
PERSON
FEES TO PROCESSING
BE PAID TIME
E

FSAD.

of the letter as
necessary.
B. Evaluation and Decision
5. Receive the original 5. Release the None Half-day Administrative
copy of the acknowledgment Officer, SOMD-
acknowledgment letter 298 to the FSAD, FSS
letter. Sign and return applicant/authorized
proof of receipt. representative.

and release
documents to the
Administrative
Services Department
If through pick-up, (ASD) for mailing.
proceed to SOMD-
FSAD, 4th floor, Multi- 5.2 If through pick-up:
storey Building Process and release
documents to the
applicant/authorized
representative upon
presentation of a letter
of authority.
6. Assess/ review if all None 2 working days Processor,
documentary CATSD, FSS
requirements
submitted are
properly
accomplished.
6.1 If in order, prepare the

letter on the
acceptance of the
application. The letter
shall include the
295
PERSON
FEES TO PROCESSING
BE PAID TIME
E
billing for the
processing fee
amounting PHP
100,000.00.299
6.2 In case of
documentary
deficiency/ies,
and attach the
submitted
documents.300

FSAD.

of the letter as
necessary.
7. Receive the original 7. Release the letter to None Half-day Administrative

copy of the letter. the applicant/ Officer, SOMD-
Sign and return proof authorized FSAD, FSS
of receipt. representative.

If through pick-up, mail/ courier: Process
proceed to SOMD- and release
FSAD, 4th floor, Multi- documents to the
storey Building Administrative
Services Department
(ASD) for mailing.
7.2 If through pick-up:

Process and release
documents to the
299 Amount of the processing fee and shall be charged upon acceptance of application regardless of whether
the application is approved or denied. Processing fee shall be inclusive of the filing fee.
300 This is without prejudice to the submission of a new application once the deficiencies have been
addressed.
296
PERSON
FEES TO PROCESSING
BE PAID TIME
E
representative upon
presentation of letter
of authority.
8. Receive the OP 8.1 Request Order of P75,000 1 working day Processor,
payment options in the and Finance
UnionBank of the Administrative
a. Over-the-Counter SOMD, FSS through
b. Convergent e-mail303
Banking/Online
Banking (Web and 8.2 Process the Order of Administrative
App)302 Payment using the Officer, BFAD-
c. The Portal – New Order of SOMD, FSS
(Web and App) (NOPS) 304 and send
the OP Number to
the requesting
department.
9.3 Send the OP Number

to the applicant Processor,
through email. CATSD
9.4 Provide the

department
concerned with a Administrative
copy of collection Officer, BFAD-
report on a daily SOMD, FSS
basis, 305 as
applicable (except
weekends and
holidays).
10. Upon receipt of the None 13 working Processor,
copy of the collection days CATSD, FSS
report, proceed with
297
PERSON
FEES TO PROCESSING
BE PAID TIME
E
the evaluation of the
application, 306 and
elevate the request
for action of
approving
authorities.
11. Prepare and release None 1 working day Processor,
the transmittal letter CATSD, FSS
on the decision of the
approving authority
to SOMD-FSAD. For
an approved
application, the letter
will include a billing
for the licensing fee
of PHP
500,000.00.307

of the letter as
necessary.
13. Receive the original 13. Release the None Half-day Administrative
copy of the transmittal letter to Officer, SOMD-
transmittal letter. the FSAD
Sign and return proof applicant/authorized
of receipt. representative.

If through pick-up, mail/ courier:
proceed to SOMD- Process and
FSAD, 4th floor, Multi- release documents
to the
storey Building
Administrative
Services
Department (ASD)
for mailing.
306The BSP may post queries/clarifications in connection with the application/documents submitted.
307Amount of the licensing fee and shall be charged upon approval of the application. The licensing fee shall
be inclusive of the processing fee.
298
PERSON
FEES TO PROCESSING
BE PAID TIME
E

Process and
release documents
to the applicant/
authorized
representative upon
presentation of
authorization letter.
14. Receive the OP 14.1 Request Order of P400,000.00 1 working day Processor,
payment options in and Finance
the UnionBank of the Administrative
a. Over-the-Counter SOMD, FSS
through e-mail 310
b. Convergent
Banking/Online
Banking (Web and 14.2 Process the Order Administrative
App)309 of Payment using Officer, BFAD-
c. The Portal – the New Order of SOMD, FSS
(NOPS) 311 and
(Web and App)
send the OP
Number to the
requesting
department.
Processor,
14.3 Send the OP CATSD
Number to the
applicant through
email.
Administrative
14.4 Provide the Officer, BFAD-
department SOMD, FSS
concerned with a
copy of collection
299
PERSON
FEES TO PROCESSING
BE PAID TIME
E
report on a daily
basis, 312 as
applicable (except
weekends and
holidays).
END OF TRANSACTION
312Weekly in the current set up using the existing Order of Payment System; BSP receives collection report
300
STAGE 2 – Issuance of the Certificate of Authority (COA) to Register the Articles of Incorporation
(AOI) and By-Laws (BL) of the Proposed Stand-alone Trust Corporation
1. Letter request for the issuance of COA to Register Applicant
2. Articles of Incorporation, treasurer’s sworn Applicant
statement and by-laws which shall include
provisions on the appointment of a president,
equivalent position/officer, and other subordinate
officers, and a clear definition of their duties and
responsibilities – (7 photocopies)
3. Proof of deposit with any universal/commercial Depository bank
bank of the initial paid-up capital of the proposed
SATC (1 photocopy)
FEES TO BE PERSON
PROCESSING
CLIENT STEPS AGENCY ACTIONS PAID RESPONSIBL
TIME
E
1.1.1 Submit scanned System auto- None Half-Day

documentary
requirements to (FSS
Department’s official
email or fss-
somd@bsp.gov.ph)
1.2 Personal filing at the 1.2.1 Receive and stamp None Half-day Administrative
FSS Booth (Koi Garden) date and time of receipt. Officer, FSAD
/ SOMD, FSS (4th Floor, - SOMD, FSS
Multi-Storey Building, 1.2.2 Record receipt of
BSP Complex, Manila) application.
documentary documents in substance and in form. The time spent in determining whether or not all the
301
FEES TO BE PERSON
PROCESSING
TIME
E
1.2.1 Proceed to FSS 1.2.3 Forward documents
Booth / SOMD. Get to CATSD.
to be called. Once called,
present all the
documentary
requirements.
1.3 Mail/Courier 1.3.1 Receive and stamp

date and time of receipt.
1.3.1 Send the
application letter together 1.3.2 Record receipt of None Half-day Administrative
with documentary application. Officer, FSAD
requirements. - SOMD, FSS
to CATSD.
2. Upon receipt of the None 2 working days Processor,

letter and CATSD, FSS
documentary
requirements, verify if
the submissions are
complete and
accurate.
3. If the documents are in None Half-day Processor,
order, prepare the CATSD, FSS
acknowledgment
letter.314
3.1In case of
deficiency/ies,
and attach submitted
documents.315
3.2Release to SOMD-
FSAD.
315 This is without prejudice to the submission of a new request once the deficiencies have been addressed.
302
FEES TO BE PERSON
PROCESSING
TIME
E
3.3. Email advance copy
of the letter as
necessary.
4. Receive original copy 4. Release the None Half-day Administrative
the letter. Sign and acknowledgment Officer, SOMD-
return proof of receipt. letter 316 to the FSAD, FSS
applicant/ authorized
representative.

and release
If through pick-up, documents to the
Administrative
proceed to SOMD-
Services Department
FSAD, 4th floor, Multi- (ASD) for mailing.
storey Building .
Process and release
documents to the
representative upon
presentation of
5. Submit the proposed None 10 working Processor,
AOI and BL for legal days CATSD, FSS
clearance.
5.1 If not cleared, prepare

return letter, together
with the submitted
documents.

FSAD. 317 Follow step
4 above.
The standard processing timeline of 20 days shall commence from the date of the acknowledgment letter.
316
317This is without prejudice to re-submission of a new request once the deficiency/ies has/have been
addressed.
303
FEES TO BE PERSON
PROCESSING
TIME
E
of the letter as
necessary.
5.4 Prepare documents

for endorsement to
the Securities and
Exchange
Commission (SEC)
and elevate to
approving authority
the actions to be
taken on the request
for the issuance of
the COA to Register
(approval or denial)
6 Upon receipt of the None 1 working day Processor,
COA to Register and CATSD, FSS
the endorsement letter
signed by the
approving authority,
transmit the COA to
Register, AOI, BL for
the application of the
BSP dry seal.
7 Upon receipt of None Half-day Processor,
documents with dry CATSD, FSS
seal, prepare
transmittal letter and
attachments.
304
FEES TO BE PERSON
PROCESSING
TIME
E
8 Upon receipt of the 8. Release advance copy None Half-day Processor,
advance copy of the of the transmittal letter CATSD, FSS
letter, notify CATSD and attachments to the
of the date of pick-up applicant through
of the transmittal electronic mail.
letter and
attachments by the
representative.
9. Receive the original 9. Release the None Half-day Processor,
copy of the letter and transmittal letter and CATSD, FSS
attachments. Sign attachments to the
and return proof of applicant/authorized
receipt. representative (if
through pick-up) and
to SOMD-FSAD if
through courier.

Administrative
Officer,
and release
SOMD-FSAD,
documents to the
FSS
Administrative
Location: CATSD,
Services Department
11th Floor, Multi-
(ASD) for mailing.
storey Bldg.

Process and release Processor,
documents to the CATSD, FSS
representative, upon
presentation of
END OF TRANSACTION
305
Stage 3 - Issuance of COA to Operate
1. Letter request for the issuance of COA to Operate Applicant
2. Certificate of Incorporation issued by the Securities and Exchange Commission
Securities and Exchange Commission as proof of
registration of Articles of Incorporation and By-
laws
3. Certification of compliance with the conditions of Applicant
approval duly signed by the incorporators,
including the set-up of the required basic security
deposit
4. List of names and positions of individuals Applicant
designated as chairman and members of the
board of directors, president and other
subordinate officers of the SATC with their
respective bio-data and statement of duties and
responsibilities (job descriptions), with letter-
request for approval of interlocking directorship
and officership, if any
5. Organizational chart which shows the names of Applicant
departments/units with respective functions and
responsibilities and designations of officers/units.
The organizational chart should show clear
accountability of the management structure and
should provide for independent check and balance
by the board of directors
6. Risk Management Manual, Manual on Consumer Applicant
Protection Framework and Operations Manual
embodying the policies, systems, and operating
procedures of each department/unit in the
organization (including a Corporate Secretary’s
Certificate on the Board’s approval of SATC’s Risk
Management Manual, Manual on Consumer
Protection Framework and Operations Manual) (1
photocopy for each manual)
7. Certification by the President of the SATC that the Applicant
above manuals were prepared and aligned with
existing Bangko Sentral ng Pilipinas rules and
regulations on risk management, consumer
protection and trust, other fiduciary and
investment management activities, and that the
policies, systems and operating procedures in the
manuals shall be implemented
8. Excerpts of the minutes of the Applicant
organizational/director’s meetings confirming all
306
organizational and pre-opening transactions
relative to activities undertaken by the TC to
operate the trust, other fiduciary business and
investment management activities (i.e.,
appointment of officers, and approval of
authorized signatories) (1 photocopy)
9. Alphabetical list of all stockholders with the Applicant
number and percentage of voting stocks
owned/held
10. List of natural persons/stockholders certified by Applicant
the corporate secretary, owning voting stocks in
the SATC and are related to other identified
stockholders within the first (1st) degree of
consanguinity or affinity, indicating the combined
percentage of voting stocks held by these persons
in the particular SATC, as well as juridical persons,
including corporations that are wholly-owned or a
majority of the stock of which is owned by any of
such persons, including their wholly- or majority-
owned subsidiaries
11. Certification by the President that no person who Applicant
is the spouse or relative within the second (2nd)
degree of consanguinity or affinity of any person
holding the position of chairman, president, chief
executive officer, chief operating officer, executive
vice-resident, senior vice president or any position
of equivalent rank, general manager, treasurer,
chief cashier, or chief accountant will be appointed
to any of said positions in the SATC
307
FEES TO BE PERSON
AGENCY ACTIONS PROCESSING
CLIENT STEPS PAID RESPONSIBL
TIME
E
1.1.1 Submit scanned System auto- None Half-Day

documentary
requirements to (FSS
Department’s official
email or fss-
somd@bsp.gov.ph)
1.2 Personal filing at the 1.2.1 Receive and stamp None Half-day Administrative
FSS Booth (Koi Garden) date and time of receipt. Officer, FSAD
/ SOMD, FSS (4th Floor, - SOMD, FSS
Multi-Storey Building, 1.2.2 Record receipt of
BSP Complex, Manila) application.
1.2.1 Proceed to FSS 1.2.3 Forward documents

Booth / SOMD. Get to CATSD.
to be called. Once called,
present all the
documentary
requirements.
1.3 Mail/Courier 1.3.1 Receive and stamp

date and time of receipt.
1.3.1 Send the Administrative
application letter together 1.3.2 Record receipt of None Half-day Officer, FSAD
with documentary application. - SOMD, FSS
requirements.
to CATSD.
documentary documents in substance and in form. The time spent in determining whether or not all the
308
FEES TO BE PERSON
TIME
E
letter request and CATSD, FSS
documentary
requirements, verify if
the submissions are
complete.
3. If the documents are in None Half-day Processor,
order, prepare the CATSD, FSS
acknowledgment
letter.319
3.1 In case of
documentary
deficiency/ies,
and attach submitted
documents.320

FSAD.

of the letter as
necessary.

4. Receive original copy 4. Release the None Half-day Administrative
of the letter. Sign and acknowledgment Officer, SOMD-
return proof of receipt. letter 321 to the FSAD, FSS
representative.
If through pick-up,
proceed to SOMD-
th
FSAD, 4 floor, Multi- mail/ courier: Process
storey Building and release
documents to the
Administrative
320 This is without prejudice to the submission of a new request once the deficiency/ies has/have been
addressed.
309
FEES TO BE PERSON
TIME
E
Services Department
(ASD) for mailing.
.
Process and release
documents to the
representative upon
presentation of
5. Evaluate documents. None 4 working days Processor,
If in order, prepare CATSD, FSS
draft COA to Operate
and endorse for
printing.
5.1In case of
documentary
deficiency/ies, prepare
return letter and attach
submitted
documents. 322
Release to SOMD-
FSAD. Follow step 4
above.
printed COA to CATSD, FSS
Operate, secure the
signature of the
Governor. Once
signed, endorse for the
application of the BSP
dry seal.
7. Upon receipt of the None Half-day Processor,
COA to Operate with CATSD, FSS
dry seal, prepare and
release transmittal
letter and attachment.
322This is without prejudice to the submission of a new request once the deficiency/ies has/have been
addressed.
310
FEES TO BE PERSON
TIME
E
8. Upon receipt of the 8. Release the advance None Half-day Processor,
advance copy of the copy of the transmittal CATSD, FSS
COA to Operate and letter and COA to
transmittal letter, notify Operate to the
CATSD of the date of applicant through
pick-up by the electronic mail.
representative.
9. Present original copy 9. Release transmittal None Half-day Processor,
of Official Receipt and letter and COA to CATSD, FSS
Letter of Authority, if operate to the applicant
through pick-up by or its authorized
authorized representative (if
representative. through pick up) or to
SOMD-FSAD (if
9.1 Receive original copy through courier).
of letter and signed
Certificate of Authority. Processor,
CATSD, FSS
Location: CATSD, 11th
Floor, Multi-storey Bldg. 9.1 Through pick-up,
release original copy
of letter and signed
to applicant/authorized
representative upon Administrative
presentation of letter of Officer, SOMD-
authority. FSAD, FSS
9.2 Through mail/courier,

process and release
documents to the
END OF TRANSACTION
311
channels:
DOCUMENTS
Press the smiley or sad face button and

encode “Receiving/Releasing of ARTA-
related documents” and
feedbacks/complaints in the comment
section of the Feedback Management
System (FMS) tablet installed in the
receiving area of the Sectoral Operations
Management Department (SOMD),
Financial Supervision Sector (FSS), 4th
Floor, Multi-storey Building.
PROCESSING OF SERVICES ENROLLED IN
THE BSP CITIZEN’S CHARTER
Input the transaction code to be provided by

CATSD, FSS, in the Feedback Corner of the
BSP website at www.bsp.gov.ph and fill-out
the structured form online.
How feedbacks and complaints are Feedbacks and complaints may be filed through
processed? the following:


FSS generates and endorses the Daily i-
Report within a day (24 hours) to the
312
Servicing Department/Office (SDO) Head
and other concerned personnel to review
Management Unit through the Director/OIC
of the Economic and Financial Learning
Center (EFLC) within two (2) working days
feedback/complaint.

BSP, the FMS Designate/Alternate of SOMD,
FSS requests transfer of feedback to
appropriate department/office thru the FMS.
Request for transfer is done within one (1)


Malacañang, Manila
Telephone:
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
Telefax: +63(2)-8736-8621

Authority

Telephone: +63(2)-8478-5091;
313
+63(2)-8478-5099

Service Commission, CSC Building, IBP
Road, Constitution Hills, 1126 Quezon City
Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565

Treasury and Asset 11th floor, Multi-storey BSP Trunkline: 708-7011,
Management Supervision Building, Bangko Sentral ng local 2682
Department Pilipinas, Direct Line: 708-2201; Fax
A. Mabini St., Malate, No.: 306-2946
Manila 1004
Sectoral Operations 4th Multi-storey Building, BSP Trunkline: 708-7011,
Management Department Bangko Sentral ng Pilipinas, local 2441 and 2787
(SOMD) A.Mabini St., Malate, Manila Direct Line: 708-7689 ; 708-
1004 7446
Frontline Services
(FSAD)
Budget and Finance

(BFAD)

working day). Processing of Order of Payment for payment of fees will be until 1:00 PM
only.
314
9. Issuance of License/Authority to Operate as Electronic Money Issuer
(EMI) and Virtual Asset Service Provider (VASP) and Offer Advanced
Electronic Payment and Financial Services (EPFS) (update)
The application for grant of authority to issue and operate as Electronic Money Issuer (EMI),
register as Virtual Asset Service Provider (VASP) and offer advanced Electronic Payment
and Financial Services (EPFS) constitutes a 3-stage process.
 Stage 1 refers to the assessment of BSP of Applicant’s eligibility to apply as an EMI

and VASP, with processing time of 13 working days.
with the Securities and Exchange Commission (SEC) its Articles of Incorporation
(AOI) or Articles of Cooperation (AOC), respectively, and/or By-Laws (BL) indicating
its purpose to operate as MSB operator for partnerships/corporations/cooperatives
with processing time of 7 working days; and
 Stage 3 refers to the application for grant of License/Authority to operate as
VASP/EMI and offer Advanced EPFS with processing time of 20 working days.
Applications for Authority to Establish and Operate as EMI, Register as VASP and Offer
Advanced EPFS are subject to filing fee of P1,000.00 upon submission of application under
Stage 1. Payment of one-time, non-refundable registration fee (inclusive of the filing fee)
for EMI/VASP shall be required under Stage 3.
315
Office or Division: Technology Risk and Innovation Supervision Department
Who may avail: Applicants/entities of proposed money service business which should be
stock corporations
Stage 1: Assessment of Applicant’s Eligibility to Apply as Electronic Money Issuer (EMI) and Virtual
Asset Service Provider (VASP)
A. DOCUMENTARY REQUIREMENTS (Submit one (1) original copy only, unless otherwise stated)
1. Letter application (signed by the authorized signatory with the following Applicant
information:
a. Contact number
b. E-mail address
c. Classification of Entity? Type A (Large Scale VASP); Type B (Small
Scale VASP) or Type C (EMI)
d. Average monthly value of transactions (for types A and B applicants
only)
Transaction Estimated
Average Monthly
Value (in Php)
International Inward (Payout) Remittance

Facilitated Through Virtual Asset (VA)
International Outward (Send Out) Remittance
Facilitated Through VA
VA to Philippine Pesos/Other Currency
Philippine Peso/Other Currency to VA
Total

a. Purpose of the Business
b. Form of Business Organization and Organizational Structure
c. Products and Services including Features and Functionalities
of the facility
d. Capital Requirements and details of Source of Funding/ Financing
e. Target Market
f. Target Clientele
g. Operational Workflow from account opening including AMLA and Know
Your Customer (KYC) process, transaction initiation to fulfillment and
settlement process
h. Consumer complaints handling and redress mechanism process
i. Information technology infrastructure (network diagram, system
interface, security controls and disaster recovery set up)
316
3. List of owners/controlling shareholders, directors, and principal officers, Applicant
as applicable, with the following information:
a. Name
b. Citizenship
c. Address
d. Position
e. TIN
f. Amount of Contribution
g. % of Ownership
h. Contact No.
i. E-mail Address
4. Notarized Special Power of Attorney (SPA), authorizing a person/entity to
apply for a certificate of registration in behalf of the
proprietor/partnership/corporation. In the case of a corporate applicant, a
certified true copy of the board resolution authorizing the person or entity
shall likewise be submitted.
5. Payment and proof of payment of non-refundable filing fee Applicant
B. TOPICS FOR BUSINESS MODEL PRESENTATION (Submit advance copy of the presentation
materials)
Presentation materials which shall include discussion of the following: Applicant
1. Purpose of the Business;
2. Form of Business Organization and Organizational Structure, including
the following:
a. Capital Requirements and details of source of funding/financing;
b. Target Market;
c. Target Network/Tie Ups;
d. Projected Annual Volume of Transactions for three (3) years;
3. Products and Services to be offered;
4. Product features and functionalities (please provide screenshots as
well);
5. Narrative discussion of the Operational Workflow – including the roles
and responsibilities of the parties involved (from initiation to fulfillment of
the transaction)
a. Customer on-boarding process/requirements;
b. Sending-in and pay-out method process;
c. Settlement process;
6. Consumer complaints handling and redress mechanism process;
7. Transaction fees to be charged to customers and partners; and
8. Proposed set up of IT infrastructure [please include a high-level
discussion on the systems involved, system interfaces, data center set-
up (e.g., on-premise or on-cloud)]
317
PERSON
FEES TO PROCESSIN
BE PAID G TIME
E
Stage 1: Assessment of Applicant’s Eligibility to Apply as Electronic Money Issuer
1. Submit application Subject to
for authority to filing fee of
establish and operate ₱1,000.00
as EMI and for upon
registration to operate submission
a VASP, together with of
complete documentary application
requirements
1.1 Electronic
Submission
1.1.1 Submit scanned 1.1.1 System auto- Account

copy of application acknowledges the Officer, or
letter and documentary submission Administrative
requirements in zip file Officer,
to epfs- 1.1.2 Log-in and open Frontline
licensing@bsp.gov.ph the FSS Services
Department or Administrative
and fss-
SOMD email Division
somd@bsp.gov.ph
account. (FSAD) –
using the following Sectoral
prescribed filename: 1.1.3 Transfer email in Operations
<LicenseType>space< the department’s Management
Name of BSFI>. sub-folder. Department
(SOMD),
Financial
Supervision
Sector (FSS)

the FSS Booth (Koi
Garden) / SOMD,
FSS (4th Floor,
Multi-Storey
318
PERSON
FEES TO PROCESSIN
BE PAID G TIME
E
Building, BSP
Complex, Manila)
1.2.1 Receive and Administrative
1.2.1 Proceed to FSS stamp date and time of Officer, FSAD
Booth / SOMD. Get receipt. - SOMD, FSS
queue number and
wait to be called. 1.2.2 Record receipt of
Once called, application.
present all the
documentary 1.2.3 Forward
requirements. documents to (Name of
Department).
1.3 Mail/Courier

application letter stamp date and time of Officer, FSAD
together with receipt. - SOMD, FSS
documentary
requirements. 1.3.2 Record receipt of
application.
1.3.3 Forward
documents to TRISD
2. Payment of filing 2.1 Request Order Account

fees of Payment (OP) Officer,
Number to Budget and TRISD,
Finance Administrative
Division (BFAD) -
SOMD, FSS through e-
mail324
2.2 Process the

Order of Payment Administrative
using the New Order of Officer,
Payment System BFAD-SOMD,
(NOPS) 325 and send FSS

319
PERSON
FEES TO PROCESSIN
BE PAID G TIME
E
the OP Number to the
requesting department.
2.3 Send the OP

Number to the client Account
through email. Officer,
TRISD,
2.4 Receive OP 2.4 Provide the Administrative

number and pay department concerned Officer, BFAD-
through the following with a copy of collection SOMD, FSS
payment options in the report on a daily
UnionBank of the basis, 328 as applicable
Philippines326: (except weekends and
d. Over-the- holidays).
Counter
e. Convergent
Banking/Online
Banking (Web
and App)327
f. The Portal –
Business
Banking (Web
and App)
3. Preliminary assess 2 working Account

the completeness of the days Officer,
submitted documents TRISD, 9/F,
vis-à-vis checklist of Multi-Storey
documentary Building
requirements
3.1 If deficient: Account
Prepare and release Officer,
letter returning the Division Head/
accompanying and
enumerating the Head, TRISD,
deficiencies and 9/F, Multi-
320
PERSON
FEES TO PROCESSIN
BE PAID G TIME
E
missing requirements, Storey
and informing that Building
application is
submission of
application with
requirements
3.1.1 Receive return 3.1.1 Through pick-up, Administrative

letter together with the release original letter to Officer
submitted documents authorized FSAD –
representative, after SOMD, FSS
presenting a letter of
authority.
3.1.2 Through mail/

courier, process and
release documents to
the Administrative
Services Department
(ASD), BSP, for
mailing.
3.2 Receive e-mail on 3.2 If complete: 2 working Account
provisional receipt of Prepare and send days Officer,
application Provisional Receipt 329 TRISD, 9/F,
thru TRISD official Multi-Storey
e-mail (a) signifying Building
and accompanying
further preliminary
assessment to
and substantive
requirements of
regulations; (b)
321
PERSON
FEES TO PROCESSIN
BE PAID G TIME
E
containing the
following: (i) BSP
number for the
application as
reference for all
subsequent
name of TRISD
person, his/her
Group/Division and
position; and (c)
to coordinate with
TRISD for the schedule
of business model
presentation (if
applicable)
4. Confirm with TRISD 4. Coordinate and 2 working Account
Account Officer the finalize schedule of days330 Officer,
schedule of presentation of TRISD, 9/F,
presentation and business model and Multi-Storey
confirm attendance. send confirmation e- Building
schedule of business
model presentation to
be conducted via video
conference or in BSP
premises, whichever is
practicable
5. Attend the 1 working day TRISD
5. Present to BSP
presentation and Officers, 14F,
Officials the business
assess the business Multi-Storey
model, which may
model, including the Building
include presentation of
RMS such as IT
the RMS (such as IT
system, AML
system, AML
compliance, consumer
compliance and
protection and/or other
consumer protection)
aspects of operations.
330 This is not part of the 13 working days processing time

322
PERSON
FEES TO PROCESSIN
BE PAID G TIME
E
and/or other aspects of
operations
5.1. Conduct detailed 5 working Account

evaluation of the days Officer,
application, taking into TRISD, 9/F,
consideration result of Multi-Storey
the business model Building
presentation, and
prepare evaluation
report and action
documents
5.2. Prepare and 2 working Account

process notification days Officer,
and
5.2.1 If assessment is Department
that applicant is Head
eligible: TRISD, FSS
Prepare and process
applicant informing of
its eligibility to apply as
Type C E-Money or
Type A/B VASP.
5.2.2 If assessment is Account

that applicant is not Officer,
eligible to apply as Division Head/
EMI/VASP: Group Head
Prepare and process and
the letter notifying Department
denial of request and Head
stating the reasons TRISD, FSS
therefor and/or the
informing that
application is
323
PERSON
FEES TO PROCESSIN
BE PAID G TIME
E
submission of
application with
requirements and
rectified.
5.3. Receive TRISD e- 5.3. Notify applicant 1 working day Account
mail notification through TRISD official Officer
e-mail of the decision TRISD, FSS
on the application,
attaching scanned
letter, and stating that
original letter shall be
mailed accordingly.
5.4 Receive original 5.4 Through pick-up, Administrative

copy of letter release original letter to Officer
authorized FSAD –
representative, after SOMD, FSS
authority.
5.5 Through
mail/courier, process
and release documents
to the Administrative
Services Department
(ASD), BSP, for
mailing.
END OF TRANSACTION
324
Exchange Commission (SEC) its Articles of Incorporation (AOI) and By-Laws (BL) indicating its
purpose to operate as EMI and/or VASP.
A. DOCUMENTARY REQUIREMENTS (Submit one (1) original copy only, unless otherwise
stated)
register Articles of Incorporation (AOI) and By-Laws with
the Securities and Exchange Commission (SEC), signed
by the incorporators/directors or the president or officer of
equivalent rank, in connection with the application for
authority to establish and operate as EMI and/or VASP
5. For new corporation Applicant
 Draft Articles of Incorporation (AOI)
For Existing Corporation

 Notarized Proposed amended AOI
 Current AOI
 Notarized and signed Director’s Certificate on Applicant
the approval of the amendments
325
Exchange Commission (SEC) its Articles of Incorporation (AOI) and By-Laws (BL) indicating its
purpose to operate as EMI and/or VASP.
with SEC, as well as all
other documentary
requirements for Stage
2 processing listed
above.
1.1 Electronic
submission
1.1.1 Submit scanned 1.1.1 System auto- Account Officer,

copy of application acknowledges the (Name of
letter and documentary submission Department) or
requirements to epfs- Administrative
licensing@bsp.gov.ph 1.1.2 Log-in and Officer,
and fss- open the FSS Frontline
Department or Services
somd@bsp.gov.ph
SOMD email Administrative
using the following
account. Division (FSAD)
prescribed filename: – Sectoral
<LicenseType>space< 1.1.3 Transfer email Operations
Name of BSFI>. in the department’s Management
sub-folder. Department
(SOMD),
Financial
Supervision
Sector (FSS)
331Count of processing time starts from the receipt of the processing department/unit (i.e., TRISD) of the
complete documents submitted by the applicant. Total processing time may be extended once for another
twenty (20) working days. Prior to the lapse of the processing time, a written notification of the reason for
extension, if any, and final date of release of decision, shall be sent to and signed by the applicant. In the
event that securing a written notification and acknowledgment from the applicant is not feasible, all means
of communication available shall be exhausted to ensure that the applicant is properly notified.
Total processing time shall be suspended and appropriate adjustments shall be made in case of delays due
326
the FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila)

to be called. Once
requirements.
1.2.3 Forward
documents to
TRISD.
1.3 Mail/Courier

together with of receipt. SOMD, FSS
documentary
of application.
1.3.3 Forward
documents to (Name
of Department).
2. Preliminary 1 working day Account Officer,

completeness of the and Group
submitted Head TRISD,
documents vis-à-vis FSS
checklist of
documentary
requirements
Acknowledgment letter substantively TRISD, 9th
complete and/or no Floor, Multi-
deficiency: storey Building
327
Proceed to Step 3 on
evaluating the
submitting
documents.

submitted documents letter returning the Group Head and
accompanying Head, TRISD,
documents, 9/F, Multi-Storey
enumerating the Building
deficiencies and
missing
requirements, and
informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified. Process
and release
documents to the
SOMD.
2.2.1 Through pick- Administrative

up, Officer, FSAD-
release original letter SOMD, FSS
to authorized 4/F, Multi-Storey
representative, after Building
authority.
2.2.2 Through
and release
documents to the
Administrative
Services Department
328
(ASD), BSP, for
mailing.

evaluation of the TRISD, FSS
proposed AOI and
prepare evaluation
report and action
documents
3.1 Prepare, review Account Officer,

appropriate action Head, TRISD,
FSS

documents showing TRISD, 9/F,
decision of the BSP Multi-Storey
approving authority Building
5. Prepare and 1 working day Account Officer,
process notification Division Head/
letter to applicant Group Head
informing of the and Department
decision. Head
TRISD, FSS
5.1 If the proposed
AOI and BL are
found acceptable:
Prepare and process
notification letters to
applicant on
approval of the
application for
issuance of no
objection letter
indicating that
applicant may
proceed with the
329
next stage after it
has registered with
SEC its AOI and/or
By-Laws,
and stating the TRISD, FSS
reasons therefor
and/or the
deficiencies noted
and informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified.
6. Receive TRISD e- 6. Notify applicant of 1 working day Account Officer
mail notification the decision TRISD, FSS
6.1 If the proposed

AOI and BL are
found acceptable:
Notify applicant
through TRISD
decision on the
application,
attaching scanned
copy of the letter and
letter shall be
released
accordingly.
330
6.1.1 Release Account Officer
original copy of letter TRISD, FSS
6.1.1.1 Present 6.1.1.1 Through

authority for applicant pick-up, Account Officer
representative to release original letter TRISD, FSS
receive documents on to authorized
behalf of the entity. representative, after
Receive original copy presenting a letter of
of letter. authority.
6.1.1.2 Receive original 6.1.1.2 Through

copy of letter. mail/courier, process Administrative
and release Officer, FSAD-
documents to the SOMD, FSS
Administrative 4/F, Multi-Storey
Services Building
Department (ASD),
BSP, for mailing.
copy of letter. denial of application: TRISD, FSS
Notify applicant
through TRISD
decision on the
application,
attaching scanned
letter and stating that
be mailed
accordingly.
6.2.1 Through pick- Administrative

up, Officer, FSAD-
release original letter SOMD, FSS
to authorized
representative, after
authority.
6.2.2. Through
and release
331
documents to the
Administrative
Services
Department (ASD),
BSP, for mailing.
END OF TRANSACTION
332
Stage 3 – Application for Issuance of Certificate of Authority to Establish and Operate as
Money Service Business with Electronic Money Issuer License and Operate as VASP
A. DOCUMENTARY REQUIREMENTS (Submit one (1) original copy only, unless otherwise
stated)
1. Duly notarized Application for Authority to Establish Please download updated format
and Operate a Money Service Business, FSS from
Licensing Form No. 03-001 accompanied by copy of
acknowledgement e-mail from https://www.bsp.gov.ph/Regulatio
FSD9Licensing@bsp.gov.ph. ns/Guidelines%20and%20other%
20Regulations/DET_v2.xlsm
2. Notarized Deed of Undertaking, FSS Licensing Please download updated format

Form No. 03-003 from
ns/Guidelines%20and%20other%
20Regulations/FSS%20Licensing
%20Form%20No.%2003-
003.docm
3. Compliance with fitness and propriety requirements Please download updated format
by the proprietor, partners, directors, president or from
officer of equivalent rank and function, and over-all https://www.bsp.gov.ph/Regulatio
head of the money service business operation and ns/Guidelines%20and%20other%
the head of the compliance unit, as the case may 20Regulations/FSS%20Licensing
be: %20Form%20No.%2003-
a. Personal Data and Authorization Form, FSS 005.docm
Licensing Form No. 03-005
b. NBI Clearance, or its equivalent, as applicable: NBI, foreign jurisdiction equivalent

c.1 If Filipino citizen: NBI Clearance, with validity
of at least 3 months from the date of application;
c.2 In Non-Filipino citizen: NBI Clearance, with
validity of at least 3 months from the date of
application, AND NBI clearance equivalent in the
director’s/officer’s home country, consularized,
with validity of at least 3 months from the date of
application. If not in English, include English
translation certified as true and accurate by the
Applicant;
c. Proof of attendance to the mandatory training on Training provider
anti-money laundering/combating the financing of
terrorism
Note: Existing BSFI’s need not submit these unless

there are changes to key officers
333
4. Business license/permit for the current period Local Government Unit (LGU)
5. Proof of provisional registration with the Anti-Money AMLC
Laundering Council Secretariat
6. List of Remittance Tie-Up Partners, if applicable, Please download updated format
FSS Licensing Form No. 03-009 from
ns/Guidelines%20and%20other%
20Regulations/DET_v2.xlsm
7. Detailed information on planned business operations Applicant
and information technology set-up
a. Target Market
b. Target Clientele
c. Projected Annual Value of Transactions for three
(3) to five (5) years
d. Updated Organization Chart with projected
manpower count
e. Features and functionalities of the EM
platform/facility
e.1 If cash card will be issued, proposed design
(front and back image);
e.2. Mechanics of availment/distribution;
e.3 Application/registration process and Know-
your-customer (KYC) procedures (may also
provide screenshots of the platform/facility for
the end-to-end process flow transactions)
e.4 Mechanics for activation, redemption,
loading/cash-in and cash-out including limits,
facility and access/distribution channels;
e.5 Fees/charges – cost of e-money instrument,
annual, transaction, dormancy and
reactivation fees, if any
e.6 Dormancy and expiry/validity period, if any
e.7 Settlement process
f. Money Laundering and Terrorist Financing
Prevention Program (MTPP)
g. Customer terms and conditions
h. Consumer complaints handling and redress
mechanism process
8. Detailed information on planned information Applicant
technology (IT) set-up:
a. Screenshots and description of all the

functionalities and features of the front-end and
back end system
334
b. Contract between the Entity and vendor provider of
the front-end and back-end system, if not
developed in-house
c. Pro-forma Memorandum of Agreement with tie-up
partners, if applicable
d. If an entity will engage a cloud service provider,
filled-out cloud questionnaire (to be provided to
applicant after Stage II) and the following:
i. Secretary’s Certificate on the minutes of

meeting of the board of directors of the bank
(or a local/regional management committee,
in case of foreign banks), explicitly approving
the activity to be outsourced, the
determination of whether an outsourcing
arrangement is considered material or non-
material and the specific service provider with
which the bank is entering into an outsourcing
contract;
i. Contract, Memorandum and Agreement
and/or Service Level Agreement (SLA)
between the Applicant and Cloud Service
Provider (CSP);
ii. CSP’s Service Organization Controls (SOC) II
Type 2 Report or any equivalent Third
Party/Independent Report
9. For electronic money applicant, self-assessment of Applicant

compliance with the requirements of BSP Circular
No. 649 dated 9 March 2009, Series of 2009
10. Documentary requirements of electronic payment Applicant
and financial services as provided in BSP Circular
No. 1033 dated 22 February 2019, Series of 2019:
a. Application letter signed by the president or

officer of equivalent rank specifically indicating
the justification/reason for the application to
provide Electronic Payment Financial Services
(EPFS)
b. Notarized Secretary's Certificate (or equivalent
document in the case of foreign bank branches)
attesting that the Board of Directors (or equivalent
management committee in the case of foreign
335
bank branches) has approved the application to
provide EPFS
c. Certification signed by the president (or officer of
equivalent rank) and the CCO to the effect that
the BSFl/Applicant Entity has met the following
minimum pre-conditions:
(i) An adequate risk management process is in
place to identify, assess, monitor, and control
the risks arising from the proposed EPFS;
(ii) Appropriate policies and procedures in the
following areas have been adopted to address
all security risks and concerns affecting the
EPFS platform and application system/s:
 Authentication - establishes the identity of
both the sender and the receiver; uses
trusted third parties that verify identities in
cyberspace;
 Non-repudiation ensures that transactions
cannot be repudiated or presents
undeniable proof of participation by both
the sender and the receiver in a
transaction;
 Authorization - establishes and enforces
the access rights of entities (both persons
and/or devices) to specified computing
resources and application functions; also
locks out unauthorized entities from
physical and logical access to the
secured systems;
 Integrity - assures that data has riot been
altered;
 Confidentiality - assures that no one
except the sender and the receiver of the
data can gain access to clear data; and
 Availability - assures that the system is
operating properly during the time it is
expected to be available;
(iii) The EPFS system has been tested prior to its
implementation and that the test results are
satisfactory. As a minimum standard,
appropriate system testing and user
acceptance testing should have been
conducted; and
336
(iv) A documented business continuity planning
process covering EPFS, among other areas of
operation, has been adopted.
d. Details of the features and functionalities of the
proposed EPFS, including the security controls
and measures
e. Process flow/brief narration of how transaction
and data flow through the network
f. Diagram of the configuration of the system
supporting the proposed EPFS, showing the
linkage between the host systems and network
infrastructure
g. Pro-forma client application form and terms and
conditions for the availment of and/or use of the
EPFS
h. Brief discussion on the following topics in relation
to the particular EPFS being applied for:
 Oversight management process;
 Business continuity plan/disaster recovery
plan;
 Incident response/ problem management;
 Consumer protection/awareness
program; and
 Information security policies and security
features of the proposed EFPS
i. Results of the user acceptance test (UAT)
j. Report on the independent assessment on the
proposed EPFS, if applicable.
k. Photocopy of the marketing materials for the
proposed EPFS
l. Pro-forma agreements with accredited agents for
the delivery/issuance of EPFS;
m. Anti-Money Laundering (AML) Policy/Manual of
Procedures; and
n. Latest Audited/Interim Financial Statements
11. Certified true copy of AOI/AOP/AOC/Certificate of Securities and Exchange
Business Registration Commission
12. Payment or proof of payment of licensing fee (net of Applicant
filing fee)/registration fee
13. Documents for Onsite Verification
a. Organizational Structure
337
b. List of Members of the Board of Directors and
Senior Management
c. Minutes of Board Meetings
d. Stock and Transfer Book
e. Schedule of Stockholdings (# of shares
subscribed and paid)
f. Proof of Compliance with P100 million paid up
capital
g. Business/Strategic Plan (in the next three to five
years)
h. Financial Projections (in the next three to five
years)
i. E-Money/VASP Operations/Users’ Manual
j. E-money/VASP customer application and other
on-boarding forms
k. Draft of Terms and Conditions
l. Draft/pro-forma Agreements/Contracts with Tie-
up partners and Third Party Service Providers (if
applicable)
m. Complaints Handling Policy
n. Inventory of hardware and software with
description and location

CLIENT STEPS AGENCY ACTIONS 332
Stage 3 - Application for Grant of License/Authority to Operate as VASP/EMI and Offer Advanced
EPFS
1. Submit the
application letter for the
grant of
License/Authority to
332Count of processing time starts from the receipt of the processing department/unit (i.e., TRISD) of the
complete documents submitted by the applicant. Total processing time may be extended once for another
twenty (20) working days. Prior to the lapse of the processing time, a written notification of the reason for
extension, if any, and final date of release of decision, shall be sent to and signed by the applicant. In the
event that securing a written notification and acknowledgment from the applicant is not feasible, all means
of communication available shall be exhausted to ensure that the applicant is properly notified.
Total processing time shall be suspended and appropriate adjustments shall be made in case of delays due
338
operate as VASP/EMI
and together with the
documentary
requirements for Stage
3 processing listed
above.
1.1. Electronic
submission

copy of application acknowledges the (Name of
letter and documentary submission Department) or
requirements to epfs- Administrative
licensing@bsp.gov.ph 1.1.2 Log-in and Officer,
and fss- open the FSS Frontline
Department or Services
somd@bsp.gov.ph
SOMD email Administrative
using the following
account. Division (FSAD)
prescribed filename: – Sectoral
<LicenseType>space< 1.1.3 Transfer email Operations
Name of BSFI>. in the department’s Management
sub-folder. Department
(SOMD),
Financial
Supervision
Sector (FSS)

the FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila)

to be called. Once
requirements.
339
1.2.3 Forward
documents to (Name
of Department).
1.3 Mail/Courier

together with of receipt. SOMD, FSS
documentary
of application.
1.3.3 Forward
documents to (Name
of Department).
2. Preliminary 1 working Account Officer,

assess the day333 Division Head
completeness of the and Group
submitted Head TRISD,
documents vis-à-vis FSS
checklist of
documentary
requirements
2.1 Receive 2.1 If formally and 1 working day Account Officer,
Acknowledgment letter substantively TRISD, 9th
complete and/or no Floor, Multi-
deficiency: storey Building
Prepare and send
Provisional
Receipt 334 through
TRISD official email
(advance copy) (a)
informing the
assessment of the
application and
determination of
completeness of
application and
333 This is not part of the 20 working days processing time; The date of the receipt of proof of payment of
licensing fee is the start of the 20 working days processing time
documents, both in form and substance based on detailed evaluation and conduct of onsite verification
340
submitted
and substance, the
BSP finds the same
as complete in form
and substance,
hence, the BSP will
now proceed with
the detailed
evaluation of the
of the result thereof.
2.2 Receive return 2.2 If deficient: 1 working day Account Officer,

submitted documents letter returning the Group Head and
accompanying Head, TRISD,
documents, 9/F, Multi-Storey
enumerating the Building
deficiencies and
missing
requirements, and
informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified.
2.1.1 Process and 1 working day Administrative

release Officer, FSAD-
documents to SOMD, FSS
the ASD, BSP 4/F, Multi-Storey
for mailing Building
2.2.1.1Through pick-
up,
341
to authorized
authority.
2.2.1.2 Through
mail/ courier,
process and release
documents to the
Administrative
Services
Department (ASD),
BSP, for mailing.
3. Conduct detailed 5 working Account Officer,
evaluation 335 of the days336 TRISD, FSS
application and
prepare evaluation
report and action
documents
3.1 Prepare, review Account Officer,

and elevate letter to 1 working Division
appropriate BSP day337 Head/Group
appropriate action Head, TRISD,
FSS
4. Decide on the 1 working BSP approving
application and sign day338 and signing

documents showing TRISD, 9/F,
decision of the BSP Multi-Storey
approving authority Building
335 Includes endorsement of the relevant application documents for comments / additional information (e.g
Derogatory Survey, Watchlisting, evaluation of Money Laundering and Terrorist Financing Prevention
Program (MLPP), Operator of Payment System evaluation, as applicable.
342
5. Prepare and 1 working Account Officer,
process notification day339 Division Head/
letter to applicant Group Head
informing of the and Department
decision. Head
TRISD, FSS
approval of the
application to
proceed with on-site
verification:
Prepare an email
advice on the
schedule and details
of system review and
user experience
walkthrough
5.2 If decision is for 1 working day Account Officer,
and stating the TRISD, FSS
reasons therefor
and/or the
deficiencies noted
and informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified.
6. Receive TRISD e- 6.1 If decision is for 1 working Account Officer
mail notification approval of the day340 TRISD, FSS
application to
proceed with system

343
review and user
experience
walkthrough:
Notify applicant
through TRISD
decision on the
application.
6.2 Receive original 6.2 If decision is for 1 working day Account Officer
copy of letter. denial of application: TRISD, FSS
Notify applicant
through TRISD
official e-mail
returning the
application together
with all the
submitted
documents and
reasons why
application cannot
be acted upon
favourably.
Application is
considered “closed”
resubmission of
complete and
required documents.
7. Confirm schedule of 7. Receive applicant 1 working

confirmation for the day341
conduct of system
walkthrough via video schedule of system
conference. walkthrough
Applicant to send in
advance the:
i. Android Package Kit
(APK);
ii. A copy of
presentation

344
materials (e.g., ppt,
video, etc.)
8. Demonstrate 8.1. Conduct system 3 working Account Officer,
capability of electronic review and user days343 TRISD, 9/F,
money system to experience Multi-Storey
comply with the walkthrough 342 to
requirements of e- validate the features Account Officer,
money and other and functionalities of TRISD, 9/F,
relevant the IT system and Multi-Storey
regulations/laws. compliance with
regulations.
Account Officer,
8.2. Prepare and 1 working TRISD, 9/F,
submit report on the day344 Multi-Storey
result of the system
review.
8.3. Prepare an 1 working Account Officer,
email recommending day345 Division Head/
approval of Group Head
application together and Department
with payment advice Head
and Order of TRISD, FSS
Payment.
8.3.1 If the result of

system review and
user experience
walkthrough is
satisfactory:
Prepare and process
a notification letter
informing the
applicant to pay the
requisite licensing
fee (i.e., payment
advice), and
continue to process
the application for
grant of
345
license/authority to
operate as
VASP/EMI and offer
advanced EPFS.
8.3.2 If the result of 1 working day Account Officer,
system review and Division Head/
user experience Group Head
walkthrough is and Department
unsatisfactory: Head
Prepare and process TRISD, FSS
the letter notifying
denial of application
and stating the
reasons therefor
and/or the
deficiencies noted
and informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified.
9. Receive TRISD e- 9.1 If the result of 1 working Account Officer
mail notification system review and day346 TRISD, FSS
user experience
walkthrough is
satisfactory:
Notify applicant
through TRISD
decision on the
application, together
with the payment
advice.

346
9.2 Receive original 9.2 If the result of 1 working day Account Officer
copy of letter. onsite verification is TRISD, FSS
unsatisfactory:
Notify applicant
through TRISD
decision on the
application,
attaching scanned
letter and stating that
be mailed
accordingly.
Administrative
9.2.1. Through pick- Officer, FSAD-
up, SOMD, FSS
to authorized
authority.
9.2.2 Through
and release
documents to the
Administrative
Services
Department (ASD),
BSP, for mailing.
347
10.1 Present the 10.1 Request Order Account Officer,
Payment Advice to of Payment (OP) (Name of
SOMD Number to Budget Department)
and Finance
Administrative
Division (BFAD) -
SOMD, FSS through
e-mail347 Administrative
Officer, BFAD-
10.1.2 Process the SOMD, FSS
Order of Payment
using the New Order EMI
of Payment System licensing
(NOPS) 348 and send fee of
the OP Number to P100,000
the requesting (net of the
department. P1,000 non-
refundable
10.1.3 Send the OP filing fee)
Number to the client Account Officer,
through email. (Name of
Department)
number and pay department Officer, BFAD-
through the concerned with a SOMD, FSS
following payment copy of collection
options in the report on a daily
UnionBank of the basis, 351 as
Philippines349: applicable (except
a. Over-the- weekends and
Counter holidays).
b. Convergent
Banking/Online
Banking (Web
and App)350
c. The Portal –
Business

348
Banking (Web
and App)
11. Prepare and 17 working Account Officer,

review days Division Head/
memorandum to Group Head and
appropriate BSP Department
approving/signing Head
authority and elevate TRISD, FSS
for appropriate
action Account Officer,
Division
Head/Group
Head and
Department
Head
TRISD, FSS

(including the
Certificate of
Authority to
Establish and
Operate as EMI or
Certificate of
Registration as
VASP), if application
is approved
Account Officer,
12.1 Receive copy of TRISD, 9/F,
documents showing Multi-Storey
decision of the BSP Building
approving authority
12.2 Prepare and 1 working day Account Officer,
process notification Division
letter to applicant on Head/Group
approval of the Head and
application and Department
indicate conditions Head
for approval. Attach TRISD, FSS
the signed
Certificate of
349
Authority to Operate
and Establish as
Electronic Money
Issuer or Certificate
of Registration as
VASP
13. Receive TRISD e- 13.Notify applicant 1 working day Account Officer
mail notification through TRISD TRISD, FSS
decision on the
application,
attaching scanned
letter (without
Annexes), and
letter and signed
Certificate of
Registration (COR)
to Operate as
Electronic Money
Issuer or VASP is
ready for release,
thus, applicant is
advised to
coordinate with and
notify TRISD
Account Officer on
the preferred mode
of release of the
COA.
Account Officer
13.1 Release TRISD, FSS
original copy of letter
and signed
Certificate of
Authority to
Establish and
Operate as
Electronic Money
Issuer or VASP
Account Officer
13.1.1 Present original 13.1.1 Through pick- TRISD, FSS
copy of Official Receipt up, release original
350
to TRISD and present copy of letter and
authority for applicant signed Certificate of
representative to Authority to
receive documents on authorized
behalf of the entity. representative.
Receive original copy
of letter and signed 13.1.2 Through
Certificate of mail/courier, process
Registration. and release Administrative
documents to the Officer
Refer to similar steps in ASD, BSP, for FSAD – SOMD,
Stage 1 on the process mailing. FSS
of receiving
letters/documents from
BSP.
END OF TRANSACTION
351
How to send feedbacks and Feedbacks and complaints in Bangko Sentral ng Pilipinas may be
complaints? sent through the following channels:

Press the smiley or sad face button and encode

“Receiving/Releasing of ARTA-related documents” and
feedbacks/complaints in the comment section of the
Feedback Management System (FMS) tablet installed in the
receiving area of the Sectoral Operations Management
Department (SOMD), Financial Supervision Sector (FSS), 4th
FOR FEEDBACK/COMPLAINTS ON PROCESSING OF

SERVICES ENROLLED IN THE BSP CITIZEN’S CHARTER
Input the transaction code to be provided by TRISD, FSS, in

the Feedback Corner of the BSP website at www.bsp.gov.ph
and fill-out the structured form online.
How feedbacks and Feedbacks and complaints may be filed through the following:
complaints are processed?
Email alert on sad emoticon/negative feedback/complaint is

received real time by all FMS users of the department/office.
FMS designate/alternate shall encode the action taken within
two (2) working days from receipt of sad emoticon/negative
feedback.
If negative feedback is more than 20% of the day’s number of

respondents,
o FMS designate/alternate of the SOMD, FSS generates and
endorses the Daily i-Report within a day (24 hours) to the
Servicing Department/Office (SDO) Head and other
concerned personnel to review and reply to the concerned
issue.
o Action Report (i.e., with information on action to be taken
and target date of completion/resolution) approved by the
SDO Head is transmitted to Feedback Management Unit
through the Director of the Economic and Financial
Learning Center (EFLC) within two (2) working days from
receipt of negative feedback/complaint.
352
In case the feedback/complaint is within the purview of another
department/office of the BSP, the FMS Designate/Alternate of
SOMD, FSS requests transfer of feedback to appropriate
department/office thru the FMS. Request for transfer is done
within one (1) working day from receipt of sad
2. Presidential Complaint Center (PCC), Office of the

President
Bahay Ugnayan, J.P. Laurel Street Malacañang, Manila
Telephone:
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
Telefax: +63(2)-8736-8621
3. Complaints Action Center, Anti-Red Tape Authority
Ground Floor, HPGV Building (Formerly Accelerando), 395

Senator Gil J. Puyat Avenue, 1200 Makati City
Telephone: +63(2)-8478-5091;
+63(2)-8478-5099
Public Assistance and Information Office, Civil Service

Commission, CSC Building, IBP Road, Constitution Hills, 1126
Quezon City
Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565
353

For processing of request: 9th floor, Multi-Storey BSP Trunkline:
Building, Bangko +63(2)-8708-7011, local
Technology Risk and Sentral ng Pilipinas, A. 2960
Innovation Supervision Mabini St., Malate,
Department (TRISD), Manila 1004 Direct Line:
Financial Supervision +63(2)-8708-7297
Sector
E-mail:
TRISD@bsp.gov.ph
For the receipt and release 4 th floor, Multi-storey BSP Trunkline:
of documents: Building, Bangko +63(2)-8708-7011, local
Sentral ng Pilipinas, A. 2434
Sectoral Operations Mabini St., Malate,
Management Department Manila 1004 Direct Line:
(SOMD), Financial +63(2)-8708-7689
Supervision Sector

working day). Processing of Order of Payment for payment of fees will be until 1:00 PM
only.
354
10. Application for Authority to Establish and Operate a Stand-Alone
Non-Bank Financial Institution with Quasi-Banking Functions
The application for grant of authority to establish and operate a Stand-Alone Non-Bank
Financial Institution with quasi-banking functions constitutes a three-stage process:
 Stage 1 refers to the application for BSP approval to establish and operate a Stand-
Alone Non-Bank Financial Institution with quasi-banking functions with processing
time352 of 20 working days;
 Stage 2 refers to the application for issuance of Certificate of Authority to register

with the Securities and Exchange Commission the Articles of Incorporation and/or
By-Laws or amendments353 thereto, indicating the corporate purpose as a Stand-
Alone Non-Bank Financial Institution with quasi-banking functions with processing
 Stage 3 refers to application for issuance of Certificate of Authority to establish and

operate a non-bank financial institution with quasi-banking functions with processing
time of 13 working days.

Who may avail: Duly incorporated investment houses and finance companies 354 may
undertake or perform quasi-banking functions as defined in Sec. 101-Q of the
Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), as
amended.
Stage 1: Application for BSP Approval to Establish and Operate a Stand-Alone Non-Bank
Financial Institution with Quasi-Banking Functions
[Submit one (1) original/scanned copy356]
353 In case of existing corporations which opts to amend its Articles of Incorporation and/or By-Laws to include
as corporate purpose that it will engage in quasi-banking functions.

354 May also include Electronic Money Issuer (EMI)-Non-bank financial institutions (NBFIs) and other EMI-
others that engage in lending activities per N-Regulations Section 402-N.

355 Submission may be by electronic form, personal filing at FSS Both of mail/courier
356 The original copy shall be made available upon request.
355
1. Application letter to establish and operate a Stand-Alone Non- Applicant
Bank Financial Institution with quasi-banking functions be signed
by the president or officer of equivalent rank.
2. Certified true copy of the resolution of the board of directors of the Applicant
institution authorizing the application;
3. A certification signed by the president or officer of equivalent rank Applicant
that:
a. the institution has complied with all the
357
conditions/prerequisites for the grant of authority to engage
in quasi-banking functions;
357 Section 102-Q of the MORNBFI

PRECONDITIONS FOR THE EXERCISE OF QUASI-BANKING (QB) FUNCTIONS
1. No person or entity shall engage in quasi-baking functions without authority from the Bangko Sentral;
2. Only duly incorporated investment house and finance company may undertake or perform quasi-
banking functions;
3. An institution securing Bangko Sentral authority to engage in QB functions must meet the ff.
requirements:
a. It must have complied with the minimum adjusted capital accounts of at least P300.00 million or such
amounts as may be required by the Monetary Board in the future;
b. It has generally complied with applicable laws, rules and regulations, orders or instructions of
appropriate authority, including the Monetary Board and/or Bangko Sentral Management where
applicable;
c. Its accounting records, systems and procedures as well as internal control systems are satisfactorily
maintained;
d. It does not have float items outstanding for more than (60) calendar days in the “Due from/To Head
Office/Branches/Offices” accounts exceeding one percent (1%) of the total resources as of end of
preceding month;
e. It has no past due obligation with any Financial Institution as of date of application;
f. The officers who will be in-charge of the quasi-banking operations have actual experience of at least
two (2) years in a bank or QB as in-charge (or at least as assistant-in-charge). The directors of the
institution, officer-in-charge of the quasi-banking operations and the managerial staff must comply with
the fit and proper rule prescribed under existing law/rules and regulations;
g. The institution has elected at least two (2) independent directors (with certification required in Section
172-Q of the MORNBFI) and all its directors have attended the required seminar for directors of QBs
conducted or accredited by the BSP;
h. It has not engaged in unsafe and unsound practices during the past six (6) months immediately
preceding the date of application where applicable;
i. It must have in place a comprehensive risk management system approved by its board of directors
appropriate to its operations characterized by a clear delineation of responsibility for risk management,
adequate risk measurement systems, appropriately structured risk limits, effective internal control and
complete, timely and efficient risk reporting systems. In this connection, a manual of operations and
other related documents embodying the risk management system must be submitted to the appropriate
supervising department of the Bangko Sentral at the time of application for authority and within thirty
(30) days from updates.
356
b. quasi-banking functions shall be pursued/undertaken by the
institution in the furtherance of its core business, e.g.,
underwriting of and dealing in securities of other corporations
and of the government or its instrumentalities, in the case of
investment houses, and leasing and/or discounting/factoring
commercial papers or accounts receivable, or granting
business and consumer loans, in the case of finance
companies;
c. investors shall be informed that their investments/placements
shall not be insured by the Philippine Deposit Insurance
Corporation (PDIC) and that any pre-termination thereof shall
be subject to penalty, if applicable, as well as all other material
risks; and
d. investors shall be subjected to effective investor suitability
testing procedures.
4. For new corporations:
c. Proposed Articles of Incorporation (AOI) reflecting the Applicant
primary/secondary purpose to establish and operate a stand-
alone non-bank financial institution with quasi-banking
functions, and/or By-laws (4 original copies); and
d. Proof of reservation of the proposed corporate name with the SEC
SEC.
5. For existing non-bank corporations:
a. Proposed amended AOI reflecting the primary/secondary Applicant

purpose to establish and operate a stand-alone non-bank
financial institution with quasi-banking functions, and/or By-
laws (4 original copies);
b. Document showing proof of no past due obligation with any Applicant

financial institution as of date of application;
c. Proof of reservation of the proposed corporate name with the SEC

SEC (if amended AOI includes change in corporate name);
d. Present AOI and/or By-laws certified by the SEC as the SEC

“faithful reproduction of the original” (4 copies).
If the non-bank corporation is applying for amendment of the

AOI and/or By-laws for the first time, the original copy of the
357
AOI and/or By-laws plus 3 copies certified by the SEC as the
“faithful reproduction of the original”;
SEC
e. General Information Sheet as of the date of meeting when the
amendment/s to AOI and/or By-laws was/were approved;
Applicant
f. Directors’ Certificates (4 original copies):
i. Directors’ Certificate for the amendment of the AOI
stockholders representing at least 2/3 of the outstanding
capital stock, approved the proposed amendment/s to the
AOI in a meeting; and
ii. Directors’ Certificate for the amendment of the By-laws
stockholders representing at least a majority of the
outstanding capital stock, approved the proposed
amendment/s to the By-laws in a meeting.
Applicant
g. Minutes of the stockholders’ and/or directors’ meeting or
excerpts thereof:
i. For the amendment of AOI:
1) It should indicate the date and place of the meeting and
the stockholders/directors present or absent in the
2) The minutes must show that stockholders representing
at least 2/3 of the outstanding capital stock and majority
of the directors voted for the proposed amendment/s
and must also state in detail the amendment/s applied
for; and
directors.
ii. For the amendment of the By-laws:
1) It should indicate the date and place of the meeting and
the stockholders/directors present or absent in the
2) The minutes must show that stockholders representing
at least majority of the outstanding capital stock and
majority of the directors voted for the proposed
amendment/s and must also state in detail the
amendment/s applied for; and
358
directors.
6. Biographical data with latest 2x2 ID picture of each incorporator,
Template can be
subscriber, existing/proposed director and officer. The directorsdownloaded at the BSP
and officers of the applicant must comply with the fit and properwebsite:
rule prescribed under existing laws and regulations. http://www.bsp.gov.ph/
regulations/guidelines.
asp
7. Borrowing-investment program for 1 year, which should include at Applicant
the minimum:
a. Planned distribution portfolio as to:

i. Underwriting;
ii. Commercial paper markets;
iii. Stocks and bonds;
iv. Government securities;
v. Receivables financing discounting and factoring;
vi. Leasing; and
vii. Direct loans;
b. Expected sources of funds to support investment program

classified as to:
i. Maturity: short, medium, and long term;
ii. Interest rates; and
iii. Domestic and foreign sources whether institutional or
personal.
8. National Bureau of Investigation (NBI) clearance of each of the National Bureau of
incorporator, subscriber, existing/proposed director and officer, or Investigation (NBI) for
similar document from the home country in the case of non- Filipino citizens and the
Filipino citizens. NBI counterpart for non-
Filipino citizens
9. Certification of compliance with the Bangko Sentral-prescribed Applicant
syllabus on on-boarding/orientation program for first time
directors.
10. Notarized authorization form for querying the BSP watchlist file for Appendix Q-44 of the
each incorporator, subscriber, existing/proposed director and Manual of Regulations
officer. for Non-Bank Financial
Institutions
http://www.bsp.gov.ph/d
ownloads/Regulations/
MORB/2018MORNBFI.
pdf
11. Certification from home country’s supervisory authority that the Home country’s
non-Filipino citizen has no derogatory record, if applicable. supervisory authority
12. Alien employment permit for foreign directors/officers. Department of Labor
and Employment
359
13. Certification of independence for independent directors. Applicant
14. For corporate subscribers, the following additional documents Applicant
shall be submitted:
a. Copy of the board resolution authorizing the corporation to

invest in the business of establishing and operating a stand-
alone non-bank financial institution with quasi-banking
functions and designating the person who will represent the
corporation in connection therewith;
b. Copy of the latest AOI and By-laws;
c. Updated list of directors and principal officers;
d. Current list of substantial or major stockholders, indicating the

citizenship and the number, amount and percentage of the
voting and non-voting shares held by them. For this purpose,
substantial or major shareholder shall mean a person, whether
natural or juridical, owning such number of shares that will
allow him to elect at least one (1) member of the board of
directors of the quasi-bank, or who is directly or indirectly the
registered or beneficial owner of more than ten percent (10%)
of any class of its equity security;
e. A copy each of the corporation’s audited financial statements

for the last two (2) years prior to the filing of the application;
f. A copy of the corporation’s annual report to the stockholders

for the year immediately preceding the date of filing of the
application; and
g. Certified photocopies of the corporation’s Income Tax Return.
For foreign corporations, in addition to Items “(a)” to “(g)”, it shall

also submit, if applicable, a certification from its home country’s
supervisory authority that it has no objection to the investment of
such company in a stand-alone non-bank financial institution with
quasi-banking functions in the Philippines and that adequate
information on such foreign corporation shall be provided to the
Bangko Sentral to the extent allowed under existing laws.
15. Detailed plan of operation and economic justification for Applicant
establishing and operating a stand-alone non-bank financial
institution with quasi-banking functions, including a manual of
operations and other related documents embodying the risk
management system (RMS).
360
Include, among others, the business model, comprehensive RMS
[such as (i) information technology system/infrastructure including
features and functionalities of the platform/facility; (ii) Anti-Money
Laundering (AML) Act compliance; and (iii) consumer protection]
and other aspects of operations (such as accounting records,
systems and procedures, operational workflow and internal
control systems).
A virtual or other appropriate means of presentation of business

model, comprehensive RMS and other aspects of operations is
required to complete the application. Requirements for the
business presentation are shown in BUSINESS PRESENTATION
REQUIREMENTS below.
16. Projected financial statements for the first five (5) years together Applicant
with assumptions. These should be consistent with its proposed
plan of operation and would show sufficient capital to support its
strategy and operations.
17. Requirements shown below in REQUIREMENTS FOR ONSITE Applicant

VERIFICATION in case onsite verification of the information
technology (IT) system is determined by the BSP as necessary
to complete the application.
18. Payment of non-refundable filing fee of P10,000.00. Applicant
B. OTHER PERTINENT REPORTS OR STATEMENTS
[Submit one (1) original copy only, unless otherwise stated]
1. Computation of Risked-based Capital Adequacy Ratio (Appendix Applicant
Q-45 of the Manual of Regulations for Non-Bank Financial
Institutions (MORNBFI)) dated 60 days immediately preceding the
date of application;
2. Consolidated Statement of Condition (CSOC) and Consolidated Applicant
Statement of Income and Expenses (CSIE) dated 8 weeks
immediately preceding the date of application;
3. CSOC and CSIE as of date of application; Applicant
4. Latest Audited Financial Statements; Applicant
5. Statement of Account from the: Applicant
a. Bangko Sentral ng Pilipinas (BSP) (if applicable); and
b. Other financial institution where the applicant financial

institution has an outstanding obligation;
6. List of Lenders with outstanding balance as of date of application; Applicant
C. BUSINESS PRESENTATION REQUIREMENTS
361
1. Purpose of the Business; Applicant
2. Form of Business Organization and Organizational Structure, Applicant
including the following:
 Capital Requirements and details of source of
funding/financing;
 Target Market;
 Target Network; and
 Projected Annual Volume of Transactions for three (3) years;
3. Products and services to be offered, including security standards Applicant
and product benefits;
4. Features and functionalities of the platform/facility; Applicant
5. Narrative discussion of the Operational Workflow – including the Applicant
roles and responsibilities of the parties involved (from solicitation
of funds to fulfillment of the transaction):
 On-boarding process (e.g., marketing strategies);
 Account opening including AMLA and Know-Your-Customer
(KYC) process;
 Underwriting process;
 Cash-in and cash-out method process;
 Settlement (indicating the settlement bank) and collection
process; and
 Consumer complaints handling and redress mechanism
process;
6. Transaction fees to be charged to customers and partners; Applicant
7. Proposed set up of IT infrastructure (please include a detailed Applicant
discussion on the systems involved, system interfaces, security
controls/appliances, network diagram for both WAN/LAN and
disaster recovery set-up and how and where the application
system, customer and transaction data are located);
8. IT Risk Management; Applicant
9. List of third party partners; Applicant
10. Records and reports; Applicant
11. Internal control system; and Applicant
12. Risk management system. Applicant
D. REQUIREMENTS FOR ONSITE VERIFICATION
[To be made available during onsite verification]
1. Related Policies, Procedures and Manuals Applicant
a. Risk Management Manual;
b. Strategic Plans;
c. IT Operations Manual;
d. Information Security policy manual;
e. Vendor Management framework;
f. System development life cycle manual/Project management
manual;
g. Business Continuity and Disaster Recovery plan;
362
h. Consumer Protection Framework;
i. IT Governance Structure and IT Strategic Plan;
j. Audit Manual;
k. Anti-Money Laundering Manual; and
l. System and user manuals (e.g. Loan);
2. Memorandum of Agreement/vendor agreement/service level Applicant
agreement with partners and service providers;
3. Detailed implementation plan; Applicant
4. Vulnerability assessment and/or penetration testing results, follow- Applicant
up and issue resolution, if any;
5. Detailed updated network diagram indicating security Applicant
controls/measures installed with narrative description of all the
systems involved;
6. Inventory list - IT Assets – hardware, software, network Applicant
components (including current version installed) and location;
7. System access rights matrices (e.g. for all functions); Applicant
8. Baseline configuration settings for application servers, databases Applicant
servers, network devices, etc.;
9. Parameter setting limits (screenshots); Applicant
10. Key IT Management and personnel; Applicant
11. Sample Management reports; Applicant
12. Walk-thru/demonstration of the features and functionalities of the Applicant
application/system; and
13. Walkthrough of the quasi-banking operations from generation of Applicant
customers, application processing, credit scoring, and account
settlement to contract termination.
363
CLIENT STEPS
Stage 1: Application for BSP Approval to Establish and Operate a Stand-Alone Non-Bank
Financial Institution with Quasi-Banking Functions
RECEIVING OF APPLICATION AND OTHER DOCUMENTARY REQUIREMENTS
1.1 Electronic
submission

copy of application acknowledges the (FSD IX) or
letter and submission Administrative
documentary Officer,
requirements fss- 1.1.2 Log-in and Frontline
somd@bsp.gov.ph) open the FSS Services
360 Department or Administrative
SOMD email Division (FSAD)
account. – Sectoral
Operations
1.1.3 Transfer Management
email in the Department
department’s sub- (SOMD),
folder. Financial
Supervision
Sector (FSS)

the FSS Booth (Koi
Garden) / SOMD, FSS
358 Total processing time shall be suspended and appropriate adjustments shall be made in case of
delays due to force majeure or natural or man-made disasters, which result in damage or destruction of
360 Auto-acknowledgment sent by FSS-SOMD e-mail does not signify receipt of complete and valid
application. A separate Acknowledgment Letter shall be sent by the appropriate department of BSP that is
handling the application
364
Building, BSP
Complex, Manila)
Administrative
1.2.1 Proceed to FSS 1.2.1 Receive and Officer, FSAD -
Booth / SOMD. Get stamp date and SOMD, FSS
queue number and time of receipt.
wait to be called. Once
called, present all the 1.2.2 Record
documentary receipt of
1.2.3 Forward
documents to
(FSD IX).
1.3 Mail/Courier

documentary
receipt of
application.
1.3.3 Forward
documents to
(FSD IX).
1.1 Request Order Non- Account Officer,

of Payment refundable (FSD IX)
(OP) Number filing fee of
to Budget and P10,000.00
Finance
Administrative
Division
(BFAD) - Administrative
SOMD, FSS Officer, BFAD-
through e- SOMD, FSS
mail361
1.2 Process the

Order of
Payment using

365
the New Order Account Officer,
of Payment (FSD IX)
System
(NOPS) 362 and
send the OP
Number to the
requesting
department.
1.3 Send the OP

Number to the
client through
email.

through the concerned with SOMD, FSS
following payment a copy of
options in the collection
UnionBank of the report on a daily
Philippines363: basis, 365 as
d. Over-the- applicable
Counter (except
e. Convergent weekends and
Banking (Web
and App)364
f. The Portal –
Business
Banking (Web
and App)

assess the FSD IX, FSS
completeness of located at 14th
the application and Floor, Multi-
its supporting Storey Building.
documents vis-à-
vis checklist of
366
documentary
requirements.
2.1 Receive e-mail on 2.1 If complete: Account Officer
provisional receipt of Prepare and send and Division/
application provisional Group Head
receipt 366 through FSD IX, FSS
FSD IX official e-
mail (a) signifying
receipt of
application and
accompanying
documents,
subject to further
preliminary
assessment to
determine if
application fully
and substantive
requirements of
and regulations;
(b) containing the
following: (i) BSP
seal/logo; (ii)
assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; and
Account
Officer/contact
person, his/her
Group/Division and
position; and (c)
requiring the
applicant to
conduct a virtual or
other appropriate
means of
366A separate acknowledgment letter signifying acceptance of complete application shall be sent, upon
367
presentation of the
business model,
comprehensive
RMS and other
aspects of
operations, and
advising the
applicant to
coordinate with
FSD IX for the
schedule of
presentation.
2.2 If deficient: Account Officer,

Prepare and Division/Group
release letter Head and
application and its Head
accompanying FSD IX, FSS
documents,
enumerating the
deficiencies and
missing
requirements, and
informing that
application is
considered
prejudice to re-
submission of
application (after
the lapse of six (6)
months) with
complete
documentary
requirements and
deficiencies noted
rectified.
2.2 Receive return 2.2.1 Process and Administrative

letter release documents Officer
to the FSAD – SOMD,
Administrative FSS
Services
Department (ASD),
BSP, for mailing.
368
3. Coordinate and 3. Coordinate and Account Officer
finalize with FSD IX finalize schedule of FSD IX, FSS
Account Officer the the virtual or other
schedule of appropriate means
presentation and of presentation of
confirm attendance. business model,
comprehensive
RMS and other
aspects of
operations, and
send confirmation
e-mail to applicant
on the date, time
and venue of the
presentation.
4. Present to BSP 4. Attend the virtual Account Officer,
officials the business or other Division/Group
model, appropriate means Head and
comprehensive RMS of presentation and Department
and other aspects of ask clarificatory Head
operations. questions, if any, FSD IX, FSS
on the business
Refer to BUSINESS model,
PRESENTATION comprehensive
REQUIREMENTS as RMS and other
shown above. aspects of
operations.
5. Determine if Account Officer,

onsite verification Division/Group
is necessary. Head and
Department
Head
FSD IX, FSS
5.1 Receive notice of5.1 In case onsite Account Officer

schedule of onsite verification is FSD IX, FSS
verification and necessary:
prepare thePrepare and send
requirements. e-mail notice
advising the
Refer to applicant of the
REQUIREMENTS schedule of the
FOR ONSITE onsite verification,
VERIFICATION as with advice to
shown above.
369
prepare the
requirements.
Examination
5.1.1 Conduct Team
onsite FSD IX, FSS
verification 367 to
validate the
features and
functionalities of
the IT system, and
payment
ecosystem. Examiner-in-
Charge
5.1.2 Prepare and FSD IX, FSS
submit report on
the result of the
onsite verification.
5.2 In case onsite

verification is not
necessary:
Proceed to next
step.
6. Complete the Account Officer

preliminary and
assessment of the Division/Group
application and Head
determine if FSD IX, FSS
application fully
and substantive 368
requirements of
and regulations,
taking into
consideration the
results of the
presentation of
business model,
comprehensive
RMS and other
aspects of
370
operations and the
onsite verification
of the IT system,
and payments
ecosystem (if
applicable).

letter Prepare and Division/Group
release return Head and
letter citing Department
application is
considered
prejudice to re-
submission of
application (after
months) with
complete
documentary
requirements and
deficiencies
already rectified.

for mailing. FSS

6.2 Receive 6.2 If formally and After preliminary Account Officer
acknowledgment letter substantively assessment and
complete and/or no Division/Group
deficiency: Head
and release
acknowledgment
letter 369 (a)
informing the
assessment of the
371
of filing fee and
determination of
sufficiency of
application and
submitted
requirements in
form and
substance, the
BSP finds the
same as complete
in form and
substance, hence,
the BSP will now
proceed with the
detailed evaluation
of the application
applicant of the
result thereof; (b)
containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division and
position; and (iv)
date of receipt of
complete
requirements
the
acknowledgment
letter.

372
letter, as
necessary.

for mailing. FSS

Head
FSD IX, FSS
3 working days
7.1 Prepare and Account Officer,
review Division/Group
approving Head
authority. FSD IX, FSS
1 working day
7.2 Elevate Sub-Sector
appropriate BSP Sector Head,
approving authority FSS
for appropriate
action on the
application.
8. Decide on the 2 working days BSP approving
application. authority

of document
showing decision
of the BSP
approving
authority.

applicant of the Department
decision. Head
FSD IX, FSS
373
approval of
application:
State in the
applicant the
approval of the
application,
indicating the
conditions for
approval thereof
(such as, but not
limited to, the
condition that
approval is subject
to onsite
verification by the
BSP to validate the
features and
functionalities of
the IT system, and
payment
ecosystem, if no
onsite verification
was conducted by
the BSP during the
application), and
that applicant may
now proceed with
next stage of the
application.

denial of Division/Group
application and
stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
considered
374
prejudice to re-
submission of
application (after
months) with
complete
documentary
requirements and
deficiencies
already rectified.
10. Receive FSD IX e- 10. Notify applicant 1 working day Account Officer
mail notification through FSD IX FSD IX, FSS
decision on the
application,
attaching scanned
letter, and stating
that original letter
shall be mailed
accordingly.
10.1 Through pick-

10.1 Receive original up, Administrative
copy of letter. release original Officer,FSAD –
letter to authorized SOMD, FSS
representative,
after presenting a
10.2 Through
mail/courier,
process and
release documents
to the
Administrative
Services
Department (ASD),
BSP, for mailing.
END OF TRANSACTION
375
Indicating the Corporate Purpose to Establish and Operate a Stand-Alone Non-Bank Financial
Institution with Quasi-Banking Functions
1. Application letter for issuance of Certificate of Authority to Applicant
register Articles of Incorporation (AOI) and/or By-Laws or
amendments thereto with the Securities and Exchange
Commission (SEC), signed by the incorporators/directors or the
president or officer of equivalent rank, in connection with the
application for authority to establish and operate a stand-alone
non-bank financial institution with quasi-banking functions.

It shall also indicate the preferred mode of transmittal of the

notification letter on the decision relative to the application, if
through mail or for pick-up.
2. Proof of compliance with the conditions for approval, if any, set
forth in the notification letter for BSP approval to establish and
operate a stand-alone non-bank financial institution with quasi-
banking functions under Stage 1.
376
CLIENT STEPS
Indicating the Corporate Purpose to Establish and Operate a Stand-Alone Non-Bank Financial
Institution with Quasi-Banking Functions
1.1 Electronic
submission
1.1.1 Submit scanned 1.1.1 System Account Officer,

copy of application auto- (FSD IX) or
letter and acknowledges the Administrative
documentary submission Officer, Frontline
requirements to Services
fss- 1.1.2 Log-in and Administrative
somd@bsp.gov.ph open the FSS Division (FSAD)
371) Department or – Sectoral
SOMD email Operations
account. Management
Department
1.1.3 Transfer (SOMD),
email in the Financial
department’s sub- Supervision
folder. Sector (FSS)

the FSS Booth (Koi
Garden) / SOMD,
Complex, Manila)
Administrative
1.2.1 Proceed to FSS 1.2.1 Receive and Officer, FSAD -
Booth / SOMD. Get stamp date and SOMD, FSS
queue number and time of receipt.
wait to be called.
Once called, present
application. A separate Acknowledgment Letter shall be sent by the appropriate department of BSP that
is handling the application
377
all the documentary 1.2.2 Record
requirements. receipt of
application.
1.2.3 Forward
documents to
(FSD IX).
1.3 Mail/Courier

documentary
receipt of
application.
1.3.3 Forward
documents to
(FSD IX).

assess the and
and substantive
requirements of
and regulations.
This includes a
determination of
whether the
conditions set forth
in the approval of
the application for
BSP approval to
establish and
operate a stand-
alone non-bank
financial institution
with quasi-banking
functions under
378
Stage 1 have been
complied with.

letter Prepare, review Division/Group
and release return Head and
application is
considered
prejudice to re-
submission of
application (after
months) with
complete
documentary
requirements and
deficiencies
already rectified.

for mailing. FSS

letter complete and/or no Division/Group
deficiency: Head
and release
acknowledgment
letter 372 (a)
informing the
assessment of the
of filing fee and
determination of
379
sufficiency of
application and
submitted
requirements in
form and
substance, the
BSP finds the
same as complete
in form and
substance, hence,
the BSP will now
proceed with the
detailed evaluation
of the application
applicant of the
result thereof; (b)
containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division and
position; and (iv)
date of receipt of
complete
requirements
the
acknowledgment
letter.

letter, as
necessary.
380
for mailing. FSS

Head
FSD IX, FSS
3.1 Prepare, 1 working day Account Officer,

review and elevate Division/Group
documents to Head and

sign documents
(including the
Certificate of
Authority to
register with SEC
the AOI and/or By-
Laws, if application
is approved).

of document
showing decision
of the BSP
approving/signing
authority together
with the signed
documents (if
applicable).

Secretary, Head
381
for affixing of BSP
dry seal on the
Certificate of
Authority.

Office of the
Secretary,
Monetary Board,
for affixing of BSP
dry seal on the
Certificate of
Authority.

Authority.

of Certificate of
Authority with
affixed BSP seal.
5. Prepare, review Half working Account Officer,
and process day Division/Group
FSD IX, FSS
approval of
application:
State in the
applicant the
approval of the
application and
attach the signed
Certificate of
Authority to
register with the
SEC its AOI and/or
By-Laws indicating
its corporate
purpose as a
382
stand-alone non-
bank financial
institution with
quasi-banking
functions and other
documents.
Indicate that
applicant may
proceed with the
next stage after it
has registered with
SEC its AOI and/or
By-Laws.

application and
stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
considered
prejudice to re-
submission of
application (after
months) with
complete
documentary
requirements and
deficiencies
already rectified.
6. Receive FSD IX e- 6.1 If decision is for Half working Account Officer

mail notification approval of day FSD IX, FSS
application:
Notify applicant
through FSD IX
383
the decision on the
application,
attaching scanned
letter (without
attachments), and
letter and signed
Certificate of
Authority to
register with SEC
the AOI and/or By-
Laws will be
transmitted to
applicant based on
preferred mode of
delivery indicated
in the application
letter. If for pick-up,
state that
documents are
ready for pick-up,
thus, applicant is
advised to
coordinate with
and notify FSD IX
Account Officer on
when it can pick-up
the documents,
presenting proof of
such authority to
pick-up the
6.1 Receive original documents. Account Officer
copy of letter. FSD IX, FSS
denial of
application:
Notify applicant
through FSD IX
decision on the
application,
384
attaching scanned
letter (without
attachments), and
letter shall be
mailed
accordingly. Administrative
Officer
6.1.1 Through FSAD – SOMD,
pick-up, FSS
release original
letter to authorized
representative,
after presenting a
6.1.2 Through
mail/courier,
process and
release documents
to the
Administrative
Services
Department (ASD),
BSP, for mailing.
END OF TRANSACTION
385
SECURE
STAGE 3: Application for Issuance of Certificate of Authority to Establish and Operate a Stand-
Alone Non-Bank Financial Institution with Quasi-Banking Functions
[Submit one (1) original/scanned copy375]
1. Application letter for issuance of Certificate of Authority to establish Applicant
and operate a stand-alone non-bank financial institution with quasi-
banking functions in connection with the application for authority to
establish and operate a stand-alone non-bank financial institution
with quasi-banking functions.
The application letter shall state the name of the authorized contact
person relative to the application, official e-mail address authorized
to receive notifications, and other contact details.
2. Certified true copy of the Articles of Incorporation (AOI)376 and/or By- SEC
Laws and the Securities and Exchange Commission Certificate of
Filing of such AOI and/or By-Laws.
3. Payment or proof of payment of licensing fee of P50,000.00 Applicant
(inclusive of P10,000.00 filing fee), to be paid upon approval of the
application for issuance of Certificate of Authority to establish and
operate a stand-alone non-bank financial institution with quasi-
banking functions.
374 Submission may be by electronic form, personal filing at FSS Both of mail/courier
375 The original copy shall be made available upon request.
376 Indicating as primary/secondary purpose to establish and operate a stand-alone non-bank financial
institution with quasi-banking functions
386
CLIENT STEPS
Stage 3: Application for Issuance of Certificate of Authority to Establish and Operate a Stand-
Alone Non-Bank Financial Institution with Quasi-Banking Functions
1.1 Electronic
submission
Account Officer,
1.1.1 Submit scanned 1.1.1 System auto- (FSD IX) or
copy of application acknowledges the Administrative
letter and submission Officer, Frontline
documentary Services
requirements to 1.1.2 Log-in and Administrative
fss- open the FSS Division (FSAD)
somd@bsp.gov.ph Department or – Sectoral
378) SOMD email Operations
account. Management
Department
1.1.3 Transfer (SOMD),
email in the Financial
department’s sub- Supervision
folder. Sector (FSS)

the FSS Booth (Koi
Garden) / SOMD,
Complex, Manila)

wait to be called.
application. A separate Acknowledgment Letter shall be sent by the appropriate department of BSP that
is handling the application
387
1.2.3 Forward
documents to
(FSD IX).
1.3 Mail/Courier

documentary
receipt of
application.
1.3.3 Forward
documents to
(FSD IX).

assess the and
determine if Head
and substantive
requirements of
and regulations.

letter Prepare and Division/Group
release return Head and
application is
considered
prejudice to re-
submission of
application (after
months) with
complete
documentary
requirements and
388
deficiencies
already rectified.

for mailing. FSS
letter complete and/or no Division/Group
deficiency: Head
Prepare and FSD IX, FSS
release
acknowledgment
letter 379 (a)
informing the
assessment of the
of filing fee and
determination of
sufficiency of
application and
submitted
requirements in
form and
substance, the
BSP finds the
same as complete
in form and
substance, hence,
the BSP will now
proceed with the
detailed evaluation
of the application
applicant of the
result thereof; (b)
containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
identification
number for the
389
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division and
position; and (iv)
date of receipt of
complete
requirements
the
acknowledgment
letter.

letter, as
necessary.

for mailing. FSS

Head
FSD IX, FSS

review Division/Group
3.2 Elevate 1 working day

memorandum to
390
appropriate BSP Sub-Sector Head
approving/signing and Sector Head,
authority for FSS
appropriate action
on the application.

sign documents
(including the
Certificate of
Authority to
establish and
operate a stand-
alone non-bank
with quasi-banking
functions, if
application is FSD IX, FSS
approved).
4.1 Receive copy

of document
showing decision
of the BSP
approving/signing
authority together
with signed
documents (if
applicable).

Secretary, Head
for affixing of BSP
dry seal on the
Certificate of
Authority.

Office of the
Secretary,
391
Monetary Board,
for affixing of BSP
dry seal on the
Certificate of
Authority.

Authority.

of Certificate of
Authority with
affixed BSP dry
seal.

of the decision on Head
the application. FSD IX, FSS

approval of
application:
State in the
applicant the
approval of the
application.
Indicate in the
letter that as a
condition for
release of the
signed Certificate
of Authority, the
payment of
P50,000.00
licensing fee
(inclusive of the
P10,000 non-
refundable filing
fee) within 30
calendar days from
392
receipt of the
e-mail notice
mentioned under
step no. 6 hereof,
otherwise, the
Certificate of
Authority shall be
deemed
automatically
cancelled. State in
the letter that
applicant is
required to submit:
(i) proof of payment
of licensing fee
prior to release of
the signed
Certificate of
Authority which
shall be for pick-up
by the applicant’s
authorized
representative
upon presentation
of OR and the
authority to pick-
up; and (ii) notice
of actual date of
commencement of
operations.
5.1.1 Request Account Officer,

Order of Payment (FSD IX)
(OP) Number to
Budget and
Finance
Administrative
Division (BFAD) -
SOMD, FSS
through e-mail
Administrative
5.1.2 Process the
Officer, BFAD-
Order of Payment
SOMD, FSS
using the New
Order of Payment
System (NOPS)
393
and send the OP
Number to the
requesting
department.
5.1.3 Send the Account Officer,

OP Number to the (FSD IX)
client through
email.
5.2. Receive OP 5.2. Provide the Administrative

through the following concerned with a SOMD, FSS
payment options in copy of collection
the UnionBank of the report on a daily
Philippines : basis, as
a. Over-the-
applicable (except
Counter
weekends and
b. Convergent
Banking (Web and
App)
c. The Portal –
Business Banking
(Web and App)

Prepare and Department
process the letter Head
notifying denial of FSD IX, FSS
application and
stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
considered
prejudice to re-
submission of
application (after
months) with
complete
394
documentary
requirements and
deficiencies
already rectified.
6. Receive FSD IX e- 6.1 If decision is for Licensing fee 1 working day Account Officer
mail notification. approval of of FSD IX, FSS
application: P50,000.00
Notify applicant (inclusive of
through FSD IX the P10,000
official e-mail 380 of non-
the decision on the refundable
application, filing fee)
attaching scanned
letter (without
attachments), and
letter and signed
Certificate of
Authority to
establish and
operate a stand-
alone non-bank
with quasi-banking
functions is ready
for pick-up, thus,
applicant is
advised to
coordinate with
and notify FSD IX
Account Officer on
when it can pick-up
the documents
upon presentation
of OR on payment
of licensing fee and
the authority to
pick-up.
6.1 Submit copy of 6.1.1 Release

OR to FSD IX and original copy of
395
present authority for letter and signed
applicant Certificate of Account Officer
representative toAuthority to FSD IX, FSS
pick-up the certificateregister with SEC
of authority. Receive the AOI and/or By-
original copy of letterLaws to applicant’s
and signed Certificate authorized
of Authority. representative
upon presentation
Refer to similar steps of OR on payment
in Stage 1 on securing of licensing fee and
OP and payment of authority of
licensing fee. representative to
pick-up the
documents.
6.2. Receive FSD IX

e-mail notification. 6.2. If decision is Account Officer
for denial of FSD IX, FSS
application:
Notify applicant
through FSD IX
decision on the
application,
attaching scanned
letter (without
attachments), and
letter shall be
mailed
accordingly.
6.2.1. Receive
original copy of letter. 6.2.1. Process and Administrative
for mailing. FSS
6.2.2 Present original
copy of Official 6.2.2 Through Administrative
Receipt and Letter of pick-up, release Officer, FSAD -
Authority, if through original copy of SOMD, FSS
pick-up by authorized letter and signed
representative. Certificate of
Authority to
396
authorized
representative.
6.3.2 Receive original
copy of letter and 6.3.2 Through
signed Certificate of mail/courier,
Authority. process and
release documents
to the ASD, BSP,
for mailing.
END OF TRANSACTION
397
How to send feedbacks Feedbacks and complaints in Bangko Sentral ng

 Press the smiley or sad face button (encoding in the
comment section, “Receiving/Releasing of
documents with SOMD, FSS”) and input
feedback/complaints in the Feedback Management
System (FMS) tablet installed in the receiving area of
the Sectoral Operations Management Department
(SOMD), Financial Supervision Sector (FSS), 4th
FOR FEEDBACK/COMPLAINTS ON PROCESSING OF

SERVICES ENROLLED IN THE BSP CITIZEN’S
CHARTER
o Input the transaction code to be provided by FSD
IX, FSS, in the Feedback Corner of the BSP
structured form online for any
complaints are following:
processed?
 Feedbacks and complaints sent through the FMS

emoticon tablet/ touchscreen kiosk/BSP website


398
concerned issue.
be taken and target date of completion/resolution)
approved by the SDO Head is transmitted to
Feedback Management Unit through the Director
of the Economic and Financial Learning Center
(EFLC) within two (2) working days from receipt
of negative feedback/complaint.

Designate/Alternate of SOMD, FSS requests transfer
of feedback to appropriate department/office thru the
FMS. Request for transfer is done within one (1)
working day from receipt of sad emoticon/negative
feedback/complaint.
 Feedbacks and complaints sent through the paper-

based FMS structured form
FMS designate/alternate of SOMD, FSS will scan the

accomplished paper-based structured form and
upload it in the system within one (1) working day
from receipt.
Handling of negative feedback/ complaint received

through the paper-based FMS structured form and
through the FMS emoticon tablet/BSP website are the
same.
2. Presidential Complaint Center (PCC), Office of

the President

Manila
Telephone:
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
Telefax: +63(2)-8736-8621
399
Authority

1200 Makati City
Telephone: +63(2)-8478-5091;
+63(2)-8478-5099

Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565
400
Financial Supervision St., Malate, Manila 1004 Direct Line:
Department IX (FSD IX), +63(2)-8708-7297
Financial Supervision E-mail:
Sector FSD9@bsp.gov.ph
For the receipt and 4th floor, Multi-storey BSP Trunkline:

Sectoral Operations St., Malate, Manila 1004
Management Direct Line:
Department (SOMD), +63(2)-8708-7689
Sector

working day).
401
DOMESTIC MARKET OPERATIONS
DEPARTMENT
External Services
402
1. Access to the BSP’s Monetary Operations System (MOS)
All eligible participating entities can access and participate in the BSP’s monetary
instruments through the Monetary Operations System (i.e., RRP, ODF, TDF) or manual
transactions (i.e., OLF).
Office or Division: Money Market Operations Staff (MMOS)

Type of G2B – Government to Business and G2G – Government to Government
Transaction:
Who may avail: All eligible participating entities
1. Letter of Intent From Participating Entity
2. Certified True Copy of Certificate of Authority to Request from FSS
Operate as a Bank
3. Participation Agreements Request from MMOS
4. Rules and Regulations Request from MMOS
5. Introductory Materials Request from MMOS
6. User’s Manual of the MOS Request from MMOS
7. User Registration Form Request from MMOS
8. VPN Connectivity Registration Form Request from MMOS
9. Secretary Certificate or A List Of Authorized From Participating Entity
Signatories of The Bank With Specimen
Signatures
10. Letter Of Undertaking Request from MSSO
PERSON
FEES TO PROCESSING
CLIENT STEPS AGENCY ACTIONS RESPONS
BE PAID TIME
IBLE
1. Submit the Letter of 1. Verify if the none 5 working days MSSO
Intent (original copy), counterparty is a upon receipt of
Certificate of PhilPaSS member. complete
Authority to Operate documents
as a Bank (certified 2. Request the
true copy), List of Comptrollership Sub-
Authorized sector (CoSs) –
Signatories (original General Accounts
copy) and Letter of Financial Reports
Undertaking (original and Analysis Group
copy)
(GAFRAG) to open
the following
accounts for the
requesting
counterparty: ORRP,
ODF, TDF and OLF.
3. Request the FMOSS-
Information
403
Technology Office
(FMOSS-ITO) to
include the new
counterparty to the
list of counterparties
of the FMOSS.
4. Inform MMOS on the
created account of
the counterparty
2. Accomplish and 1. The signed and none 3 working days MMOS,

Submit the notarized PAs from upon receipt of FMOSS
Participation the enrolling complete
Agreements (three participant will be documents
original copies per signed by the
facility) Assistant Governor,
or her absence, the
Officer-In-Charge.
OGCLS or
2. The same will be other
forwarded to the notary
OGLCS or other public
notary public within within the
the BSP for BSP
notarization.
3. Accomplish and 1. Register the users in none 3 working days MMOS
Submit the User the MOS as upon receipt of
Registration Form contained in the duly complete
(two original copies) accomplished User documents
Registration Form
4. Accomplish and 1. Forward the VPN none 3 working days MMOS,
Submit the VPN Connectivity Form to upon receipt of ITO
Connectivity the Information complete
Registration Form Technology Office documents
(two original copies) (ITO) for appropriate
action through memo
to the ITO Director.
days
404
2. Registration of the Monetary Operations System (MOS) User
Account and Smart Card
Authorized users/traders of eligible participating entities must register manually in order
to access the BSP’s MOS.
Transaction:
Who may avail: Authorized users/traders of participating entities
1. Participation Agreement Request from MMOS
3. Letter of Authorization to BSP to debit the From Participating Entity
BSP DDA (For Trader Approvers only)
4. Letter of Authorization to claim the second From Participating Entity
half of the MOS password (For Trader
Creators and Viewers who will not personally
claim the password)
5. Secretary's Certificate (For Trader Approvers Request from MMOS
only who will not personally claim the smart
card kit)
6. Special Power of Attorney (For Trader Request from MMOS

Approvers only who will not personally claim
the smart card kit)
7. Release, Waiver and Quitclaim (For Trader Request from MMOS

the smart card kit)

CLIENT STEPS TIME RESPONSIBLE
ACTIONS BE PAID
1. The participating 1. DMOD will receive None. 1 working MMOS Dealer
entity should submit the User day upon
two original copies of Registration Form receipt of
the completely filled and check for complete
out User Registration completeness. documents
Form.
2. The user will 1. DMOD will register None. 1 working MMOS Dealer
receive an e-mail the user as Trader day upon
with ½ of their Creator, Trader receipt of
system generated Approver or Viewer complete
password. in the MOS and documents
create the Smart
Card Kit for Trader
Approvers.
3. The user or 1. DMOD will issue P1,200.0 1 working MMOS Dealer
his/her the account 0 day upon
405
representative must password to the receipt of
claim the second half user or his/her complete
of the password to representative with documents
activate the account. authorization letter.
2. DMOD will issue

For Trader the Smart Card Kit
Approvers, he/she to the Trader
must submit a letter Approver or his/her
authorizing the BSP representative with
to debit its BSP the accomplished
Demand Deposit documents: (1)
Account (DDA) as Secretary's
payment for Smart Certificate, (2)
Card Kit. Special Power of
Attorney, and (3)
Release, Waiver
and Quitclaim.
TOTAL: P 3 working
1,200.00 days
3. Updating of the Monetary Operations System (MOS) User Account and Smart
Card
Authorized users/traders of eligible participating entities must update manually their
accounts in order to add, update or remove access to the BSP’s MOS.
Transaction:
2. Letter of Authorization to BSP to debit the BSP From Participating Entity
DDA (For Trader Approvers only)
3. Letter of Authorization to claim the second half From Participating Entity
of the MOS password (For Trader Creators
and Viewers who will not personally claim the
password)
4. Secretary's Certificate (For Trader Approvers Request from MMOS
only who will not personally claim the smart
card kit)
5. Special Power of Attorney (For Trader Request from MMOS

the smart card kit)
406
6. Release, Waiver and Quitclaim (For Trader Request from MMOS
the smart card kit)
FEES
PROCESSING PERSON
CLIENT STEPS AGENCY ACTIONS TO BE TIME RESPONSIBLE
PAID
1. The participating 1. DMOD will None. 1 working MMOS Dealer
entity should submit receive the User day upon
two original copies of Registration Form receipt of
the completely filled and check for complete
out User Registration completeness. documents
Form.
2. The user will 1. DMOD will None. 1 working MMOS Dealer
receive an e-mail register/update/rem day upon
with ½ of their ove the user’s receipt of
system generated account based on complete
password. the User documents
Registration Form
accordingly.
3. The user or 1. DMOD will issue the P1,200. 1 working MMOS Dealer
his/her account password 00 day upon
representative must to the user or receipt of
claim the second half his/her complete
of the password to representative with documents
activate the account. authorization letter.
2. DMOD will issue the
For Trader Smart Card Kit to
Approvers, he/she the Trader Approver
must submit a letter or his/her
authorizing the BSP representative with
to debit its BSP the accomplished
Demand Deposit documents: (1)
Account (DDA) as Secretary's
payment for Smart Certificate, (2)
Card Kit. Special Power of
Attorney, and (3)
Release, Waiver
and Quitclaim.
TOTAL: P 3 working
1,200.00 days
407
4. Manual Submission of Bids/Placements to the BSP Facilities
Participating Entities must submit the accomplished manual bid form to the BSP should
they encounter difficulties and cannot encode their bids/placements in the MOS.
Transaction:
1. Manual Bid Form Request from MMOS
FEES
PROCESSING PERSON
CLIENT STEPS AGENCY ACTIONS TO BE TIME RESPONSIBLE
PAID
1. The participating 1. DMOD will None. 1 working MMOS Dealer
entity should receive the User day upon
accomplish and Registration Form receipt of
submit a soft copy of and check for complete
the manual bid form completeness. documents
to the designated
DMOD email 2. DMOD will input
address within the their
prescribed bids/placements
submission schedule using the
contingency feature
of the MOS
day
408
5. Transacting in the Overnight Lending Facility (OLF) of the BSP
Participating Entities must submit the required BSP documents to be able to transact in
the manual OLF window until the said facility becomes fully automated.
Transaction:
1. Letter of Intent From Participating Entity
2. Excel file of OLF Securities Request format from MMOS
3. Participating Entity’s NROSS Portfolio From Participating Entity
Statement
FEES PERSON
PROCESSIN
CLIENT STEPS AGENCY ACTIONS TO BE RESPONSIBL
G TIME
PAID E
1. The participating 1. DMOD will receive
entity should submit the documents and
the signed letter of check for
intent (one original completeness.
soft copy and one
original hard copy), 2. DMOD will compute
excel file of OLF for the market value
Securities (soft copy) of each security
and NROSS Portfolio using the
Statement (soft appropriate prices
copy) within the and haircuts. 1 working
prescribed day upon
submission schedule None. receipt of MMOS Dealer
2. To confirm the 1. DMOD will input complete
OLF, the and deal the OLF documents
participating entity transaction in the
should contact the Domestic
BSP via the Operations System
telephone, the (DOS).
Reuters dealing
screen or other
communication
methods as may be
specified by the
BSP.
day
409
How to send feedback? The client may send a feedback
through the BSP website using Mozilla
Firefox (http://www.bsp.gov.ph).
Click on Feedback Corner link
(http://fms.bsp.gov.ph/ekiosk/feedback)
and enter the transaction code before
filling out the feedback form.
How feedbacks are Feedbacks received will be forwarded
processed? to the concerned department for
appropriate action.
How to file a complaint? Complaints may be sent through e-mail
to the Center for Learning and
Inclusion Advocacy
(consumeraffairs@bsp.gov.ph)
How complaints are Complaints received will be forwarded
processed? to the concerned department for
appropriate action.
Contact Information of CCB, IARTA (2782)
PCC, ARTA PCC 8888
CCB 09088816565 (SMS)

Head Office Room 308, 3/F, +63 2 8708 7020
Five-story building,
A. Mabini St. corner P.
Ocampo St.,
Malate Manila 1004
410
Communication Office
External Services
411
1. Interview request for BSP Spokespersons from Media Organizations
(update)
Procedure of request for interviews of BSP officials from the members of the local
media.
Office or Division: Communication Office (CO) – Media Communication Group

(MCG)
Classification: Complex
Transaction:
Who may avail: Local media organization (print, online, & broadcast)
1. Letter/E-mail Request Requesting media organization
2. Interview Request Form BSP media relations officer

CLIENT STEPS
1. Submit letter request 1.1 Interview None
for interview (email or Request
personal service) Evaluation
1.1.1 Evaluate if 1 Day Media Relations
questions/topics are Officer
within the purview
of the BSP
(evaluation includes
research and/or
coordination with
the BSP units and
other government
agencies).
1.1.2 Acknowledge 1 Hour Media Relations
receipt of request Officer/ Deputy
through email, etc.; Director, MCG
Advise through
email, etc. if not
within the BSP’s
purview.
1.1.3 If within the 4 Hours Media Relations
BSP’s authority and Officer/ Deputy
depending on Director, MCG
questions/ topics
submitted,
determine the BSP
unit/s with purview
over
questions/topics as
well as the
412
proposed
spokesperson/s
1.1.4 Prepare 3 Hours Media Relations
interview request/s Officer
addressed to Sector
Head/s of the BSP
unit/s with purview
over
questions/topics
mentioned with
recommended
spokesperson/s
1.1.5 Approval/ 3 Days Director/
Disapproval of the Managing
interview request Director/
Sector Head or
Governor
1.1.6 Match 1 Day Media Relations
schedule of media Officer and
with the BSP Journalist/
spokesperson to set Coordinator
interview date if from Media
media request is
approved
1.2.1 Pre-Interview
Preparations for
the BSP
Spokespersons
1.2.1.1 Once the 1 day Media Relations
interview date is Officer
set, coordinate with
media organization,
Corporate Affairs
Office, and/or
Security Services
Department for the
logistics (i.e.,
venue, time, entry
permit,
transportation) and
relay the details to
the BSP
Spokesperson
2. Conduct Media 2.1 Conduct Media
Interview Interview
2.1.1 Media None 1 Hour Media Relations
Relations Officer to Officer
arrive at the venue
around before the
interview for face-
413
to-face or studio
interviews (Does
not include radio
phone patch/online
interview which is
counted as 0 hrs)
2.1.2 Interview 2 Hours BSP Governor/
Proper BSP
Spokesperson/
Media Relations
Officer
Total None 6 Days and 11
Hours
2. Interview request for the BSP Governor from Media Organizations

(update)
Procedure of request for interviews of the BSP Governor from the members of the local
media.
Office or Division: Communication Office (CO) – Media Communication Group

(MCG)
Transaction:
Who may avail: Local media organization (print, online, & broadcast)
1. Letter/E-mail Request Requesting media organization
2. Interview Request Form BSP media relations officer

CLIENT STEPS
1. Submit letter request 1.1 Interview None
for interview (email or Request
personal service) Evaluation
1.1.1 Evaluate if 1 Day Media Relations
questions/topics are Officer
within the purview
of the BSP
(evaluation includes
research and/or
coordination with
the BSP units and
other government
agencies).
414
1.1.2 Acknowledge 1 hour Media Relations
receipt of request Officer/ Deputy
through email, etc.; Director, MCG
Advise through
email, etc. if not
within the BSP’s
purview.
1.1.3 If within the 4 Hours Media Relations
BSP’s authority and Officer/ Deputy
depending on Director
questions/ topics
submitted,
determine the BSP
unit/s with purview
over
questions/topics as
well as the
proposed
spokesperson/s
1.1.4 Prepare 1 Hour Media Relations
interview request/s Officer
addressed to Sector
Head/s of the BSP
unit/s with purview
over
questions/topics
mentioned with
recommended
spokesperson/s
1.1.5 Approval/ 2 days Director/
Disapproval of the Managing
interview request Director/
Sector Head or
Governor
1.1.6 Match 1 day Media Relations
schedule of media Officer and
with the BSP Journalist/
spokesperson to set Coordinator
interview date if from Media
media request is
approved
1.2 Pre-Interview
Preparations for
the BSP Governor
1.2.1 Briefing 1 week
Notes will be
prepared for the
Governor (based
on questions sent
by media
415
organization) by
the BSP source
departments/office
s/ units and
Communication
Office (CO)
1.2.1.1 CO will 2 Hours Media Relations
prepare and send Officer/ Deputy
request to the BSP Director, MCG
departments/offices/
units which will
provide answers to
questions or inputs
to topics sent
1.2.1.2 4 Days Media Relations
a) CO will prepare Officer/ Deputy
background of the Director/BSP
journalist, program units and
and media offices/
organization Journalist or
Media
b) CO will Coordinator
coordinate/follow-up
inputs from the BSP
departments/offices/
units which will
provide answers to
questions or inputs
to topics sent
1.2.1.3 Once the 2 Days Media Relations
inputs are received, Officer/ Deputy
evaluate and edit Director, MCG
answers/inputs as
necessary in view of
target audience;
and finalize briefer
1.2.1.4 Submit draft 1 Hour Media Relations
briefer to the Office Officer/ Deputy
of the Governor Director/
(OG) Director
1.2.1.5 Execute 1 Day Media Relations
further instructions Officer/ Deputy
from OG, if any, and Director /
submit revised draft Director
briefer for OG’s
consideration.
2. Conduct Media 2.1 Conduct Media
Interview Interview
2.1.1 Media None 1 Hour Media Relations
Relations Officer to Officer
416
arrive at the venue
before the interview
for face-to-face or
studio interviews
(Does not include
radio phone patch
interview which is
counted as 0 hrs)
2.1.2 Interview 1 Hour BSP Governor/
Proper BSP
Spokesperson/
Media Relations
Officer
Total None 18 Days and
11 Hours
3. Request for Sponsorship/Support/Donation (update)

Procedure for request of sponsorship/support/donation coursed through the Office of
the Governor. This transaction is intended to reinforce the corporate image of the
Bank and establish goodwill with its stakeholders and the general public. As a
matter of due course however, the Bank generally refrains from sponsoring
requests of private organizations as it may undermine the appearance of integrity
and independence of the Bank as well as protect its brand from any unscrupulous
undertakings.
Office or Division: Communication Office (CO) – Information Development Group

(IDG)
Transaction: G2G – Government to Government
Who may avail: Philippine private organization or government agency
1. Letter/E-mail Request Requesting party
2. Proof of capacity to receive SEC/DTI/BIR/Other Government Agency as
donation/sponsorship (Registration with applicable
relevant government agency documents,
Official Receipt)
3. Authority to credit bank account BSP (upon approval of request)
CLIENT STEPS
1. Submit: 1.1. Acknowledge None 5 Minutes Public Relations
a. Letter/e-mail receipt of letter Officer
request for request
sponsorship,
417
support or
donation;
b. Proof of capacity
to receive
donation/
sponsorship
1.2. Communication 1 Day Public Relations
Planning Division Officer/
evaluates the Assistant
request and the Manager/
requesting party, Manager
and prepares email
or written
recommendation to
the Deputy Director
of the IDG/ CO
Director
1.3. Approval/ 2 Days As applicable,
Disapproval of the Deputy
sponsorship/ Director, IDG/
donation request Director/
Managing
Director/ or
BSP Governor
1.4. Transmit official 15 Minutes Public Relations
reply of the Bank to Officer/
requesting party Manager
2. Receive official reply 2.1. (If Approved) 30 Minutes Public Relations
of the requested Coordinate with Officer
sponsorship/donation requesting party to
submit additional
documents to enroll
in BSP Auto-Credit
Payment Scheme if
not previously
enrolled
3. Submit auto-credit 3.1 Receive and 10 Minutes Public Relations
enrolment documents review submitted Officer
auto-credit
enrolment details
for completeness
3.2. Prepare 15 Minutes Public Relations
disbursement Officer
voucher and
corresponding
attachments
3.3. Submit auto- 30 Minutes Public Relations
credit form, Officer
disbursement
voucher and
418
attachments to
Administrative
Office
3.4. Process 3 Days Administrative
payment of Officer
sponsorship/
donation
3.5. Inform 30 Minutes Public Relations

requesting party of Officer
the crediting of
payment and
request for:
a. Official Receipt
(OR)
b. Accomplished
Feedback
evaluation
sheet
4. Submit OR and 4.1. Receive OR 5 Minutes Public Relations
Feedback form and feedback form Officer
4.2. Transmit OR to 5 Minutes Public Relations
FAD Officer
Total None 6 Days,
2 Hours and
25 Minutes
4. Attend to phone inquiries (update)

Answer phone inquiries of the general public.
Office or Division: Communication Office (CO)

Type of G2C – Government to Citizen
Transaction:
Who may avail: General Public
1. None

CLIENT STEPS
1. Call CO local lines 1.1. Receive call, None 5 Minutes CO Staff and
inquire about the Officers
concern, and
endorse call to
419
appropriate
personnel
1.2. Attend to 15 Minutes Concerned CO
inquiry of the client employee
Total None 20 Minutes

How to send feedback For transactions/services rendered,
feedback may be given by clients
which may be sent through the
following channels:
Via tablet/touchscreen kiosk
[Feedback Management System
(FMS) emoticon]
Survey response (FMS one-pager
structured form via paper-based or
BSP website)
Email or letter
How feedback is processed Sent through the FMS emoticon
tablet/touchscreen kiosk/BSP
website

department/office. Concerned department to
of
Sent through the paper-based FMS

structured form

accomplished paper-based structured form.
This is done within one (1) day upon receipt of
accomplished forms.
FMS designate/alternate to upload structured

form within one (1) working day from receipt of
accomplished form.
Sent through Email
The recipient endorses the feedback to the

concerned CO Group Head within three (3)
working days from receipt of email.
420
The concerned Group communicates with the
client regarding the feedback, if needed.
How to file a complaint This is best done via formal communication
(i.e., letter or email) describing the transaction,
person/s involved and circumstances leading to
the complaint.
How complaints are processed Complaints are immediately forwarded to
concerned division to resolve or address issue.
Due process is accorded to the concerned
employee, if applicable.
Contact Information of CCB, PCC, ARTA ARTA: complaints@arta.gov.ph
PCC: 8888
CCB: 0908-881-6565 (SMS)

Office of the Director, Rm. 412, 5-Storey Contact Number:
Communication Office Bldg., BSP Complex, A. +632 8708 7701
Mabini St., loc. 2602
Malate, Manila
Office of the Deputy Director, Rm. 412, 5-Storey Contact Number:
Information Development Bldg., BSP Complex, A. +632 8708 7701
Group Mabini St., loc. 2627
Malate, Manila
Office of the Deputy Director, Rm. 412, 5-Storey Hotline Number:
Media and Communication Bldg., BSP Complex, A. +632 8708 7701
Group Mabini St., loc. 2032
Malate, Manila
421
Capacity Development Department
External Services
422
1. Request for Observation tour/ bench-marking/ briefing/ info
session (update)
The BSP receives requests for study visits/tour, bench-marking, briefing, info
session from foreign counterparts and local agencies. Various areas or topics are
discussed and shared, i.e. Strategic Human Resource Management, Leadership
Capability Programs, etc.
Office or Division: Capacity Development Department

Classification: Highly technical
Transaction: G2B – Government to Business Entity
Who may avail: All Government Agencies, LGUs, GOCCs, and other
Government Instrumentalities, Counterpart Central Banks, Other
Financial Institutions
Request letter (original, signed)/e-mail Respective Agency
addressed to the BSP Governor from
Respective Agency:
- Institution/agency name
- Purpose of activity
- Guest details
- Contact information
CLIENT STEPS RESPONSIBLE
ACTIONS BE PAID TIME
1. Send request Receive and None 12 working Manager, Bank
letter to the evaluate request. days Officer IV, Bank
Governor, Officer II, CDD
Bangko
Sentral ng
Pilipinas
2. Wait for BSP Contact person-in- none 1.5 hours Manager, Bank
feedback charge of the Officer IV, Bank
activity/request Officer II, CDD
TOTAL 0 12 days, 1.5
hours
423
How to send feedback Answer the feedback form on the last
day of observation tour/ bench-
marking/info session
How feedbacks are processed The Evaluation and Data
Management Division compiles,
processes and verifies the feedback.
The feedback is then used for
improvements in the conduct of
observation tour/ bench-marking/
briefing / info-session
How to file a complaint Any complaint will be picked up from
the feedback form
How complaints are processed Complaints are verified, evaluated,
investigated and reported to
appropriate individuals/offices
Waiting time: Standard processing
time of fifteen (15) working days
Contact Information of CDD CDD: local 3035
: 8708-7291
Bspi@bsp.gov.ph
BSP Feedback (+632) 8708 7701
Bspmail@bsp.gov.ph
Presidential Complaints Center (PCC) (+632) 8736 8645, (+632) 8736 8603,
of the Office of the President (+632) 8736 8629, (+632) 8736 8621
pcc@malacanang.gov.ph
Contact Center ng Bayan (CCB) of the Hotline 1-6565; SMS 0908-8816565

CSC. Email@contactcenterngbayan.gov.ph
424
2. Request to conduct presentation of programs (update)
External training/course providers request the CDD, as client-audience, to present
demos on training programs they offer.

Who may avail: Training Providers
Request letter (original, signed)/e-mail Respective Agency
addressed to the CDD Director from
Respective Agency:
- Institution/agency name
- Purpose of program presentation
- Guest details
1. Send request Receive and None 6 working Manager, Bank
letter to the evaluate request. days, 6 hours Officer IV, CDD
Director,
Capacity
Development
Department
2. Wait for CDD Contact person-in- none 1.5 hours Deputy
feedback charge of the Director,
activity/request Manager, CDD
TOTAL 0 6 days, 7.5
hours
425
How to send feedback Feedback may be given verbally, after
the session or via e-mail
How feedbacks are processed Feedback is discussed during
operations or management team
meetings
How to file a complaint Complaints may be sent via email or
submitted hardcopy document
: 8708-7291
Bspi@bsp.gov.ph
BSP Feedback (+632) 8708 7701
Bspmail@bsp.gov.ph

426
3. Request for certifications for previously conducted courses
(update)
Certifications of attendance may be issued upon request by non-BSP individuals
who participated in learning sessions hosted by the CDD.

Type of G2C – Government to transacting public
Transaction:
Who may avail: Individuals/separated employees who attended training
Request letter (original, signed)/e-mail Previous BSP employee
addressed to the CDD Director from
participant:
- Name
- Course details (date, title, purpose)
1. Send request Process request None 2 working Bank Officer II,
letter to the days, 6 hours Bank Officer IV,
Director, CDD
Capacity
Development
Department
2. Wait for call/ e- Contact person-in- none 1.5 hours Bank Officer II,
mail charge of the Bank Officer IV,
activity/request CDD
3. Personally Print certification none 10 minutes Bank Officer II,
pick-up and have the Bank Officer IV,
certification individual sign the CDD
and sign logbook
logbook
TOTAL 0 2 days, 7.5
hours, 10
minutes
427
How to send feedback Send e-mail or call the CDD
How feedbacks are processed The Office of the Director shall
process and verify feedback received
How to file a complaint Complaints may be sent via email or
submitted hardcopy document
: 8708-7291
Bspi@bsp.gov.ph
BSP Feedback (+632) 8708 7701
Bspmail@bsp.gov.ph

428
4. Evaluation and Processing Training Invitations (update)
Training/course providers and counterparts send invitations via email to the CDD
for the schedule of courses which BSP employees may participate in.

Who may avail: Training Providers
Invitation letter (original, signed) /e-mail Agency/Institution
addressed to the CDD Account Officer
from Respective Agency:
- Agency/Institution Name
- Course details (date, title, venue,
learning objectives, target
participants, requirements,
organizer)
1. Send invitation Evaluate and None 1 working day Training
letter/ e-mail to process invitation Specialist III,
the Director, based on Bank Officer II,
Capacity applicable Bank Officer IV
Development policies,
Department guidelines and
criteria.
2.1. Interested 1. Prepare none 1 hour Training
employees memorandum Specialist III,
shall seek and disseminate Bank Officer II,
approval to training Bank Officer IV
appropriate invitation to
authorities proper 16 working
sector/office/
days, 5 hours
department.
2. Assess
nominees
2.2 Wait for eligibility based
recommendati on policies,
429
on/ result of guidelines and
assessment criteria and
prepare
recommendatio
n 1 working day
3. Submit
recommendatio
n/results of
evaluation to
appropriate
sector/
department/offic
e
4. For foreign
training, submit
memo-proposal
to Foreign
Travel
Committee for
approval
3. Attend to Coordinate with none 1 day Training

/prepare participant Specialist III,
requirements Bank Officer II
for Coordinate with 1 hour
training/event Agency/Institution
as necessary
TOTAL 0 19 Days, 7
hours
430
How to send feedback Send e-mail to the CDD either via the
group mail or via the Director’s e-mail
How feedbacks are processed The Office of the Director shall
process and verify feedback received
the CDD e-mail or submitted hardcopy
document
: 8708-7291
Bspi@bsp.gov.ph
BSP Feedback (+632) 8708 7701
Bspmail@bsp.gov.ph

431
CONSUMER PROTECTION AND
MARKET CONDUCT OFFICE
External Services
432
1. Consumer Assistance Mechanism
The BSP Financial Consumer Protection Framework provides an enabling environment that
protects the interests of financial consumers and ensures that BSP-supervised Financial
Institutions (BSFIs) are responsive to the needs of their clients. Central to this framework
is the Consumer Assistance Mechanism (CAM) implemented by the Consumer Protection
and Market Conduct Office (CPCMO). The CAM is a complaints-handling process involving
sequential layers of intervention and is facilitative in nature. The CAM facilitates
communication between the parties by elevating the consumer’s concerns directly to the
Senior Management of the BSFI involved, for appropriate action. However, the CAM only
pertains to issues and/or disputes of consumers who availed of financial products/services
offered by the BSFIs.
1. BSP Online Buddy Chatbot (Simple Transaction)
The latest innovation of the BSP’s Consumer Assistance Mechanism, the BSP Online
Buddy (BOB) Chatbot is also now fully deployed to serve financial consumers. BOB
empowers financial consumers by giving them a more accessible channel for raising
complaints and inquiries. Consumers can file a complaint through BOB through the
following channels: BSP Webchat, SMS and through the official BSP FB page.
Office or Division: Consumer Protection and Market Conduct Office (CPMCO)

Type of Transaction: G2B – Government to Business
G2C – Government to Citizen
Who may avail: Consumers of financial products and services offered by BSP-
supervised financial institutions
Complaint and supporting documents From the concerned individual/ representative, as
applicable (free format)

1. Submit complaint 1. No action None 5 minutes CPMCO
through BOB required from
Chatbot CPCMO.
2. Receive 2. No action None 5 minutes CPMCO
acknowledgment required from
of complaint with CPCMO.
information on
action taken
Automated
evaluation of
433
consumer
complaints by
the chatbot
technology
3. No action 3. Referral to None 5 minutes CPMCO
required from the the concerned
client BSFI of the
complete/
valid381
complaint by the
chatbot
None 0 working
Total days
Complete/ valid complaints lodged through BOB are those that comply with the data requirements of the
381
Chatbot.
434
2. Consumer Assistance Mechanism (Complex Transaction)
Office or Division: Consumer Protection and Market Conduct Office (CPCMO)

1. Duly accomplished Complaints CIR form is downloadable from the BSP website
Form (CIR form) and supporting (www.bsp.gov.ph), may be provided by CPMCO
documents for those sent via e-mail via e-mail, or may be secured from the BSP
and walk-in382; Complaint letter with Consumer Assistance Desk
complete information on concern,
for those sent via courier/postal
mail
1.a For e-mail and 1.CPCMO None CPMCO
walk-in - Submit duly receives
accomplished CIR complaint
Form. Form is and
downloadable from the conducts
BSP website preliminary
(www.bsp.gov.ph) and assessment
may be secured from 383 on
the BSP Consumer completenes

Assistance Desk or s of CIR
CPMCO. Form/docum
ents or if
complaint
1.b For courier/postal falls under
mail - Submit complaint
382Walk-in shall be subject to BSP New Economy Arrangement Guidelines/Protocols

383Preliminary assessment covers initial receipt of the communication up to consumers submission of CIR
Form that is complete in in substance and in form and submission of proof of prior communication with the
Bank/authorization to represent principal complainant, if applicable. The time spent in determining whether or
not all the requirements to process complaint shall not be included in the determination of processing
time. Accordingly, the steps under preliminary assessment are for applicant’s reference only and not part of
the processing time of for complaints handling.
435
letter with complete BSP’s
information on concern jurisdiction.
to official mailing
address
2. Receive 2. CPMCO None 7 working CPMCO
acknowledgment of days
acknowledges
complaint384 with
complete
information on action
complaint with
taken
information on
action taken
None 7 working
Total days385
384 CPCMO provides automated acknowledgment of complaint sent via e-mail; provides letter
acknowledgment of complaint sent via courier/postal mail with information on action taken, where no email
address was mentioned in the complaint. For walk-in complainants, receiving copies will be given and
CPMCO explains referral process/CAM.
Processing time for complex cases include acknowledgment of e-mail and referral to the concerned BSFI
385
and/or appropriate BSP Department

436
3. Consumer Assistance Mechanism (Highly Technical, i.e. subsequent/rejoinders
and inquiries)
Office or Division: Consumer Protection and Market Conduct Office (CPCMO)
Duly accomplished Complaints CIR form is downloadable from the BSP website
Form (CIR form) and supporting (www.bsp.gov.ph), and may be secured from the
documents for those sent via e-mail BSP Consumer Assistance Desk or CPMCO.
and walk-in386; Complaint letter with
complete information on concern,
for those sent via courier/postal
mail.
Clear statement of inquiry.
386 Walk-in shall be subject to BSP New Economy Arrangement Guidelines/Protocols

437
1.a For e-mail and 1.CPCMO None CPMCO
walk-in - submit duly receives
accomplished CIR complaint
Form. Form is and
downloadable from the conducts
BSP website and may preliminary
be secured from the assessment
BSP Consumer 387 of
Assistance Desk or completenes

CPMCO s of CIR
Form/
documents
1.b For courier/postal and/or if
mail – send rejoinder complaint/in
complaint or inquiry to quiry falls
official mailing address under the
BSP’s
jurisdiction.
2. Receive 2. CPCMO None 20 working CPMCO
acknowledgment acknowledges days
388
of complaint complaint with
with information on information on
action action
taken/response to taken389/respo
inquiry
nse to inquiry
None 20 working
Total days
387 Preliminary assessment covers initial receipt of the communication up to consumers submission of CIR
Form that is complete in in substance and in form and submission of proof of prior communication with the
Bank/authorization to represent principal complainant, if applicable. The time spent in determining whether or
not all the requirements to process complaint shall not be included in the determination of processing
time. Accordingly, the steps under preliminary assessment are for applicant’s reference only and not part of
the processing time of for complaints handling.
388 CPCMO provides automated acknowledgment of complaint/inquiry sent via e-mail; provides letter
acknowledgment of complaint sent via courier/postal mail with information on action taken, where no email
address was mentioned in the complaint. For walk-in consumers, receiving copies will be given and CPMCO
explains CAM.
389For Highly Technical cases, response may include information of reference to other BSP units/departments
438
 Templated response already provided under existing Charter (i.e. FMS
emoticon kiosk, BSP survey form etc.)

How to send feedback Through BSP Online Buddy (BOB)
BOB asks for feedback whether a

complainant is satisfied with the service that
the bot provided for at the end of the
conversation for every case/complaint that is
successfully created/referred to the BSFI
involved and any inquiries using the FAQ
feature. Once a complainant responds with a
Yes/No, it will ask for a follow-up question on
any additional feedback/comments which can
be responded by narrating it to BOB.
Through the BSP website
For walk-in clients 390 , complainants may

provide feedback by answering the FMS
survey-type questionnaire which can be
accessed through the BSP website from 8:00
am to 5:00 p.m., Mondays to Fridays using a
non-BSP network. The advisable browser is
Mozilla Firefox. External clients must click the
“Feedback” under Quick Links found at the
website footer.
Feedback may also be sent through the FMS

kiosk stationed at gate 3. Complainant just
need to indicate the name of CPMCO for
reference.
How feedbacks are processed Feedbacks received from external clients are
processed by the BSP’s Feedback
Management System and its report can be
390 Walk-in shall be subject to BSP New Economy Arrangement Guidelines/Protocols
439
viewed through our dashboard under
Responses Tab – Structured Form.
How to file a complaint Complaints received against the CPMCO
may be lodged through
consumeraffairs@bsp.gov.ph and
bspmail@bsp.gov.ph, through PCC, 8888,
ARTA, and Contact Center ng Bayan.
How complaints are processed The CPMCO evaluates the complaint and
sends a reply directly to the complainant,
copy furnished the government agency that
referred the complaint. In its reply the
CPMCO usually explains to the complainant
our CAM and its limitations, and our actions
taken/to be taken on his/her concern.
Contact Information of CCB, Contact Center ng Bayan:

PCC, ARTA https://contactcenterngbayan.gov.ph/contact-
us
Presidential Complaints Center

Malacanang Palace, J.P. Laurel St., San
Miguel, Manila 1005
8736-8645, 8736-8603, 8736-8606, 8736-
8629, 8736-8621
Anti-Red Tape Authority

395 Sen. Gil J. Puyat Ave, Makati, Manila
1209
complaints@arta.gov.ph
8478-5091, 8478-5093, 8478-5099
440
Office Address Contact
Information
Consumer Protection Bangko Sentral ng Pilipinas, (632) 8708-7701
and Market Conduct or (632) 5306-2584
10th Floor Multi-storey Building,
Office (CPMCO)
A.Mabini St., Malate 1004
Manila, Philippines
441
Capacity Development Department
Internal Services
442
1. Conduct In-house Course Offering (update)
The CDD implements training courses for BSP employees as part of its internal
services, based on learning needs assessment.

Type of G2G – Government to Government Employee
Transaction:
Who may avail: BSP Employees
One (1) copy, original signed/approved BSP iKnow portal
nomination form (BSPI Form No. 06-002)

1. Refer to None None 5 minutes BSP Employee,
Individual Supervisor
Development
Plan
2. Secure Approve (or None 5 hours Director, CDD
approval from disapprove)
supervisor nomination
3. Submit Start processing None 1 day Training
required request and slot Specialist III,
document to reservation Bank Officer II,
SOMD or CDD CDD
4. Wait for e-mail Prepare and issue None 1 day Training
confirmation confirmation e- Specialist III,
from mail to employee Bank Officer II,
SOMD/CDD CDD
5. Attend In- Have the None various Training
house Training employee sign the Specialist III,
Course attendance sheet CDD
TOTAL 0 2 days, 5
hours, 5
minutes
443
How to send feedback Answer the feedback from during the
last day of course offering
How feedbacks are processed The Evaluation and Data
Management Division compiles
processes and verifies (as needed)
the feedback. The feedback is then
used for improvements of in-house
courses
the feedback form or from the CDD e-
mail
: 8708-7291
Bspi@bsp.gov.ph
BSP Feedback (+632) 8708 7701
Bspmail@bsp.gov.ph

444
Cash Department
External Services
445
1. Cash and/or Check Payment from Clients of Various BSP
Departments (update)
Clients of various BSP Departments submit their payments to the Cash Department (CD)
for the various services/products of BSP being availed. An official receipt is issued to the
client upon completion of the transaction.
Office or Division: Cash Department

Type of
Transaction: Government to Citizen (G2C)/ Government to Business Entity
(G2B)/Government to Government (G2G)
Who may avail: All
1. Primary or Secondary Identification 1. Primary IDs –
Card (ID) – 1 original copy a. Department of Foreign Affairs (DFA)
b. Professional Regulations Commission (PRC)
c. Social Security System (SSS)
d. Government Service Insurance System (GSIS)
e. Land Transportation Office (LTO)
f. Overseas Workers Welfare Administration
(OWWA)
g. Maritime Industry Authority (MARINA)
h. Local Government Unit (LGU) - Senior Citizen
i. Firearms and Explosive Office (FEO)
j. Postal Office
k. Commission on Elections (COMELEC)
l. Bureau of Immigration (BI)
Secondary IDs –
a. Company ID
b. Bureau of Internal Revenue
c. LGU – Barangay
d. Home Development Mutual Fund (HDMF)
e. Philippine National Police
f. National Bureau of Investigation (NBI)
2. Non-BSP Identification Card (ID) -1 2. Security Services Department (SSD)

original copy
3. Order of Payment (OP) – 2 original 3. Particular BSP department which the client is
copies (1st copy for CD Accounting, transacting with.
and 2nd copy for client)
446
AGENCY FEES TO BE PROCESSING PERSON
CLIENT STEPS
ACTIONS PAID TIME RESPONSIBLE
1. Leave valid ID at 1. Issue in return Cost of 5 minutes Security Officer (SO)
the Reception an access securing ID SSD
Area of Bangko card/non-BSP from other BSP- Manila
Sentral ng ID to enter government
Or
Pilipinas (BSP)- BSP-Manila offices
Manila and and QC SO
Quezon City (QC) premises. SSD
BSP- QC
2. Proceed to the 2. None None None None

Tellers’ Area of the
Cash Department
(CD), get a service
ticket number not
later than 2:00
p.m.
3. Once queuing 3.1 Receive and

number is called, stamp the OP
submit to the
Teller the signed 3.2 Count the
OP and payment cash payment
(cash and/or received
check*)
3.3 Determine the Teller
* Make sure that the acceptability of None 5 minutes Banking Services
check/s is/are check, and reckoned from Division I (BSD)
compatible with validate the the receipt of BSP - Manila
Check Image accuracy of the complete and
Clearing System information properly Or
contained in the accomplished
check documents Teller
BSD II
BSP - QC
3.4 Generate the
“Official Receipt:
Payments to BSP”
and release it to
the client.
Total Fees/Processing Time BSP: None 10 minutes
Including
substantial
447
compliance
cost as stated
above

How to send feedback  Feedback can be provided in the Feedback
Management System (FMS) through the use of a
Kiosk Emoticon Tablet
How feedbacks are  Upon e-mail receipt of negative feedback by the

processed authorized user of FMS, a response (which may
be action plan/s or action/s already taken) be
provided within two (2) working days onto the
said system.
 The response and its uploading to the FMS shall
be approved by the Director.
How to file a  Complaint can be submitted through the
complaint following:
 Letter to the Office of the Director (OD), CD
 E-mail to the bspmail.gov.ph
How complaints are  OD-CD shall look into the matter and
processed communicate to the complainant through
letter/email (as applicable) the action plan/s
and/or actions already taken.
Contact Information of ARTA : Contact no. 8988-4836
CCB, PCC, ARTA

Cash Department Mabini St. Malate, Manila 028-7087452
Cash Department BSP Security Plant 028-9884835
Complex, East Avenue,
Quezon City
448
2. Biometric Registration and Granting of Access to the Integrated Currency
Management System (ICMS) - Cash Services Portal (CSP) (update)
Client banks utilize the ICMS-CSP online facility, through encoding of required
information, to place withdrawal requests and pre-advise deposit. On the other hand,
bank representatives are screened as to their authority/identity through biometric
scanning. Thus, separate/distinct registrations of authorized users to the ICMS-CSP and
the biometric data are performed on an annual basis or as needed (i.e. new user
registration and deactivation).

Type of Transaction: Government to Business Entity (G2B)
Who may avail: Banks registered with Philippine Payment and Settlement
System (PhilPaSS)
2. Notarized Secretary Certificate and/or Board 1. Client Bank
Resolution - 1 original copy
3. Virtual Private Network (VPN) Connectivity 2. CSD

Registration form – 1 original copy for the
Custodian Services Division (CSD), and
scanned copy for Information Technology
and Infrastructure Operations Department
(ITIOD)
4. CSP Client Location Registration / Update 3. CSD

Form – 1 original copy for the ICMS
Administration (Admin) Team
5. CSP User Access Registration / 4. CSD

Deactivation Form - 1 original copy for the
ICMS Admin Team
6. CSP Password Reset Form – 1 original

copy for the ICMS Admin Team 5. CSD
7. CSP Bank Representative Biometric

Registration Form - 1 original copy for CSD 6. CSD
8. CSP Bank Representative Biometric

Deactivation Form - 1 original copy for CSD
449
7. CSD
PROCES PERSON
AGENCY FEES TO
CLIENT STEPS SING RESPONSIB
ACTIONS BE PAID
TIME LE
1. Submit the following
accomplished
documents:
Bank Officer
1.1 Notarized Secretary 1.1 Receive the None 5 minutes
(BO) II
Certificate and/or document, CSD
Board Resolution authenticate
signatures Or
indicated
therein, and file Senior
the document Currency
inside the vault Specialist
(SCS)
CSD
1.2 Accomplished VPN 1.2.1. Receive None 5 minutes BO II

Connectivity the documents, CSD
Registration form to authenticate
CSD signatures Or
indicated
SCS
therein, scan a
CSD
copy of the
form, and
submit these to Director
the Office of CD
the Director
(OD), Cash,
CD for approval
1.2.2. Forward None 5 minutes BO II

scanned copy CSD
of CD-
approved Or
registration
SCS
form to the CSD
ITIOD for
processing
450
1.2.3 Receive None 3–4 BO IV
the document, days* ITO
process the VPN
enrolment, and Or
provide
BO II
procedures to ITO
the bank for the
VPN Or
configuration and
connectivity Information
testing. Systems
Analyst (ISA)/
Information
Systems
Researcher
(ISR) III
Or
ISA/ISR II
1.3 Accomplished CSP 1.3.1 Receive None 5 minutes BO II

Client Location the document, CSD
Registration / Update authenticate
Form to CSD signatures Or
indicated
SCS
therein, and CSD
submit to the
OD-CD for Director
approval CD
1.3.2 Forward None 5 minutes BO II

the CD- CSD
approved
registration Or
form to the
ICMS Admin SCS
Team for CSD
processing
1.3.3 Receive None 4 hours* SCS

ICMS Admin
the approved Team
document,
check the Or
* Forms received 4:00 pm onwards are considered as next working day

451
requested
client location Currency
for registration/ Assistant II
updating (if it (CA II)
ICMS Admin
already exists)
Team
in the system,
and process
registration of
new client
location /
updating of
existing client
location
1.3.4 Notify/info SCS

None 10 ICMS Admin
rm the client minutes
bank of the Team
processed
Or
request via
registered CA II
email address, ICMS Admin
and file the Team
document in
the filing
cabinet

User Access the document, CSD
Registration / authenticate
Deactivation Form to signatures Or
CSD indicated
SCS
therein, and CSD
submit to the
OD-CD for Director
approval CD

the CD- CSD
approved
registration Or
form to the
ICMS Admin SCS
CSD
Team for
processing
SCS
None
452
1.4.3 Receive 4 hours* ICMS Admin
the approved Team
document,
check the Or
requested web
CA II
user access for ICMS Admin
registration/ Team
deactivation in
the system,
and process
registration of
new web user /
deactivation of
existing web
user
None
10 SCS
1.4.4 Provide 1st ICMS Admin
half of the minutes
Team
user’s
credentials in a Or
sealed
envelope, and CA II
forward to CSD ICMS Admin
for release to Team
Client Bank
None
10 SCS
1.4.5 Send an
minutes ICMS Admin
email which Team
contains the 2nd
half of the Or
user’s
credentials to CA II
the email ICMS Admin
address Team
indicated in the
form, and file
the document
in the filing
cabinet

Password Reset the document, CSD
Form to CSD authenticate
signatures Or

453
indicated SCS
therein, and CSD
submit to the
OD-CD for Director
CD
approval

the CD- CSD
approved
registration Or
form to the
ICMS Admin SCS
Team for CSD
processing
4 hours* SCS
1.5.3 Receive None
ICMS Admin
the approved Team
document,
check the Or
requested web
user account CA II
for password ICMS Admin
reset/ Team
extension of
password
expiration in
the system,
and process
the request
1.5.3.1.1 For None 10 SCS

password minutes ICMS Admin
reset: Update Team
the password
of the portal Or
user, provide
1st half of the CA II
ICMS Admin
user’s
Team
credentials in a
sealed
envelope, and
forward to CSD
for release to
Client Bank

454
1.5.3.1.3 Send None 10 SCS
an email which minutes ICMS Admin
contains the 2nd Team
half of the
Or
user’s
credentials to CA II
the email ICMS Admin
address Team
indicated in the
form, and file
the document
in the filing
cabinet
1.5.3.2 For None 10 SCS

password minutes ICMS Admin
Team
expiration
extension: Or
Extend the date
of password CA II
expiration, ICMS Admin
notify/inform Team
the client bank
of the
processed
request via
registered
email address,
and file the
document in
the filing
cabinet

Bank Representative the document, CSD
Biometric authenticate
Registration form to signatures Or
CSD indicated
SCS
therein, and CSD
submit to the
OD-CD for Director
approval CD
455
1.6.2 File the None 1 minute BO II
document CSD
inside the vault
Or
once signed by
the CD Director SCS
CSD

Bank Representative the document, CSD
Biometric authenticate
Deactivation form to signatures Or
CSD indicated
SCS
therein, and CSD
submit to the
OD-CD for Director
approval CD
1.7.2 File the None 1 minute BO II

document CSD
inside the vault
once signed by Or
the CD Director
SCS
CSD
2. Undergo fingerprint 1. Assist the None 10 BO II

scanning for registration client during minutes CSD
purposes the said
exercise and Or
determine if it
was SCS
successfully CSD
completed.
Total Fees/Processing Time None 3-4 days and 847
minutes
456
How to send feedback  Upon receipt of email alert on sad
emoticon/negative feedback, forward email alert
to concerned Division/Unit Head through email
for the appropriate action to be taken within two
(2) working days from receipt.
How feedbacks are  For daily incident report, FM unit access FMS
processed every end of the day to highlight the immediate
actionable concern of the P6 departments/
offices on the feedback gathered from the
external clients within the day.
 For weekly feedback report, FM unit access FMS
every Monday of the following week to recap the
feedback results of the week, what activities may
be planned for the week ahead, any issues that
need management’s immediate attention/action
and any notable achievements/accomplishments
of the P6 departments/offices.
 Upon receipt of instructions from the Division/Unit
Head, access FMS through feedback.bsp.gov.ph
to input the appropriate action/to be taken.
How to file a  Upon receipt of complaint forward email alert to
complaint concerned Division/Unit Head through email for
the appropriate action to be taken within 15
working days from receipt.
How complaints are  Upon receipt of instructions from the Division/Unit
processed Head, access FMS through feedback.bsp.gov.ph
to input the appropriate action/to be taken.
CCB, PCC, ARTA

Quezon City
457
3. Acceptance of Deposit and Conduct of Verification (update)
The Cash Department (CD) receives currency deposit (banknotes and/or coins) from
banks. For banknotes, these should be stored in clear plastic bags and at a standard
quantity of twenty (20) bundles per bag. For coins, deposit must be made in multiples
of 50 bags per denomination, series and fitness level.
Prior to actual deposit, the Authorized Agent Banks (AABs) shall pre-advise and register
their deposit thru the Integrated Currency Management System (ICMS) -Cash Services
Portal (CSP) facility.
Upon acceptance of deposit, a BSP Reception Automatic Report is issued and the full
amount of deposit is conditionally credited (i.e., immediately credited subject to
subsequent adjustment for discrepancies, if any) to the demand deposit account of the
client. Charges may be imposed based on the type of deposit.
Verification of these bags is conducted at a later date, and adjustment/s to the demand
deposit account may be effected based on the verification result (as shown in the BSP
counting deposit summary report issued to client bank).

Type of
Government to Business Entity (G2B)
Transaction:
Who may avail: Banks registered in Philippine Payment and Settlement System
(PhilPaSS) and enrolled in the ICMS-CSP
4. Letter of Authorization to transact/enter BSP 1. Client bank
premises – 3 original/ scanned391 copies [1st
copy for command post - SSD, 2nd copy for
the Custodian Services Division (CSD)- CD,
3rd copy for reception area – SSD]
5. Non-BSP Identification Card (ID) – 2 copies 2. Security Services Department (SSD)

[1st original/scanned copy for SSD, 2nd copy
for CD]
Please see below the documentary

requirements392 for the issuance of a Non-
BSP ID valid for one (1) year.
391PDF, JPEG or any similar formats

392Required documents to be submitted to CSD-CD for processing of Non-BSP ID:
a. Bank Representative – a) Endorsement from Applying Commercial Bank, b) Two (2) pcs. 1x1 or 2x2 ID
pictures, c) NBI Clearance.
458
6. Registered Delivery Report (RDR) – to be 3. Generated from PC of depositing bank
validated at CSD and duly-signed by bank through Cash Services Portal (CSP)
representatives – 1 original copy
7. Color-coded tag – 1 original copy with 4. Generated from PC of depositing bank

deposit label per banknote bag/coin pallet, through CSP
which is compliant with the prescribed
specifications393 and bears the required
information394
8. Banknotes and/or coins to be deposited 5. Capital, business operations and other

(For banknotes - in shrink-wrapped possible sources of the client bank
bundles395 stored in transparent plastic bags
based on the prescribed specifications396.
For coins – stored in canvass bags based
on the prescribed specifications397)
9. Authority to Debit398 6. Client bank
FEES TO PROCESS PERSON

BE PAID ING TIME RESPONSIBLE
DEPOSIT
Activities Prior to the
Day of Actual Deposit
1. Submit through e- 1. Verify a day before None 3 minutes Bank Officer (BO) II
mail on or before the actual date of CSD
3:00 p.m. a day deposit the letter of
before the actual authorization as to Or
date (day 1) of the the authenticity of
bulk deposit affixed signature of
b. Bank Driver – a) NBI Clearance, b) Endorsement letter from Applying Commercial Bank
The client shall bear the cost for processing of Non-BSP ID including all other costs as required (i.e. NBI
Clearance, 2 pcs of ID pictures, etc)
393 Pink tags for unfit notes, brown for fit notes and green for mixed notes regardless of the banknote
denomination; green for 10-piso coins, pink for 5-piso coins, and brown for 1-piso and lower denominations
regardless of coin type
394 Name of bank, Deposit Date, Amount, Denomination, Type of Deposit
395 Consist of 10 wrappers per bundle
396 Plastic bag for Notes - Length - 47"; Width - L2.50"; and Height - 5.25," or as may be specified by RMASS
as per Circular No. 931, Series of 2016

397 Canvass Bags for Coins: 46cm x 31cm (approximately)
398 In favor of BSP to the CD to debit their respective DDAs maintained with the Bangko Sentral for the
corresponding service fees on their transactions. This document is valid until revoked by the client bank
and/or superseded by an updated version.
459
transaction a letter the duly-authorized Senior Currency
of authorization officer of the bank, Specialist (SCS)
indicative of and affix name of CSD
names of the bank signature verifier
representative/s, thru stamping of the
driver/s and letter of
security authorization
personnel, and the
armored car plate 1.1 Once the signature None 3 minutes
number/s, which has been
will serve as the authenticated, BO II
bank’s Gate Pass include the CSD
on the actual day requesting bank in
(day 2) of deposit the list of banks that Or
will enter the Bangko
*Make sure that the Sentral ng Pilipinas SCS
letter of authorization (BSP)-Quezon City CSD
was signed by (QC) on a given day
authorized officer of (i.e., Request for
depositing client bank Gate Pass)
1.2 Prepare the Request None 30 minutes

for Gate Pass
BO II
(Request to Enter
CSD
BSP Premises by
CD to SSD) and Or
forward the same,
along with the SCS
authenticated letters CSD
of authorization, to
the Deputy Director Deputy Director
for approval and (DD)
signature CD
1.3 Secure the signature None 15 minutes

of the Deputy
BO II
Director CSD
Or
SCS
CSD
1.4 Retrieve the signed None 30 minutes

copy of Request for
Gate Pass (Request BO II
460
to Enter BSP CSD
Premises by CD to
SSD), and Or
reproduce 2 copies
SCS
and forward these to
CSD
the Security
Services Department
(SSD)
Activities on the Day
of Actual Deposit
9. Proceed and enter 1. Inspect driver/s, bank None 5 minutes Security Officer
the BSP Security representatives, (SO)
Plant Complex security personnel SSD
(SPC) not later and the armored
than 2:30 p.m. vehicle/s upon entry
upon at BSP QC premises.
clearance/subjectin Check if these
g to security personnel and
procedures vehicles are included
in the approved
* Make sure that Request for Gate
forbidden items such Pass (Request to
as firearms and Enter BSP Premises
ammunitions are not by CD to SSD).
to be brought inside
the BSP Premises
2. Register in a 2. Receive service ticket None 1 minute BO II

logbook 399at the number and RDR CSD
Tellers’ Area and from the bank
get a service ticket representative. Or
number thru the
SCS
kiosk CSD
2.1 Once the service None 5 minutes BO II

ticket number is 2.1 Receive the CSD
called, submit the documents and perform
documents for the following: Or
checking a. Validate bank
representative’s SCS
authority to transact CSD
with the CD by
399 Registration shall only be done once per day for both deposit and withdrawal transactions.
461
subjecting the bank
representative to
biometric fingerprint
scanning.
b. Ascertain
completeness of
entries/data/pertine
nt deposit
information
indicated on the
RDR.
c. Once the authority

of the bank
representative to
transact at BSP has
been validated, affix
name of the
processor thru
stamping of RDR
d. Queue bank deposit
at ICMS and return
validated RDR to
the Authorized Bank
Representative
2.2 Instruct guard on None 1 minute Accountable
duty to call bank on Officer (AO)
queue to the assigned CD
loading bay
SO
SSD
3. Proceed to None None None None

assigned loading
bay once service
ticket number has
been called
3.1 Submit the 3.1 Stamp the RDR thru New/Fit Note Banknotes: AO
validated RDR to the the use of the dater Deposit – 20 bags CD
AO; and unload in the machine and check and PHP200 per and below
assigned loading bay ensure that: bundle - Within 30
the banknotes/coins minutes.
to be deposited Banknotes: Unfit Note For every
a. Clear plastic bags Deposit – 10 bags
are sealed; and None thereafter -
462
b. One (1) deposit bag additional
label is attached per Mixed Note 10 minutes
bag; Deposit –
PHP240 per
bundle Coins:
Coins: Every 50
c. Canvas bags are bags -
tied and sealed; and within 30
d. One deposit bag minutes.
label is attached to
each palette
composed of either
50 or 100 coin bags.
The above procedures

entail the following
substantial compliance
costs:
a. Banknotes:
Clear transparent
plastic bag for every 20
bundles, shrink
wrapping machine,
shrink wrapping film or
any transparent plastic
to shrink wrap every
bundle, rubber band,
sealer (tape and/or
plastic lock-wire),
colored tags, sticker
paper, inkjet/laser
printer and ink for
printing Deposit Bag
Label, paper wrapper,
paper cost for the
Registered Delivery
Report (RDR)
b. Coins:
canvass bag, sealer
(tape or plastic lock
wire), colored tags,
sticker paper,
inkjet/laser printer, ink,
colored tags, sticker
463
paper, inkjet/laser
printer and ink for
printing Deposit Bag
Label, paper wrapper,
paper cost for RDR;
c. Other substantial
costs like armored car,
bank
representative/Cash in
Transit company
services, pocket-less
uniform of bank
representatives in order None
to transport their
deposits to CD and
other costs that may be
imposed by BSP in
relation to the services
being rendered by CD
3.2 Witness the
inspection and
counting by BSP of
banknote and/or coin 3.2 Conduct bundle,
deposits wrapper, and/or bag
count, including the None 10 minutes AO
checking of CD
denomination and
classification (for
banknotes only), with
the assistance of
Currency Operations
Crew (COC) and
compare the same from
the information stated
in the RDR.
3.3 Once the deposit is

found to be in order,
4. Record deposits release a signed BSP None 1 minute AO
at the Summary of Reception Automatic CD
Banks Daily Report to the
Deposits and affix authorized bank
signature representative.
(Authorized Bank
464
Representative/s
who underwent 4. Validate the accuracy
fingerprint and completeness of 1 minute AO
scanning) the following: CD
a. Name of Bank
b. Amount Received
per Type of Deposit
c. Time-In (refer to
Item 3.1)
d. Time-Out (refer to
BSP Reception
Automatic Report)
e. Signature
VERIFICATION
Activities on the day
prior to actual
verification
1. None 1. Notify the bank via e- None 2 minutes AO

mail of its verification CD
schedule
1.1 Prepare BSP None 2 minutes Secretary

Security Entry Permit of Office of the
bank representative/s Director (OD)
who confirmed their CD
attendance to witness
thru Closed Circuit Or
Television (CCTV) Secretary
monitors actual Office of the
verification Deputy Director
(ODD)
CD
1.2 Approve BSP entry None 2 minutes Director

permit request CD
Or
Deputy Director
(DD)
CD
Activities on the
actual day of
verification
465
1. Proceed to the 1. Transfer note/coin Fit Note 20 minutes AO
Viewing Room and deposits from the Deposit CD
witness the vault to the mixed with
verification of its verification room. unfit notes
currency deposit. upon
1.1 Conduct bag verification – 10 minutes Verification Team
bundle/wrapper count PHP300 per Head
with the assistance of bundle or a Currency
Currency Operations fraction Operations Crew
Crew, and compare thereof CD
total number of bags,
denomination and
classification against Unfit Note
the Deposit bag label Deposit
and Container Transfer mixed with fit
details. notes upon
verification –
1.2 Perform verification PHP240 per 6 1/2 hours Verification Team
of note through (1) bundle a day and Currency
Automated Banknote Operations Crew
Processing Machine CD
[which involves the use
of Process Control
Document (PCDs)], or
(2) banknote counting
machine and/or coin
counting machine.
1.3 Encode the

counting information in 20 minutes Verification Team
ICMS and generate after each Head
reports (as listed in the batch CD
preceding column).
1.4 Submit to the AO

reports for review and
signature and forward By 2:00 – Verification Team
the same to Accounting 2:30 PM Head
Division. (manual CD
verification
)/3:00 -
3:30 PM
(ABPM)
466
1.5 Provide result of The Accounting
verification to client following Division, CD
bank (BSP Counting day after
Deposit Summary verification
Report)
Total Fees/Processing Time BSP: As For Acceptance of Deposits:
applicable a. Banknotes:
2 hours and 15 minutes for
Including 20 bags, and additional 10
substantial minutes for every 10 bags
compliance thereafter
cost as b. Coins:
stated 2 hours and 15 minutes for
above 50 bags, and additional 10
minutes for every 50 bags
thereafter
For Verification:
7 hours and 20 minutes
For providing result of

verification to AABs; the
following day after
verification
467

said system.
CCB, PCC, ARTA

Quezon City
468
4. Over-the-Counter Acceptance of Check Deposits (update)
The Cash Department (CD) receives check deposits from client banks and issues “Bank
The Cash Department (CD) receives check deposits from client banks and issues “Bank
Deposit (Over the Counter)” report. The demand deposit account of the client is credited
once the check has been cleared by the Philippine Clearing House Corporation.

Type of
Transaction:
Who may avail: Banks
Card (ID) – 1 original copy m. Department of Foreign Affairs (DFA)
n. Professional Regulations Commission (PRC)
o. Social Security System (SSS)
p. Government Service Insurance System
(GSIS)
q. Land Transportation Office (LTO)
r. Overseas Workers Welfare Administration
(OWWA)
s. Maritime Industry Authority (MARINA)
t. Local Government Unit (LGU) - Senior
Citizen
u. Firearms and Explosive Office (FEO)
v. Postal Office
w. Commission on Elections (COMELEC)
x. Bureau of Immigration (BI)
Secondary IDs –
g. Company ID
h. Bureau of Internal Revenue
i. LGU – Barangay
j. Home Development Mutual Fund (HDMF)
k. Philippine National Police
l. National Bureau of Investigation (NBI)
11. Security Services Department (SSD)

5. Non-BSP ID – 1 original copy
12. Banking Services Division (BSD) I and/or II
6. Check Deposit Slip (ChDS) – 4 original
copies (1st and 2nd copies for CD
Accounting, 3rd copy for Teller, and 4th
copy for client bank,)
469
13. Capital, business operations and other possible
7. Check/s sources of the client bank
AGENCY FEES TO BE PROCESSING PERSON

CLIENT STEPS
ACTIONS PAID TIME RESPONSIBLE
10. Leave valid ID at 1. Issue in return Cost of 5 minutes Security Officer
the Reception an access securing ID (SO)
Area of Bangko card/non-BSP from other SSD
Sentral ng ID to enter government BSP-Manila
Pilipinas (BSP)- BSP-Manila offices
Or
Manila and and QC
Quezon City (QC) premises. SO
SSD
BSP-QC
2. Proceed to the None None None None

Tellers’ Area of
the Cash
Department (CD),
and get a service
ticket number not
later than 12:00
nn and 2:00 p.m.
for BSP QC and
Manila,
respectively
3. Once service 3.1 Determine the None 5 minutes Teller
ticket number is acceptability of reckoned from BSD I
called, submit to check, and the receipt of BSP-Manila
the Teller the validate the accomplished
accuracy of the /complete Or
check and
accomplished information documents Teller
form. contained in the from the client BSD II
check and BSP-QC
* Make sure that the accomplished
check/s is/are form.
compatible with
Check Image 3.2 Encode in the None Teller
Clearing System Integrated BSD I
Currency BSP-Manila
Management
System (ICMS) Or
the depositing
Teller
bank and check
470
details, and BSD II
generate the Bank BSP-QC
Deposit (Over the
Counter) report for
signature by the
issuing Teller
3.3 Release the None Teller

Bank Deposit BSD I
(Over the BSP-Manila
Counter) report to
the client bank Or
Teller
BSD II
BSP-QC
Total Fees/Processing Time BSP: None 10 minutes
Including
substantial
compliance
cost as
stated above
471

said system.
Contact Information of ARTA: Contact no. 8988-4836
CCB, PCC, ARTA

Quezon City
Cash Department A. Mabini Street, Malate 028-7087452
Manila, Manila
472
5. Redemption of Notes and Coins (Simple and Highly Technical Cases) (update)
The Cash Department (CD) receives mutilated currency deposits (banknotes and/or
coins) from all Authorized Agent Banks (AABs). For simple case of mutilation, this is to
be examined outright and if found to be with redemption value, the AABs demand deposit
account (DDA) maintained with the BSP shall be credited accordingly.
For highly technical cases of mutilation, no-value banknotes and/or items suspected to
be counterfeit, these shall be referred to the Currency Issue and Integrity Office (CIIO)
for examination. Once examination has been completed and redemption value is
established, AABs’ DDA shall be credited accordingly. A Currency Action Sheet (CAS)
containing the result of the examination shall be forwarded to CD-Accounting as
reference for crediting DDA of AABs. Any counterfeit items shall be retained by CIIO.

Classification: Simple (for cases that do not need referral to CIIO) or Highly
Technical (for cases requiring referral to CIIO)
Type of Transaction: Government to Business Entity (G2B)400/ Government to Government
(G2G)
Who may avail: Authorized Agent Banks (AABs)
1. Letter of Authorization to transact/enter 1. Client Bank

BSP premises – 3 original/ scanned401
copies [1st copy for command post - SSD,
2nd copy for the Custodian Services
Division (CSD)- CD, and 3rd copy for
reception area – SSD]
2. Non-BSP Identification Card (ID) - 2 2. Security Services Department (SSD)

copies [1st original/scanned copy for SSD,
2nd copy for CD]

requirements402 for the issuance of a Non-
BSP ID valid for one (1) year.
400Prior to the COVID19 pandemic, citizens/individual clients were allowed to directly submit to the BSP their
currency claims for examination. However, given this existing health predicament, this practice was
discontinued. Rather, request for exchange/examination by individual and business clients shall all be
coursed through Authorized Agent Banks (AAB). Mutilated Currency found to be with redemption value shall
be exchanged via direct credit to AABs demand deposit account maintained with BSP.
401PDF, JPEG or any similar formats
402Required documents to be submitted to CSD-CD for processing of Non-BSP ID:
c. Bank Representative – a) Endorsement from Applying Commercial Bank, b) Two (2) pcs. 1x1 or 2x2 ID
473
3. Application for Examination of 3. Banking Services Division (BSD) I (BSP
Mutilated/Doubtful Currencies (AEC) - 3 Manila) and II, (BSP Quezon City)
copies [1st copy for the CIIO-Currency
Integrity Staff (CIS), 2nd copy for CD-BSD
I/II and 3rd copy (photocopy) for AAB
client.
4. Banknotes/Coins to be examined* 4. Deposits from AABs clients
* Make sure that the subject currency notes

and/or coins were prepared in accordance
with the “Guidelines on the Submission of
Mutilated/Doubtful Currencies for
Examination” prior to the submission to BSP.

Day of Actual Deposit
of banknotes and
coins to be examined
2. Submit through e-
2. Verify a day None 3 minutes Bank Officer
mail on or before (BO) II CSD
3:00 p.m. a day before the actual
before the actual date of deposit
Or
date (day 1) of the the letter of
deposit transaction authorization as Senior Currency
a letter of to the authenticity Specialist (SCS)
authorization of affixed CSD
indicative of names signature of the
of the bank duly-authorized
representative/s, officer of the
driver/s and bank, and affix
security personnel, name of
and the armored signature verifier
car plate number/s, thru stamping of
which will serve as the letter of
the bank’s Gate authorization
BO II
Pass on the actual CSD
474
day (day 2) of 1.5 Once the None 3 minutes
deposit signature has Or
been
*Make sure that the authenticated, SCS
CSD
letter of authorization include the
was signed by requesting bank
authorized officer of in the list of
depositing client bank banks that will
enter the Bangko
Sentral ng
Pilipinas (BSP)-
Quezon City
(QC) on a given
day (i.e., Request
for Gate Pass)
BO II
1.6 Prepare the None 30 minutes CSD
Request for Gate
Pass (Request to Or
Enter BSP SCS
Premises by CD CSD
to SSD) and
forward the Deputy Director
same, along with (DD)
the authenticated CD
letters of
authorization, to
the Deputy
Director for
approval and
signature
BO II
CSD
1.7 Secure the None 15 minutes
signature of the Or
Deputy Director
SCS
CSD
BO II
Retrieve the signed None 30 minutes CSD
copy of Request for
Gate Pass (Request Or
to Enter BSP
Premises by CD to SCS
475
SSD), and CSD
reproduce 2 copies
and forward these to
the Security
Services
Department (SSD)
Activities on the Day of
Actual Deposit
11. Proceed and 2. Inspect driver/s, None 5 minutes Security Officer

enter the BSP bank (SO)
Security Plant representatives, SSD
Complex (SPC) not security personnel
later than 2:30 p.m. and the armored
upon vehicle/s upon
clearance/subjecting entry at BSP QC
to security premises. Check if
procedures these personnel
and vehicles are
* Make sure that included in the
forbidden items such approved Request
as firearms and for Gate Pass
ammunitions are not to (Request to Enter
be brought inside the BSP Premises by
BSP Premises CD to SSD).
2. Proceed to the 1. None None None None

Tellers’ Area of the
CD, get a service
ticket within the
operating hours of
9:00 a.m. to 2:00
p.m., and then fill up
the AEC form
3. Once service ticket 3.1 For simple Cost of
number is called, cases: paper and
submit the AEC transparent
and currency notes a. Outright adhesive
and/or coins for examination and tape to be
examination counting of used for
submitted mounting Teller
* Make sure that the banknotes/coins mutilated BSD I
subject currency to determine currency BSP – Manila
notes and/or coins redemption Simple:
were prepared by in value Or
476
accordance with the 15 minutes for
“Guidelines on the b. Once every 3 pieces Teller
Submission of redemption BSD II
Mutilated/Doubtful value is BSP – QC
Currencies for determined,
Examination” prior to endorse to the
the submission to CD-Accounting
BSP. Division (AcD)
for crediting of
the AABs’ DDA.
3.2 For highly

technical cases,
doubtful/
counterfeit, and
no-value
banknotes:
a. Forward the None Teller

AEC and sealed 30 minutes per BSD I
claims to the batch403 BSP – Manila
Currency Issue
and Integrity Or
Staff (CIS) -
Analysis Teller
BSD II
Division (AD) of
BSP – QC
the Currency
Issue and
Integrity Office
(CIIO) for
examination*
* CIS shall examine

the claims within 17
days from its date of
receipt
403 At least seven (7) sealed packages per batch

477
3. Receive the report 4. Receive the CAS None Teller
on the result on from CIS-AD-CIIO BSD I
examination containing the BSP – Manila
result of
Or
examination and
count the Teller
currency items BSD II
BSP – QC
4.1 For no
value/counterfeit
items: Release None Senior Currency
CAS to the AAB Specialist (SCS)
CIS
client and retain
CIIO
the possession
of examined
currency
30 minutes
4.2 For items with
(from receiving
redemption
CAS from CIS-
value:
AD-CIIO to
crediting of the
a. Endorse to the
AABs’ DDA)
CD-Accounting
Division (AcD) None
Teller
for the crediting
BSD I
of the AABs BSP – Manila
demand deposit
account Or
Teller
BSD II
b. Credit the BSP – QC
account of the
client None Accounting
Specialist
CD AcD
Or
BO II
CD AcD
478
Total Fees/Processing Time BSP: None Simple Case: 15 minutes404
(with 3 pieces of currencies for
Including examination or less)
substantial
compliance Highly Technical: 20 days
cost as (inclusive of examination time
stated of CIIO)
above
404 The total processing time varies with the number of pieces of currencies submitted for examination.
479

provided within five (5) working days onto the
said system.
processed communicate, within 15 days from receipt of
complaint, to the client through letter/email (as
applicable) the action plan/s and/or actions
already taken.
CCB, PCC, ARTA

Quezon City
480
6. Sale of Commemorative Notes and Coins (update)
The Cash Department (CD) has commemorative notes and coins (CNCs) available for sale to
the general public. Upon presentation of payment, CD releases the item/s to be purchased
and issues an official receipt (OR).

Type of
Transaction: Government to Citizen (G2C)/ Government to Business Entity
(G2B)/Government to Government (G2G)
Who may avail: All
8. Primary or Secondary Identification Card 14. Primary IDs –
(ID) – 1 original copy y. Department of Foreign Affairs (DFA)
z. Professional Regulations Commission (PRC)
aa. Social Security System (SSS)
bb. Government Service Insurance System (GSIS)
cc. Land Transportation Office (LTO)
dd. Overseas Workers Welfare Administration
(OWWA)
ee. Maritime Industry Authority (MARINA)
ff. Local Government Unit (LGU) - Senior Citizen
gg. Firearms and Explosive Office (FEO)
hh. Postal Office
ii. Commission on Elections (COMELEC)
jj. Bureau of Immigration (BI)
Secondary IDs –
m. Company ID
n. Bureau of Internal Revenue
o. LGU – Barangay
p. Home Development Mutual Fund (HDMF)
q. Philippine National Police
r. National Bureau of Investigation (NBI)
9. Non-BSP ID (1 original copy) 15. Security Services Department (SSD)

10. List of Available Demonetized/ 16. Banking Services Division (BSD) I and II, CD/ Client
Commemorative Notes and Coins (CNC)
(1 original copy) or Confirmation Letter for
email request
11. Payment for CNCs to be purchased 17. Various manners of acquisition of client (e.g.
employment, business, receipt of gift, winning and
inheritance)
12. For on-line/email request from abroad 18.
5.1 List of items to be purchased 5.1. Banking Services Division (BSD) I and II, CD
481
5.2 Authorization letter to take out of the 5.2. International Operations Department (IOD)
country legal tender CNC if exceeding the
allowable maximum amount
5.3Transaction ticket for wire transfer 5.3 Financial Market Operations Sub-Sector
payment
13. Authorization Letter and valid ID (original 6. Client
or photocopy with signature) for

12. Leave valid ID at 1. Issue in return an Cost of 5 minutes Security Officer (SO)
the Reception access card/non- securing ID SSD
Area of Bangko BSP ID to enter from other BSP- Manila
Sentral ng BSP-Manila and government
Pilipinas (BSP)- QC premises. offices Or
Manila and SO
Quezon City (QC) SSD
BSP- QC
13. Proceed to the 2. None None 10 minutes None
Tellers’ Area of both in Manila
the Cash and in QC
Department (CD),
get a service ticket
number not later
within the
operating hours of
9:00 pm than 2:00
p.m., and then fill
up the form “List
of Available
Demonetized/Com
memorative Notes
and Coins”
14. Once queuing 3.1 Receive and time Cost of printer, Per
number is called, stamp the ink and paper transaction,
submit to the form/confirmation for printing of within ten (10)
Teller the letter confirmation minutes for Teller
accomplished letter every ten (10) BSD I
BSP-Manila
form or printed pieces of CNC
confirmation letter 3.2 Determine the None items to be Or
availability of bought,
requested CNC reckoned from Teller
items; and the receipt of BSD II
complete and BSP- QC
482
3.3 Check the None properly
accuracy of indicated accomplished
information (i.e., documents.
number of pieces to
be purchased and
the amount to be
paid) on the form.
3.4 If needed, the None Teller

BSD I
Teller will then BSP-Manila
request from
Accountable Officer Or
(AO) the CNC items
to be purchased that Teller
are not in the BSD II
possession of the BSP- QC
former.
4. Pay and receive 4. Receive and None 10 minutes Teller

the CNC items count the BSD I
purchased. payment BSP-Manila
tendered. If
*Make sure to check payment is found Or
and count the items to be in order, Teller
against the OR to teller will prepare BSD II
determine and release the BSP- QC
correct/complete CNC items to
fulfillment of order, client with the
and keep the OR corresponding
BSP OR signed
by the former.
Total Fees/Processing Time BSP: None
35 minutes
Including (for every 10 pieces of CNC items
substantial bought)
compliance
cost as stated
above
483

said system.
CCB, PCC, ARTA

Cash Department Mabini St. Malate, Manila 028-7087452
Quezon City
484
7. Servicing of Withdrawal Requests (update)
The Cash Department (CD) provides the local currency requirements (banknotes and/or
coins) of banks. Prior to release of currency, the Authorized Agent Banks (AABs) shall
create their orders through the Cash Services Portal (CSP) facility. Likewise, the order
should be confirmed by BSP personnel and funded before actual withdrawal by bank.
Upon completion of transaction, the client receives the currency withdrawn.

Type of
Transaction:
Who may avail: Banks registered in Philippine Payment and Settlement System
(PhilPaSS) and enrolled in the ICMS-CSP
1. Letter of Authorization to transact/enter 1. Client bank
BSP premises – 3 original/ scanned405
copies [1st copy for command post -
SSD, 2nd copy for the Custodian
Services Division (CSD)- CD, and 3rd
copy for reception area – SSD]
2. Non-BSP Identification Card (ID) - 2 2. Security Services Department (SSD)

copies [1st original/scanned copy for
SSD, 2nd copy for CD]

requirements406 for the issuance of a
Non-BSP ID valid for one (1) year.
3. Cash Order Slip (COS) duly signed by 3. CSP

authorized approving officers - 1
original copy and 1 photocopy
4. Authority to Debit407 4. Client bank
405 PDF, JPEG or any similar formats

406 Required documents to be submitted to CSD-CD for processing of Non-BSP ID:
a. Bank Representative – a) Endorsement from Applying Commercial Bank, b) Two (2) pcs. 1x1 or 2x2 ID
b. Bank Driver – a) NBI Clearance, b) Endorsement letter from Applying Commercial Bank
407 In favor of BSP to the CD to debit their respective DDAs maintained with the Bangko Sentral for the
corresponding service fees on their transactions. This document is valid until revoked by the client bank
and/or superseded by an updated version.
485
5. Signature Cards408
5. Client bank
PROCES PERSON
AGENCY
CLIENT STEPS FEES TO BE PAID SING RESPONSIBL
ACTIONS
TIME E
Day of Actual
Withdrawal
1. Request currency 1.1 Check None 5 minutes COS Processor

for withdrawal availability of per bank Banking
through CSP not requested Services
later than 12:00 nn currency. Division (BSD)
at least a day
before the actual
date of
withdrawal409
1.2 If currency is None 5 minutes
*Make sure to available, assign per bank Accountable
confirm in ICMS the order Officer (AO)
modification to of bank for BSD
order if such was withdrawal.
Or
made
COS Processor
BSD
1.3 If requested None

currencies are AO
unavailable, may BSD
offer to substitute
other Or
denominations. If
the bank is COS Processor
BSD
amenable to the
substitution,
modify and assign
the order in ICMS.
Whenever there are updates or every two (2) years whichever comes first
408
Emergency withdrawals are an exemption as they may be filed on the actual day of withdrawal upon
409
approval by the Group Head of the Cash Department (CD).

486
2. Once order is None None 5 minutes None
assigned in ICMS per bank
by the AO, print a
copy of the COS in
CSP for signature
of their respective
Authorized
Approving
Signatories and
Bank
Representatives
3. Submit through e- 3. Verify a day

mail on or before before the
3:00 p.m. a day actual date of
before the actual withdrawal the
date (day 1) of the letter of
withdrawal authorization
transaction a letter as to the
of authorization authenticity of
indicative of names affixed
of the bank signature of the
representative/s, duly-authorized Bank Officer
driver/s and officer of the (BO) II CSD
security personnel, bank; and
and the armored None 3 minutes Or
car plate number/s, Affix name of
which will serve as signature Senior
Currency
the bank’s Gate verifier thru Specialist
Pass on the actual stamping of the (SCS)
day (day 2) of letter of CSD
withdrawal. authorization
*Make sure that the

letter of authorization 3.1 Once the None 30
was signed by signature has minutes
authorized officer of been BO II
withdrawing client authenticated, CSD
bank include the
Or
requesting bank in
the list of banks SCS
that will enter the CSD
487
Bangko Sentral ng
Pilipinas (BSP)-
Quezon City (QC)
on a given day
(i.e., Request for
Gate Pass).
3.2 Prepare the None 15 BO II

CSD
Request for Gate minutes
Pass (Request to Or
Enter BSP
Premises by CD SCS
to SSD) and CSD
forward the same,
along with the
authenticated Deputy Director
letters of CD
authorization, to
the Deputy
Director for
approval and
signature.
BO II
3.3 Retrieve the None 30 CSD
signed copy of minutes
Request for Gate Or
Pass (Request to
Enter BSP SCS
Premises by CD CSD
to SSD), and
reproduce 2
copies and
forward these to
the SSD
Activities on the Day
of Actual Withdrawal
1. Proceed and enter 1. Inspect bank None 5 minutes Security Officer

(SO) SSD
the BSP Security representatives,
Plant Complex driver/s, security
(SPC) not earlier personnel and the
than 9:00 a.m. but armored vehicle/s
not later than 3:30 upon entry at BSP
p.m. upon QC premises.
clearance/ Check if these
personnel and
488
subjecting to vehicles are
security included in the
procedures Request for Gate
Pass.
* Make sure that
forbidden items such
as firearms and
ammunitions are not
to be brought inside
the BSP Premises.
None 1.1 Once the None 1 minute BO II
PhilPaSS notice CSD
has been received
from PSO, inform Or
the bank
SCS
representatives to CSD
get service ticket
number from
kiosk.
5. Register in a None None 1 minute None

logbook410 at the
guardhouse of the
Tellers’ Area and
get a service ticket
number.
5.1 Once the 5.1 Ask the bank Cost of printer, ink, 4 BO II
service ticket to sign the and paper for minutes411 CSD
number is called, PhilPaSS Settled printing of the per COS
submit the Withdrawal and required documents Or
documents for proceed with the
SCS
checking. checking of CSD
documents as to:
a. completeness/
accuracy of
information;
b. authenticity of
affixed
signatures;
c. authority of the
signatories as
410 Registration shall only be done once per day for both deposit and withdrawal transactions.
411 Process time is reckoned from the time of receipt of complete and properly-accomplished documents.
489
to the amount
to be
withdrawn; and
d. funding of the
withdrawal
request (i.e., as
evidenced by
the PhilPass
Settled
Withdrawal)
5.2 If found in BO II
order, sign the CSD
COS; and None
Or
Route the COS 25
SCS
along with the minutes CSD
PhilPaSS Settled
Withdrawal, for
approval of/ DD
signature by the CD
Deputy Director
and then deliver to
the assigned AO.
6. Proceed to the 6. Release Denomi

nation
Service Fee per
Bundle
30 AO
assigned loading currency to bank (In PHP) minutes BSD
bay and receive representatives New Fit per bank
1000 200.00 140.00
the currency upon the conduct 500 100.00 70.00
requested to be by the latter of 200 40.00 28.00
withdrawn upon box/bag-count: 100 20.00 14.00
performance of 50 10.00 7.00
required 6.1 Sign the COS 20 4.00 3.00
procedures on to evidence the
currency checking receipt Cost of armored car/
and documentation Cash In Transit
6.1 Retain the company services,
* Only one (1) COS COS signed by the and pocket-less AO
per bank per day is bank along with uniform of bank BSD
allowed the signed representatives
PhilPass Settled
Withdrawal
None
Total Fees/Processing Time BSP: As applicable Prior day:
93 minutes
490
Including Actual day:
substantial 66 minutes
compliance cost as
stated above


said system.
Contact Information of ARTA: Contact no. 8988-4836
CCB, PCC, ARTA

Quezon City
491
Mint and Refinery Operations Department
External Services
492
Gold Buying Program (update)
Purchase of Gold from the General Public (BSP-Quezon City)
Office or Division: Gold Buying Station, BSP-Quezon City

Type of Transaction: G2B – Government to Business Entity / G2C – Government to Citizen
Who may avail: General Public
Two (2) Government Issued IDs Department of Foreign Affairs (DFA),
(2 originals, 2 photocopies) Land Transportation Office (LTO),
Professional Regulation Commission (PRC), Social
Security System (SSS),
Government Service Insurance System (GSIS),
Overseas Workers Welfare Administration
(OWWA),
Local Government Unit (LGU) - Senior Citizen,
Post Office,
Commission on Elections (COMELEC),
Bureau of Internal Revenue (BIR),
Home Development Mutual Fund (HDMF)
Tax Identification Number Card / Form Bureau of Internal Revenue (BIR)
(1 original, 1 photocopy)
Passbook savings account or ATM with account To be provided by the client
number
Two (2) passport-size ID photo To be provided by the client
Valid and effective or pending application for SSM To be provided by the client (for BSP Certification
Contract issued by PMRB/DENR-MGB with respect to RA 11256)
Acknowledgement of Gold Delivery and Sale To be provided by the client (if availing for tax
(1 original, 1 photocopy) exemption); issued by Registered Small-scale
miner to trader
Business Permit (for traders/ companies) Local Government Unit
(1 photocopy)
Authority to Credit Bank Account To be sent digitally from Gold Buying Station
(1 original)
Letter of Authorization (LOA) To be sent digitally from Gold Buying Station
(1 original)
Customer Information Packet To be sent digitally from Gold Buying Station
(1 original)
Authority to Release Information To be sent digitally from Gold Buying Station
(1 original - Notarized)
Letter of Delivery and Sale (LDS) Gold Buying Station
(3 originals)
BIR Form No. 2200-M – Excise Tax Return for Bureau of Internal Revenue
Mineral Products
(3 originals)
493
BIR Form No. 2299 – Excise Taxpayer’s Removal Gold Buying Station
of Declaration
(3 originals)
Customer Satisfaction Survey Gold Buying Station
Risk Assessment Checklist for Sellers Gold Buying Station
(1 original)
Due Diligence Checklist Gold Buying Station
(1 original)
Supply Chain Assessment Form Gold Buying Station
(1 original)
Site Visit Form Gold Buying Station
(1 original)
Site Visit Report (For Medium/Large scale Mining) Gold Buying Station
(1 original)
Self-Assessment Questionnaires Gold Buying Station
(For Artisanal and Small Scale Mining Supply
Chain; Medium/Large Scale Mining Supply Chain)
(1 original)
Additional requirements for companies/ To be provided by the client

organizations:
1. Articles of incorporation/partnership
(1 photocopy)
2. Company By-laws
(1 photocopy)
3. List of Directors/Partners
(1 photocopy)
4. List of Principal Stockholders owning at least
2% of the capital stock
(1 photocopy)
5. List of beneficial owners, if any
(1 photocopy)
6. Latest Annual Report
7. List of sellers with data on weight of gold,
branch sold, and date of selling
- For Responsible Gold Sourcing
(1 original)
Gold to be submitted should meet the following requirements:

1. Physical form
a. Should be in bar or disc (powder and jewelry are not acceptable).
b. Should not contain mercury or amalgam in any quantity.
c. Should be free of slag and other foreign matter.
d. Should have no sign of metallic segregation / layering or poured shortness.
e. Should not be damp or wet.
2. Maximum Dimensions
a. Bar: 16.5cm long x 8cm wide x 4cm thick
b. Disc: 10cm diameter x 5cm thick
3. Weight
494
a. Maximum weight of bar or disc: 5kg
b. Maximum weight per lot: 10kg
4. Minimum Preliminary Gold Assay – 30%

1. Coordinate with the 1.1 Prepare entry None 30-60 minutes Assistant
Gold Buying Station permit of client Materials Control
at 8988-4657 or 1.2 Send Authority to Manager / BSP-
mrod@bsp.gov.ph for Credit Bank QC Gold Buying
the schedule of gold Account, LOA, Station, Materials
transaction or BSP CIP, and Authority Control Division
Certificate to Release (MCD)
application. Information forms Senior Materials
to client digitally. Controller, MCD
Deputy Director,
MROD-Control
and Support
Services Group
Deputy Director,
Security Services
Department
1. Apply for BSP 1.1 Receives the None Temporary Assistant

Certificate for documents for Certificate for Materials Control
Registered SSMs or BSP Certification Registered Manager / BSP-
BSP Certificate of and Accreditation SSMs=95mins. QC Gold Buying
Accreditation for Process Station, MCD
Traders for Tax 1.2 Issues Temporary/ Regular
Exemption (based on Regular Certificate Certificate for
RA 11256) Registered
SSMs = within 3
1.3 Issues Temporary/ working days
Regular
Accreditation Temporary
Accreditation =
120 mins.
Regular
Accreditation =
within 20
working days
2. Enrolment to BSP 2.1 Receives the None 15 minutes Financial
checkless payment details of the Services Group
process (for first time seller’s bank (FSG)
seller/ if changes are account and
made in the amount Authority to Credit
to be credited) Bank Account
495
3. Inputs updated gold None 5 minutes FSG
rate on the Gold
Purchasing and
Payment System
(GPPS)
4. Secure and 4.1 Provides the seller None 10 minutes Assistant
accomplish LDS and the necessary (depends on the Materials Control
BIR Form No. 2299 forms quantity and Manager / BSP-
(for SSM) packaging of QC Gold Buying
gold) Station, MCD
5. Submit the 5.1 Receives the None 30 – 240 a. Assistant
accomplished LDS accomplished LDS minutes Materials
and CIP together with form, stamps (depends on Control
the gold and the time/date, and log quantity of gold Manager /
Acknowledgement of information into the being sold) BSP-QC Gold
Gold Delivery and logbook Buying
Sale (for tax exempt Station, MCD
5.2 Receives/
transactions).
evaluates the
accomplished
Customer
Information Packet
5.3 Conducts Risk
Assessment
Checklist for
Sellers and Risk
Assessment
Checklist for
Source of Origin
5.4 Receives the gold b. Senior
Materials
5.5 Conducts weighing Controller,
of gold MCD
6. Submit the .7.1 Receives the None 10 minutes Assistant
accomplished LOA, .accomplished Materials Control
Authority to Release .LOA, Authority to Manager / BSP-
Information, BIR Release QC Gold Buying
Form No. 2200-M, Information, BIR Station, MCD /
and BIR Form No. Form No. 2200-M, Senior Materials
2299. and BIR Form No. Controller, MCD
2299
7. Generates the None 10 minutes Assistant
Reception Note Materials Control
(RN) and issues to Manager / BSP-
the client for QC Gold Buying
signature Station, MCD /
Senior Materials
Controller, MCD
496
8. Sign the RN and None 5 minutes Assistant
receive the client’s Materials Control
copy of the Manager / BSP-
completed RN and QC Gold Buying
LDS Station, MCD
9. Performs None 10-30 minutes Laboratory
preliminary Assay (depending on Manager,
on received gold quantity of gold) Laboratory and
Research
Division
11.1 Computes/ Minimum 30 minutes a. Assistant
prepares the of Materials
disbursement PhP1,600 Control
voucher for the per lot Manager /
advance payment based on Senior
Metal Materials
Recovery Controller,
Factory BSP-QC
1 lot= 10kg Gold Buying
max Station, MCD
Division
11.2 Approves b. Approving

Advance Payment MROD
Calculation Sheet Officers
(APCS)
11.3 Credit the c. FSG

payment to the
seller’s (client)
bank account.
10. Accomplish the None 5 minutes Assistant

Customer Materials Control
Satisfaction Survey Manager / BSP-
QC Gold Buying
Station, MCD
11. Receive advance None Within 2 banking FSG Officer
payment (99% of gold days
sale value)
14.1 Performs None Within 3 banking a. Assay Officer,

evaluation melting days Gold
on the gold Operations
received Section
14.2 Performs final Within 5 banking
assaying days b. Assistant
14.3 Prepares Final Materials
Analysis and Control
Outturn report Manager /
497
BSP-QC Gold
Buying
Station, MCD
c. Approving
14.4 Approves Final Within 1 banking MROD
Settlement day Officers
Calculation Sheet
(FSCS).
d. FSG
14.5 Credit the
payment to the
gold seller’s (client)
bank account
15. Receive final None Within 1 banking FSG
payment (1% of day
actual sale value)
498
How to send feedback  Answer the Customer Satisfaction Survey at the
Gold Buying Station or email mrod@bsp.gov.ph, or;
 Call the Feedback Management Unit (FMU) at 8-
306-2339 / 8-306-3006 or email at fmu@bsp.gov.ph
How feedbacks are Feedbacks are processed within 1 business day by the
processed Compliance Officer and if there are queries, the client
will be informed via email or phone call. Compliance
officer submits an action report to the FMU.
How to file a complaint Sellers are given 5 business days to file a complaint
from the date of final payment with the following
information:
- Full Name of seller
- Narrative of complaint
- Evidences
Send all complaints addressed to the Director of MROD

via email at mrod@bsp.gov.ph
How complaints are Upon receipt of the complaint, the MROD shall
processed investigate and provide a reply to the client within three
(3) working days from receipt of the complaint.
Contact Information of ARTA: 8-478-5093 / complaints@arta.gov.ph
ARTA, PCC, CCB PCC: 8888 / pcc@malacanang.gov.ph
CCB: 09088816565/

Mint and Refinery Operations BSP-SPC, East Avenue, mrod@bsp.gov.ph
Department Quezon City
BSP Gold Buying Station – BSP-SPC, East Avenue, 8-988-4564
Quezon City Quezon City
Material Control Division – BSP-SPC, East Avenue, 8-988-4657
Gold Refinery Quezon City
499
Currency Issue and Integrity Office
External Services
500
1. Examination of Mutilated/Doubtful Currencies Classified as Highly
Technical or with Severe Mutilation
The Currency Integrity Staff-Analysis Division, Currency Issue and Integrity Office (CIS-AD,
CIIO) receives doubtful/severely mutilated currencies from banks, business
establishments, law enforcement agencies and the general public for examination as to the
genuineness and/or redemption value, through the Cash Department (CD) and Regional
Offices and Branches (ROBs).
Office or Division: Currency Integrity Staff - Analysis Division

Classification: Highly Technical412
Type of Government to Business Entity413 (G2B)/Government to Government
Transaction: (G2G)
Who may avail: Banks and Representatives from Government including Law
Enforcement Agencies
Card (ID) – 1 original copy a. Department of Foreign Affairs
(DFA)
b. Professional Regulations
Commission (PRC)
d. Government Service Insurance
System (GSIS)
f. Overseas Workers Welfare
Administration (OWWA)
412 - Claims that “require the use of technical knowledge, specialized skills and/or training in the processing
and/or evaluation thereof” (Republic Act No. 11032, series of 2018). Examples: (a) counterfeit currencies; (b)
currency notes with defects.
- Claims involving Philippine currency notes and coins that are severely mutilated rendering piece-by-piece
counting, segregation and/or identification of genuineness, denomination, serial number and/or size
extremely difficult. Examples: (a) banknotes that are torn into small and multiple parts like a puzzle; charred
or brittle due to burning; fragile and stuck together due to prolonged exposure to moisture/flood water; and
(b) coins that exhibit signs of filing, clipping or perforations; are corroded/melted such that denomination and
genuineness cannot be easily distinguished.
413 Prior to the COVID19 pandemic, citizens/individual clients were allowed to directly submit to the BSP
their currency claims for examination. However, given this existing health predicament, this practice was
discontinued. Rather, request for exchange/examination by individual and business clients shall all be
coursed through Authorized Agent Banks (AAB). Currency with simple case of mutilation and found to be
with redemption value shall be exchanged outright. The AABs shall only forward to the BSP the currency
with highly technical mutilation or doubtful in nature. Once examination of the claim has been completed,
BSP shall credit to the account of the AABs the redemption value. The AABs shall then pay the claimant.
501
g. Maritime Industry Authority
(MARINA)
h. Local Government Unit (LGU) -
Senior Citizen
i. Firearms and Explosive Office
(FEO)
j. Postal Office
k. Commission on Elections
(COMELEC)
Secondary IDs –
a. Company ID
b. Bureau of Internal Revenue
2. Non-BSP ID -1 original c. LGU – Barangay
3. Application for Examination of e. Philippine National Police
Mutilated/Doubtful Currencies (AEC) f. National Bureau of Investigation (NBI)
and/or Letter Request if currencies are
subject to Issuance of Certification – 2. Security Services Department (SSD)
3 copies [1st copy for the CIIO-
Currency Integrity Staff (CIS), 2nd copy 3.
for Cash Department (CD)-BSD I/II and
3rd copy (photocopy) for client. a. For AEC:
i. Banking Services Division (BSD) I
(BSP Manila) and II, (BSP Quezon
City),
4. Banknotes/Coins to be examined* ii. BSP Regional Offices and Branches
(ROBs)
* Make sure that the subject currency
notes and/or coins were prepared in b. For Letter Request: Client
accordance with the “Guidelines on the
Submission of Mutilated/Doubtful 4. Various manners of acquisition of client (e.g.
Currencies for Examination” prior to the employment, business, receipt of gift, winning
submission to BSP. and inheritance)
502
CLIENT STEPS AGENCY FEES TO PROCESSING PERSON
1. Submit Highly 1. Receive from Administrative
Technical Claims to CD (BSDI/BSDll)/ Services Officer III
CIIO through ID/ROBs and Office of Director
CD/ID414/ROBs. forward to CIS-AD (OD)
the highly CIIO
technical claim
or
consisting of
mutilated/doubtful Senior Executive
currencies and Assistant
relevant OD
documents. CIIO
Or
½ day415 for Messenger
None CD/ID and OD
ROBs416 CIIO
1.1. Receive from
OD, CCIO the Senior Currency
sealed claims for Specialist, (SCS)
examination and CIS-AD
validate accuracy CIIO
and completeness
of actual contents
versus claim
details in the
system.
None 2. Conduct None 9 days SCS
examination of minimum CIS-AD
mutilated/doubtful requirement CIIO
currencies and
encode findings in Or
the system Bank Officer (BO)
II
CIS-AD
CIIO
414Currency Integrity Staff – Investigation Division

415Claims are consolidated and transferred at the end of the day to CIS-AD.
416For claims coming from ROBs, the one-time extension for the same period (20 days) shall be automatically
availed given the need for transportation of subject currencies.

503
None 3. Review and None 3 days BO IV
check findings CIS-AD
CIIO
Or
BO II
CIS-AD
CIIO
None 5. Approve None 2 days BO V

findings CIS-AD
CIIO
Or
Deputy Director
CIS
CIIO
Or
Director
CIIO
Or
Managing Director
Office of the
Governor
None 6. Reclassify None ½ day SCS

currencies in the CIS-AD
system to the CIIO
appropriate
Or
classification (e.g.
counterfeit, BO II
genuine) CIS-AD
CIIO
None 7. Finalize None ½ day BO II

payment method CIS-AD
in the system. CIIO
504
Or
BO lV
CIS-AD
CIIO
Or
BO V
CIS-AD
CIIO
None 8. Generate None ½ day SCS

results of CIS-AD
examination CIIO
(Certification or
Or
Currency Action
Sheet, CAS). BO II
CIS-AD
CIIO
None 9. Manage None SCS

processed claims: CIS-AD
CIIO
Or
BO ll
CIS-AD
CIIO
8.1 For claims None SCS

with redemption CIS-AD
value: Dispatch to CIIO
BSD II the
redeemable ½ day or
currencies and
BO II
CAS for CIS
redemption via CIIO
crediting of
demand deposit
account and inter-
office account.
None
505
8.2 For SCS
genuine CIS
currencies to be CIIO
returned to the
client as Or
requested,
BO II
release the CAS CIS
and the related CIIO
currencies to
client/ROBs.
None
8.3 For claims SCS
without CIS
redemption value: CIIO
Transfer to CIS-
AD Accountable Or
Officer the non-
redeemable BO II
currencies and CIS
release the CIIO
corresponding
CAS to client.
None
8.4 For claims SCS
subject of court CIS-AD
cases: Transfer CIIO
currencies to the
Or
Evidence
Custodian, CIS-ID BO ll
and the CIS-AD
corresponding CIIO
Certification to
client.
2. Receive result 10. Release None SCS

of examination as result of findings CIS-AD
follows: as follows: CIIO
CD clients: 9.1 For CD None

SCS
Receive from CIS-AD clients, issue CIS-AD
original copy of CAS original CAS with CIIO
with the returned the returned
genuine currencies, if genuine ½ day
applicable.
506
currencies, if
applicable.
ID clients: None SCS
Receive from CIS-ID 9.2 Release to CIS-AD
CIIO
original copy of CIS-ID original
Certification. copy of
Certification and
transfer later the
counterfeit
currency to
Evidence
Custodian
ROB clients: None SCS

Receive from 9.3 Send to CIS-AD
CIIO
corresponding ROB, ROB via pouch
the original copy of or email
certification/ CAS with whichever is
the returned genuine applicable, the
currencies, if original copy of
applicable. certification
/CAS with the
returned
genuine
currencies, if
any.
Total Processing Time for the Service For CD claims -

17 Working
days
For ROB claims

- 17 Working
Days417
417For receipts from ROBs - Given the need to transport currency that entails a long period of time, the BSP
inherently needs to avail of the one-time period extension for the processing of claims coming from BSP
branches located in geographical regions of the country outside of Metro Manila.
507
How to send feedback  Feedback can be provided to CD/ROBs
personnel assigned in the receipt of claims.
How feedbacks are  CD/ROBs shall coordinate with CIIO on the

processed feedback provided, with the former reverting to
the client on the result of assessment/action to
be taken. This process shall be completed within
five (5) days from receipt of feedback
How to file a  Complaints shall be filed with CD/ROBs
complaint personnel in charge of receipt of claims.
How complaints are  CD/ROBs shall coordinate with CIIO on the

processed complaints provided, with the former reverting to
the client on the result of assessment/action to be
taken. This process shall be completed within 15
days from date of receipt of complaint.
CCB, PCC, ARTA

Information
Currency Issue and BSP Security Plant 02-89884834
Integrity Office Complex, East Avenue,
Quezon City
508
2. Issuance of Permit to Reproduce or Use of Facsimiles of Legal
Tender Philippine Notes and Coins
Evaluation of letter request together with the layout/design and/or storyboard sent by the
public prior to the issuance of permit/approval to reproduce or use facsimiles of legal
tender Philippine notes and coins
Office or Division: Currency Integrity Staff - Investigation Division (CIS-ID), Currency Issue
and Integrity Office (CIIO)
Type of G2B – Government to Business Entity / G2C – Government to Citizen /
Who may avail: All
1. One (1) original, scanned or emailed 1. Requesting party/commercial establishment
copy of the Letter-request indicating
the requesting party and/or contact
person, contact numbers, email, fax,
etc.
2. One (1) Original scanned or 2. Requesting party/commercial establishment

emailedcopy of the
layout/storyboard/Compact Discs/ flash
drives
FEES
AGENCY PROCESSING PERSON
CLIENT STEPS TO BE
ACTIONS TIME RESPONSIBLE
PAID
1. Submit letter- 1. Receive the None 15 minutes Currency Specialist (CS)
request with letter-request and CIS-ID
attached the attached CIIO
layout/design layout/design or
depicting the storyboard. Or
Philippine currency Bank Officer II (BO II)
notes and/or coins CIS-ID
(print ads); or CIIO
storyboard showing
the scene where the
Philippine currency
notes and/or coins
will appear (TV
commercial).
2. None 2. Generate None 15 minutes CS

corresponding CIS-ID
reference/ CIIO
509
tracking number Or
from CIS-ID
logbook and BO II
Document CIS-ID
CIIO
Tracking System
(DTS), for
document
tracking
purposes.
3. None 3. Review and None 2 hours CS
evaluate the CIS-ID
attached CIIO
layout/design or
storyboard if Or
compliant with
BO II
the guidelines CIS-ID
outlined in BSP CIIO
Circular No. 829,
Series of 2014.
4. None 4. In case revision None 1 hour CS

of the CIS-ID
layout/design or CIIO
storyboard is
needed, inform Or
the requesting BO II
party to make the CIS-ID
necessary CIIO
changes or
revision to make
it compliant with
the guidelines.
5. In case revision is 5. Review and None 2 hours CS
required, evaluate the CIS-ID
implement the original, scanned CIIO
necessary or emailed copy
revision/changes of the revised Or
on the version of the BO II
layout/design or layout/design or CIS-ID
storyboard. Send storyboard if CIIO
back the revised compliant with
version (1 copy of the guidelines
original, scanned outlined in BSP
or emailed Circular No. 829,
material) of the Series of 2014.
layout/design or
510
storyboard to CIS-
ID, CIIO.
6. None 6. Draft letter of None 1 hour CS

approval or CIS-ID
denial. CIIO
Or
BO II
CIS-ID
CIIO
7. None 7. Secure the initial None 2 days Deputy Director
of the Manager, CIS
CIS-ID, CIIO and CIIO
the signature of
Or
the Deputy
Director, CIS, Manager
CIIO. CIS-ID
CIIO
8. None 8. Send/email the None 3 hours CS
letter-reply to the CIS-ID
requesting party. CIIO
Or
BO II
CIS-ID
CIIO
Total Duration 57.5 hours

How to send feedback Send email/letter to the CIS-ID,
CIIO’sgroup email
currencyinvestigation@bsp.gov.ph
How feedbacks are processed Upon receipt of instructions from the
CIIO OIC/Director and/or Division/Unit
Head, concerned CIS-ID, CIIO
personnel to undertake appropriate
action within five (5) days.
How to file a complaint Send email/letter to the OIC/Director
of the CIIO
511
How complaints are processed Upon receipt of instructions from the
CIIO OIC/Director and/or Division/Unit
Head, concerned CIS-ID, CIIO
personnel to undertake appropriate
action within 15 working days.
Contact Information of CCB, PCC, ARTA : Contact no. 8988-4836
ARTA PCC : 8888
CCB: 0908-8816565 (SMS)

Currency Integrity Staff- 3rd Floor, Building D- (02) 8926-5092
Investigation Division, Annex, Security Plant Or
Currency Issue and Complex, BangkoSentral (02) 8988-4800 loc. 4833
Integrity Office ng Pilipinas, East Avenue,
Diliman, Quezon City
512
Department of General Services
External Services
513
1. SPC Gallery Tour (update)
The Bangko Sentral ng Pilipinas (BSP) Security Plant Complex offers scheduled,
guide gallery tours lasting about 1 ½ hours, featuring the various phases of
currency production. The maximum number of persons allowed per tour group is
50, including tour coordinators.
Office or Division: Customer Relations & Services Division,

Type of Transaction: G2B; G2C; G2G
Who may avail: Individuals no less than 13 years old or in the 7th Grade (or
equivalent).
Letter request containing confirmed Template available on the BSP website or at
schedule, number of tour guests/ the Customer Relations Services Division
participants. (Only original, no copy (CRSD)
needed. If sent via email, scanned copy or
photo accepted.), Tour Permit,
Government–issued ID (for security
screening)

CLIENT STEPS
1. Call or email to 1.1 DGS confirms None 5-10 minutes Designated
make a temporary availability of Tour Guide or
booking at the CRSD preferred tour Tour
with telephone line schedule. If not Applications
02-8988-4561 and available, offer Processor
email schedules that are Customer
GeneralServices.QC still open. Relations &
generalservices.qc@ 1.2 DGS books Services
bsp.gov.ph . the request Division
1.3 Informs client
of requirements
2. Within seven days 2.1 DGS 5-10 minutes
from making the evaluates
tentative booking, Request
send a letter request 2.2. If not 10-15 minutes
to the email address compliant with
as provided above. requirements
(e.g., schedule,
number and age
of participants),
514
advise customer
to revise request.
2.3. If compliant, 1 day
approve request
2.4. DGS to Issue
client a Tour
Clearance
3. Come to SPC not 3.1 Perform 1-3 minutes Security Officer,
later than 15 minutes security screen Security
before tour schedule Services
and present Tour Department
Permit and ID(s) to 3.2 Give the 1 ½ to 2 hours Designated
the Receptionist guests the tour Tour
Guide
Customer
Relations &
Services
Division
TOTAL 1 day 2 hours
and 21 minutes
to 1 day 2 hours
and 28 minutes
2. Sale of Silver/Gold Grains/Sheets/Souvenir Items
The Bangko Sentral ng Pilipinas may sell gold grains/pellets and sheets to local
jewelry manufacturers and other industrial users upon application, or to banks
exclusively for resale to jewelry manufacturers/industrial users. The gold grains
and sheets are packaged in 50 and 100 grams. The sale of commemorative
banknotes, coins and medals are also being offered and may be purchased at
the Department of General Services (DGS), Bangko Sentral ng Pilipinas, Security
Plant Complex, East Avenue, Quezon City. Payment may be in cash or
Manager’s/Cashier’s Check.
Customer Relations & Services Division,

Office or Division:
Simple for Gold and Souvenir Items (banknotes, coins and/or
Classification:
medals); Complex for Silver
Type of
G2B; G2C; G2G
Transaction:
For gold and silver, local jewelry manufacturers and other industrial
Who may avail: users may avail and for souvenir items, individuals no less than 13
years old or in the 7th Grade (or equivalent).
515
1. Application to Buy Gold, Silver and/or May be downloaded from the BSP Website or
Souvenir Items (banknotes, coins and inquire with CRSD at 02-8988-4561 and email
medals) generalservices.qc@bsp.gov.ph
2. Authorization to buy Gold, Silver and/or
Souvenir Items (banknotes, coins and
medals) from BSP
3. Proof that client is qualified to buy gold/silver
from BSP:
3.1. For members of the Meycauayan Jewelry
Industry Association, Inc. and the Guild
of Philippine Jewellers, Inc.
– present proof of active membership in
these organizations
3.2. For non-members of the above-cited
organizations: business registration,
permits and latest Income Tax Return
4. Government-issued ID of the person
authorized to make the purchase
CLIENT STEPS
1. Call or email 1. DGS informs 12% VAT 10-15 minutes Gold/Silver
CRSD to place an client of the and 5% Custodian
order in advance. availability of order Creditable Customer
and give the Withholding Relations &
prevailing selling Tax in Services
rate/price for addition to Division
gold/silver/souvenir the cost of
items (banknotes, gold/silver
coins and medals) based on
2. Send an advance 2. DGS prepares the prevailing For gold and
copy of the documents and the rates souvenir
document merchandise items: 1 hour
requirements (1 to 3 needed for the sale.
above) via fax or If payment is by For silver,
email. If payment is Manager’s Check, the DGS does
by Manager’s call issuing bank to not maintain
Check, send also a verify check. stocks of
copy of the check. silver. It
withdraws
from MROD
the exact
amount to be
purchased on
a per
transaction
516
basis. The
time it takes to
issue the
silver to DGS
is dependent
on MROD
3. Submit the 3. DGS processes 1 hour
originals of the application for
requirements 1 & 2 purchase and issue
and present a valid the client an Order
ID of Payment
4. Present the Order 4. DGS receives 10-30 minutes Teller
of Payment and payment and issue Cash
remit payment to the corresponding Department
teller at BSP Cash Official Receipt
Department and
collect the
corresponding
Official Receipt
5. Present the 5.1 DGS verifies the 15-20 minutes Gold/Silver
Official Receipt of correctness of Custodian
the payment made and Customer
Gold/Silver/Souvenir make copies of the Relations &
items to the transaction Services
Custodian documents Division
5.2 DGS issues the
items purchased
6. Receive the items 6. Provide the client
purchased and sign a copy of the
the acknowledgment relevant transaction
form. documents
TOTAL 1 hour and 35
minutes to 2
hours and 5
minutes
517
3. Safe Work Permit: Hot Work Permit/ Confined Space Entry Permit/
Demolition Permit
These are clearances given to service providers/contractors by the Compliance Staff of

the Department of General Services to ensure compliance to concerned regulations.

Office or Division:
Compliance Staff
Type of G2B - Government to Business Entity
Transaction: G2G - Government to Government Employee/Agency
Contractors with Valid Contracts with BSP;
Who may avail:
BSP Maintenance Personnel
BSP Permit Form BSP Project-in-Charge (Access SPC QMS
Copy of Valid/ Existing Contract with BSP Actual
Supporting Documents on the Permit Forms)
Requirements under DOLE DO No. 13
including valid IDs
CLIENT STEPS
1. Secure, Accept, review, None 1-3 Working BSP Designated
accomplish, and and approve/ Days Safety Officer/
submit request/form disapprove Compliance
to the Compliance application Staff
Staff, DGS
2. Submit to the Validate and notify Designated
assigned Project the contractor/ Project Team
Team Leader the service provider Leader by the
clearance copy by that they can BSP
the service provider/ commence the
contractor implementation of
the project
provided that all
other documentary
requirements are
also met.
TOTAL 1-3 Working
Days
518
How to send feedback Send feedback thru the following channels:
 Feedback Management System (FMS)
emoticon tablet/touchscreen kiosk
 BSP mail (bspmail@bsp.gov.ph)
 Various BSP social media platforms
 For inquiries and follow-ups, clients may contact
the following telephone numbers: (02) 8988-
4555
How feedbacks are If feedback is sent through the FMS emoticon tablet/
processed touchscreen kiosk/BSP website:
Email alert on sad emoticon/negative feedback is
received real time by FMS users of the
department/office. Concerned Department to
immediately address issue. FMS designate/alternate
shall encode the action taken within two (2) working
days from receipt of sad emoticon/negative feedback.
Sent through the paper-based FMS structured Form:
accomplished paper-based structured form. This is
done within one (1) day upon receipt of accomplished
forms.
FMS designate/alternate to upload structured form
within one (1) working day from receipt of
accomplished form.
Email alert on sad emoticon/negative feedback is
received real time by all FMS users of the
Department. Concerned Department to immediately
address issue. FMS designate/alternate shall encode
the action taken within two (2) working days from
receipt of sad emoticon/negative feedback.
Sent through Email:

The recipient endorses the feedback to the Group
Head within three (3) working days from receipt of
email.
How to file a complaint Written documentation with the following information
sent through the BSP mail (bspmail@bsp.gov.ph)
With the following details:

 Name of complainant and contact information
 Nature of complaint to include details (e.g.,
name of person being complained, description
of incident, date/time of occurrence)
519
For inquiries and follow-ups, clients may contact the
following telephone numbers: (02) 8708-7701
How complaints are The Information Desk Officer endorses the complaint
processed to the appropriate department within three (3)
working days from receipt of email.
The concerned department communicates with the
client regarding the complaint, as deemed
appropriate.
Contact Information of ARTA: complaints@arta.gov.ph

CCB, PCC, ARTA Tel. No. 1-ARTA (2782)
PCC: pcc@malacanang@gov.ph
Tel. No. 8888
CCB: 0908-881-6565 (SMS)

Information
Department of General 4th Floor 02-8988-4555
Services Building A Security Plant
Complex Bangko Sentral
ng Pilipinas
East Ave, Diliman Quezon
City
520
Payments and Settlements Office
External Services
521
1.Participation in the Philippine Payment and Settlement System
(PhilPaSS)
The PhilPaSS is a payment and settlement system and participation thereto will
ensure prompt, final, efficient payments and settlements of banks/non-banks/other
government agencies transactions with high degree of security and operational
reliability. Participating banks/non-banks are required to register with PhilPaSS.
Office or Payments and Settlements Office

Division:
Type of G2B – Government to Banks and Non-Banks
Transaction:
Who may avail: Banks and Non-Banks
BSP Website
1. Application Form (1 Original)
-do-
2. VPN Form (1 Original)
-do-
3. Signed Participation Agreement
(1 Original) -do-
4. Notarized list of Authorized Officers
Applicant Bank
with specimen signatures (1 Original)
5. Certificate of good standing from the
Bankers Association of the Philippines (BAP),
bankers’ association to which the Chamber of Thrift Banks (CTB), Rural Bankers
Association of the Philippines (RBAP),
applicant is a member (1 Original)
Philippine Finance Association (PFA)
6. Approved SWIFT Business Identifier
Code (BIC) [1 Original]
SWIFT Website
FEES
PROCESSING PERSON
CLIENT STEPS AGENCY ACTIONS TO BE
TIME RESPONSIBLE
PAID
1. Submit 1.1 Check and receive None 1 Administrative Staff
application required documents Office of the
form and Director
other 1.2 Evaluate/process 1
required application RTGS Operator
documents RTGS Operations
1.3 Transmit VPN Unit
connectivity form to
Information 1 -do-
522
Technology Office
(ITO)
2. Coordinate 9
with ITO on Evaluate / configure /
the conduct conduct VPN Network Operation
of VPN testing Staff
testing ITO
3. Confirm the 3
schedule of 3.1 Schedule user training
user training after receipt of notice RTGS Operator
of successful testing RTGS Operations
of VPN connectivity Unit
1
3.2 Create participant
organization
4. Attend the -do-
user training 1
Conduct user training
5. Confirm 3 -do-
PhilPaSS Activation of PhilPaSS
account Acccount
activation as -do-
advised by
PSO 20 Working
Days
523
2. PhilPaSS Participant Browser User Registration
The PhilPaSS Participant Browser (PPB) requires the proper registration of the PhilPaSS
participant banks’ authorized users to allow them access to PhilPaSS for their effective
monitoring and control of their daily RTGS transactions on a real time basis. PPB User
Registration Forms are available at the BSP website.

Division:
Transaction:
Who may avail: PhilPaSS Member Banks and Non-Banks
PhilPaSS Participant Browser (PPB) User BSP Website
Registration Form (1 Original)
FEES
PROCESSING PERSON
TIME RESPONSIBLE
PAID
1. Submit 1.1 Receive and check Administrative Staff
PhilPaSS PPB User None 3 Working Office of the
Participant Registration Form(s) Days Director
Browser (PPB)
user 1.2 Evaluate/process
RTGS Operator
registration PPB User
RTGS Operations
form(s) registration form(s) Unit
1.3 Register user

profile(s) in CAS i.e. -do-
Add/Delete/Change/
Reset, as applicable
1.4 Authorize action Deputy Director

taken by RTGS RTGS Operations
operators Unit
1.5 Approve/sign PPB Director

User Registration Payments and
Form(s) / User Settlements Office
Profile(s)
524
Notify user(s) through RTGS Operator
2. Registered phone call / email on RTGS Operations
User(s) the availability of user Unit
receive call / profile(s) / reset
email password(s)
notification for
availability of
user profile(s) /
reset
password(s)
3. PhilPaSS Smart Card User Registration

The Smart Card is issued to PhilPaSS users with “authorizer” function. The smart card is
used to implement the BSP’s Public Key Infrastructure (PKI) technology which provides
additional security control via multifactor authentication on transactions settled in PhilPaSS.
The PSO issues the Smart Card only when the Bank User has submitted the complete

Division:
Transaction:
Who may avail: PhilPaSS Member Banks and Non-Banks
PhilPaSS Participant Browser (PPB) User BSP Website
Registration Form /Smart Card Renewal
Form (1 original)
FEES
PROCESSING PERSON
TIME RESPONSIBLE
PAID
1. Submit 1.1 Receive and check P1,200 3 Working RTGS Operator
PhilPaSS the processed PPB per Days RTGS Operations
Participant User Registration Smart Unit
Browser Form(s) / Smart Card Card Kit and
(PPB) User Renewal Form(s) Administrative Staff
Office of the Director
Registration
Form(s) / System Administrator
Smart Card 1.2 Configure smart card Office of the Director
Renewal
Form (s)
525
1.3 Initially approve
Smart Card Renewal Deputy Director
form(s) RTGS Operations
Unit
1.4 Approve Smart Card Director

Renewal Forms Payments and
Settlements Office
2. Receive the Notify Bank through RTGS Operator
email /call phone call / email on the RTGS Operations
notification availability of configured Unit and
call on the Smart Cards Administrative Staff
availability of Office of the Director
configured
Smart Cards

How to send The clients may utilize the Feedback Management System
feedback tool/kiosk located at the reception area of PSO or they may
send their feedbacks using Customer Satisfaction Survey
sent annually to the participants.
How feedbacks are Feedbacks received pertaining to the operations of the
processed Department are discussed during the annual PhilPaSS
Forum. Feedbacks received which are considered urgent
and/or critical are immediately acted upon for immediate
resolution.
How to file a Complaints may be filed through the following:
complaint
Email: PhilPaSS_Helpdesk@bsp.gov.ph
Telephone: (02) 8400-7024, 8400-7073, 8400-7071,

8708-7694, 8708-7697, 8708-7540
Letter: Addressed to The Director, Payments and

Settlements Office, Room 101, 5-storey Building, BSP
Complex, Malate, Manila
How complaints are Complaints are evaluated and investigated as to their root
processed cause and the corresponding corrective actions are
implemented.
526
Respond to the Client Bank/Non-bank accordingly. If
complaint does not pertain to PhilPaSS operation, the
same is referred to the Department / Office concerned.
.
Contact Information Telephone: (02) 8400-7024, 8400-7073, 8400-7071,
of BSP-Payments 8708-7694, 8708-7697, 8708-7540
and Settlements
Office Email:
Payments_Unit@bsp.gov.phmailto:acquiredassets@bsp.gov.ph

Payments and Room 101, 5-Storey 8400-70-71, 8400-7024,
Settlements Office Building, BSP Complex, 8400-70-73, 8708-7694,
Malate Manila 8708-7697, 8708-7540
527
Regional Operations Sub-sector
External Services
528
1. Redemption of Mutilated Currencies and Referral to Currency
Issue and Integrity Office (CIIO) (update)
BSP replaces or redeems mutilated notes and coins pursuant to R.A. No. 7653 and
Circular No. 829, series of 2014. Mutilated notes/coins classified as simple shall be
redeemed on the spot. Mutilated notes/coins classified as highly technical shall be
referred to CIIO for further examination. Once redemption value has been
established, client shall be paid accordingly.
Office or Division: Currency Operations Division - BSP Regional Office/Branch

Currency Issue and Integrity Office – BSP Quezon City
Classification: Simple (for cases that do not require referral to CIIO) or
Highly Technical (for cases that require referral to CIIO)
Type of G2C, G2B, G2G
Transaction:
Who may avail: All
Application for Examination of BSP Regional Office/Branch – Teller’s Area
Mutilated/Doubtful Currencies
Primary or Secondary Identification 1. Primary IDs –
Card (ID) (1 original copy)
a. Department of Foreign Affairs (DFA)
b. Professional Regulations Commission (PRC)
d. Government Service Insurance System (GSIS)
f. Overseas Workers Welfare Administration
(OWWA)
g. Maritime Industry Authority (MARINA)
h. Local Government Unit (LGU) – Senior Citizen
i. Firearms and Explosive Office (FEO)
j. Postal Office
k. Commission on Elections (COMELEC)
2. Secondary IDs –
a. Company ID
b. Bureau of Internal Revenue (BIR)
c. LGU – Barangay
e. Philippine National Police (PNP)
f. National Bureau of Investigation (NBI)
Banknotes/Coins to be examined* Brought by the client
529
* Make sure that the subject currency
notes and/or coins were prepared in
accordance with the “Guidelines on the
Submission of Mutilated/Doubtful
Currencies for Examination” prior to the
submission to BSP.

CLIENT STEPS
1. Register in the 1. Request the None For simple Security guard on
logbook and client to case of duty
present valid ID to register in the mutilation, Security Division
the security guard logbook and counterfeit,
of the BSP issue access demonetized,
Regional card/BSP specimen
Office/Branch Visitor’s ID and/or no
2. Proceed to the 2. Provide the value: Within Paying Teller
Teller’s Area and application one (1) hour Currency Operations
receive the forms for each from receipt of Division
application forms of the accomplished
following: application
peso notes, forms by the
peso coins, for Paying Teller
every type of until the
foreign release of the
currency and client’s copy of
for every the application
source form and/or
location temporary
3. Submit the 3. Receive the certification (if Paying Teller
accomplished currency notes applicable) Currency Operations
application forms and/or coins Division
and the currency and the For highly
notes and/or coins application technical case
for examination forms of mutilation:
3.1 Check Final results
* Make sure that the completeness shall be
subject currency and accuracy available
notes and/or coins of details within twenty
were prepared in provided in the (20) working
accordance with the application days from
“Guidelines on the forms receipt of
Submission of 3.2 Acknowledge accomplished
Mutilated/Doubtful receipt of the application
Currencies for currency notes forms by the
Examination.” and/or coins Paying Teller,
530
CLIENT STEPS
and the with an
application extension of
forms by twenty (20)
affixing name, working
signature, date days418
and time
received in the
application For currency
forms notes and/or
3.3 Assign coins that are
reference for further
number and examination
record details by the BSP
in the logbook Regional
3.4 Examine Office/Branch:
currency notes Within three
and/or coins (3) working
and classify days from
into type of receipt of
claim: simple accomplished
case or highly application
technical case forms by the
3.5 Indicate the Paying Teller
result of the until the
examination in release of the
the back of the client’s copy of
application application
forms form indicating
3.6 Affix name and the results of
signature in the the
back of the examination.
application
forms
3.7 Forward
currency notes
and/or coins
and application
forms to the
Assistant
Manager/
418 Given the need to transport the currency notes and/or coins to the CIIO, BSP Quezon City and the
evaluation/examination being conducted by CIIO, processing shall be extended for an additional twenty (20)
working days.
531
CLIENT STEPS
Manager for
verification and
approval
3.8 Validate the Assistant Manager
results of the Currency Operations
examination Division
3.9 Affix name and
and
initial/signature
in the back of
the application Manager
forms Currency Operations
3.10 Forward Division
currency notes
and/or coins
and application
forms to the
Paying Teller to
perform the
approved
action/s to be
taken
4. For spot 4. For spot Paying Teller
redemption, redemption, Currency Operations
submit request the Division
accomplished client to
Currency accomplish
Exchange Slip Currency
and receive cash Exchange Slip
and client’s copy 4.2 Disburse
of the application amount
form approved for
spot
redemption
4.3 Furnish client
with a copy of
the application
form
4.4 Request client
to
acknowledge
receipt and
indicate date
and time
received in the
532
CLIENT STEPS
BSP’s copy of
the application
form
5. For counterfeit, 5. If currency Paying Teller

demonetized, notes and/or Currency Operations
specimen and/or coins are Division
no value, receive counterfeit,
client’s copy of the demonetized,
application form specimen
and temporary and/or no
certification (if value, furnish
applicable) client with a
copy of the
application
form
5.1 If the
counterfeit
currency/ies
is/are subject
of a court case,
prepare a
temporary
certificate and
secure
signatures of
the Manager
and Deputy
Director in the
certificate
5.2 Furnish client
with a copy of
the application
form and
temporary
certificate (if
applicable)
5.3 Request client
to acknowledge
receipt and
indicate date
and time
533
CLIENT STEPS
received in the
BSP’s copy of
the application
form and
temporary
certificate
6. For currency 6. If currency Paying Teller
notes and/or coins notes and/or Currency Operations
that are subject to coins are for Division
further further
examination by examination by
the CIIO, receive the CIIO,
client’s copy of the furnish client
application form with a copy of
the application
form
6.1 Request client
to acknowledge
receipt and
indicate date
and time
received in the
BSP’s copy of
the application
form
6.2 Refer currency
notes and/or
coins to CIIO
for final
evaluation
6.3 Once the final
examination
from CIIO has
been received,
inform the
client through
his/her contact
number or
email address
as to the
results of the
examination
6.4 If for spot
redemption,
534
CLIENT STEPS
advise the
client to come
to the BSP
Regional
Office/Branch
and disburse
the amount
approved
7. For currency 7. If currency Paying Teller
notes and/or coins notes and/or Currency Operations
that are subject to coins are for Division
further further
examination by examination by
the BSP Regional the BSP
Office/Branch*, Regional
receive client’s Office/Branch,
copy of the advise the
application form client that the
BSP Regional
* mutilated notes Office/Branch
classified as simple shall inform
case that are more him/her of the
than 500 pieces results of the
and/or mutilated coins examination
classified as simple once it is
case that are more completed
than 100 pieces 7.1 Once the
examination
has been
completed,
indicate the
result of the
examination in
the application
forms
7.2 Secure the
initial/signature
of the Assistant
Manager and
Manager in the
application
forms
7.3 Inform the
client through
535
CLIENT STEPS
his/her contact
number or
email address
as to the
results of the
examination
7.4 If for spot
redemption,
advise the
client to come
to the BSP
Regional
Office/Branch
and disburse
the amount
approved
7.5 Otherwise,
refer currency
notes and/or
coins to CIIO
for final
evaluation
7.6 Furnish the
client with a
copy of the
application
form
7.7 Request client
to acknowledge
receipt and
indicate date
and time
received in the
BSP’s copy of
the application
form
TOTAL: None For simple
case of
mutilation,
counterfeit,
demonetized,
specimen
and/or no
value: 1 hour
536
CLIENT STEPS
For highly
technical case
of mutilation:
20 working
days, with an
extension 20
working
days419
For currency
notes and/or
coins that are
for further
examination
by the BSP
Regional
Office/Branch:
3 working days

How to send feedback Client inputs feedback through the
electronic kiosk located in the lobby of
the BSP Regional Offices/Branches.
How feedbacks are processed  The designated staff in the BSP
Regional Office/Branch views and
monitors feedbacks received
through the Feedback
Management System (FMS).
 The designated staff encodes in the
system’s response dashboard the
action/s taken/to be taken to
address/resolve the negative
feedback
 The designated staff submits action
report to the Feedback
Management Unit.
How to file a complaint Complaints can be filed through email
or letter addressed to the Head of the
419 Given the need to transport the currency notes and/or coins to the CIIO, BSP Quezon City and the
evaluation/examination being conducted by CIIO, processing shall be extended for an additional twenty (20)
working days.
537
BSP Regional Office/Branch
concerned.
How complaints are processed Upon receipt of the complaint, the BSP
Regional Office/Branch shall
investigate and provide a reply to the
client within three (3) working days
from receipt of the complaint.
ARTA 1-ARTA (2782)
PCC: 8888
CCB: 0908-881-6565 (SMS)

BSP La Union Regional Quezon Ave., San (072) 888-2083
Office Fernando City, La (072) 242-5632
Union
BSP Cebu Regional Osmeña Blvd. & P. (032) 254-0973
Office del Rosario Sts., Cebu
City
BSP Davao Regional Quirino Avenue, (082) 227-9051
Office Davao City
BSP Bacolod Branch Lacson & Luzuriaga Sts., (034) 434-7755
Bacolod City (034) 435-4623
BSP Batac Branch National Highway, (077) 792-2103
Quiling Norte, Batac City (077) 792-2101 to 04
BSP Butuan Branch J.C. Ave., Brgy. Libertad, (085) 815-1502 and 1504
Butuan City
BSP Cabanatuan Branch Del Pilar & Paco Roman (044) 463-1735 to 36
Sts.Cabanatuan City
BSP Cagayan de Oro National Highway &. (088) 857-4179 to 81
Branch Velez Sts.,
Cagayan de Oro City
BSP Cotabato Branch Quezon & Sinsuat Ave., (064) 421-7370
Cotabato City
BSP Dagupan Branch Tondaligan, Bonoan (075) 653-1026
Guesset, Dagupan City (075) 653-0032
BSP Dumaguete Branch North Road, Daro, (035) 422-9326
Dumaguete City (035) 225-4426
BSP General Santos Pendatun and Daproza (083) 552-1905
Branch Sts., General Santos City (083) 552-8865
BSP lloilo Branch BSP Bldg., Solis St., (033) 337-6635
Iloilo City
BSP Legazpi Branch Barangay 18 (052) 480-5314/5433
538
Rizal St.,
Cabagñan, Legazpi City
BSP Lucena Branch Quezon Avenue, Lucena (042) 373-7323
City
BSP Naga Branch Roxas Avenue, Diversion (054) 472-5641
Road, Barangay
Triangulo, Naga City
BSP Ozamiz Branch Circumferential Road, (088) 521-2677 to 78
Ozamiz City
BSP Roxas Branch Arnaldo Boulevard, (036) 621-7823
Barangay Baybay, Roxas (036) 621-7812
City
BSP San Fernando Greenfields Subd., (045) 455-4014

Branch MacArthur Highway,
Sindalan, San Fernando
City
BSP Tacloban Branch Airport Road, San Jose, (053) 888-0690
Tacloban City
BSP Tuguegarao Branch Regional Government (078) 304-4755
Center, Tuguegarao City (078) 304-7815
BSP Zamboanga Branch N. S. Valderosa St.,Pettit (062) 991-2151

Barracks, (062) 993-1888
Zamboanga City
539
2. Integrated Regional Information System (IRIS) User Registration
and Recertification (update)
IRIS registration enables client banks to engage in currency transactions with the
BSP regional offices and branches. IRIS user registration pertains to
enrolment/updating of Participating Bank (PB) personnel in IRIS to their
corresponding IRIS roles. Recertification involves renewal of existing IRIS ID of PB
users.
Office or Division: Office of the Director/Deputy Director - BSP Regional Office/Branch

Special Services Division – Regional Operations Sub-sector
Type of G2B
Transaction:
Who may avail: Banks
IRIS Participating Bank (PB) User BSP Regional Office/Branch
Registration Form (1 original)
Proof of Entitlement to Lotus Notes (LN) Bank to procure the lotus notes license from IBM
license - for newly enrolled banks
(1 photocopy)

CLIENT STEPS
1. Secure and 1. Provide the None Seven (7) IRIS administrator
accomplish IRIS IRIS PB user working days BSP Regional
PB user registration from receipt of Office/Branch
registration form form the complete
IRIS PB user
2. Submit the 2. Check IRIS administrator
registration
accomplished completeness BSP Regional
form by the Office/Branch
IRIS PB user and accuracy BSP until the
registration form of details transmittal of
and proof of provided in the the PB user ID
entitlement (if form and default
applicable) 2.1 If incomplete/ password to
inaccurate, the bank
* Banks with changes return the form
in their authorized to the client
branch signatories indicating the
shall submit the IRIS reason for
PB user registration return.
form, together with 2.2 If in order,
the updated signature acknowledge
540
CLIENT STEPS
cards to their receipt of the
respective Head form through
Office. The Bank’s time stamp
Head Office shall machine and
endorse the affix name and
documents to the initial
Regional Operations 2.3 Log and assign
Sub-sector for reference
processing number
2.4 Forward the
form to the
Head of BSP
Regional
Office/Branch
for approval
2.5 Approve the Director/
registration Deputy Director
form BSP Regional
Office/Branch
2.6 Forward form IRIS administrator
and proof of BSP Regional
entitlement (if Office/Branch
applicable) to
IRIS
administrator,
Regional
Operations
Sub-sector for
processing
2.7 For IRIS PB IRIS administrator
user Special Services
registration Division
form and proof Regional Operations
of entitlement Sub-sector
(if applicable)
received from
the bank’s
Head Office,
check
completeness
and accuracy
of details
provided in the
form
541
CLIENT STEPS
2.8 If incomplete/ IRIS administrator
inaccurate, Special Services
return the form Division
to the bank Regional Operations
Sub-sector
indicating the
reason for
return.
2.9 If in order,
acknowledge
receipt of the
form through
time stamp
machine and
affix name and
initial
2.10 Log and
assign
reference
number
2.11 Process IRIS administrator
the received Special Services
IRIS PB user Division
registration Regional Operations
form Sub-sector
2.12 Submit IRIS administrator

request to the Special Services
Information Division
Technology Regional Operations
Sub-sector
Office (ITO) for
creation of new
LN account/s,
modification/
recertification
of existing LN
account/s
542
CLIENT STEPS
2.13 Provide the Designated staff
requested LN IT Infrastructure and
ID file/s and Operations
default LN Department
password (if
applicable) to
the IRIS
administrator,
Regional
Operations
Sub-sector
2.14 Upon receipt IRIS administrator
of the LN ID Special Services
file/s from ITO, Division
perform Regional Operations
registration of Sub-sector
bank IRIS
user/s
2.15 Forward the
LN ID file/s
and default LN
password (if
applicable) to
BSP Regional
Office/Branch
3. Receive LN ID 3. Forward the LN IRIS administrator
file/s and default ID file/s and BSP Regional
password (if default LN Office/Branch
applicable) password (if
applicable)
TOTAL: None 7 working days

543
 The designated staff encodes in the
system’s response dashboard the
action/s taken/to be taken to
feedback
 The designated staff submits action
report to the Feedback
Management Unit.
concerned.
How complaints are processed Upon receipt of the complaint, the BSP
Regional Office/Branch shall
ARTA 1-ARTA (2782)
PCC: 8888
CCB: 0908-881-6565 (SMS)

Union
City
Office Davao City
Butuan City
Sts.Cabanatuan City
Branch Velez Sts.,
Cagayan de Oro City
544
Cotabato City
Iloilo City
Rizal St.,
City
Road, Barangay
Ozamiz City
City

City
Tacloban City

Barracks, (062) 993-1888
Zamboanga City
545
3. Servicing and Verification of Deposits of Client Banks (update)
BSP receives and takes custody of subject-to-verification (SV) currency banknote
and coin deposits of client banks which are then credited to their demand deposit
account. Deposit transactions must have been entered in IRIS by client banks prior
to actual deposit of currencies to BSP.
Currency deposits shall be packed in sealed plastic bags (for banknotes) and/or
canvass bags (for coins) with deposit tags placed inside and attached outside the
plastic/canvass bags in accordance with BSP Circular No. 931, Series of 2016.
BSP subsequently verifies the SV currency banknote and coin deposits of client
banks to ensure completeness. Any shortages, overages and insertions of other
denomination, as well as counterfeit, demonetized and no-value currencies found
during verification, will be debited/credited to the demand deposit account of the
client bank concerned.
Office or Division: Currency Operations Division – BSP Regional Office/Branch

Classification: Simple (for servicing of deposits)
Highly Technical (for verification of deposits)
Type of Transaction: G2B
Who may avail: Banks registered with Integrated Regional Information System (IRIS)
Servicing of Cash Deposit
BSP Security Pass ID (1 original) Administrative Division – BSP Regional Office/Branch
Cash Deposit Slip (2 original) Generated thru IRIS
Color coded deposit tags (3 original) Prepared by client bank
White tag – for fit note deposits
Blue tag – for unfit note deposits
Green tag – for coin deposits
Banknote deposits packed in sealed plastic Brought by client bank
bags and/or coin deposits packed in sealed
canvass bags with deposit tags placed inside
and attached outside the plastic/canvass bags
CLIENT STEPS
SERVICING OF DEPOSITS
1. Proceed to Main 1. Check validity P100.00 Within one (1) Security Guard on
Gate then present BSP of BSP per bundle hour from the duty at the Main Gate
Security Pass ID and Security Pass or receipt of Security Division
register in the Bank ID and request P2,000.00 complete
Representative bank per deposit deposit
Logbook representative bag documents by
to register in (For SV-fit the Receiving
the Bank banknote Teller until the
Representative deposits receipt of client
Logbook only) bank’s copy of
546
CLIENT STEPS
2. Proceed to Main 2. Receive deposit deposit Receiving Teller
Gate then present documents Effective 1 documents by Currency Operations
BSP Security Pass 2.1 Check June 2021, the bank Division
ID and register in completeness service representative
the Bank of submitted fees for fit
Representative documents banknote
Logbook 2.2 Determine if the deposits
color of deposit shall be
tags P200.00
corresponds to per bundle
the or
classification of P4,000.00
currency per deposit
deposits: bag
White tag – for

fit note deposits
Blue tag – for
unfit note
deposits
Green tag – for
coin deposits
2.3 Reconcile
submitted
deposit tags
against details
in the Cash
Deposit Slip
2.4 Validate deposit
documents
against deposit
transaction
entered in IRIS
2.5 Acknowledge
receipt of
complete
deposit
documents by
indicating date
and time
through time
stamp machine
and affixing
signature over
stamped name
on the Cash
Deposit Slip
547
CLIENT STEPS
3. Proceed to the 3. Inspect currency Receiving Teller
designated deposits Currency Operations
room in the 3.1. Conduct Division
COD Receiving/ bundle/wrapper
Releasing Area count of
and turnover banknote
banknote and/or deposits and/or
coin deposits to bag count of
Receiving Teller coin deposits
for inspection 3.2. Reconcile count
against
submitted
deposit tags
3.3. Match
submitted
deposit tags
against deposit
tags attached to
the
plastic/canvass
bags (for
banknote and
coin deposits)
and placed
inside the
plastic bags (for
banknote
deposits only)
If deposit is Receiving Teller

acceptable Currency Operations
Division
3.4 Confirm
completeness of
currency
deposits
3.5 Request bank
representative to
sign in the
“Deposited by”
portion of
submitted
deposit tags and
deposit tags
attached to the
plastic/canvass
bags
548
CLIENT STEPS
3.6 Sign in the
“Checked by”
portion of
submitted
deposit tags and
deposit tags
attached to the
plastic/canvass
bags
3.7 Forward deposit
documents to
SV Recipient
3.8 Counter-check Manager /

currency Assistant Manager /
deposit Senior Currency
3.9 Check Operations Officer
completeness Currency Operations
of submitted Division
documents
3.10 Determine if
the color of
deposit tags
corresponds to
the
classification of
currency
deposits
3.11 Reconcile
submitted
deposit tags
against details
in the Cash
Deposit Slip
3.12 Conduct
bundle/wrapper
count of
banknote
deposits and/or
bag count of
coin deposits
3.13 Reconcile
count against
submitted
deposit tags
3.14 Sign in the
“Checked by”
portion of
549
CLIENT STEPS
submitted
deposit tags
and deposit
tags attached to
the plastic bags
3.15 Return
deposit
documents to
Receiving Teller
If deposit is not Receiving Teller
Division
3.16 Reject
currency
deposit
3.17 Generate
two (2) copies
of Currency
Refusal Slip
3.18 Indicate the
reason for non-
acceptance of
currency
deposits
3.19 Sign in the
“Recommended
by” portion of
the Currency
Refusal Slip
3.20 Secure
signature of the
COD Head and
BSP Regional
Office/Branch
Head in the
“Approved by”
and “Noted by”
portion of the
Currency
Refusal Slip
3.21 Request
bank
representative
to sign in the
“Received by”
portion of the
Currency
Refusal Slip
550
CLIENT STEPS
4. Receive client If deposit is Receiving Teller
bank’s copy of acceptable Currency Operations
the deposit Division
documents 4. Submit client
bank’s copy of
the deposit
documents
4.1. Stamp “Deposit
Received by
BSP” on the
Cash Deposit
Slip then
indicate date
and affix
signature over
stamped name
4.2. Furnish bank
representative
with the client
bank’s copy of
the Cash
Deposit Slip
and deposit
tags
4.3. Request bank
representative
to acknowledge
receipt and
indicate time
received on the
BSP’s copy of
the Cash
Deposit Slip
If deposit is not Receiving Teller

Division
4.4. Submit client
bank’s copy of
the deposit
documents
4.5. Stamp
“Cancelled” on
the Cash
Deposit Slip
then indicate
date and affix
551
CLIENT STEPS
signature over
stamped name
4.6. Furnish bank
representative
with the client
bank’s copy of
the Cash
Deposit Slip
and Currency
Refusal Slip
together with
the submitted
deposit tags
4.7. Request bank
representative
to acknowledge
receipt and
indicate time
received on the
BSP’s copy of
the Cash
Deposit Slip
VERIFICATION OF DEPOSITS
Activities on the day prior to actual verification
1. Receive notification 1. Notify the bank Manager /
from BSP Regional via email of its Assistant Manager /
Office/Branch on scheduled Senior Currency
the scheduled date verification at Operations Officer
of verification least one day Currency Operations
before the actual Division
verification
Activities on the actual day of verification
1. Proceed to the 1. Transport Fit Within twenty Manager /
Viewing Room and note/coin banknotes (20) working Assistant Manager /
witness the deposits from found in days from Senior Currency
verification of the the vault to the unfit note receipt of Operations Officer
currency deposit verification room banknote currency Currency Operations
* In case the bank deposits deposit Division
representative is unable verified –
to appear on the P100 per
appointed time, BSP bundle
Regional Office/Branch
will proceed with the Effective 1
June 2021,
actual verification as
service fee
scheduled.
for fit
banknotes
found in
552
CLIENT STEPS
unfit
banknote
deposits
verified
shall be
P300 per
bundle
1.1 Conduct bag Bank Officer II
count (for Currency Operations
coins), wrapper Division
and bundle
count (for
notes) and
reconcile
against deposit
tag/s and Cash
Transfer Slip
1.2 Distribute
notes/coins to
Currency
Assistant II for
verification
1.3 Conduct Currency Assistant II

verification of Currency Operations
notes/coins Division
1.4 Encode results Bank Officer II
of the verification Currency Operations
in IRIS and Division
generate
verification
report
2. Receive verification 2. Provide Bank Officer II
report verification Currency Operations
report to bank Division
representative or
thru email in
case the bank
did not send a
bank
representative to
witness the
verification
TOTAL: Fit Deposit: 1
banknote hour
deposit:
P100.00 Verification: 20
per bundle working days
553
CLIENT STEPS
or
P2,000.00
per deposit
bag
Fit
banknotes
found in
unfit
banknote
deposits
verified –
P100 per
bundle
Effective 1
June 2021:
Fit
banknote
deposit:
P200.00
per bundle
or
P4,000.00
per deposit
bag
Fit
banknotes
found in
unfit
banknote
deposits
verified –
P300 per
bundle

554
 The designated staff encodes in
the system’s response dashboard
the action/s taken/to be taken to
feedback
 The designated staff submits
action report to the Feedback
Management Unit.
concerned.
How complaints are processed Upon receipt of the complaint, the
BSP Regional Office/Branch shall
ARTA 1-ARTA (2782)
PCC: 8888
CCB: 0908-881-6565 (SMS)

Union
City
Office Davao City
Butuan City
Sts.Cabanatuan City
Branch Velez Sts.,
Cagayan de Oro City
555
Cotabato City
Iloilo City
Rizal St.,
City
Road, Barangay
Ozamiz City
City

City
Tacloban City

Barracks, (062) 993-1888
Zamboanga City
556
4. Servicing of Withdrawals of Client Banks (update)
BSP releases currency banknote and coin withdrawals of client banks which are then
debited from their demand deposit account. Withdrawal transactions must have
been entered in IRIS by client banks not later than 4:00 pm one (1) business day
prior to actual withdrawal of currencies from BSP.
Office or Division: Currency Operations Division – BSP Regional Office/Branch

Type of Transaction: G2B
Who may avail: Banks registered with Integrated Regional Information System (IRIS)
BSP Security Pass ID Administrative Division – BSP Regional Office/Branch
(1 original)
Authority to Debit Slip Generated thru IRIS
(2 original)
Authority to Withdraw Prepared by client bank
(2 original)
CLIENT STEPS FEES TO BE PAID
1. Proceed to Main 1. Check validity Effective 1 June Within one (1) Security Guard
Gate then present of BSP Security 2021, service fees hour from the on duty at the
BSP Security Pass ID and shall be as follows: receipt of Main Gate
Pass ID and request bank complete Security Division
register in the representative New banknote withdrawal
Bank to register in withdrawals: documents by
Representative the Bank 1,000-piso: P200 the Paying
Logbook Representative per bundle Teller until the
Logbook 500-piso: P100 per acknowledge-
bundle ment of
2. Proceed to the 2. Receive 200-piso: P40 per receipt of Paying Teller
Tellers’ Area or withdrawal bundle currency Currency
COD Receiving/ documents 100-piso: P20 per withdrawal by Operations
Releasing Area 2.1. Check bundle the bank Division
and submit completeness 50-piso: P10 per representative
complete of submitted bundle in the Cash
withdrawal documents 20-piso: P4 per Processing
documents to 2.2. Determine if bundle Sheet
Paying Teller the bank
representative Fit banknote
is authorized to withdrawals:
withdraw the 1,000-piso: P140
requested per bundle
currencies in 500-piso: P70 per
accordance bundle
with the 200-piso: P28 per
withdrawal bundle
documents
557
2.3. Acknowledge 100-piso: P14 per
receipt of bundle
complete 50-piso: P7 per
withdrawal bundle
documents by 20-piso: P3 per
indicating date bundle
and time
through time Effective 1 June
stamp machine 2021, penalty of
and affixing P5,000.00 for every
signature over cancelled withdrawal
stamped name transaction.
on the
Authority to
Debit Slip
2.4. Stamp the
following on
the Authority to
Debit Slip:
“Signatures
Similar on File”
and “Amount
Withdrawn is
Within the
Authorized
Limit”
Names of the
COD Manager,
Assistant COD
Manager and
Deputy Director
under the
above stamp
2.5. Forward
withdrawal
documents to
COD Manager
2.6 Check Manager

completeness Currency
of submitted Operations
documents Division
2.7 Determine if
the bank
representative
558
is authorized to
withdraw the
requested
currencies in
accordance
with the
withdrawal
documents and
names
encoded in
IRIS
2.8 Match the
signatures of
bank officials
against the
specimen
signature cards
and determine
if the amount
being
withdrawn does
not exceed
their authorized
limit
2.9 Affix signature
and indicate
time under the
“Signatures
Similar on File”
and “Amount
Withdrawn is
Within the
Authorized
Limit” stamped
on the Authority
to Debit Slip
2.10 Process
withdrawal
transaction in
IRIS
2.11 Forward
withdrawal
documents to
COD Assistant
Manager
2.12 Check Assistant

completeness Manager
559
of submitted Currency
documents Operations
2.13 Determine if Division
the bank
representative
is authorized to
withdraw the
requested
currencies in
accordance
with the
withdrawal
documents and
names
encoded in
IRIS
2.14 Match the
signatures of
bank officials
against the
specimen
signature cards
and determine
if the amount
being
withdrawn does
not exceed
their authorized
limit
2.15 Affix
signature and
indicate time
under the
"Signatures
Similar on File"
and "Amount
Withdrawn is
Within the
Authorized
Limit" stamped
on the Authority
to Debit Slip
2.16 Source
withdrawal
transaction in
IRIS
2.17 Forward
withdrawal
560
documents to
Deputy Director
2.18 Check Deputy Director

completeness BSP Regional
of submitted Office/Branch
documents
2.19 Determine if
the bank
representative
is authorized to
withdraw the
requested
currencies in
accordance
with the
withdrawal
documents
2.20 Match the
signatures of
bank officials
against the
specimen
signature cards
and determine
if the amount
being
withdrawn does
not exceed
their authorized
limit
2.21 Affix
signature and
indicate time
under the
"Signatures
Similar on File"
and "Amount
Withdrawn is
Within the
Authorized
Limit" stamped
on the Authority
to Debit Slip
2.22 Forward
withdrawal
documents to
COD Manager
561
2.23 Forward Manager

withdrawal Currency
transaction in Operations
IRIS to Division
Payments and
Settlements
Office for
approval
2.24 Forward
withdrawal
documents to
Paying Teller
2.25 Upon Paying Teller

approval by Currency
Payments and Operations
Settlements Division
Office,
generate the
following
documents thru
IRIS:
Cash
Processing
Sheet – one (1)
original copy
Pass Out Slip –

two (2) original
copies
Withdrawal
Certificate –two
(2) copies
2.26 Forward
withdrawal
documents to
COD Assistant
Manager
2.27 Sign in the Assistant

“Signature Manager
Verified by” Currency
portion of the Operations
Currency Division
Processing
562
Sheet and
indicate time of
validation of
signatures and
withdrawal limit
2.28 Affix initial in
the Withdrawal
Certificate
2.29 Forward
withdrawal
documents to
COD Manager
2.30 Sign in the Manager

“Signature Currency
Verified by” Operations
portion of the Division
Currency
Processing
Sheet and
indicate time of
validation of
signatures and
withdrawal limit
2.31 Sign in the
Withdrawal
Certificate
2.32 Forward
withdrawal
documents to
Deputy Director
2.33 Sign in the Deputy Director

“Approved by” BSP Regional
portion of the Office/Branch
Currency
Processing
Sheet and
indicate time of
validation of
signatures and
withdrawal limit
2.34 Sign in the
“Noted by”
portion of the
Withdrawal
Certificate
563
2.35 Forward
withdrawal
documents to
COD Assistant
Manager
2.36 Withdraw Manager,
currencies from Assistant
cash vault Manager, Senior
Currency
Operations
Officer
Currency
Operations
Division
2.37 Turnover Assistant
currencies and Manager,
withdrawal Senior Currency
documents to Operations
Paying Teller Officer
Currency
Operations
Division
3. Proceed to the 3. Count Paying Teller
designated room currencies Currency
in the COD turned over by Operations
Receiving/Releasi COD Assistant Division
ng Area then Manager and
inspect currencies SV Recipient
released by the then reconcile
Paying Teller and count against
acknowledge Authority to
receipt of Debit Slip, Cash
currency Processing
withdrawal Sheet and Pass
Out Slip
3.1. Release
currencies and
witness
inspection by
bank
representative
3.2. Stamp
“Received
Payment by” on
the Authority to
Debit Slip
3.3. Sign in the
“Serviced by”
564
portion of the
Cash
Processing
Sheet
3.4. Sign in the
Pass Out Slip
3.5. Secure the
initial and
signature of the
COD Assistant
Manager and
COD Manager
in the Pass Out
Slip
3.6. Request bank
representative
to do the
following:
Accomplish the
“Verification of
Currencies
Withdrawn”
portion of the
Currency
Processing
Sheet
Sign then affix

right thumb
mark in the
“Confirmed and
Certified
Correct” portion
of the Currency
Processing
Sheet and
indicate time
currency
withdraw was
received
Sign then affix

right thumb
mark in the
“Received
Payment by”
stamped on the
565
Authority to
Debit Slip
3.7. Sign in the

Pass Out Slip
3.8. Secure the
signature of the
COD Head in
the “Confirmed
and Certified
Correct” portion
of the Cash
Processing
Sheet
3.9. Stamp “Paid”
on all
withdrawal
documents then
affix initial over
stamped name
4. Receive client 4. Stamp Paying Teller
bank’s copy of the “Released” on Currency
withdrawal the Authority To Operations
documents Debit Slip then Division
indicate date
and affix
signature over
stamped name
4.1 Furnish bank
representative
with the client
bank’s copy of
the Authority to
Debit Slip and
Authority to
Withdraw
together with
two (2) original
copies of Pass
Out Slip for
presentation to
Security Guard
assigned at the
Loading/Unloadi
ng Area
TOTAL: Effective 1 June 1 hour
2021:
566
New banknote
withdrawals:
1,000-piso: P200
per bundle
500-piso: P100 per
bundle
200-piso: P40 per
bundle
100-piso: P20 per
bundle
50-piso: P10 per
bundle
20-piso: P4 per
bundle
Fit banknote
withdrawals:
1,000-piso: P140
per bundle
500-piso: P70 per
bundle
200-piso: P28 per
bundle
100-piso: P14 per
bundle
50-piso: P7 per
bundle
20-piso: P3 per
bundle
P5,000.00 for every

cancelled withdrawal
transaction

567
feedback
Management Unit.
concerned.
ARTA 1-ARTA (2782)
PCC: 8888
CCB: 0908-881-6565 (SMS)

Office Fernando City, La Union (072) 242-5632
BSP Cebu Regional Osmeña Blvd. & P. del (032) 254-0973
Office Rosario Sts., Cebu City
BSP Davao Regional Quirino Avenue, Davao (082) 227-9051
Office City
Butuan City
Sts.Cabanatuan City
Branch Velez Sts.,
Cagayan de Oro City
Cotabato City
568
Iloilo City
Rizal St.,
City
Road, Barangay
Ozamiz City
City

City
Tacloban City

Barracks, (062) 993-1888
Zamboanga City
569
5. Purchase of Gold from the General Public (update)
The BSP purchases gold from the general public in accordance with the BSP
Responsible Gold Sourcing Policy and R.A No. 11256.
Office or Division: Gold Buying Station – BSP Davao Regional Office, BSP Naga
Branch, BSP Zamboanga Branch, Baguio Gold Buying Station
Type of G2C, G2B
Transaction:
Who may avail: Gold sellers/small-scale miners/traders/panners/general public
Two (2) Government Issued IDs Department of Foreign Affairs (DFA)
(2 original, 2 photocopy) Land Transportation Office (LTO)
Professional Regulation Commission (PRC)
Social Security System (SSS)
Government Service Insurance System (GSIS)
Overseas Workers Welfare Administration
(OWWA)
Local Government Unit (LGU) - Senior Citizen
Post Office
Commission on Elections (COMELEC)
Bureau of Internal Revenue (BIR)
Home Development Mutual Fund (HDMF)
Tax Identification Number (TIN) Bureau of Internal Revenue (BIR)
Two (2) ID pictures To be provided by the client
Business permit/business registration (for Local Government Unit
gold traders and companies)
(1 photocopy)
Gold to be submitted should meet the Brought by the client
following requirements:
a. Physical form
1) Should be in bar or disc (powder and
jewelry are not acceptable).
2) Should not contain mercury or
amalgam in any quantity.
3) Should be free of slag and other
foreign matter.
4) Should have no sign of metallic
segregation / layering or poured
shortness.
5) Should not be damp or wet.
b. Maximum Dimensions
570
1) Bar: 16.5 cm long x 8 cm wide x 4
cm thick
2) Disc: 10 cm diameter x 5 cm thick
c. Weight
1) Maximum weight of bar or disc: @ 5
kilograms
2) Maximum weight per lot: @ 10
kilograms
3) Minimum Preliminary Gold Assay –
30%
Additional requirements for registered
small-scale miners to avail of the tax
exemption:
a. Small-scale mining contract Provincial Mining Regulatory Board (PMRB)/
(1 original* and 1 certified true copy) Mines and Geosciences Bureau (MGB)
Note: Original must be presented for

validation
b. BSP Certificate of registration BSP Regional Office/Branch
(1 original)
Additional requirements for accredited
traders to avail of the tax exemption:
a. Acknowledgement receipt/s from small- Small-scale miners
scale miners as proof of the source of gold
(1 original for each gold transaction)
b.BSP Certificate of accreditation BSP Regional Office/Branch
(1 original)
Additional requirements for
companies/organizations:
Articles of incorporation/partnership To be provided by the client
(1 photocopy)
By-laws (1 photocopy) To be provided by the client
List of Directors/Partners (1 photocopy) To be provided by the client
List of Principal Stockholders owning at To be provided by the client
least 2% of the capital stock (1
photocopy)
List of beneficial owners, if any To be provided by the client
(1 photocopy)
Copy of the latest Annual Report To be provided by the client
(1 photocopy)
Letter of Delivery and Sale BSP Gold Buying Station
(5 original)
Customer Information Packet BSP Gold Buying Station
(1 original)
571
Supply Chain Assessment Form BSP Gold Buying Station
(1 original)
Notarized Authority to Release Information BSP Gold Buying Station
(2 original)
Letter of Authorization BSP Gold Buying Station

(1 original)
Additional requirements for gold
purchases with tax:
BIR Form No. 2200-M – Excise Tax Bureau of Internal Revenue (BIR)
Return for Mineral Products (3 original)
BIR Form No. 2299 – Excise Taxpayer’s Bureau of Internal Revenue (BIR)
Removal of Declaration (3 original)
Additional requirements for tax-exempt
gold purchases :
BIR Form No. 2299 – Excise Taxpayer’s Bureau of Internal Revenue (BIR)
Removal of Declaration (3 original)

CLIENT STEPS
Advance Payment
1. Register in the 1. Request the For non-tax Advance Security guard on
logbook and client to exempt gold: payment will be duty
present valid ID to register in the 4% excise paid within one Security Division
the security guard logbook and tax and 1% (1) hour and
of the BSP issue access creditable thirty (30)
Regional card/BSP withholding minutes from
Office/Branch or Visitor’s ID tax receipt of
Baguio Gold accomplished
Buying Station forms by the
2. Proceed to the 2. Provide the Head of Gold Assistant
Gold Buying following forms: Buying Station Manager/
Station area and a. Letter of until the Bank Officer II
receive the forms Delivery and release of the BSP Gold Buying
Sale (LDS) BSP check to Station
b. Customer the client
Information
Packet
c. Supply Chain
Assessment
Form
d. Authority to
Release
Information
572
CLIENT STEPS
e. Letter of
Authorization
(if sale of gold
is through a
representative
3. Submit the 3. Check Assistant

accomplished completeness Manager/
forms together and accuracy Bank Officer II
with the gold of details BSP Gold Buying
provided in the Station
*Gold offered for sale forms
should be in 3.1 If in order,
accordance with BSP acknowledge
prescribed receipt of the
requirements forms through
time stamp
machine and
affix initial
3.2 Assess supply Assistant
chain Manager/
Bank Officer II
BSP Gold Buying
Station
Director/
Deputy Director
BSP Regional
Office/Branch
4. Witness the 4. Clean, weigh, Sr. Security
cleaning, and mark gold Materials Control
weighing, and materials Officer/Security
marking of the Materials Control
Officer II
gold submitted
BSP Gold Buying
Station
5. Sign the 5. Accomplish RN Sr. Security
Reception Note and request Materials Control
(RN) and receive client to sign Officer/ Security
client’s copy of the the RN Materials Control
Officer II
RN and LDS 5.1 Provide copies
BSP Gold Buying
of the RN and Station
LDS to the
client
5.2 Conduct Assayer
preliminary
573
CLIENT STEPS
assay on the Office of the
gold Director/Deputy
Director
5.3 Compute the Sr. Accounting
advance Specialist/
payment Accounts
Specialist
Financial
Services Section
5.4 Review and Assistant
approve the Manager/
advance Bank Officer II
BSP Gold Buying
payment Station
computation
Director/
Deputy Director
BSP Regional
Office/Branch
Authorized
personnel
BSP La Union
Regional Office
(for Baguio Gold
Buying Station)
5.5 Prepare check Sr. Accounting

based on the Specialist/
payment Accounts
computation Specialist
Financial
and secure
Services Section
signatures of
authorized BSP
officials on the
check
5.6 Forward the
check and
copy of the
initial
computation to
the
Administrative
Division for
release to the
574
CLIENT STEPS
client (except
for Baguio
Gold Buying
Station)
6. Receive check for 6. Release the Designated Staff
advance payment signed check Administrative
and client’s copy and copy of the Division
of the initial initial payment
Sr. Accounting
payment computation to
Specialist
computation the seller Financial
Services Section
(for Baguio Gold
Buying Station)
7. Acknowledge 7. Request client Designated Staff
receipt of the to Administrative
check by signing acknowledge Division
in the logbook receipt and
indicate time Sr. Accounting
Specialist
received in the Financial
logbook Services Section
(for Baguio Gold
Buying Station)
8. Proceed to the 8. Instruct client Designated Staff

BSP Paying to proceed to Administrative
Teller’s window for the BSP Division
encashment Paying Teller’s
Sr. Accounting
window for
Specialist
For Baguio Gold encashment Financial
Buying Station, Services Section
proceed to For Baguio (for Baguio Gold
Landbank- Baguio Gold Buying Buying Station)
branch for Station, instruct
encashment or client to
deposit check to proceed to
the client Landbank-
depository bank Baguio branch
for encashment
or deposit
check to the
client
575
CLIENT STEPS
depository
bank
9. Submit the 9. Accept the Paying Teller
following to the check and Currency
Paying Teller and disburse cash Operations
receive cash: Division
a. Check
b. Valid ID for
verification of
payee’s
identity
c. Letter of
Authorization,
if applicable
Final Payment
1. Register in the 1. Request the Processing Final payment Security guard on
logbook and client to costs, with a shall be paid duty
present valid ID to register in the minimum of within twenty Security Division
the security guard logbook and P1,600.00 (20) working
of the BSP issue access per lot, and days from
Regional card/BSP metal receipt of
Office/Branch or Visitor’s ID recovery accomplished
Baguio Gold factor shall forms and gold
Buying Station be applied by the Head of
based on Gold Buying
guidelines Station, with an
extension of
twenty (20)
For non-tax working days420
exempt gold:
4% excise
tax and 1%
creditable
withholding
tax
2. Proceed to the 2. Prepare Assay Sr. Security

Gold Buying Outturn Report Materials Control
Station area and and request Officer/ Security
420 Given the need to transport the gold to Mint and Refinery Operations Department (MROD), BSP Quezon
City, and the conduct of the final assay by the MROD, the BSP needs to avail of the one-time period extension
for the processing of final payment of gold.
576
CLIENT STEPS
sign the Outturn client to sign in Materials Control
Report the outturn Officer II
report BSP Gold Buying
Station
2.1 Prepare final Sr. Accounting
payment Specialist/
computation Accounts
sheet and final Specialist
payment Financial
Services Section
report
2.2 Review and Assistant

approve final Manager/
payment Bank Officer II
computation BSP Gold Buying
Station
Director/
Deputy Director
BSP Regional
Office/Branch
Authorized
personnel
BSP La Union
Regional Office
(for Baguio Gold
Buying Station)
2.3 Prepare check Sr. Accounting
based on the Specialist/
payment Accounts
computation Specialist
and secure Financial
Services Section
signatures of
authorized
BSP officials
on the check
2.4 Forward the
check and
copy of the
final payment
computation to
the
Administrative
Division for
release to the
577
CLIENT STEPS
client (except
for Baguio
Gold Buying
Station)
3. Receive check for 3. Release the Designated Staff
final payment and signed check Administrative
client’s copies of and copies of Division
the final payment the final
computation, and payment Sr. Accounting
Specialist
outturn report computation, Financial
and outturn Services Section
report to the (for
client Baguio Gold
Buying Station)
4. Acknowledge 4. Request client Designated Staff
receipt of the to Administrative
check by signing acknowledge Division
in the logbook receipt and
indicate time Sr. Accounting
Specialist
received in the Financial
logbook Services Section
(for
Baguio Gold
Buying Station)
5. Proceed to the 5. Instruct client Designated Staff

BSP Paying to proceed to Administrative
Teller’s window for the BSP Division
encashment Paying Teller’s
Sr. Accounting
window for
Specialist
For Baguio Gold encashment Financial
Buying Station, Services Section
proceed to For Baguio (for
Landbank- Baguio Gold Buying Baguio Gold
branch for Station, instruct Buying Station)
encashment or client to
deposit check to proceed to
the client Landbank-
depository bank Baguio branch
for encashment
or deposit
check to the
client
578
CLIENT STEPS
depository
bank
6. Submit the 6. Accept the Paying Teller
following to the check and Currency
Paying Teller and disburse cash Operations
receive cash: Division
a. Check
b. Valid ID for
verification of
payee’s
identity
c. Letter of
Authorization,
if applicable
TOTAL: For non-tax 20 working
exempt gold: days, with an
4% excise extension of 20
tax and 1% working days421
creditable
withholding
tax
Processing
costs, with a
minimum of
P1,600.00
per lot, and
metal
recovery
factor shall
be applied
based on
guidelines
421 Given the need to transport the gold to Mint and Refinery Operations Department (MROD), BSP Quezon
City, and the conduct of the final assay by the MROD, the BSP needs to avail of the one-time period extension
for the processing of final payment of gold.
579
feedback
Management Unit.
concerned.
ARTA 1-ARTA (2782)
PCC: 8888
CCB: 0908-881-6565 (SMS)

Office Davao City
Road, Barangay
Barracks, (062) 993-1888
Zamboanga City
Baguio Gold Buying 2/F RCBC Building, (074) 442-5236
Station Session Road, Baguio (074) 424-2391
City
580
ASSET MANAGEMENT DEPARTMENT
External Services
581
1. Sale of Real Properties / Assets Acquired by the BSP (update)
The Asset Management Department is primarily tasked to administer, preserve and
dispose of the assets acquired by the Bangko Sentral ng Pilipinas (BSP).
Office or Division: Asset Management Department (AMD)
Type of G2C – Government to Citizen; G2B – Government to Business;
Who may avail: All
Individual
1. Buyer’s Information Sheet (1 original) 1. AMD-Reception Window
2. BSP Website
(https://www.bsp.gov.ph/Pages/AboutTheBank/
AcquiredPropertiesForSale/VariousForms.aspx)
2. Negotiated Offer to Purchase Form 1. AMD-Reception Window
(1 original) 2. BSP Website
(https://www.bsp.gov.ph/Pages/AboutTheBank/A
cquiredPropertiesForSale/VariousForms.aspx)
3. Signed Negotiated Rules and Procedures (1 1. AMD-Reception Window
original) 2. BSP Website
4. Employment Documents
a. Certificate of Employment (1 original) a. Buyer’s Employer

b. Payslip for the last three months or current b. Buyer’s Employer
employment contract (1 original)
c. Proof/s of other income or source of funds
(not all inclusive listed beow)
c.1 Bank Statements (1 photocopy)
c.2 Schedule of Remittances (1
photocopy)
c.1.Bank
c.3 Schedule of Monthly Pension c.2.Bank; Remittance Center/Agents
(1 photocopy) c.3.GSIS or SSS
5. Government Issued ID (1 photocopy) *Not all inclusive listed below

1. Department of Foreign Affairs (DFA)
2. Land Transportation Office (LTO)
3. Government Services Insurance System (GSIS)
582
4. Social Security System (SSS)
5. Philippine Statistics Authority (PSA)
6. Philippine Post-Office
7. COMELEC
8. PAG-IBIG
9. PHILHEALTH
10. Office of the Senior Citizens Affairs
11. Philippine Employment Overseas Agency
(POEA)
12. Philippine Overseas Labor and Office (POLO)
6. BIR TIN (1 photocopy) BIR
7. Notarized Special Power of Attorney if Principal
representing another individual (1 original)
8. DTI registration (1 photocopy) DTI – Registration Division
9. Mayor’s business permit for the current Mayor’s Office – Business Permit and
year (1 photocopy) Licensing Division
10.1. Income Tax Return for the last 10. 1 Buyer’s Employer
three years (1 photocopy); or
10.2. Financial statements for the last
two years if with comparative 10.2 Buyer
period or three years if without
comparative period (1 photocopy)
11. Proof/s of other income or source of funds
a. Bank Guarantee (1 original)
b. Credit Line (1 original) a. Buyer’s Bank
b. Buyer’s Bank
12. Notarized acknowledgment regarding the AMD-Reception Window
related pending court case (1 original)
13. Authority to Credit Bank Account (1 AMD-Reception Window
original), with the following documentary
requirements:
a. Business Registration with DTI (1 a. DTI
photocopy)
b. BIR Certificate of Registration – b. BIR
BIR Form No. 2303 (1 photocopy)
c. Tax Exemption Certificate/Ruling c. BIR
from BIR, if any (1 photocopy)
d. Certification of Service Provider d. Buyer
Not Engaged in Business (1
original)
e. Sworn Declaration that gross e. BIR
income does not exceed P720,000
for the current year, stamped
“received” by the BIR (1 photocopy)
f. Passbook or ATM showing the f. Buyer’s Bank
Account Name and Account
Number (1 photocopy)
583
14. Authorization Letter for BSP to verify Buyer
employment and sources of funds (1
original)
15. Undertaking relative to transfer of TCT and Buyer
Tax Declaration (1 original)
16. Order of Payment (At least 20% of the BSP Website
Offer Price) (1 original)
(https://nops.bsp.gov.ph/nops)
17. Deposit (Cash/Check) Payment of at least BSP Depository Bank / Other Payment
20% of the Offer Price Channels
Corporation/Partnership/Single
Proprietorship
1. Buyer’s Information Sheet (1 original) 1. AMD-Reception Window
2. BSP Website
2. Negotiated Offer to Purchase Form 1. AMD-Reception Window
3. Signed Negotiated Rules and Procedures 1. AMD-Reception Window
4. Securities and Exchange Commission SEC
registration (1 photocopy)
5. Mayor’s business permit for the current Mayor’s Office – Business Permit and
year (1 photocopy) Licensing Division
6. Articles of Partnership or Incorporation (1 Buyer
photocopy)
7. Latest income/corporate tax return (1 Buyer
photocopy)
8. Audited financial statements for the last Buyer
two years if with comparative period or
three years if without comparative period (1
photocopy)
9. Proof/s of other income or source of funds
(not all inclusive listed below)
a. Bank Guarantee (1 original)
b. Credit Line (1 original) a. Buyer’s Bank
b. Buyer’s Bank
10. Secretary’s Certificate or its equivalent on Buyer’s Corporate Secretary
Authority to Purchase (1 original)
11. Secretary’s Certificate or its equivalent on Buyer’s Corporate Secretary
Authorized Signatory
584
12. Authority to Credit Bank Account (1 AMD-Reception Window
original), with the following documentary
requirements:
a. Business Registration with SEC (1 a. SEC
photocopy)
b. BIR Certificate of Registration –
BIR Form No. 2303 (1 photocopy) b. BIR
d. Passbook or ATM showing the
d. Buyer’s Bank
Account Name and Account
Number (1 photocopy)
13. Notarized acknowledgment regarding the AMD-Reception Window
related pending court case (1 original)
14. ID of authorized signatory (1 photocopy) Not all inclusive listed below
3. Government Services Insurance System
(GSIS)
7. COMELEC
8. PAG-IBIG
9. PHILHEALTH
(POEA)
12. Philippine Overseas Labor and Office (POLO)
15. Authorization Letter for BSP to validate Buyer
documents for sources of funds (1 original)
16. Undertaking relative to transfer of TCT and Buyer
Tax Declaration (1 original)
17. Order of Payment (At least 20% of the BSP Website
Offer Price) (1 original)
(https://nops.bsp.gov.ph/nops)
18. Deposit (Cash/Check) Payment of at least BSP Depository Bank / Other Payment
20% of the Offer Price Channels
CLIENT STEPS AGENCY FEES PROCESSING PERSON

ACTIONS TO BE TIME RESPONSIBLE
PAID
585
Submission of Offer to Purchase and Pre-Evaluation Process
1. Submit offer to 1. Receive offer None 5 Days AMD Account Officer
purchase with to purchase (AO)422
complete with
documentary corresponding
requirements. documentary
requirements
and conduct
initial
evaluation as
to
completeness
of documentary
requirements,
and
acknowledge
receipt.
2. Get an Order of 2. The New Order None N/A
Payment (OP) for of Payments
the required System
deposit. (NOPS) issues
system-
generated OP
through email.
3. Proceed to the 3. Verify in the At AO

Depository Bank / NOPS the least
other payment payment of 20%
channels and pay required of
the required deposit. the
deposit. Offer
Price
4. Receive 4. Issue None AO
acknowledgment acknowledgmen
letter. t letter to the
buyer, through
email or mail to
the registered
address of the
buyer, with DTS
reference
number.
Approval of Offer to Purchase
422 Holding the position of either Senior Management Specialist, Bank Officer II, or Bank Officer IV
586
1. Receive advice on 1. Issue letter None 20 Days AO
the results of the advice to the
validation of buyer.
Submitted
documents with
counterparties 2. Start
(e.g., Certificate of processing/
evaluation/ AO/Manager/ Deputy
Employment, Director/ Director
Payslip, Bank analysis of
Certification, etc.) Offer to
Purchase,
buyer’s
capacity to pay
and financial
documents/re
ports in
accordance
with
prescribed
guidelines.
3. Approval by
the Committee
on Disposal of
Real
Properties
(CDRP).
4. For offers to
purchase
properties with AO/Manager/ Deputy
selling prices Director/ Director
beyond the Additional 20
authority of the Days
CDRP,
prepare
memorandum
to the
Monetary
Board (MB) for
review of
CDRP
members.
5. Approval by
the MB.
587
2. Receive Notice of 2. Issue Notice of AO/Manager/ Deputy
Approval and sale Approval and Director/ Director
documents. Sale documents.
TOTAL: At least 20/40 Days

20% of
the Offer
Price
Sale of Real Properties / Assets Acquired by the BSP – Under Multi-Stage Processing
588
2.Lease out BSP-Acquired Real Properties (update)
The BSP offers real properties not yet disposed of for lease to the public.
Office or Division: Asset Management Department (AMD)
Type of G2C – Government to Citizen; G2B – Government to
Transaction: Business; G2G – Government to Government
Who may avail: All
Individual
1. Lessee’s Information Sheet (1 original) 1. AMD-Reception Window

2. BSP Website
(https://www.bsp.gov.ph/Pages/AboutTheBa
nk/AcquiredPropertiesForSale/VariousForms.
aspx)
2. Government Issued ID (1 photocopy) *Not all inclusive listed below
(GSIS)
7. COMELEC
8. PAG-IBIG
9. PHILHEALTH
(POEA)
12. Philippine Overseas Labor and Office
(POLO)
3. BIR TIN (1 photocopy) BIR
4. Employment Documents
a. Certificate of Employment (1 original) a. Lessee’s Employer

b. Payslip for the last three months or current b. Lessee’s Employer
employment contract (1 original)
c. Proof/s of other income or source of funds
(not all inclusive listed beow)
c.1 Bank Statements (1 photocopy) c.1.Lessee’s Bank
c.2 Schedule of Remittances (1 photocopy) c.2.Lessee’s Bank
589
c.3 Schedule of Monthly Pension c.3.GSIS or SSS
(1 photocopy)
5.1. Income Tax Return for the last three years 5.1. Lessee’s Employer
(1 photocopy); or
5.2. Financial statements for the last two years
if with comparative period or three years if 5.2. Lessee
without comparative period (1 photocopy)
6. Bank Accounts Documents
a. Bank Certification (1 original) a. Lessee’s Bank
b. Passbook (1 photocopy) b. Lessee’s Bank
7. Authority to Credit Bank Account (1 original), AMD-Reception Window
with the following documentary
requirements:
a. Business Registration with DTI (1 a. DTI

photocopy)
b. BIR Certificate of Registration – BIR Form b. BIR
No. 2303 (1 photocopy)
c. Tax Exemption Certificate/Ruling from BIR, c. BIR
if any (1 photocopy)
d. Certification of Service Provider Not d. Buyer
Engaged in Business (1 original)
e. Sworn Declaration that gross income does
not exceed P720,000 for the current year, e. BIR
stamped “received” by the BIR (1
photocopy)
f. Passbook or ATM showing the Account
f. Lessee’s Bank
Name and Account Number (1 photocopy)
8. Authorization Letter for BSP to verify Buyer
employment and sources of funds
(1 original)
Corporation/Sole Proprietorship
1. Lessee’s Information Sheet ( 1 original) 1. AMD-Reception Window
2. BSP Website
(https://www.bsp.gov.ph/Pages/AboutTheBa
nk/AcquiredPropertiesForSale/VariousForms.
aspx)
2. Department of Trade and Industry DTI – Registration Division
3. Securities and Exchange Commission SEC – Registration Division
4. Mayor’s business permit for the current year Mayor’s Office – Business Permit and
(1 photocopy) Licensing Division
5. Articles of Partnership or Incorporation, as Lessee
the case may be (1 photocopy)
590
6. Latest income/corporate tax return Lessee
(1 photocopy)
7. Audited financial statements for the last two Lessee
years if with comparative period or three
years if without comparative period and
proof/s of other income or source of funds, if
any (1 photocopy)
8. Secretary’s Certificate or its equivalent on Lessee’s Corporate Secretary
authority to lease (1 original)
9. Secretary’s Certificate or its equivalent on Lessee’s Corporate Secretary
authorized signatory
10. ID of authorized signatory (1 photocopy) Not all inclusive listed below
(GSIS)
7. COMELEC
8. PAG-IBIG
9. PHILHEALTH
(POEA)
12. Philippine Overseas Labor and Office
(POLO)
11. Bank Accounts Documents
a. Bank Certification (1 original) a. Lessee’s Bank
b. Passbook (1 photocopy) b. Lessee’s Bank
12. Authority to Credit Bank Account (1 original), AMD-Reception Window
with the following documentary
requirements:
a. Business Registration with DTI/SEC a. DTI/SEC-Registration Division
(1 photocopy)
b. BIR Certificate of Registration – BIR b. BIR
Form No. 2303 (1 photocopy)
d. Passbook or ATM showing the
Account Name and Account Number d. Lessee’s Bank
(1 photocopy)
13. Authorization Letter for BSP to validate Lessee
documents for sources of funds (1 original)
591
Submission of Intent to Lease

1. Submit Letter of Intent 1. Receive None 3 Days AO
to Lease. Letter of
Intent to
Lease and
acknowledge
receipt.
2. Receive 2. Issue None AO/Manager/
Acknowledgment Acknowledg Deputy Director/
Letter. ment Letter Director
through email
or mail to the
registered
address of
the lessee,
with DTS
reference
number.
Conduct of Lease Survey and Pre-Evaluation Process
1. Receive letter advice 1. Conduct lease None 7 Days AO/Manager/
on the terms and survey, and Deputy Director/
conditions of the prepare the Director
lease. terms and
conditions of
the lease.
2. Issue letter
advice on the
terms and
conditions of
the lease
through email
or mail to the
registered
address of the
lessee.
Approval of Lease
1. Submit Letter of 1.1. Receive None 20 Days AO/Manager/
Acceptance of the Letter of Deputy Director/
terms and conditions Acceptance Director
of the lease and with complete
complete documentary
documentary require-
requirements. ments.
592
1.2. Start
processing/
evaluation/
analysis of
lessee’s
capacity to
pay and
financial
documents/
reports in
accordance
with
prescribed
guidelines.
1.3. Approve
lease by the
Managing
Director,
Manage-ment
Services Sub-
Sector or MB.
2. Receive Notice of 2. Issue Notice of 2 months AO/Manager/
Approval of Lease. Approval of security Deputy Director/
Lease. deposit Director
and one
month
advance
rent
TOTAL: 2 months 20 Days
security
deposit
and one
month
advance
rent
Lease out BSP-Acquired Properties – Under Multi-Stage Processing
593
How to send feedback Utilize the Feedback Management
System tool/kiosk located at the
reception area of AMD or send
feedbacks through the official email
address of AMD at
acquiredassets@bsp.gov.ph or at
telephone no. (02) 5306-3073.
How feedbacks are processed Feedbacks received are generated
through the FMS/official AMD
email address.
Negative feedbacks received are

immediately escalated and
reported to the appropriate
personnel for immediate resolution.
Feedbacks received are

periodically reported during
Management Committee meeting
every month to monitor the
performance of the Department in
the delivery of its services.
How to file a complaint Complaints may be filed in writing
through the following:
Email:
acquiredassets@bsp.gov.ph
Letter: Addressed to the Director,

Asset Management Department,
Room 211, 5-storey Building, BSP
Complex, Malate, Manila
Complaints can also be filed via

telephone and to provide the
following information:
- Name of person subject of

complaint
- Incident
594
- Evidence
Telephone No. (02) 5306-3073

How complaints are processed Complaints are evaluated whether
they pertain to AMD. If so, conduct
investigation as to the root cause of
complaint and implement corrective
action.
If complaint does not pertain to
AMD, the same is referred to the
concerned Department/Office.
Responses/Explanation of the
Department on the complaint is
appropriately relayed to the person
filing the complaint through the
contact number/address provided.
AMD Management continuously

reviews and identifies necessary
improvements on its business
processes and operations to
provide fast, efficient and quality
service to BSP clients.
Contact Information of CCB, PCC, ARTA:
ARTA complaints@arta.gov.ph
1-ARTA (2782)
PCC: 8888
CCB: 0908-881-6565 (SMS)
Information
Asset Management Room 211, 5-Storey 8708-7701 local 3073
Department Building, BSP Complex,
Malate, Manila
595
Financial Accounting Department
External Services
596
1. Creation, Transfer and Closure of a Bank’s DDA (update)
Creation and transfer of DDA due to change in banks’ status resulting from mergers,
consolidation, dissolution, upgrading/downgrading of category and closure due to
placement of banks under receivership.
Office or Division: Financial Accounting Department – General Accounts and Reports

Group (GARG)-Deposit Liabilities and Reconciliation Division (DLRD)
Type of G2B, G2G
Transaction:
Who may avail: Banks/Non-Banks/PDIC
Original Letter of Authority (LOA) with two (2) Originating from Bank/Non-Bank
authorized signatories.
Original notarized Secretary’s Certificate on Originating from Bank/Non-Bank
the Bank’s Board Resolution approving the
transfer/withdrawal/closure of DDA indicating
the two (2) authorized signatories
Original Circular Letter from the Office of the ODG-FSS
Deputy Governor-Financial Supervision Sector
(ODG-FSS).
Original Memorandum from the Department of DSA
Supervisory Analytics (DSA))
Email instruction from Payments and PSO
Settlement Office (PSO) requesting DDA
closure of Philpass-member banks
Submit original LOA, 1. Acknowledge receipt None Three Days Central Receiving
notarized Secretary’s of the documents and Area (CRA) Staff,
Certificate, ODG-SS encode in the GARG-FAD
Circular Letter and Document Tracking
DSA memo to System (DTS).
GARG-FAD, if
possible. Otherwise
send scanned copies
of documents to
ACRG-
FIS@bsp.gov.ph and
original documents
should be submitted
as soon as possible.
c. Verify documentary
requirements and DLRD-GARG-FAD
check outstanding DDA Processor
balance
597
d. Prepare request to Processor, Assistant
GARG- FAD and Manager, Manager,
review/approve the Deputy Director
request for the
creation/deactivation of
bank’s account.
e. GARG-FAD Supervisor/Assistant
executes action Manager, GARG
depending upon the
request.
Receive notification DLRD to process the DLRD-GARG-FAD

request Processor
598
2. Issuance of Statement of Account (SOA)-DDA (new)
Send SOAs for DDAs of commercial/specialized government/thrift banks and non-banks

(NBQBs) through electronic mail within (3) working days after the 15th and end of the
month , while the SOAs for rural banks, and BTr accounts are sent within three (3)
working days after end of the month.
Office or Division: Financial Accounting Department – DLRD - GARG

Type of Transaction: G2B; G2G
Who may avail: Banks/Non-Bank/BTr
Valid email address Register official email address at BSP’s
Department of Supervisory Analytics (DSA)

None 1. Generate SOA None 1 day DLRD-GARG-
FAD Processor/
Assistant
Manager /
Manager
Receive SOA 2. Send SOA via DLRD-GARG-
Lotus Notes FAD Processor
application. /Assistant
Manager /
Manager
599
3. Transfer of Funds – Demand Deposit Account (DDA) (update)
Transfer of funds of banks/non-banks relative to the DDA maintained with the Bangko
Sentral ng Pilipinas such as (a) withdrawal of excess reserves by non-PhilPaSS member
(b) remittance of outstanding DDA balance of a closed bank to Philippine Deposit Insurance
Corporation (PDIC), and (c) transactions pertaining to Philippine International Convention
Center (PICC) and Bureau of the Treasury (BTr).
Office or Division: Financial Accounting Department – GARG-DLRD

Type of G2B-Government to Businesses; G2G-Government to Government
Transaction:
Who may avail: Non-PhilPass member Banks/Non-Banks/PDIC/PICC/BTr
Original Letter of Authority with two
(2) authorized signatories Originating from non-Philpass Banks/Non-Banks
Original Notarized Secretary Certificate on the
non-PhilPass member bank’s/non-bank’s
Board Resolution approving the
transfer/withdrawal and the authorized
signatories
Original Letter of Authority Originating from PDIC and BTr
Photocopy of Letter of Authority from PICC Originating from the GARG-FAD
and ticket
1. Submit to the 1. Acknowledge None Two (2) days CRA Staff, GARG-
GARG FAD, the receipt of the FAD
following documents and
requirements: encode in the
Document Tracking
a) For For non- System (DTS).
PhilPass
member
banks/non-
banks:
 Original LOA
 Original
notarized
Secretary’s
Certificate
b) For PDIC/BTr
 Original LOA
c) PICC
transactions:
 Photocopy of
Letter of
600
PICC/GAD-
GARG Ticket
2. Verify DLRD-GARG-FAD
documentary Processor
requirements and
check outstanding
DDA balance
3. Book the Fund DLRD, GARG-FAD

Transfer and send for Processor,
review and approval Supervisor, Manager,
Deputy Director
4. Draft SWIFT
message to the bank DLRD-GARG-FAD
informing of the Processor
successful transfer
and send to the
Payments and
Settlements Office
(PSO) for sending to
the depository bank.
Receive e-mail Send e-mail to

BTr/PDIC and other
parties concerned
informing the
transaction.
601
4. Confirmation of account balances of Foreign Financial Institutions
(FFIs) to their external auditors (new)
Confirmation of the outstanding account balances of Foreign Financial Institutions
upon request of their external auditor.
Office or Division: Financial Accounting Department – GARG - DLRD

Type of Transaction: G2C – Government to Citizen
Who may avail: All
Confirmation Letter Originating from Bank / External Auditor
FEES
PROCESSING PERSON
TIME RESPONSIBLE
PAID
Submit e-mail 1. Upon receipt encode NONE 1 day Administrative
confirmation or letter in the Data Tracking Service Officer
request to FAD System (DTS) of III
Receiving Area FAD and distribute
the request to
processor.
2. Check outstanding GARG
balance for the Processor
requested period
and prepare
letter/reply
3. Review and sign Bank Officer IV
letter/reply. Manager
Deputy Director
4. Update the Administrative
monitoring tool for Service Officer
actions taken and III
return to
processor/system
administrator
5. Mail letter/reply via GARG
the Administrative Processor
Services
Department or via e-
mail.
602
5. Issuance of Statement of Accounts to FFIs (new)
Issuance of statement of accounts monthly to FFIs.
Office or Division: Financial Accounting Department – GARG - DLRD

Who may avail: All
FEES
PROCESSING PERSON
TIME RESPONSIBLE
PAID
Submit e-mail 1. Prepare Statement NONE 1 day GARG
request/confirmation of Account (SOA) Processor
and verify
outstanding balance
for the period
covered with the
submitted
proofsheets from
Financial Market
Operations Sub-
Sector (FMOSS).
2. Review and sign the Bank Officer IV
SOA. Manager
Deputy Director
monitoring tool for Service Officer
actions taken and III
return to processor
4. Send via the GARG
following: Processor
a. swift thru FMOSS
for International
Bank for
Reconstruction and
Development
(IBRD), Multilateral
Investment
Guarantee Agency
(MIGA), Bank of
Negara,
International
Finance Corporation
(IFC) and
International
603
Development
Association (IDA);
b. e-mail for Asian
Development Bank
(ADB) and
International
Monetary Fund
(IMF); and
c. mail letter/reply via
the Administrative
Services
Department for Bank
of Negara.
604
6. Confirmation of DDA, Accounts Payable (AP) and Accounts Receivable (AR)
(update)
Confirmation of the outstanding balances of DDA, AR and AP upon request of banks/non-
banks and external auditors.
Office or Division: Financial Accounting Department – Billing and Collection Group (BCG)
and GARG
Type of G2B, G2G and G2C (Government to Citizen)
Transaction:
Who may avail: Banks and Other External Stakeholders
Confirmation Letter Originating from Bank/Auditor/External Stakeholders
Send scanned copy 1. Acknowledge receipt None Five (5) days CRA Staff,
of Bank Confirmation of the email/letter, print BCG,GARG-FAD
Letter thru email to the document and
ACRG- encode in the
FIS@bsp.gov.ph or Document Tracking
submit letter to System (DTS).
GARG-FAD
2. Check outstanding
DDA, AR and AP
balance for the
requested period.
3. Prepare letter/reply BCG,DLRD-GARG-

and referral memos to FAD Processor
concerned Processor, Assistant
departments (if any), Manager, Manager,
and review and sign the Deputy Director
letter/reply.
Receive confirmation Mail letter/reply thru BCG,DLRD-GARG-
letter/reply Administrative Services FAD Processor
Department and/or
send an advance copy
thru email
605
7. Issuance of Order of Payment (update)
Issuance of Order of Payment (OP) for refund of unused cash advance, payment of
rentals, utilities and other expenses advanced by the BSP.
Office or Division: Financial Accounting Department – BCG

Type of G2B, G2G and G2C
Transaction:
Who may avail: BSP personnel, banks and other external stakeholders
Billing Requesting bank/office
Send request for OP 1. Acknowledge receipt None Within 1 hour BCG CRA Staff,
thru email to of the email/request
ACRG-DIV and encode the details
2_FAD@bsp.gov.ph in BCG Receiving File
or submit request for
OP thru the CRA-
BCG
2. Verify outstanding BCG Processor
accounts for payment
by the requestor
3. Prepare and BCG Processor

generate OP.
4. Review and approve Assistant Manager,

the OP Manager
Present OP to Cash 5. Release OP to the BCG Processor

Department for requestor or via email
Payment or pay
through Union Bank
606
8. Issuance of Acknowledgement Advice (AA), Tax Certificates (TC)
Issuance of Acknowledgement Advices to Bangko Sentral ng Pilipinas (BSP) suppliers of
goods and services (e.g. individuals, partnerships, corporations), BSP retirees/heirs as
proof of payment and BIR Tax certificates Forms Nos. 2306 and 2307 where withholding
taxes were deducted from income payments.
Office or Division:Financial Accounting Department – Disbursement Division
Type of Transaction:
G2B and G2G
Who may avail: Sole Proprietors Legal Heirs of BSP Employees
Individual Professionals Non-Stock Non-Profit Organizations
Partnerships Joint Venture
Corporations Buyer of BSP Acquired Assets
Government Agencies Gold Trader/Panner
BSP Retirees Cooperatives
Original copy of Official Receipt, Collection/
Acknowledgement Receipt issued by the
payee (evidence of receipt of BSP payment) Originating from Client
Letter of Authorization for Payee’s
representative
ID of Payee’s representative
Printed copy of e-mail approval of confirmation
of schedule
CLIENT STEPS
1. Request for an 1. Personnel in- None 1 day PIC
appointment to pick-up charge (PIC) shall Disbursement Division
the AA and TC by email the Financial Accounting
emailing the following appointment Department
email address: schedule.
Disbursement_fad@bsp.g
ov.ph
2. Retrieve 1 day CRA Staff
documents (Outsourced
file Personnel)
Disbursement Division
Financial Accounting
Department
2. Present Letter of 3. Verify details of 30 minutes CRA Staff
Authorization for payee’s the OR issued (Outsourced
representative, ID of against the Personnel)
payee’s representative details on the Disbursement Division
and printed copy of e- AA. Financial Accounting
mail approval of Department
confirmation of schedule.
Provide CRA Staff
607
original copy of Official
Receipt (OR).
3. Receive original copy 4. CRA staff to
of the AA and TC, if staple/attach the
applicable, by submitting OR to the receiving
the pre-filled-out AA’s copy of the AA and
receiving copy and on file in designated
the Demand Deposit folder.
Account (DDA) Register.
608
(ALL EXTERNAL SERVICES)
How to send feedback 1. From the BSP Website Home
Page, click the Feedback Corner
Tab.
2. Enter the transaction code
provided by the department.
3. Accomplish the questionnaire.
4. Click the ‘Submit’ button
How feedbacks are processed The responses are viewed in the

Feedback Management System
(FMS) module through the Intranet
within Bangko Sentral ng Pilipinas
(BSP).
How to file a complaint Same process on how to send

feedback.
How complaints are processed Same process on how feedbacks are

processed.
Contact Information Email Address: fmu@bsp.gov.ph

Financial Accounting 4th flr. EDPC Bldg. 8-708-77-01
Department BSP Complex A. (Trunkline)
Mabini St. Malate
General Accounts and 8-708-77-01
Manila
Reports Group (GARG) Local 2490
- DLRD
Billing and Collection 8-708-77-01
Group (BCG) Local 3416/2214/2431
Funding and 8-708-77-01
Disbursement Group Local 2469
(FDG) – Disbursement
Division
609
Financial Accounting Department
Internal Services
610
1. Certification of Outstanding Payables for Payment (update)
Certify the existence of payables to claimants
Office or Division: Financial Accounting Department – GARG

Type of G2G, G2B and G2C
Transaction:
Who may avail: FAD-Disbursement Division (DD)
Duly signed Disbursement Voucher Originating from end-user departments
Send email to 1. Acknowledge receipt None 2 hours CRA Staff
ACRG-DIV of the email and FAD
2_FAD@bsp.gov.ph encode the details in
or submit to BCG GARG Receiving File
CRA
2. Generate and print GARG Processor
the subsidiary ledger
for AP of the claimant.
3. Check in the GARG Processor
individual SL for AP the
existence of
outstanding balance of
the claimant.
4. Stamp the GARG Processor
Certification on the DV
and indicate the
outstanding balance for
AP as of date of the
claimant.
5. Review and sign the Assistant Manager,
certification. Manager
Receive the DV for a. Release the DV to CRA Staff
payment the requestor (FAD- FAD
DD) for payment.
611
2. Issuance of Order of Payment (update)
Issuance of Order of Payment (OP) for refund of unused cash advance, imprest fund and
other amount due to BSP.
Office or Division: Financial Accounting Department – BCG

Type of G2B, G2G and G2C
Transaction:
Who may avail: BSP personnel, banks and other internal stakeholders
Disbursement Voucher Personnel/Department concerned
Send request for OP 1. Acknowledge receipt None Within 1 hour BCG CRA Staff
to ACRG-DIV and encode the details
1_FAD@bsp.gov.ph in BCG Receiving File
and ACRG-DIV
2_FAD@bsp.govlph
or thru BCG CRA
2. Verify outstanding BCG Processor
accounts for payment
by the requestor
3. Prepare and BCG Processor
generate OP
4. Review and approve Assistant Manager,

the OP Manager
Present OP to Cash 5. Release OP to the BCG Processor
Department for requestor or release via
Payment or pay email
through Union Bank
612
3. Grant of Cash Advance – BSP Personnel (update)
Cash advance (CA) granted to BSP Personnel for official travel local and other purposes.
Office or Division: Financial Accounting Department (FAD)–BCG-Cash Advances

Division (CAD)
Type of G2C
Transaction:
Who may avail: BSP Personnel
Approved Disbursement Voucher (DV) that
indicates the amount of CA; Originating Concerned Department
Approved Travel Assignment Order (TAO) and
other supporting documents Originating Concerned Department
FEES
PROCESSING PERSON
TIME RESPONSIBLE
PAID
Submit DV with 1. Verify the attached None Two (2) days BCG, CRA Staff
supporting documents documentary
to the CRA-BCG requirements, and
encode the details of
the CA in BCG
Receiving File
2. Check outstanding CAD Processor
CA and request for
approval on the
certification of DV
3. Review and CAD Head
approve the
certification
4. Verify supporting CAD Processor
documents and
correctness of the
amount
5. Transmit l the DVs, CAD Processor
including supporting
documents to :
a. BAdm-FAD for
funding; or
b. Disbursement
Division – DV for
cash advance for
Imprest Fund
6. Update the BCG,CRA Staff
monitoring tool for
actions taken.
613
4. Payment of Reimbursement Claim (update)
Reimburse the expenses incurred by BSP personnel during official foreign, domestic and
other travel/mission purposes.
Office or Division: Financial Accounting Department – CAD

Type of Transaction: G2C
Disbursement Voucher (DV) that indicates the Originating from BSP and Non-BSP Personnel
amount to be reimbursed;
TAO / Certificate of Completion/Attendance Originating Concerned Department
Other supporting documents as required Originating Concerned Department
Submit DV for 1. Acknowledge None Three (3) days BCG CRA Staff
reimbursement with receipt of the DV.
supporting documents Verify the attached
to the ACRG-DIV documentary
1_FAD@bsp.gov.ph requirements, and
and ACRG-DIV encode the details of
2_FAD@bsp.gov.ph reimbursement in BCG
or thru BCG, CRA Receiving File
2. Check if there is CA CAD Processor
granted for the subject
reimbursement and
request for approval
on the certification of
DV
3. Review and CAD Head
approve the
certification
4. Verify supporting CAD Processor
documents and
correctness of the
amount
5. Transmit the DVs, CAD Processor
including supporting
documents to BAdm-
FAD for funding
6. Update the BCG CRA Staff
monitoring tool for
actions taken.
614
5. Issuance of Clearance Certificate (update)
Certify balances of Accounts Receivable (AR), Accounts Payable (AP) and Cash Advance
(CA) in relation to the clearances for travel, prolonged leave (e.g. maternity leave) and
leaving personnel (e.g. resignation and retirement) and issue clearance certificate.
Office or Division: Financial Accounting Department – Claims and Receivable Division

(CRD)
Type of G2C
Transaction:
Originating from Human Resource Management
Department/Sectoral Operations Management
Email request Department
Submit request for 1. Generate and print None Two (2) days CRD Processor
clearance certificate the individual SL for AR
thru e-mail and CA of the
accountee requestor/
payee/ employee.
2. Send email to BO IV, CRD

GARG-FAD for
certification of
outstanding AP
3. Verify the CRD Processor
outstanding balances
reflected in the SL
4. There should be no CRD Processor
outstanding balances
for CA and AR
accounts. Otherwise
appropriate action must
be taken before
certification.
5. Prepare clearance CRD Processor

certificate.
6. Review and sign the Assistant Manager,
Clearance Certificate. Manager, Deputy
Director
Receive the 7. Release thru CRA Staff
Clearance Certificate CRA/email the FAD
Clearance certificate to
requestor
615
6. Certification of Funds Availability (update)
Certify Availability of Funds for BAC Resolution Approving the Award or Request for
Authority to Purchase, Claims, Cash Advances, Reimbursement of Various Expenses and
Liquidation of Cash Advances
Office or Division: Financial Accounting Department (FAD)– Funds Administration
Division (FuAD)
Classification: Simple/Complex/Highly Technical
Type of G2G-Government to Government
Transaction:
Who may avail: Various BSP Departments, Regional Offices and Branches and BSP
Employees
SECURE
CoSS Form No. 02-010-00 Certification of Budget Availability
CoSS Form No. 02-001-00 Checklist of Required Documentation for
Replenishment of Imprest Fund
Cash Advance – Travel Assignment Orders
Cash Advance for Foreign Travel
Cash Advance for Seminar Registration Fee
Other Cash Advance
Reimbursement of Travel Expenses (Within 50-km Radius)
Reimbursement of Travel Expenses (Outside 50-km Radius) BANGKO
CoSS Form No. 02-004-03 Checklist of Requirements for SENTRAL
Reimbursement of Foreign Travel Expenses NG PILIPINAS
CoSS Form No. 02-004-04 Checklist of Requirements for IKNOW
Reimbursement of Seminar Registration Fee PORTAL
CoSS Form No. 02-004-05 Checklist of Required Documentation for (See Attached
Reimbursement of Other Expenses Annexes for the
CoSS Form No. 02-005-01 Checklist of Requirements for Bills/ Copy of Forms)
Contracts
infrastructure Projects
Liquidation of Travel Assignment Orders (Outside 50-km Radius)
Liquidation of Cash Advances-Foreign Travel
CoSS Form No. 02-003-03 Checklist of Requirements for Liquidation of
Cash Advances – Seminar Registration Fee
616
Liquidation of Other Cash Advances
CLIENT STEPS AGENCY PERSON
FEES TO BE PROCESSING
ACTIONS RESPONSI
PAID TIME
BLE
Submit scanned 1. Receive None Within one day FuAD
copies of required scanned from receipt of Receiving/
documents for documents (i.e., the scanned Releasing
Certification of Purchase documents Staff
Funds Availability Requisition,
prior to entering into BAC Resolution/
a contract/payment RAP, Claims,
of claims. Cash Advance,
Reimbursement
and BCG
Transmittal for
Cash Advances
and Liquidation
Statement)
2. Review None First in-first out FuAD
scanned basis, subject to Processor
documents and queuing423.
Record the
Certification of  Simple –
Availability of Within five (5)
funds in BECS. working days
from receipt of
input scanned
document
before the cut-
off time of
2:00pm424;
3. Review and
approve the  Complex – FuAD
Certificate of Within ten (10) Processor
Availability of working days
Funds encoded from receipt of
in BECS, the scanned
completeness documents
and validity of before the cut-
423Except for claims/documents requiring immediate attention/additional review/pertaining to emergency

cases as approved by MD-CoSS.
424 Claims, Cash Advances and Reimbursements received after the cut off time will be value dated the
following working day
617
supporting off time of
documents. 2:00pm2
 Highly
Technical 425 –
Within Twenty
(20) working
days from
receipt of
scanned
documents
before the cut-
off time of
3:00pm2
4. Tag-out None Within one day FuAD

documents for Receiving/
release in BECS Releasing
after approval by Staff
authorized FAD
officers to be
emailed to
concerned
department,
office or
personnel
representative.
425 Per RA 11032 or Ease of Doing Business Act

618
7. Grant Read-and Print Access to Budgetary and Expense Control System
(BECS) (update)
Office or Division: Financial Accounting Department (FAD)– FuAD

Type of G2G-Government to Government
Transaction:
Who may avail: Various BSP Departments, Regional Offices and Branches and BSP
Employees
SECURE
CoSS Form No. 02-0008-00 Read and Print Access to BECS Reports BANGKO
Registration Form SENTRAL
Email from End-User Department for the ISeries User ID from ITO NG PILIPINAS
IKNOW
PORTAL
619
CLIENT STEPS AGENCY PERSON
FEES TO BE PROCESSING
ACTIONS RESPONSI
PAID TIME
BLE
Submit scanned Receive request None Within one day Bank Officer
copy of duly filled up for BECS from receipt of II
Read and Print Access via the request
Access to BECS email at
Reports Registration Funding_FAD@
Form. bsp.gov.ph
Email the ISeries Bank Officer II Bank Officer

User ID to effect grant of IV and
access in Manager
(End-user
BECS.
Department to
submit User Account
Request – ISeries
Bank Officer IV
Form to ITO to
to certify and
secure user ID for
Manager to
the A400 – BECS
approve grant of
application via email)
access in
BECS.
620
8. Payment of Salaries, Allowances, Reimbursements, Cash Advances to BSP
employees
Office or Division: Financial Accounting Department – Disbursement Division

Who may avail: BSP Departments, BSP Employees
1. Approved and Funded Disbursement
Voucher (DV) (COSS Form 04-001-01)
2. Complete supporting documents stated in
the following checklists:
a. CoSS Form No. 02-001-00 Forms downloadable from iKnow Portal
Checklist of Required Supporting documents from end-user departments and
Documentation for Replenishment BSP employees
of Imprest Fund
b. CoSS Form No. 02-002-03
Checklist of Required
Documentation for Cash Advance
for Seminar Registration Fee
c. CoSS Form No. 02-002-04
Checklist of Required
Documentation for Other Cash
Advance

CLIENT STEPS
1. Send electronic 1. PIC None Salaries and Disbursement
copies of funded DV with acknowledges other Supervisor
complete and valid receipt of email. allowances –
supporting documents to Up to five (5)
FAD Disbursement working days
Division group email or immediately
Payments_FAD@bsp.g to implement
ov.ph
credit on the
2. Electronic copies Disbursement
date specified
of DVs and Supervisor
supporting by HRMD
documents are
emailed to the
assigned claims Medical
processor. Reimbursemen
ts, Travel-
3. Review the Related Cash Disbursement
completeness and Advances and Processor
validity of electronic Other
copies of DVs and
621
supporting Reimbursemen
documents. ts – Up to five
(5) working
4. Encode days from
accounting entries receipt of
in cFAS electronic
copies of
5. Review and approved AP Disbursement
approve the Approver
ticket and
correctness of the
Prooflist. Cut-
accounting entries
and validity of off time of
supporting 11:00am.
documents.
Other non-
digitalized
reimbursement
s – Up to five
(5) working
days from
receipt of
electronic
copies of
approved AP
ticket and
Prooflist. Cut-
off time of
3:00pm.
6. Generate
tickets
7. Execute
transfer of funds
thru PNB
622
9. Payments to Suppliers, Service Providers and other BSP Creditors (update)
Office or Division: Financial Accounting Department – Disbursement Division

Classification: Simple/Complex
Who may avail: BSP Departments
1. Approved and Funded Disbursement
Voucher (DV) (COSS Form 04-001-01)
2. Complete supporting documents stated
in the following checklists:
2. CoSS Form No. 02-005-01 Checklist of Forms downloadable from iKnow Portal
Requirements for Bills/ Contracts Supporting documents from end-user departments
3. CoSS Form No. 02-005-02 Checklist of and suppliers/service providers/creditors
Required Documentation for
infrastructure Projects

1. Send electronic copies 1. PIC None First in-first out Disbursement
of funded DV with acknowledges receipt basis, subject Supervisor
complete and valid of email. to queuing426.
supporting documents to .
FAD Disbursement
Division group email  Simple –
Payments_FAD@bsp.g Up to five
ov.ph (5) working
2. Electronic copies days from Disbursement
of DVs and receipt of Supervisor
supporting scanned
documents are copies of
emailed to the DV with
assigned claims complete
processor. and valid
supporting
3. Verify the documents. Disbursement
following in the Cut off time Processor
electronic copies of is 3:00pm;
documents received:
3. Complex –
a. Funds Up to ten
Certification (10)
426Except for claims/documents requiring immediate attention/additional review/pertaining to emergency

cases
623
b. Validity of the working
DV signatories days from
c. Correctness of receipt of
mathematical scanned
computation copies of
d. Correctness of DV with
Account complete
Classification and valid
e. Compliance with supporting
applicable documents.
Procurement Cut-off time
Law, Tax Code, of
COA Guidelines 3:00pm427
and BSP
policies
f. Completeness  Highly
and validity of Technical428 -
supporting Within
documents twenty (20)
4. Encode working days
accounting entries in from receipt
cFAS of required
5. Review and scanned Disbursement
approve the document Approver
correctness of the before the
accounting entries cut-off time
and completeness of 3:00pm2
and validity of
supporting
documents.
6. Generate tickets,
credit/acknowledgem
ent advice, tax
certificates, as
applicable
7. Execute transfer
of funds thru
PhilPASS/BSP
accredited banks
427 Claims received after the cut off time will be value dated the following working day
428 RA 11032 or Ease of Doing Business Act
624
10. core Financial Accounting System (cFAS) Administration, Accountee
and Bank Account Registration
The System Administrator provides daily services in the creation /enabling/disabling of

cFAS User-IDs; creation/modification of Transaction Types/Transaction IDs etc.;
maintenance of BSP Accountee File; registration of payees bank accounts;
activation/deactivation of banks and accountees; and the creation/ maintenance of the
General and Subsidiary ledgers (GL/SL) in the BSP Chart of Accounts.
Office or Division: Financial Accounting Department - General Accounts, Financial

Reports and Analysis Group
Who may avail: All
For Activation/Deactivation of Banks -
Memorandum stating the current status of bank/s
For cFAS User-ID Request Form - attach Office
Order if necessary
For Accountee - DTI/SEC Cert, BIR Registration, Originating Concerned Department
and other supporting documents, as necessary
For Bank Account Registration - BARF Checklist
For Creation/Modification of Trans Type/ID -
supporting documents, as necessary
For Creation/maintenance of GL/SL - supporting
documents, as necessary
FEES
PROCESSING PERSON
TIME RESPONSIBLE
PAID
Submit original/scanned 1. Upon receipt of 1 day Administrative
copy (thru email) of original/scanned copy NONE Service Officer III
accomplished Request of documents encode
Forms with attachments in the Data Tracking
System (DTS) of (FAD)
and distribute the
request to cFAS
Administrator or
processor.
2. Verify the cFAS

completeness and Administrator /
accuracy of the Processor
submitted documents
and input the data in
cFAS, then print the
corresponding report
and sign.
625
For request for creation
of GL/SL, the account Manager
shall be created in FAS
before it will be created
in cFAS
3. Review and Manager

approve the generated Deputy Director
report. Director-FAD
Managing
Director-CoSS

monitoring tool for Service Officer III
actions taken and
return to
processor/system
administrator
5. Prepare e-mail/reply cFAS

to concerned Administrator /
departments. Processor
626
(ALL INTERNAL SERVICES)
How to send feedback BSP personnel may call the respective
local numbers indicated below of the
office/division that provides the service.
How feedbacks are processed Feedback requiring answers are being
referred to the concerned
office/division for appropriate action.
The concerned office/division will
prepare the corresponding reply.
How to file a complaint Same process on how to send
feedback.
How complaints are processed Same process on how feedbacks are

processed.
Contact Information of FAD GARG – Local 2463/2466

BCG – Local 3416/2214/2431
FDG – FuAd – Local 2468/2216;
FDG – Disbursement Division –
Local 2469

GARG 4th flr. EDPC Bldg. Local 2463/2466
BSP Complex A.
BCG Local 3416/2214/2431
Mabini St. Malate
FDG Manila FuAd – Local
2468/2216
Disbursement Division –
Local 2469
627
Budget Management Department
Internal Services
628
1. Submission of the Approved Request for Budget Adjustments
(update)
Submission of the approved request for budget adjustments for posting in BECS
Office or Budget Management Department
Division: (BMD)
Type of Internal Services to BSP Budget Units
Transaction: 1. Approved Fund Transfer from one Budget Unit to Another
2. Approved Fund Transfer from One Account to Another within the
Budget Unit
3. Approved Sub-allocation
Who may avail: 1. All Budget Units in the BSP for items 1 and 2 above
2. HRMD and HWD for item 3 above
Approved request for budget adjustment BSP iKnow portal>>Forms and Templates>>Budget
using the prescribed form and Accounting
 Fund Transfer from one Budget Unit to Another
(CoSS Form No. 01-002-09)
 Fund Transfer from One Account to Another
within the Budget Unit (CoSS Form No. 01-002-
02)
 Sub-allocation (CoSS Form No. 01-002-10)
629
1. Download
the
applicable
form in the
iKnow portal
2. Fill out the
form and
submit to the
respective None
approver
3. Submit to the 3.1 Post in the Atleast Bank
BMD the Budgetary and Officer II, BMD
approved Expense Control for the posting
request for System (BECS) in BECS
posting in the approved
the BECS budget Respective
adjustment 3 Days Account Officer,
3.2 Notify the Budget BMD for the
Unit that the notification to
approved budget the Budget Unit
has already been
posted in the
BECS
3.3 Provide copy of
the BECS edit list
to the Funds
Administration
Division,
Financial
Accounting
Department
(FuAD,FAD)
TOTAL: None 3 Days
630
2. Submission of Request for Budget Adjustments (update)
Submission of request for fund transfer from the Provision for Contingency
Office or BMD
Division:
Transaction:  Request for Fund Transfer from the Provision for Contingency Account
Who may All Budget Units in the BSP
avail:
 Checklist of minimum requirements for BSP iKnow portal>>Forms and
request for budget adjustment Templates>>Budget and Accounting
 Request for budget adjustment using  Request for Fund Transfer for the Provision
the prescribed form for Contingency
 Cost estimates and basis - (CoSS Form No. 01-002-05 for request up to
P1.0 million)
- (CoSS Form No. 01-002-05 and CoSS Form
No. 01-002-04 for request in the amount of
more than P1.0 million up to P5.0 million)
1. Download the
applicable
form in the
iKnow portal
2. Fill out the
form and
seek
endorsement
from the
respective
Sub-Sector Respective
Head, if Account Officer,
applicable, BMD for the
and Sector For request up to None evaluation of
Heads P1.0million request
3. Submit to the 3.1 Evaluate the request
BMD the for budget adjustment 7 Days from Atleast Bank
original copy 3.2 Submit to the submission of Officer II, BMD for
of request as Head,CoSS for complete the posting in
endorsed by approval documents BECS once
the Sub- 3.3 Post in the BECS the approved
Sector Head, approved budget
if applicable, adjustment 3 Days Respective
and Sector 3.4 Notify the Budget Unit Account Officer,
Head, that the approved BMD for the
together with budget has already
631
the checklist been posted in the notification to the
for minimum BECS Budget Unit
requirements 3.5 Provide copy of the
and BECS edit list to the
supporting FuAD,FAD
documents
For more than P1.0 million Respective
up to P5.0 million Account Officer,
3.1 Evaluate the request BMD for the
for budget adjustment evaluation of
3.2 Submit to the request
Head,CoSS for 7 Days from
endorsement
submission of
3.3 Notify the Budget Unit
that the request has complete
already been signed by documents
the Head,CoSS
For request in the

amount of more
than P1.0 million
up to P5.0 million) 5.1 Post in the BECS the
Atleast Bank
approved budget
4. Submit the Officer II, BMD for
adjustment
request to the the posting in
5.2 Notify the Budget Unit
Governor for BECS once
that the approved
approval 3 Days approved
budget has already
5. Submit the been posted in the
approved Respective
BECS
request to the Account Officer,
5.3 Provide copy of the
BMD for BMD for the
BECS edit list to the
posting in the notification to the
FuAD,FAD
BECS Budget Unit
TOTAL: None 10 Days
632
3. Submission of Request for Budget Adjustments (update)
Submission of request for Budget Reallocation
Office or BMD
Division:
Transaction:  Request for Budget Reallocation
Who may avail: All Budget Units in the BSP
 Checklist of minimum requirements for BSP iKnow portal>>Forms and

request for budget adjustment Templates>>Budget and Accounting
 Request for budget adjustment using the  Request for Budget Reallocation (CoSS
prescribed form Form No. 01-002-08)
 Cost estimates and basis
CLIENT STEPS AGENCY ACTIONS RESPONSIBLE
BE PAID TIME
633
1. Download the
form in the
iKnow portal
2. Fill out the form
and seek
endorsement
from the
respective Sub- 3.1 Evaluate the request for
Sector Head, if budget adjustment
applicable 3.2 Submit to the Head,CoSS for
3. Submit to the endorsement to the Sector
BMD the original Head
copy of request 3.3 Notify the Budget Unit that None Respective
as endorsed by the request for budget Account Officer,
the Sub-Sector reallocation has already BMD for the
Head, together been signed by the 7 days from evaluation of
with the checklist Head,CoSS submission of request
for minimum complete
requirements documents
and supporting
documents Atleast Bank
4. Submit the Officer II, BMD for
request to the 5.1 Post in the BECS the the posting in
Sector Head for approved budget adjustment BECS once
approval, upon 5.2 Notify the Budget Unit that approved
recommendation the approved budget has Respective
of the already been posted in the Account Officer,
Head,CoSS BECS BMD for the
5. Forward the 5.3 Provide copy of the BECS notification to the
approved budget edit list to the FuAD,FAD Budget Unit
adjustment to the
BMD 3 days
TOTAL: None 10 Days
FEEDBACK AND COMPLAINTS MECHANISMS

How to send feedback Budget Units may contact the respective
Account Officer through email or call the
telephone numbers indicated below.
How feedbacks are processed Feedback requiring answers are forwarded to
the corresponding Departments/Offices, if
634
applicable. Upon receipt of replies/comments
from the concerned Departments/Offices, the
account officer of BMD shall then communicate
adequate reply to the Budget Unit through e-mail
or telephone call.
For inquiries and follow-ups, Budget Units may

contact the telephone numbers indicated below.
How to file a complaint Budget Units should issue a memorandum
address to the Head,BMD indicating the
following:
- Name of person being complained
- Short Narrative of the complaint
- Evidence
For inquiries and follow-ups, Budget Units may contact
the telephone numbers indicated below.
How complaints are processed Upon receipt of the memo, the BMD will evaluate
the validity of the complaint and issue a memo-
reply to the Budget Unit or schedule a meeting
for further discussion of the complaint.
Contact Information of BMD (02) 5306 – 2710/2119/2118/2113

Budget Management 4th Floor, EDPC (02) 5306 –
Department Building, BSP 2710/2119/2118/2113
Complex, Malate
Manila
635
Administrative Services Department
Internal Services
636
1. Issuance of Clearance from Records and Property Accountability
Office or Division: Administrative Services Department (ASD)

Type of Transaction: Internal Services
Who may avail: BSP Employees
1. Request via electronic mail Leave and Retirement Division,
(for separation from service e.g. Human Resource Management Department
retirement/resignation/death/dropped from the rolls) (HRMD)
2. Request via electronic mail Administrative Unit/Division,
(for sick/travel/study/maternity leave) BSP Department/Office

Submit email request for For ASD-Property Control Division None 1 day PCD Personnel
issuance of property (PCD): ASD-PCD
clearance certificate:
a. Upon receipt of request, log on to
1. HRMD (for Integrated Property, Supplies and
retirement/resignation/ Materials Management System.
separation of
personnel from the b. Type the employee number of the
bank) requesting personnel in the
Property and Supply Officer (PSO)
2. Administrative field to display the list of property
Unit/Division of accountability.
concerned BSP
Department/Office of  If with outstanding accountability,
the requesting advice the requesting employee
employee (for leave thru Lotus Notes (LN) to settle
application for thirty accountability.
(30) days)
 If none, log the following details
in the PCD Clearance Monitoring
tool at H:\@Permanent-
PCD\Clearance
Certificate\Clearance list.
 Date of e-mail
 Name
 Position
 Job Level
 Department
 Employee Number
 Reason for Certification
 Effectivity Date
637
c. Prepare certification with the name
of approving officer, as follows:
 Head of ASD, if the requesting

personnel is a Director or higher
rank.
 Deputy Director if the requesting

employee is Deputy Director or
lower rank.
RMD Personnel
d. Print two (2) copies. ASD-RMD
e. Prepare Document Tracking

Sheet (DTS) and write the DTS
Number in the Certification.
f. Affix initial below the name of

PCD head then secure the
signature of PCD head on the
second copy of the certification.
g. Forward certification to Records

Management Division (RMD).
h. Request RMD Personnel to sign

in the PCD Logbook.
For RMD:
a. Log the following details in the

RMD Logbook
 Date Certification was received

 DTS Number
 Name and department of the
requesting employee
 Date of Clearance
 Reason PSMD
Personnel
b. Check Files Request (FR) Box for ASD-PSMD
any outstanding FR under the
name of requesting employee.
 If with outstanding FR, advise

the requesting employee thru
LN to settle accountability.
638
 If none, affix initial below the
name of RMD head then secure
the signature of RMD head on
the second copy of the
certification.
c. Forward certification to Property

and Supply Management Division ODD Personnel
(PSMD), if the requesting ASD-ODD
personnel is PSO, if not, to the
Office of Deputy Director (ODD).
d. Request PSMD/ODD Personnel

to sign in the RMD Logbook.
For PSMD:
a. Acknowledge receipt from RMD’s

logbook.
b. Check H:\@Permanent-PSMD\IR
monitoring for any outstanding IR
for signature under the name of
requesting employee.
 If with outstanding IR for

signature, advise the requesting OD Personnel
employee thru LN to submit to ASD-OD
ASD the signed IR.
 If none, affix initial below the

name of PSMD head, then
secure the signature of PSMD
head on the second copy of the
certification.
c. Update DTS and forward to ODD.
For ODD:
a. Log the following details in the

ODD Logbook:
 DTS Number
 Name and Department of
requesting employee
 Date of Clearance
639
b. Check the completeness of
signatures and initials.
c. Request the signature(S)/initial (I)

of the DD on the certification, as
follows:
 S- for Non-PSO
 I- For PSO
d. Forward certification to Office

of Director (OD).
e. Request the Office of the Director

(OD) personnel to sign on the
ODD logbook.
For OD:
a. Check the completeness of

signature and initials.
b. Request the signature of the ASD

head for personnel with rank of
director or higher.
c. Release/Issue property clearance

certificate.
d. Secure initial of receiving

personnel in the second copy of
the certification.
TOTAL: None 1 day

How to send feedback Send written client feedback to the Office of the
Director, Administrative Services Department (ASD).
How feedbacks are processed Feedback requiring response is forwarded to ASD-

Property Control Division, Records Management
Division or Property and Supply Management
Division for appropriate response within three (3)
days from receipt of feedback.
640
For inquiries and follow-up, client may contact Tel.
No. 5306-3135.
How to file a complaint Send written client complaint to the Office of the
Director, ASD. Make sure to provide the following
information:
- Name of person (subject of complain)
- Contact Information
- Incident
- Evidence
For inquiries and follow-up, client may contact Tel.

No. 5306-3135
How complaints are processed Upon receipt, the complaint shall be forwarded to the
relevant division for their investigation/report
preparation.
The Division shall submit the report to the Office of

the Director, ASD.
The Office of the Director, ASD gives feedback to

the client.

Information
Administrative Ground Floor, 5-Storey 8708-7701
Services Group Building, BSP
Complex, Malate
Manila
641
Health and Wellness Division
Internal Services
642
1. Pre-employment Medical Examination Process (update)
Service Information: Pre-employment Medical Examination Process
Office or Division: Health and Wellness Department (HWD)

Classification: Internal Process
Type of Issuance of Fitness to Work
Transaction:
Who may avail: BSP Applicant
Referral of Client to HWD Requesting Department, Sectoral Operations

Management Department or BSP Branch

CLIENT STEPS AGENCY ACTIONS RESPONSIBLE
PAID TIME
HWD will receive request None Within the 1st Nurse
for medical evaluation and working day
prepare required forms to
be sent to client via email
Receive email and Cost of basic Within the 2nd Client

prepare required laboratory to 6th working
test results requirements day
may be
incurred to be
paid to the
concerned
laboratory
Report to HWD Receive laboratory results None Within the 6th Nurse
for medical evaluation and working day
prepare required forms
Submit him/herself Get initial health None Within the 6th Nurse
to medical measurement working day
evaluation
Evaluate Applicant None Within the 6th Medical Officer

working day
Carry out Physician’s order None Within the 6th Nurse
working day
643
Hold application pending None Within 7th-9th Nurse
referral results/Receive working day
results* and evaluate again
Or
Ensure appropriateness
and completeness of
documents
Forward medical None Within 9th-10th Secretary/Deputy

evaluation forms to Office working day Director
of the Deputy Director
Forward medical None Within 9th-10th Head, HWD

evaluation forms to Office working day
of the Director for approval
Transmit to HRMD and None Within 9th-10th Secretary, Office

copy furnish the concerned working day of the Head
department
*-shall incur additional expenses for the basic laboratory requirements
2. Processing of Medical Claims of BSP Employees (update)

Service Information: Processing of Medical Claims of BSP Employees
The Medical Claims Division 429 of the Health and Wellness Department (HWD), and
Financial Accounting Department (FAD) are tasked to:
a. check the correctness and propriety of medical claims, completeness of

supporting documents, compliance with set limits and other policies/regulations,
and correctness of signing authorities; and
b. take action to pay the validated medical claims.
For this purpose, medical claims/ are presented into two (2) groups:
a. Reimbursement of medical expenses of employees (permanent, temporary and
co-terminus); and
b. Payment of charge accounts and reimbursements to retirees and to newly-
transferred employees whose records updating is ongoing.
Upon receipt of complete and correct documentary requirements, the processing of

these medical claims constitutes two (2) stages.
429 Reintegrated to HWD from SOMD-CSS effective 08 February 2021.

644
Stage Processing Time
(in Working Days)
Stage 1- Preliminary Assessment: evaluation, system-
encoding and recording, and segregation and 4 1/2
transmittal
Stage 2- Assessment of Budget Availability and Crediting 6 1/2
of Payment
1. Processing of Reimbursement of Medical Expenses

Stage 1 Preliminary Assessment
Office or Medical Claims Division (MCD)

Division: Health and Wellness Department (HWD)
Classification: Highly Technical; Multi-stages

Type of G2G – Government to Government Employees
Transaction:
Who May Avail: BSP Employees
Duly accomplished Disbursement Voucher http://www.bsp.gov.ph/iknow/forms and
(1 original copy) templates (CoSS Form No. 04-001-01 Version
1 Updated: 11 April 2016)
Official Checklist Form (1 original copy) 1. Reception Window
2. Email advisory to ALL BSP Users by the
SOMD-CSS
Other Requirements listed in Annex A 1. http://www.bsp.gov.ph/iknow/forms and
depending on the type of claim templates
(1 original/official copy) 2. Email advisory to ALL BSP Users by the
SOMD-CSS
FEES PROCESSING
PERSON
CLIENT STEPS AGENCY ACTIONS TO BE TIME430
RESPONSIBLE
PAID (Working Days)
A. Evaluation of Documents
Submit Medical 1.1 Receive and pre- None ½ day MCD Receiver
Claim/Reimburse screen documents Outsourced
ment with and record in excel Claims Analyst
complete monitoring file (OCA)
430Processing time pertains to batch processing (with at least 10 claims per batch for Outpatient Claims; with
at least 2 Billings for Hospitalization claim), and will commence upon receipt of documents by person/s
responsible for each step.
645
FEES PROCESSING
PERSON
RESPONSIBLE
PAID (Working Days)
documentary 1.2 Evaluate claims / ½ day MCD
requirements reimbursements by OCA
batch
1.3 Review evaluated ½ day MCD Reviewer
claims/ ASO III; BO II
reimbursements (for
(sign in Box A and hospitalization)
initial in Box B); for
HWD doctor’s AM/Manager
approval
1.4 Review and 1 day HWD Authorized
Approve claims/ Approver: Sr.
reimbursements Director/
(sign in Box B); Deputy Director/
Medical Officer V
(Section 9
BAGP)
Sub-total 2 ½ days
B. System-Encoding and Recording

1.1 Receive approved None ½ day MCD
medical claims, OCA; ASO III
encode in Medical
and Dental Claims
Information System
(MDCIS), and
generate
Transmittal
Summary
1.2. Review ¼ day MCD

Transmittal BO IV/Manager
Summary
1.3 Record in excel ¼ day MCD

monitoring file OCA
Sub-total 1 day
C. Segregation and Transmittal
646
Receive e-mail 1.1 Generate PNB None 1 day MCD
on transmittal to Prooflist and AP ASO III
FAD Ticket (Encoder)/BO IV
1.2 Review and Manager/DD

approve AP
Ticket and PNB
Prooflist
1.3 Transmit PNB MCD

Prooflist and AP OP
tickets to FAD-
Disbursement
Division for
payment
Subtotal 1 day
TOTAL – Stage 1 4 ½ days
Stage 2 Assessment of Budget Availability and Crediting of Payment
Office or Financial Accounting Department: Disbursement Division

Division:
Classification: Highly Technical; Multi-stages
PROCESSING
AGENCY FEES TO PERSON
CLIENT STEPS TIME
ACTIONS BE PAID RESPONSIBLE
(working Days
1. Send electronic 1.Personnel In- None Up to five (5) FAD
copies of funded DV Charge working days Disbursement
with complete and acknowledges from receipt of Division (DD)
valid supporting receipt of email electronic copies Supervisor
documents to FAD of approved AP
Disbursement Division 1. Electronic ticket and
group email copies of Prooflist. Cutoff
Payments_FAD@bsp. DVs and time of 11:00am.
g ov.ph supporting
documents
are
emailed to
the
647
assigned
claims
processor.
2. Review the
completen FAD DD
ess and Processor
validity of
electronic
copies of
DVs and
supporting
documents
3. Encode
accounting
entries in
cFAS.
4. Generate
tickets
5. Review FAD DD
and Approver
approve
the
correctnes
s of the
accounting
entries and
validity of
supporting
documents
6. Execute
transfer of
funds thru
PNB
TOTAL – Stage 2 6 1/2
648
2. Processing of Charge Accounts and Medical Claims of Retirees/Deceased and
Transferees
Stage 1 Preliminary Assessment
Office or Medical Claims Division (MCD),

Division: Health and Wellness Department (HWD)
Financial Accounting Department (FAD)
Classification: Highly Technical; Multi-Stages

Type of G2G – Government to Government Employees
Transaction:
Duly accomplished Disbursement Voucher http://www.bsp.gov.ph/iknow/forms and
(1 original copy) templates (CoSS Form No. 04-001-01 Version
Official Checklist form (1 original copy) 1. Reception Window
2. Email advisory to ALL BSP Users by the
SOMD-CSS
Other Requirements listed in Annex A 1. http://www.bsp.gov.ph/iknow/forms and
depending on the type of claim templates
(1 original/official copy) 2. Email advisory to ALL BSP Users by the
SOMD-CSS
FEES PROCESSING
PERSON
RESPONSIBLE
PAID (Working Days)
A. Evaluation of Documents
Submit Medical 1.1 Receive and pre- None ½ day MCD Receiver
Claim/Reimburse screen documents Outsourced
ment with and record in excel Claims Analyst
complete monitoring file (OCA)
documentary
requirements 1.2 Evaluate claims / ½ day MCD
reimbursements by OCA
batch
1.3 Review evaluated ½ day MCD Reviewer
claims/ ASO III; BO II
reimbursements
431Processing time pertains to batch processing (with at least 10 claims per batch for Outpatient Claims; with
at least 2 Billings for Hospitalization claim), and will commence upon receipt of documents by person/s
responsible for each step.
649
FEES PROCESSING
PERSON
RESPONSIBLE
PAID (Working Days)
(sign in Box A and (for
initial in Box B); for hospitalization)
HWD doctor’s AM/Manager
approval
1.4 Review and 1 day HWD Authorized
Approve claims/ Approver: Sr.
reimbursements Director/
(sign in Box B); Deputy Director/
Medical Officer V
(Section 9
BAGP)
Sub-total 2 ½ days
B. System-Encoding and Recording

1.1 Receive approved None ½ day MCD
medical claims, OCA; ASO III
encode in MDCIS,
and generate
Transmittal
Summary
1.2. Review MCD

Transmittal ¼ day BO IV/Manager
Summary
1.3 Record in excel ¼ day MCD

monitoring file OCA
Sub-total 1 day
C. Segregation and Transmittal

Receive e-mail 1.1 Scan and None 1 day MCD OP
notification segregate
regarding documents per file
transmittal to FAD owner/receiver
(i.e., FAD, COA,
HWD)
1.2 Forward signed
Transmittal
650
Summary to FAD,
together with
processed DVs
Sub-total 1 day
Stage 2 Assessment of Budget Availability and Processing of Payment
Office or Financial Accounting Department (FAD): Budget Administration Division

Division: FAD Disbursement Division
Medical Claims Division (MCD)
Classification: Highly Technical; Multi-Stages
Type of G2G – Government Agency to Government Employees
Transaction:
None http://www.bsp.gov.ph/iknow/forms and
templates (CoSS Form No. 04-001-01 Version

CLIENT STEPS
Send electronic copies 1. PIC None Up to ten (10) FAD DD
of funded DV with acknowledge working days Supervisor
complete and valid s receipt of from receipt of
supporting documents email. scanned copies
to FAD Disbursement 2. Electronic of DV with
Division group email copies of DVs complete and
Payments_FAD@bsp. and valid supporting
g ov.ph supporting documents.
documents Cut-off time of
are emailed 3:00pm
to the
assigned
claims
processor.
3. Verify the
following in
the electronic
copies of FAD DD
Processor
651
documents
received:
a. Funds
Certification
b. Validity of the
DV
signatories
c. Correctness 1
of
mathematical
computation
d. Correctness
of Account
Classification
e. Compliance
with
applicable
Procurement
Law, Tax
Code, COA
Guidelines
and BSP
policies
f. Completenes
s and validity
of supporting
documents
4. Encode
accounting
entries in
cFAS
5. Generate
tickets,
credit/acknow
ledgem ent
advice, tax
certificates,
as applicable
6. Review and
approve the
correctness
of the
accounting
entries and
completeness
and validity of
652
supporting
documents.
7. Execute
transfer of
funds thru
PhilPASS
FAD DD
Approver
653
3. Clearance Processing
Service Information: Clearance Processing
Office or Division: Health and Wellness Department (HWD)

Classification: Internal
Type of Issuance of Clearance Certification
Transaction:
Who may avail: Employees for retirement, resignation, end of contract, dropped
from the rolls, etc.
Request for Clearance Certification HRMD
PERSON
FEES TO PROCESSING
BE PAID TIME
LE
Receive request for None Within 1 Nurse IV

clearance certification; working day;
Check for effectivity date; Simultaneousl
y given to
Prepare* slips for routing
Dentist,
to various divisions for
medical claims
processing
and Nurse VII
Pull out the complete None Within 1-2 Nurse IV;

Medical Charts; Check for working days Pharmacist
pending prescriptions,
(given the
labs and diagnostic tests
current work
possible for
from home
reimbursement prior to
arrangement/N
retirement date. Check
EA)
for medication taken from
Pharmacy beyond
retirement date.
Pull out the complete None Within 1 Dentist, Gen.

Dental Charts; Check for working day Clerk
pending referrals and upon receipt
possible for
reimbursement prior to
retirement date.
654
Check for pending None 1 working day Bank Officer
medical claims and II/Bank Officer
available quota balance IV
Check for Optical/Dental None ASO III

availment or balances;
Check for the MDCIS
program/system
Check for pending None Bank Officer

hospitalization claims and II/ Manager
pending LOA issuances
Review patient’s file for None 1 working day Deputy

documents that may be Director/ ASO
needed for scanning III (ODD)
Documents for final None Within 1 Nurse VII

checking working day
Sort documents and None Within 1 Nurse IV

prepare clearance working day
certification for final
signature.
Review and Initial None Within 1 SEA-Office of

Clearance Certificate working day the Senior
Director
Sign Clearance None Within 1 Senior

Certificate working day Director
Inform and release None Within 1 Nurse IV

certification to HRMD working day
Total None 7-10 working

days
*-should not be earlier than 30 days prior to retirement
655
How to send feedback Send email to
HWD_eBulletin@bsp.gov.ph or to any
HWD employee
How feedbacks are processed Forward to the personnel concerned

and/or elevate to the Head of the
Department for appropriate action.
How to file a complaint Send a formal memo addressed to the

Senior Director, hardcopy or thru
email.
How complaints are processed Do proper query as to the legitimacy

of the complaint. It may be elevated to
OGCLS, if applicable. It can be
elevated to higher authority for
resolution, if needed.
Contact Information of CCB, ARTA: complaints@arta.gov.ph

PCC, ARTA 1-ARTA (2782)
PCC: 8888
CCB: 0908-881-6565 (SMS)

Information
Health and Wellness Ground Floor, 5-Storey 8708-7701 loc. 3093
Group Building, BSP
Complex, Malate
Manila
656

B SP Citizens Charter

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B SP Citizens Charter

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CITIZEN’S CHARTER

2021 (1st Edition)

IV. Service Pledge

1. Assistance desks located in our offices;

MONETARY AND ECONOMICS SECTOR Page

FINANCIAL SUPERVISION SECTOR

Registration of the Monetary Operations System (MOS)

REGIONAL OPERATIONS SUB-SECTOR

Issuance of Order of Payment– FAD (update) 612

4. Supporting documents required under From the applicant/representative, as applicable

FEES TO PROCESSING PERSON

2. No action required 2. Perform pre- None Analyst,

be done during the pre-assessment stage.

applicant/requesting party specifying all the missing requirements/information.

3.C. Finalize IL for

4. Client receives notice 4. Send notification to None Analyst

*Shall be released upon

2. Approval of publicly-guaranteed private sector foreign/foreign

Office or Division: International Operations Department

CHECKLIST OF REQUIREMENTS8 WHERE TO SECURE

acceptance of an application or request with complete requirements, accompanying documents and

be done during the pre-assessment stage.

3.B Finalizes IL for Analyst,

*Shall be released upon

3. Registration of publicly-guaranteed private sector foreign/foreign

Office or Division: International Operations Department

be done during the pre-assessment stage.

3.B. Finalizes BSRD Analyst, Supervisor,

4. Notice of private sector to BSP on signing of covering loan

Office or Division: International Operations Department

Notice with incorrect

be done during the pre-assessment stage.

3. Checks status 3.A. Evaluates the None 20 working Analyst, Supervisor,

3.B. Finalizes letter-

4. Receives notice from 4. Sends notification None Analyst

*Shall be released upon

acceptance of an application or request with complete requirements, accompanying documents and

3.B. Finalizes BSRD

4. Receives notice from 4. Sends notification None Analyst

The BSRD shall be

Office or International Operations Department

acceptance of an application or request with complete requirements, accompanying documents and

2. No action 2. Perform pre- None during Analyst,

determination of completeness and sufficiency of the application in form and substance.

Email alert on sad emoticon/negative feedback

Sent through the paper-based FMS structured

FMS designate/alternate to gather and scan

FMS designate/alternate to upload structured

Email alert on sad emoticon/negative feedback

Sent through Email

The concerned Group communicates with the

Office Address Contact Information

Office or Division: Credit Rating and Loan Evaluation Division (CRLED),

5. Organizational Chart (for new Applicant bank

1.4. Review, sign off None Two working Manager

TOTAL: None Five working

Office or Division: Systems Development and Management Division (SDMD), DLC

AGENCY FEES TO PROCESSING PERSON

For inquiries and follow-ups, clients

How feedbacks are processed  If feedback is sent through the FMS

Email alert on sad

If negative feedback is more than