BSP extends test period for new forex reporting system

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has extended the testing period for its new International Transactions Reporting System (ITRS) by another year, pushing its full implementation to June 1, 2026.

In a memorandum, the BSP announced a revised timeline that sets the testing phase from June 2025 to May 2026. This adjustment supersedes earlier communications and updates the original schedule outlined in BSP Memorandum M-2024-020 dated June 20, 2024.

“The implementation timeline of the ITRS is extended to allow sufficient time for the banks and the project team to address emerging technical and report-related concerns prior to full implementation,” the BSP said.

The ITRS is a data collection system that obtains information from banks on peso and foreign currency transactions between a country’s residents and non-residents as well as transactions between residents that pass through the domestic banking system.

During the testing phase, banks may submit their test reports to the BSP using either the sandbox or production portals of the ITRS system. They may also continue configuring their internal systems and are encouraged to conduct thorough testing to ensure full preparedness for the system’s rollout.

Starting June 1, banks will be mandated to submit their reports through the ITRS production portal once the system is fully implemented.

The ITRS is a key initiative by the BSP to modernize the way banks report forex transactions, streamlining data collection and improving the quality of macroeconomic surveillance.

Until the ITRS is fully implemented, banks are required to continue submitting the existing forex form 1/1A reports in accordance with current policy. The BSP noted that this requirement will remain in effect until further notice.

The BSP reiterated its commitment to working closely with the banking sector to ensure the successful rollout of the ITRS, which is expected to strengthen transparency and data integrity in the country’s external sector monitoring.