Philippine Banks XML-based Reporting Transformation

This document is a report on a roundtable discussion held in Makati, Philippines, regarding the shift to XML-based regulatory reporting among Philippine banks. The roundtable, sponsored by Adenza and moderated by Regulation Asia, included regulators and senior finance leaders who discussed the implications of the BSP's (Bangko Sentral ng Pilipinas) XML transformation program. The program aims to streamline reporting processes and enhance surveillance capabilities. Participants highlighted the challenges of adapting to new reporting workflows, including data consolidation and technology investments. The BSP's deputy governor emphasized the benefits of API technology for future-proofing data collection and improving information quality. The report outlines the reduction of reporting templates from 18 to one and the planned decrease of regulatory data points from 107,000 to 20,000. The roundtable concluded with discussions on the partnership between the BSP and the banking industry to address implementation challenges and future reporting models.