On Jun. 19, 2025, PHI CB updated the COCREE 2.0 guidelines re reporting schedules.
Specifies the schedules for reporting periods from Apr. 30, 2025 to Aug. 31, 2025.
The first report due date for the reporting period of Apr. 30, 2025 is Jul. 8, 2025.
From Sep. 30, 2025 onwards, the reports should be submitted 25 business days after reference reporting periods and penalties for reporting violations will be enforced.
The prior reporting periods shall serve as a grace period for BSFIs to make the necessary adjustments to ensure compliance with the reporting standards.
On Aug. 29, PHI CB issued draft on enhanced COCREE report of 2023.
PHI CB issued enhanced comprehensive credit and equity exposures report (COCREE) 2023, to strengthen surveillance, risk analysis in relation to FIs under its supervision.
Document dated Aug. 29, 2023, received from PHI CB Aug. 30, summarized on Sep. 1.
Follows Dec. 2021 PHI CB issued update on changes to CREDEX report, see #124064.
COCREE 2.0
Expands the coverage to universal/commercial Banks (UKB), thrift banks (TB), rural banks (RB), cooperative banks (Coop), non-bank financial institutions with quasi-banking functions (NBQB), trust corporations (TC), and digital banks (DGB).
Relevant sections of the Manual of regulations for banks (MORB) and the Manual of regulations for non-bank financial institutions (MORNBFI) will be amended.
Captures detailed borrower, counterparty information for all credit, equity exposures.
Monthly electronic submission within fifteen banking days after the month-end.
Implementation of COCREE 2.0 shall take effect in Jan. 2024 for UKB, TB/NBQB/TC of UKBs, DGB, Feb. 2024 for non-linked TB/NBQB/TC, and Mar. 2024 for RB and Coop.
Financial institutions can pilot test the submission of COCREE 2.0 in 2023 Q4, penalties for reporting violations of COCREE 2.0 will not be imposed during the pilot period.
Effectiveness
This circular will take effect 15 days after publication in official gazette, newspapers.
Dec. 15, 2023 Finalized Circular Issued
On Dec. 15, 2023, PHI CB issued finalized circular regarding draft circular above, which contains various revisions to the draft i.e., regarding frequency of required reporting.
States reports are due 25 banking days after end of reporting reference period.
Re universal/commercial banks (U/KBs), their thrift banks (TBs)/non-bank financial institutions with quasi-banking functions (NBQBs)/trust corporations (TCs) and digital banks, reporting period is that ending Jun. 30, 2024, reporting frequency is monthly.
Regarding stand-alone TBs/NBQBs/TCs, reporting period is that ending Sep. 30, 2024, reporting frequency monthly; regarding rural banks (RBs) and cooperative banks (coop banks), reporting period is that ending Dec. 31, 2024; reporting frequency quarterly.
Includes revision re imposition of penalties after pilot period; imposition of penalties shall be strictly enforced after grace period of 3 reporting periods from comprehensive credit and equity exposures report (also known as COCREE) 2.0's live implementation.
The report on credit and equity exposures (CREDEX) to individuals/companies/groups aggregating to PHP 1mn and above of U/KBs, their subsidiary TBs/NBQBs/TCs, and digital banks shall no longer be required upon live implementation of COCREE 2.0.
Penalties for reporting violations of 2021 COCREE shall also no longer apply.
Finalized circular shall take effect 15 calendar days after duly published, as outlined above; i.e., if duly published Dec. 15, 2023, it would take effect on Dec. 29, 2023.
Dec. 18, 2023 Guidelines on Reporting
On Dec. 18, 2023, PHI CB issued memo to all banks, non-bank financial institutions with quasi-banking functions, and trust corporations with guidelines on submission of enhanced comprehensive credit and equity exposures report (COCREE) 2023 re above.
Includes tech format for electronic submission of COCREE 2.0, corresponding reporting structure for each tech format applicable to the type of PHI CB-supervised financial institution (BSFI); provided a link to download COCREE 2.0 report package (CRP 2.0).
To prepare and familiarize BSFIs with the new requirement, submission of COCEEE 2.0 will be open for pilot testing from Jan. 2024 until its live implementation, per above.
PHI CB said only records of reporting periods prior to scheduled live implementation, but after the period ended Sep. 30, 2023, can be used for pilot testing purposes.
BSFIs are strongly urged to capitalize on opportunity to pilot test reporting protocols and rules of COCREE 2.0 prior to its live implementation; compliance officer (CO) of BSFIs interested to pilot test in Jan. 2024 can send email to PHI CB to signify interest.
Within 2 business days, the CO can expect a reply that will explain the onboarding process and requirements; penalties will not be imposed during pilot testing period.
PHI CB guided further on application of penalties for reporting fails re 2021 COCREE.
Jun. 2024 Schedule Updated
On Jun. 13, 2024, PHI CB updated the schedule for COCREE 2.0 for relevant FIs.
Live implementation is rescheduled to begin with reporting period ending on Sep. 30, 2024; submission for COCREE 1.0 will cease upon live implementation of COCREE 2.0.
Extended pilot testing until live implementation; institutions are encouraged to familiarize themselves with COCREE 2.0’s reporting protocols, rules during this period.
Live implementation requires monthly reports due 25 banking days after reporting period ends; reminded no penalties for reporting fails will be imposed in pilot phase.
First reporting date would be Nov 5, 2024, which is 25 banking days after Sep. 30.
Sep. 2024 Updated Guidelines
On Sep. 20, 2024, PHI CB issued updated guidelines on the submission of COCREE.
All submissions, including pilot tests, must use updated COCREE 2.0 report package, including data dictionary, line-item instructions, XML schema design for reporting.
Submissions must include a signed control prooflist to certify the accuracy of the data and must be submitted through the BSP relationship management system (BRMS).
Live reporting starts for period ending Dec. 31, 2024 re universal, commercial, digital, and non-bank financial institutions, and on Mar. 31, 2025, for rural and cooperative banks.
Reports due 25 business days after the reference reporting period; pilot testing will continue until live implementation, with subsets of data allowed for testing purposes.
COCREE 1.0 submissions will no longer be required once COCREE 2.0 is live, penalties for COCREE 1.0 violations will be waived if corrected before the next reporting period.
Penalties for COCREE 2.0 will be enforced after a three-reporting-period grace period.
Document dated Sep. 20, 2024, received from PHI CB Sep. 24, summarized Sep. 26.
Dec. 2024 Guidelines Revised
On Dec. 19, 2024, PHI CB updated guidelines for the implementation of COCREE 2.0.
Schedule for live implementation is revised, pilot testing originally planned for Dec. 2024 is suspended due to system maintenance, resuming Jan. 2025 in new sandbox.
Only records from reporting periods after Jun. 30, 2024, before live implementation can be used for pilot testing, and the use of dummy data is discouraged.
Submissions under COCREE 1.0 will continue until the live implementation of COCREE 2.0, with penalties waived for violations corrected before the next reporting deadline.
Reporting violations for COCREE 2.0 will not incur penalties during the pilot phase but will be enforced after a three-reporting-period grace period post-live implementation, with grace period eligibility limited to institutions actively participating in the pilot test.
Jun. 2025 Monthly Reporting Schedules
On Jun. 19, 2025, PHI CB updated the COCREE 2.0 guidelines re reporting schedules.
Specifies the schedules for reporting periods from Apr. 30, 2025 to Aug. 31, 2025.
The first report due date for the reporting period of Apr. 30, 2025 is Jul. 8, 2025.
From Sep. 30, 2025 onwards, the reports should be submitted 25 business days after reference reporting periods and penalties for reporting violations will be enforced.
The prior reporting periods shall serve as a grace period for BSFIs to make the necessary adjustments to ensure compliance with the reporting standards.
