On Jun. 20, 2024, PHI CB issued memorandum about ITRS implementation timeline, extends testing period to Jun. 2024 until May 2025; full implementation Jun. 2, 2025.
The extension of timeline aims to provide ample time for banks along with the project team to address technical and report-related concerns before full implementation.
PHI CB issued a policy exposure draft on the Adoption and implementation of the international transactions reporting system (ITRS) for comments by stakeholders.
In addition, the ITRS manual and guidelines of reporting have been published.
Purpose of System
The ITRS monitors cross-border transactions and collects data for the compilation of the Philippine’s balance of payments statistics based on international standards.
Prudential supervision platform, PHI CB monitoring of foreign exchange transactions.
PHI CB requires banks to submit info on peso/foreign exchange transactions between residents/non-residents and FX transactions between residents using ITRS report.
Consultation End
Feedback on the policy exposure draft is due by Aug. 11, 2023.
Circular effective 15 calendar days after publication in official gazette or newspaper.
By Oct. 2, 2023, PHI CB will provide the XML schema and other documentation to banks and in Oct. 2023, PHI CB will also conduct technical briefings for banks.
Between Nov. to Dec. 2023, banks are expected to start conducting pilot test for ITRS.
The ITRS soft launch will be in Jan. 2024, with full implementation by Apr. 2024.
ITRS reports shall be submitted using the application programming interface (APl).
The API reports must also use extensible markup language (XML) format, #117862.
This memorandum supersedes prior communications on the ITRS implementation.
Existing FX Form 1/1A reports shall continue to be submitted regularly according to the existing policy as provided in the FX Manual, until otherwise advised by PHI CB.
Sep. 2023 Submission of Forms
On Sep. 22, 2023, PHI CB reminded banks to submit form to secure access to ITRS.
To secure access to ITRS Module for the pilot testing scheduled for Nov. to Dec. 2023.
Banks are required to complete PHI CB relationship management system registration form, certificate signing request (CSR); CSR is only for machine-to-machine reporting.
Forms should be submitted by Sep. 27, 2023.
Oct. 2023 System Pilot
On Oct. 24, 2023, PHI CB said ITRS will undergo pilot test in Nov. and Dec. 2023, XML schema definition (XSD) for ITRS will be distributed to banks starting from Oct. 24.
Banks that have not submitted a BSP relationship management system (BRMS) user registration form (URF) are urged to do so promptly to obtain a copy of the XSD.
Jan. 2024 Revised Implementation Timeline
On Jan. 8, 2024, PHI CB issued a memo to banks on revised implementation timeline of international transactions reporting system (ITRS) above, said ITRS soft go-live is scheduled for Jan. 8; ITRS go-live or full implementation scheduled for Jun. 28, 2024.
Banks may submit reports via sandbox/production portals of ITRS system upon soft go-live; continue using sandbox to test report submissions until further advised.
Mandated to submit reports via ITRS production portal on full system implementation.
Jun. 2024 Testing Period Extension
On Jun. 20, 2024, PHI CB issued memorandum about ITRS implementation timeline, extends testing period to Jun. 2024 until May 2025; full implementation Jun. 2, 2025.
The extension of timeline aims to provide ample time for banks along with the project team to address technical and report-related concerns before full implementation.
