On Oct. 17, PHI CIC proposed submitting entities penalty guidelines.
PHI CIC drafted a circular on penalty guidelines for submitting entities in production.
Submitting entities in production (SEPs) refer to those which have completed all three stages of initial compliance and are now required to submit borrower data regularly.
Outline of Draft Circular
Guidelines apply to all SEPs that provide credit facilities to borrowers and collect payments, including banks, quasi-banks, trust entities, investment houses, financing companies, cooperatives, micro-financing organizations, and credit card companies.
SEPs shall notify PHI CIC in advance of any circumstances that may delay their compliance actions, including their monthly data submissions beyond the deadline.
Prescribe powers/functions, notification of anticipated delays in compliance actions/submissions or existence of force majeure, classification of administrative violations by gravity, calculation of penalties and fines, and appeal procedures.
Effectiveness
Comments shall be submitted by Nov. 17, 2025 for planned effectiveness from 15 days after the date of publication of this circular in the official gazette or a newspaper.
