B SP Citizens Charter

CITIZEN’S CHARTER
2020 (1st Edition)

CITIZEN’S CHARTER
2020 (1st Edition)
I.Mandate:
The primary objective of the Bangko Sentral is to maintain price stability conducive to a
balanced and sustainable growth of the economy and employment. It shall also promote and
maintain monetary stability and the convertibility of the peso.
The Bangko Sentral shall promote financial stability and closely work with the National
Government, including, but not limited to, the Department of Finance, Securities and Exchange
Commission, the Insurance Commission, and the Philippine Deposit Insurance Corporation.
The Bangko Sentral shall oversee the payment and settlement systems in the Philippines,
including critical financial market infrastructures, in order to promote sound and prudent
practices consistent with the maintenance of financial stability.
In the attainment of its objectives, the Bangko Sentral shall promote broad and convenient
access to high quality financial services and consider the interest of the general public.
II.Vision:
The BSP aims to be recognized globally as the monetary authority and primary financial system
supervisor that supports a strong economy and promotes a high quality of life for all Filipinos.
III.Mission:
To promote and maintain price stability, a strong financial system, and a safe and efficient
payments and settlements system conducive to a sustainable and inclusive growth of the
economy.
IV.Service Pledge:
We, the officers and employees of the Bangko Sentral ng Pilipinas, in our pursuit to be a truly
world-class central monetary authority, commit ourselves to:
Be of service to the public on banking days during office hours, with authorized and properly
identified personnel providing continuous, prompt, efficient and courteous assistance.
Satisfy requirements of clients, including those with special needs, while within our premises.
Provide an active feedback and redress mechanism though any of the following:
1. Assistance desks located in our offices;

2. Hotlines 8708-7011; or
3. Email: bspmail@bsp.gov.ph
with an assurance of a reply of our action within five (5) banking days from the time we are
notified of your complaint.
V. List of Services
MONETARY AND ECONOMICS Page
External Services
Approval of public sector foreign/foreign currency loans/borrowings – IOD (update) 2
Approval of publicly-guaranteed private sector
foreign/foreign currency loans/borrowings – IOD (update) 5
Registration of publicly-guaranteed private sector
foreign/foreign currency loans/borrowings – IOD (update) 8
Notification of private sector foreign loans/borrowings
that are not publicly-guaranteed – IOD (update) 11
Registration of private sector foreign loans/borrowings
that are not publicly-guaranteed – IOD (update) 13
Registration of Inward Foreign Investments – IOD (update) 17
Rediscounting Facility – DLC (update) 24
Processing of Requests for Monetary Board (MB) Opinion
on Proposed Domestic Borrowings of Government Entities – DER 39
FINANCIAL SUPERVISION
External Services
Application for Authority to Establish and Operate as
Non-Bank Credit Card Issuer (update) 49
Application for Authority to Establish and Operate as
Money Service Business (MSB) (update) 92
Application for Authority to Establish and Operate as Pawnshop (PS) (update) 129
Application for Grant of Authority to Establish a New Domestic Bank (update) 166
Application for Grant of Authority to Establish a

Page
New Foreign Bank Branch (update) 197
Application for Authority to Establish and Operate as a Non-Stock Savings and Loan
Association (NSSLA) (update) 225
Application for Grant of Authority to Establish a Representative Office (RO) or
Offshore Banking Unit (OBU) (update) 264
Application for Authority to Establish a Standalone Trust Corporation (update) 288
Issuance of License/Authority to Operate as Electronic Money Issuer (EMI) and Virtual

Currency Exchange (VCE) and Offer Advanced Electronic Payment and Financial Services
(EPFS) (update) 318
Application for Authority to Establish and Operate a Stand-Alone Non-Bank Financial

Institution with Quasi-Banking Functions (update) 357
EXECUTIVE OFFICES
External Services
Access to the BSP’s Monetary Operations System (MOS)- DMOD 405
Registration of the Monetary Operations System (MOS)
User Account and Smart Card – DMOD 407
Updating of the Monetary Operations System (MOS) User Account
and Smart Card - DMOD 408
Manual Submission of Bids/Placements to the BSP Facilities - DMOD 410
Transacting in the Overnight Lending Facility (OLF) of the BSP - DMOD 411
Interview request for BSP Spokespersons from Media Organizations – CO (update) 414
Interview request for the BSP Governor from Media Organizations – CO (update) 416
Request for Sponsorship/Support/Donation – CO (update) 419
Attend to phone inquiries – CO (update) 421

CURRENCY MANAGEMENT Page
Cash and/or Check Payment from Clients of Various BSP Departments – CD(update) 425
Biometric Registration and Granting of Access to the Integrated Currency
Management System (ICMS) – Cash Services Portal (CSP – CD) (update) 428
Acceptance of Deposit and Conduct of Verification – CD (update) 437
Over-the-Counter Acceptance of Deposits – CD (update) 447
Over-the-Counter Acceptance of Check Deposits – CD (update) 452
Redemption of Notes and Coins (Simple and
Highly Technical Cases) – CD (update) 456
Sale of Commemorative Notes and Coins - CD (update) 462
Servicing of Withdrawal Requests – CD (update) 466
Gold Buying Program – MROD (update) 474
Examination of Mutilated/Doubtful Currencies Classified as Highly
Technical or with Severe Mutilation – CIIO (update) 480
Issuance of Permit to Reproduce or Use of Facsimiles
of Legal Tender Philippine Notes and Coins – CIIO (update) 488
Security Plant Complex (SPC) Gallery Tour – DGS (update) 493
Sale of Silver/Gold Grains/Sheets – DGS (update) 495
Safe Work Permit: Hot Work Permit/Confined Space Entry Permit/
Demolition Permit – DGS (update) 497
REGIONAL OPERATIONS
Redemption of Mutilated Currencies and Referral to CIIO (update) 500
IRIS User Registration and Recertification (update) 510

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Servicing and Verification of Deposits of Client Banks (update) 517
Servicing of Withdrawals of Client Banks (update) 527
Purchase of Gold from the General Public (update) 540
Access to Economic and Financial Information, Library Resources
and Learning Services (update) 551
Extend Initial Assistance to Clients with Complaints Inquiry
on Financial Products and/or Services of BSFIs (update) 556
CORPORATE SERVICES SECTOR
External Services
Sale of Real Properties / Assets Acquired by the BSP – AMD (update) 563
Lease out BSP-Acquired Real Properties – AMD (update) 568
Creation, Transfer and Closure of a Bank’s Demand

Deposit Account (DDA) – FAD (update) 577
Transfer of Funds – DDA - FAD (update) 579
Confirmation of DDA, Accounts Payable and Accounts Receivable- FAD (update) 581
Issuance of Order of Payment- FAD (update) 582
Issuance of Acknowledgement Advice, Tax Certificates- FAD (update) 583
Participation in the Philippine Payment and Settlement

System (PhilPaSS) - PSO (update) 586
PhilPaSS Participant Browser User Registration – PSO (update) 588
PhilPaSS Smart Card User Registration – PSO (update) 589
Request for Observation tour/bench-marking/briefing/info session – BSPI (update) 593
Request to conduct presentation of programs – BSPI (update) 594
Request for certifications for previously conducted courses – BSPI (update) 596
Evaluation and Processing Training Invitations – BSPI (update) 598

Internal Services Page
Certification of Outstanding Payables for Payment – FAD (update) 602
Grant of Cash Advance – BSP Personnel – FAD (update) 603
Issuance of Clearance Certificate – FAD (update) 604
Issuance of Order of Payment– FAD (update) 605
Payment of Reimbursement Claim – FAD (update) 606
Certify Budget Availability for Purchase Requisition, Availability of Funds for

Bids and Awards Committee (BAC) Resolution Approving the Award or
Request for Authority to Purchase, Claims, Cash Advances, Reimbursement of
Various Expenses and Liquidation of Cash Advances– FAD (update) 607
Grant Budget and Expense Control System (BECS) Read-and

Print Access– FAD (update) 609
Payments of Salaries, Allowances, Reimbursements,

Cash Advances to BSP employees – FAD (update) 611
Payments to Suppliers, Service Providers and other BSP

Creditors– FAD (update) 613
Core Financial Accounting System (cFAS) Administration,

Accountee and Bank Account Registration – FAD (update) 615
Submission of the Approved Request for Budget Adjustments – BPSSG (update) 619
Submission of request for fund transfer from the

Provision for Contingency – BPSSG (update) 621
Submission of request for Budget Reallocation – BPSSG (update) 625
Conduct In-house Course Offering – BSPI (update) 630
Issuance of Clearance from Records and
Property Accounting – ASD (update) 633
Pre-employment Medical Examination Process (update) 640

International Operations Department
External Services
1
1. Approval of public sector foreign/foreign currency loans/borrowings (update)
The BSP approval serves as an authority for public sector entities to: (i) finalize negotiations
with prospective creditor/s; (ii) sign covering agreements; and (iii) draw on the proposed
loan.
Office or Division: International Operations Department
Classification: Highly Technical
Type of Transaction: G2G - Government to Government
Who may avail: Public sector entities [(National Government, its agencies and
instrumentalities; government-owned and controlled corporations
(GOCCs); government financial institutions (GFIs); and local
government units (LGUs)]
CHECKLIST OF REQUIREMENTS1 WHERE TO SECURE
1. Covering letter (one original document) From the applicant/representative, as applicable (free
format)
2. Duly accomplished Annex D.1 (Application Annex D.1 may be downloaded from the BSP website
for Approval of Public Sector (http://www.bsp.gov.ph/regulations/fx_download.asp)
Foreign/Foreign Currency
Loans/Borrowings) of the Manual of
Regulations on Foreign Exchange
Transactions (FX Manual), as amended
[one (1) original document]
3. Duly accomplished Annex E.3 Annex E.3 may be downloaded from the BSP website
(Loan/Borrowing Profile) of the FX Manual (http://www.bsp.gov.ph/regulations/fx_download.asp)
[one (1) original document]
4. Supporting documents required under From the applicant/representative, as applicable
Annex D.1 of the FX Manual [one (1)
photocopy each]
FEES TO PROCESSING PERSON

CLIENT STEPS AGENCY ACTIONS
BE PAID TIME2 RESPONSIBLE
1
As provided under BSP Circular No. 1080 dated 27 March 2020 covering operational relief measures for foreign exchange
(FX) transactions under the FX Manual issued by the BSP in view of the declaration of the community quarantine (CQ)
amidst the COVID-19 pandemic, applications required to be submitted in hard copy under the FX Manual, including all
supporting documents, shall be submitted in soft copy to the BSP, through IOD, for the period covered by said Circular
(i.e., for the duration of the CQ as declared by the Office of the President, or as may be extended by the BSP). Applications
submitted under BSP Circular No. 1080 shall be subject to the conditions/requirements under aforesaid Circular.
2 Under the Implementing Rules and Regulations (IRR) of Republic Act (R.A.) No. 11032 [Ease of Doing Business and Efficient
Government Service Delivery Act of 2018 (EODB Law)], processing time refers to “the time consumed from the acceptance
of an application or request with complete requirements, accompanying documents and payment of fees up to the
issuance of certification or such similar documents approving or disapproving an application or request.” The time spent in
assessing the completeness and sufficiency of the application and the supporting documents submitted shall not be
included in the determination of processing time. Further, as stated therein, requirements shall only be considered
complete when all the necessary or appropriate documents that are required to be submitted together with an application
form by the applicant or requesting party fully satisfy the formal and substantive requirements of the relevant law.
2
1. Submit application 1. BSP-IOD checks None Analyst/
for BSP approval the compliance and Administrative Staff
completeness of the
submitted
documents, and
receives the
application.
Applications with
incomplete
requirements based
on the application
form and incorrect
versions of forms
used shall not be
accepted.
2. No action required 2. Perform pre- None Analyst, Supervisor,

from the client, unless assessment3 and and Deputy Director
an abeyance letter is issue an
received where the
client shall submit a) acknowledgement
additional documents/ letter4; or
information requested.
b) abeyance letter5,
as applicable.
Processing of the
application shall
only commence
upon receipt of
complete and
sufficient
documents/
information as well
as inputs comments
from other
departments/units/
offices/group, if
needed.
3
Preliminary assessment covers initial receipt of the application up to applicant’s submission of complete and sufficient
documents and information, and proof of payment of filing fee. The time spent in assessing the completeness and
sufficiency of the application and the documents/information submitted shall not be included in the determination of
processing time. Accordingly, the steps performed under preliminary assessment are for applicant’s reference only and
shall not form part of the processing time of the application.
4
An acknowledgement signifying acceptance and commencement of the processing of application shall be sent, upon
determination of completeness and sufficiency of the application in form and substance.
5
In case the application or request is deficient, an abeyance letter/email shall be sent to the applicant/requesting party
specifying all the missing requirements/information.
3
3. During the 3.A. BSP-IOD None 20 working Analyst, Supervisor,
processing of the processes the days6 upon Deputy Director, Head
application, the client evaluation of loan receipt of of the Department or
may call for status application and if no complete in his/her absence the
update of the issue/s, prepare documents/ Officer-In-Charge,
application Memorandum to the information/ Head of the Sub-
Monetary Board inputs/ Sector or in his/her
including the comments absence the Officer-
opinion on the required for In-Charge, and the
monetary evaluation Head of the Sector or
implications of the in his/her absence the
proposed borrowing Sector-In-Charge.
for appropriate
action.
3.B. Upon receipt of Analyst, Supervisor,

the Monetary Board Deputy Director and
Resolution (MBR), Head of the
check the accuracy Department or in
of the MBR with the his/her absence the
proposed Officer-In-Charge.
recommendations
and if no issue/s,
prepare draft
Implementing Letter
(IL) for review.
3.C. Finalize IL for

signature.
6
The BSP-IOD may extend the processing time once for the same number of days, provided that the applicant/requesting
party shall be notified prior to the lapse of the initial processing time. The applicant/requesting party shall likewise
acknowledge receipt of BSP-IOD’s notification. The prescribed processing time shall be suspended and appropriate
adjustments shall be made in case of delays due to force majeure or natural or man-made disasters, which result in
damage or destruction of documents and/or system failure. The applicant will be notified in writing and through other
means of communication of the suspension of the processing time without any delay.
4
4. Client receives notice 4. IOD sends None Analyst
from BSP that the IL* is notification to client
ready for pick-up that the IL is ready
for pick-up
*Shall be released upon
presentation of the
notice from BSP-IOD,
with authorization for
the designated
representative to claim
the IL, and valid ID
2. Approval of publicly-guaranteed private sector foreign/foreign currency

loans/borrowings (update)
The BSP approval serves as an authority for private sector entities to: (i) finalize
negotiations with prospective creditor/s; (ii) sign covering agreements; and (iii) draw on the
proposed loans/borrowings.

Type of G2B - Government to Business
Transaction: G2C - Government to Citizen
Who may avail: Private sector entities whose proposed foreign/foreign currency
loans/borrowings fall under Section 24.1 of the FX Manual, shall apply
for approval
1. Covering letter [one (1) original document] From the applicant/representative, as applicable (free
format)
2. Duly accomplished Annex D.2.A Annex D.2.A may be downloaded from the BSP
(Application for Approval of Publicly- website
Guaranteed Private Sector (http://www.bsp.gov.ph/regulations/fx_download.asp)
Foreign/Foreign Currency
Loans/Borrowings) of the FX Manual [one
(1) original document]
7
As provided under BSP Circular No. 1080 dated 27 March 2020 covering operational relief measures for FX transactions
under the FX Manual issued by the BSP in view of the declaration of the CQ amidst the COVID-19 pandemic, applications
required to be submitted in hard copy under the FX Manual, including all supporting documents, shall be submitted in
soft copy to the BSP, through IOD, for the period covered by said Circular (i.e., for the duration of the CQ as declared by
the Office of the President, or as may be extended by the BSP). Applications submitted under BSP Circular No. 1080 shall
be subject to the conditions/requirements under aforesaid Circular.
5
3. Duly accomplished Annex E.3 of the FX Annex E.3 may be downloaded from the BSP website
Manual [one (1) original document] (http://www.bsp.gov.ph/regulations/fx_download.asp)
4. Proof of payment of processing fee [one An official receipt will be issued by the BSP-Cash
(1) photocopy] Department to the applicant upon payment.

1. Submits application9 1. BSP-IOD checks 0.02 percent Analyst/
for approval of private the compliance and of the loan Administrative Staff
sector foreign/foreign completeness of the amount
currency submitted applied for
loans/borrowings documents, and approval,
receive the with a
application. minimum of
US$300 and
Applications with maximum of
incorrect versions of US$50,000,
forms and payable in
incomplete peso
requirements based equivalent
on the application using the
form shall not be BSP
accepted. reference
8
Under the IRR of R.A. No. 11032 (EODB Law), processing time refers to “the time consumed from the acceptance of an
application or request with complete requirements, accompanying documents and payment of fees up to the issuance of
certification or such similar documents approving or disapproving an application or request.” The time spent in assessing
the completeness and sufficiency of the application and the supporting documents submitted shall not be included in the
determination of processing time. Further, as stated therein, requirements shall only be considered complete when all the
necessary or appropriate documents that are required to be submitted together with an application form by the applicant
or requesting party fully satisfy the formal and substantive requirements of the relevant law.
9
Under Section 24.1 of the FX Manual, application for loan approval shall be submitted to BSP-IOD at least 30 banking days
before the target signing date of the loan/borrowing documents. Loan/borrowing agreements which have been signed
and/or drawn/availed of prior to securing the requisite BSP approval shall not be eligible for approval and registration.
6
2. No action required 2. Perform pre- rate one (1) Analyst, Supervisor,
from the client, unless assessment11 and working day and Deputy Director
an abeyance letter is issue an preceding
received where the the date of
client shall submit a) acknowledgement Order of
additional documents/ letter12; or Payment10
b) abeyance letter,
as applicable.
Processing of the
application shall
only commence
upon receipt of
complete and
sufficient
documents/
information.
3. Checks status 3.A. Evaluates 20 working Analyst
update of the application and days13 upon
application, as needed prepares draft receipt of
implementing letter acknowledgem
(IL) for review. ent letter from
Otherwise, drafts BSP-IOD
abeyance letter to
clarify issues.
3.B Finalizes IL for Analyst, Supervisor,

signature Deputy Director, and
Head of the
Department or in
his/her absence the
Officer-In-Charge
11
12
10
The payment shall be made to the BSP-Cash Department (CD) (open from 9:00 a.m. to 2:00 p.m. on banking days) in
Manager’s Check or Cashier’s Check payable to the BSP accompanied by a payment order to be secured from the BSP-
IOD.
13
7
4. Receives notice from 4. Sends notification None Analyst
BSP that the IL* is to client that the IL
ready for is ready for pick-up
pick-up

presentation of the
designated
IL, and valid ID
3. Registration of publicly-guaranteed private sector foreign/foreign

currency loans/borrowings (update)
The BSP registration authorizes the client to purchase foreign exchange (FX) from
authorized agent banks (AAB) and AAB-foreign exchange corporations (AAB-forex corps)
for servicing of loan payments indicated in the Bangko Sentral Registration Document
(BSRD)

Who may avail: Private sector entities whose foreign/foreign currency
loans/borrowings with prior BSP approval fall under Section 24.1 of
the FX Manual may apply for registration
format)
2. Duly accomplished Annex D.2.B Annex D.2.B may be downloaded from the BSP
(Application for Registration of Private website
Sector Foreign/ Foreign Currency (http://www.bsp.gov.ph/regulations/fx_download.asp)
Loans/Borrowings) of the FX Manual [one
(1) original document]
14
8
3. Duly accomplished Annex E.3 of the FX Annex E.3 may be downloaded from the BSP website
Manual [one (1) original document] (http://www.bsp.gov.ph/regulations/fx_download.asp)
including signed and unnotarized covering
loan/borrowing agreement(s)/document(s)
[one (1) photocopy]
1. Submits application 1. BSP-IOD checks None Analyst/
for registration of loan the compliance and Administrative Staff
with the BSP including completeness of the
supporting documents submitted
documents, and
receive the
application.
Applications with
incomplete
requirements based
on the application
form and incorrect
versions of forms
used shall not be
accepted.
15
9
received where the
b) abeyance letter,
as applicable.
Processing of the
application shall
only commence
upon receipt of
complete and
sufficient
documents/
information.
3. Checks status 3.A. Evaluates None 20 working Analyst
update of the application and days19 upon
application, as needed prepares draft receipt of
BSRD18 for review. acknowledgem
Otherwise, drafts ent letter from
abeyance letter to BSP-IOD
clarify issues.
3.B. Finalizes BSRD Analyst, Supervisor,

for signature Deputy Director, and
Head of the
Department or in
his/her absence the
Officer-In-Charge
16
17
18
A servicing letter authority and/or provisional BSRD will be issued in electronic format during the effectivity of BSP
Circular No. 1080. A servicing letter authority may be issued for maturing FX obligations falling due within the period
covered by Circular No. 1080 prior to the issuance of provisional BSRD. The original BSRD covering the outstanding
balance of the registered loan will be issued after the effectivity of Circular No. 1080.
19
10
BSP that the BSRD* is to client that the
ready for BSRD is ready for
pick-up pick-up

presentation of the
designated
BSRD, and valid ID
4. Notification of private sector foreign loans/borrowings that are not

publicly-guaranteed (update)
The private sector entities (excluding private sector banks and non-bank financial
institutions with quasi-banking functions) informs BSP of their existing foreign
loans/borrowings through a notice. This is a prerequisite for the subsequent registration of
their foreign loans/borrowings.

Who may avail: Private sector entities whose foreign loans/borrowings fall under
Sections 24.2 of the FX Manual shall submit notification
format)
2. Duly accomplished Annex E.3 Annex E.3 may be downloaded from the BSP website
(Loan/Borrowing Profile) of the FX Manual (http://www.bsp.gov.ph/regulations/fx_download.asp)
[one (1) original document] including signed
covering loan/borrowing
agreement(s)/document(s) [one (1)
photocopy]
20
11
1. Submits notice to the 1. BSP-IOD checks None Analyst/
BSP including signed the compliance and Administrative Staff
covering loan/borrowing completeness of the
agreement(s)/ submitted
document(s) documents, and
receive the notice.
Notice with incorrect

versions of forms
and incomplete
requirements shall
not be accepted.
received where the
b) abeyance letter,
as applicable.
Processing of the
notice shall only
commence upon
receipt of complete
and sufficient
documents/
information.
21
22
23
12
3. Checks status 3.A. Evaluates the None 20 working Analyst, Supervisor,
update of the notice, as notice and prepares days25 upon Deputy Director, and
needed draft letter-advice24 receipt of Head of the
for review. acknowledgem Department or in
Otherwise, drafts ent letter from his/her absence the
abeyance letter to BSP-IOD Officer-In-Charge
clarify issues.
3.B. Finalizes letter-

advice11 for
signature

BSP that the letter- to client that the
advice* is ready for letter-advice is
pick-up ready for pick-up

presentation of the
designated
letter-advice, and valid
ID
5. Registration of private sector foreign loans/borrowings that are not

publicly-guaranteed (update)
The BSP registration is required if the client will purchase FX from AABs/AAB-forex corps
for loan-related payments.
24
The letter-advice will be issued in electronic format during the effectivity of BSP Circular No. 1080. The original hardcopy
letter-advice will be issued after the effectivity of BSP Circular No. 1080.
25
13
Who may avail: Private sector entities whose foreign loans/borrowings fall under
Section 24.2 of the FX Manual may apply for registration
1. Covering letter [one (1) original document] From the applicant/representative, as applicable
(free format)
2. Duly accomplished Annex D.2.B (Application Annex D.2.B may be downloaded from the BSP
for Registration of Private Sector Foreign/ website
Foreign Currency Loans/Borrowings) of the (http://www.bsp.gov.ph/regulations/fx_download.asp)
FX Manual [one (1) original document]
3. Duly accomplished Annex E.3 of the FX Annex E.3 may be downloaded from the BSP
Manual [one (1) original document] including website
signed covering loan/borrowing (http://www.bsp.gov.ph/regulations/fx_download.asp)
agreement(s)/document(s), as applicable
4. Proof of payments of processing fee, as An official receipt will be issued by the BSP-Cash
applicable [one (1) photocopy] Department to the applicant upon payment, if any.
5. Proof of Notice submitted to the BSP within From the applicant/representative, as applicable
one (1) month from date of signing of the
loan agreement(s)/document(s) [one (1)
photocopy], as applicable
6. Notice to BSP for: (i) change/s in the loan’s From the applicant/representative, as applicable
financial terms and conditions; or (ii)
cancellation (whether partial or in full) of the
loan/commitment/ agreement within 15
banking days from signing of the amended
or supplemental agreement [one (1) original
document], as applicable
FEES TO BE PROCESSING PERSON
PAID TIME27 RESPONSIBLE
1. Submits application 1. BSP-IOD checks None if Analyst/
to the BSP including the compliance and submitted Administrative
supporting documents, completeness of the within the Staff
as applicable submitted prescribed
26
As provided under Circular No. 1080 dated 27 March 2020 covering operational relief measures for FX transactions under
the FX Manual issued by the BSP in view of the declaration of the CQ amidst the COVID-19 pandemic, applications
27
14
documents, and timelines
receive the under Section
application. 24 of
the FX
Applications with Manual28;
incorrect versions of or (b)
forms and incomplete prescriptive
requirements based period shall
on the application end within the
form shall not be period
accepted. covered by
Circular No.
1080; or (c)
with FX
obligations
(e.g., interest
payments and
principal
repayments)
due within the
period
covered by
Circular No.
1080.
2. No action required 2. Perform pre- None Analyst,
from the client, unless assessment29 and Supervisor, and
an abeyance letter is issue an Deputy Director
received where the
b) abeyance letter, as
applicable.
Processing of the
application shall only
commence upon
28
In case the notice and/or the application for loan registration is submitted beyond the prescribed timelines, this will be
subject to PHP20,000.00 processing fee per loan. Please refer to Appendix 20 of the FX manual for the processing fees on
FX transactions. The payment shall be made to the BSP-CD (open from 9:00 a.m. to 2:00 p.m. on banking days) in
Manager’s Check or Cashier’s Check payable to the BSP accompanied by a payment order to be secured from the BSP-
IOD.
29
30
15
receipt of complete
and sufficient
documents/
information.
3. Checks status 3.A. Evaluates None 20 working Analyst,
update of the application, and days32 upon Supervisor,
application, as needed prepares draft receipt of Deputy Director,
BSRD31, for review. acknowledgem and Head of the
ent letter from Department or in
Otherwise, drafts BSP-IOD his/her absence
abeyance letter to the Officer-In-
clarify issues. Charge
3.B. Finalizes BSRD

for signature

BSP that the hard copy to client that the
of BSRD33 is ready for BSRD16 is ready for
pick-up pick-up
The BSRD shall be

released upon
presentation of the
designated
BSRD, and valid ID
31
A servicing letter authority and/or provisional BSRD will be issued in electronic format during the effectivity of
BSP Circular No. 1080. A servicing letter authority may be issued for maturing FX obligations falling due within the period
covered by BSP Circular No. 1080 prior to the issuance of provisional BSRD. The original BSRD covering the outstanding
balance of the registered loan will be issued after the effectivity of BSP Circular No. 1080.
32
33
A servicing letter authority and/or provisional BSRD in electronic format will be issued during the effectivity of
BSP Circular No. 1080 prior to the issuance of hard copy of BSRD.
16
6. Registration of Inward Foreign Investments (update)
The Bangko Sentral Registration Document (BSRD) authorizes the client to purchase
foreign exchange from Authorized Agent Banks (AABs) and AAB-foreign exchange
corporations for capital repatriation or remittance of cash dividends/profits/earnings
accruing on foreign investments registered with the BSP.

Who may avail: Private institutions, corporations, individual investors/investees,
banks, law firms
1. Duly accomplished Annex W (Application Annex W may be downloaded from the BSP website
For Registration of Foreign Investments) of (http://www.bsp.gov.ph/regulations/fx_download.asp)
the FX Manual [one (1) original document)
2. Proof of funding [one (1) original document From the applicant/representative, as applicable35
or photocopy]
3. Proof of investment [one (1) photocopy] From the applicant/representative, as applicable
1. Submit application 1. BSP-IOD checks None at the Analyst/
for registration of the compliance and point of Administrative
inward investments with completeness of the submission Staff
the BSP submitted
documents, and
receives the
application.
Applications with
34
35
Please refer to Appendix 10.C of the FX Manual for the list of acceptable documents
36
17
incomplete
requirements based
on the application
form and incorrect
versions of forms
used shall not be
accepted.
2. No action required 2. Perform pre- None during Analyst,

from the client, unless assessment37 and pre-assessment Supervisor, and
an abeyance letter is issue an Deputy Director
received where the
b) abeyance letter,
as applicable.
Processing of the
application shall
only commence
upon receipt of
complete and
sufficient
documents/
information.
37
38
18
3. During the 3.A. Evaluates None40 except if 20 working Analyst,
processing of the application and the registration days42 upon Supervisor,
application, the prepares draft cover will be filed receipt of Deputy Director,
applicant may call for letter and BSRD39 beyond the one acknowledgem and Head of the
status update of the for review. (1) year ent letter from Department or in
application Otherwise, drafts prescriptive BSP-IOD his/her absence
abeyance letter to period41: the Officer-In-
clarify issues. 1st year of filing Charge
beyond the
3.B. Finalize prescriptive
BSRD18 and cover period:
letter for signature. PHP10,000 for
every BSRD
issued
2nd year of
4. Client receives notice 4. IOD sends filing beyond the Analyst
from BSP that the notification to client prescriptive
BSRD is ready for pick- that the BSRD is period and
up ready for pick-up onwards: An
additional fee of
The BSRD shall be PHP10,000 for
released, upon each year for
presentation of the every BSRD
notice from BSP-IOD, issued
designated
BSRD, and valid ID.
39
A provisional BSRD will be issued in electronic format during the effectivity of BSP Circular No. 1080. The original BSRD
shall be released after the effectivity of the aforesaid BSP Circular.
40
Please refer to Appendix 20 of the FX manual for the processing fees on FX transactions. The payment shall be made to
the BSP-CD (open from 9:00 a.m. to 2:00 p.m. on banking days) in Manager’s Check or Cashier’s Check payable to the
BSP accompanied by a payment order to be secured from the BSP-IOD.
41
Under BSP Circular No. 1080 the grace period (from 8 March 2019 to 7 March 2020) for registration of foreign
investments unregistered as of 8 March 2019 beyond the prescriptive period under Circular No. 1030 dated 5 February
2019 shall be re-opened from 8 March 2020 up to the period covered by this Circular and one (1) month thereafter.
Moreover, investments for registration with the BSP whose prescriptive period shall end on 8 March 2020 up to the
period covered by Circular 1080 dated 27 March 2020 shall likewise be given a grace period of up to one (1) month
thereafter.
42
19
FEEDBACK AND COMPLAINTS MECHANISM
How to send feedback For transactions/services rendered, feedback
may be given by clients which may be sent
through the following channels:
 Via tablet/touchscreen kiosk [Feedback
Management System (FMS) emoticon]
 Survey response (FMS one-pager structured
form via paper-based or BSP website)
 Email or letter
How feedbacks are processed Sent through the FMS emoticon
tablet/touchscreen kiosk/BSP website
Email alert on sad emoticon/negative feedback

is received real time by all FMS users of the
department/office. Concerned Department to
immediately address issue. FMS
designate/alternate shall encode the action
taken within two (2) working days from receipt
of sad emoticon/negative feedback.
Sent through the paper-based FMS structured

form
FMS designate/alternate to gather and scan

accomplished paper-based structured form.
This is done within one (1) day upon receipt of
accomplished forms.
FMS designate/alternate to upload structured

form within one (1) working day from receipt of
accomplished form.
Email alert on sad emoticon/negative feedback

is received real time by all FMS users of the
Department. Concerned Department to
immediately address issue. FMS
Sent through Email
The recipient endorses the feedback to the

Group Head within three (3) working days from
receipt of email.
20
The concerned Group communicates with the
client regarding the feedback, if needed.
How to file a complaint This may be best done via formal
communication (i.e., letter or email) describing
the transaction, person/s involved and
circumstances leading to the complaint.
How complaints are processed Complaints are immediately forwarded to
concerned division to resolve or address issue.
Due process is accorded to the concerned
employee.
Contact Information of CCB, PCC, ARTA: complaints@arta.gov.ph
ARTA PCC: 8888
CCB: 0908-881-6565 (SMS)
21
Office Address Contact Information
International Operations Room 301, 5-Storey (02) 8708-7107
Department Building, Bangko Sentral (02) 5306-3060
ng Pilipinas, A. Mabini St.
corner P. Ocampo St.,
1004 Malate Manila
22
Department of Loans and Credit
External Services
23
1. Rediscounting Facility: Stage I – Application for Rediscounting Line (update)
Rediscounting is a privilege of a qualified bank to obtain loans or advances from the Bangko
Sentral ng Pilipinas (BSP) using eligible papers of its borrowers as collaterals. To be able to
avail of the privilege, banks must apply for a Rediscounting Line (RL). A RL establishes the
maximum balance of rediscount that can be maintained with the BSP.
Office or Division: Credit Rating and Loan Evaluation Division (CRLED),

Department of Loans and Credit (DLC)
Type of G2B – Government to Business
Transaction:
Who may avail: Eligible banks under Section 281 of the Manual of Regulations for
Banks (MORB)
1. Application for Rediscounting Line CRLED, DLC, Room 215, 5-Storey Building,
(use DLC prescribed form), preferably BSP Head Office, Malate Manila (DLC Office)
printed on the bank’s stationery, or may be requested via telephone no. (02)
indicating the amount of RL applied 5306-2413 or email at DLCmail@bsp.gov.ph
for [one original copy] or eRediscounting@bsp.gov.ph.
2. Secretary’s Certificate or Board Applicant bank
Resolution duly signed by the Board
of Directors of the applicant bank,
authorizing the bank: (a) authorizing
the bank to apply for a RL with the
BSP; (b) indicating the amount applied
for; and (c) designating at least two (2)
senior officers of the bank (together
with their specimen signatures)
authorized to endorse Promissory
Notes and sign all papers pertaining to
rediscounting (one original copy)
3. List of Board of Directors and principal Applicant bank
officers (top three [3] executive
officers) and their education/training,
and work experience as of recent date
(one original copy)
4. Articles of Incorporation (for new Applicant bank
43 Due to the declaration of the State of Public Health Emergency and the placement of the country under
the community quarantine, BSP Memorandum No. M-2020-016 dated 31 March 2020 provides, among others,
the submission of documentary requirements and other communications thru email using DLCmail@bsp.gov.ph,
including a certification that: (1) the electronic copies submitted are true and faithful copy of the original; (2) the
original copies shall be transmitted to the BSP-DLC upon resumption of work at the BSP Head Office; (3) the
bank acknowledges that any misrepresentation shall be subject to appropriate enforcement actions, among
other legal recourses available to the BSP.
24
applications only) and amendments, if
any (one photocopy). New
applications from banks include those
filed within the month immediately
preceding the expiry of the line or
thereafter.
5. Organizational Chart (for new Applicant bank

applications only) [one photocopy].
New applications from banks include
those filed within the month
immediately preceding the expiry of
the line or thereafter.
6. Annual Report or Audited Financial Applicant bank
Statements for the immediately
preceding year (one photocopy)
7. Certification dated at most one (1) CRLED, DLC Office or may be requested via
month prior to the date of filing of telephone no. (02) 5306-2413 or email at
application, preferably printed on the DLCmail@bsp.gov.ph or
bank’s stationery, signed by any two eRediscounting@bsp.gov.ph.
(2) of the authorized officers indicated
in Requirement No. 2:
a. If the bank has outstanding
obligation/s: certification (use DLC
prescribed form) that the bank has
no past due obligation/s with all
other financial and lending
institutions, as enumerated therein
(one original copy); or
b. If the bank has no outstanding
obligation: certification (use DLC
prescribed form), that the bank
has no financial obligation with all
other financial and lending
institutions [one original copy].
8. Certification of good credit standing Financial institution/s where the bank has
prepared and issued by all the outstanding obligation/s.
financial institution/s listed in
Requirement No. 7 and dated at most
one (1) month prior to the date of filing
of application for RL (one original copy
from each financial institution)
9. For banks applying for microfinance Applicant bank
facility, a copy of the Manual of
Operations pertaining to microfinance
25
operations (one photocopy).
I. Preliminary Assessment45
1. Submit 1.1. Receive None Three working Bank Officer,
application documentary days CRLED, DLC
form and requirements.
complete
documentary
requirements
at DLC
Office46.
1.2. Check None Bank Officer,
completeness, CRLED, DLC
validate
accuracy and
consistency of
the contents of
the submitted
documentary
requirements.
1.3. If the submitted None Bank Officer,
documentary CRLED, DLC
requirements
are complete
and valid:
Prepare
acknowledge-
ment of
complete and
valid
documentary
requirements,
quoting therein
the unique
identification
44 Processing time per agency action may be flexible, but the total processing time for preliminary
assessment of documentary requirements and the processing of application with complete documentary
requirements shall not exceed five and 20 working days, respectively.
45 The preliminary assessment includes the evaluation of the completeness and validity of the documentary
requirements submitted by the applicant bank. The processing time incurred therein shall not be included in the
total processing time of the transaction.
46 Please refer to footnote on BSP Memorandum No. M-2020-016 dated 31 March 2020 in the Checklist of
Documentary Requirements page of this service.
26
number and
informing that
the application
will proceed to
the next stage
of the process
(Processing of
Application with
Complete
Documentary
Requirements).
If the submitted
documentary
requirements
are incomplete
and/or have
deficiencies:
Prepare a letter
returning the
application,
together with
other
documents
submitted, and
notifying the
applicant of any
the
deficiency/ies
noted.
1.4. Review, sign off None Two working Manager

and release days CRLED, DLC
results of
preliminary Deputy Director
assessment Credit Rating
and Financial
Services Group
(CRFSG), DLC
and
Director or
27
Officer-in-
Charge
DLC
TOTAL: None Five working

days
II. Processing of Application with Complete Documentary Requirements
1.5. Obtain relevant None Four working Bank Officer,
information days CRLED, DLC
from
appropriate
groups/
departments in
the BSP.
1.6. Evaluate, None Five working Bank Officer,
among others, days CRLED, DLC
the applicant
bank’s and
compliance with
the eligibility Manager
requirements CRLED, DLC
provided in
Section 281 of
the MORB;
determine the
amount of RL
based on the
total credit
score under the
Credit
Information
System (CRIS)
after
considering
management
and risk
management
system,
financial
indicators, and
credit
experience; and
recommend
action.
28
1.7. Evaluate and None Five working Deputy Director
review the days Credit Rating
application, and Financial
CRIS report Services Group
and the (CRFSG), DLC
recommended
action. and
Director or
Officer-in-
Charge
DLC
1.8. Review and act None Four working Deputy
on (i.e., days Governor or
approve/deny/ Sector-in-
modify) Charge
recommended Monetary and
action. Economics
Sector, BSP
or
Credit
Committee,
BSP
or
Monetary
Board, BSP
1.9. Prepare, review, None Two working Bank Officer,
sign off and days CRLED, DLC
release/send
letter of BSP Manager
action on the CRLED, DLC
application (i.e.,
approve/deny/ Deputy Director
modify). CRFSG, DLC
and
Director or
Officer-in-
Charge, DLC
TOTAL: None 20 working
days
29
2. Rediscounting Facility: Stage II – Application to Participate in the Electronic
Rediscounting System (eRS) (update)
Qualified banks must request to participate in the eRS to be able to conduct their
rediscounting transactions and inquiries with the BSP on an online and real-time basis at the
convenience of their bank premises.
Office or Division: Systems Development and Management Division (SDMD), DLC
Classification: Simple
Transaction:
Who may avail: Eligible banks under Section 281 of the MORB
1. Application for Participation in the SDMD, DLC, Room 215, 5-Storey
Electronic Rediscounting System (use Building, BSP Head Office, Malate
DLC prescribed form) [one original copy] Manila (DLC Office) or may be
requested via telephone no. (02) 5306-
2351 or email at DLCmail@bsp.gov.ph
or eRediscounting@bsp.gov.ph.
2. Duly signed and notarized Electronic SDMD, DLC Office, or may be
Rediscounting System Participation requested via telephone no. (02) 5306-
Agreement (ERSPA) [use DLC prescribed 2351 or email at DLCmail@bsp.gov.ph
form] {four original copies} or eRediscounting@bsp.gov.ph.
3. Board Resolution authorizing the bank to Applicant bank
participate in the eRS (two copies, at
least one copy is original)
4. Notarized Secretary’s Certificate on the Applicant bank
minutes of Board meeting authorizing the
bank to participate in eRS (two copies, at
least one copy is original)
5. User Account Registration Form (two SDMD, DLC Office or may be requested
original copies) via telephone no. (02) 5306-2351 or
email at DLCmail@bsp.gov.ph or
eRediscounting@bsp.gov.ph.
6. Duly signed and notarized Depository/ SDMD, DLC Office or may be requested
Custodianship Agreement or Depository via telephone no. (02) 5306-2351 or
Agreement48 (For Rural/Cooperative email at DLCmail@bsp.gov.ph or
47 Due to the declaration of the State of Public Health Emergency and the placement of the country under
the community quarantine, BSP Memorandum No. M-2020-016 dated 31 March 2020 provides, among others,
the submission of documentary requirements and other communications thru email using DLCmail@bsp.gov.ph,
including a certification that: (1) the electronic copies submitted are true and faithful copy of the original; (2) the
original copies shall be transmitted to the BSP-DLC upon resumption of work at the BSP Head Office; (3) the
bank acknowledges that any misrepresentation shall be subject to appropriate enforcement actions, among
other legal recourses available to the BSP.
48 For banks who are unable to secure a Depository/Custodianship Agreement, they may instead deposit
their rediscounted collateral with the nearest BSP Regional Office or Branch pursuant to BSP Memorandum No.
M-2020-016 dated 31 March 2020. However, instead of a DCA, banks need to execute a Depository
30
Banks only) [use DLC prescribed form] eRediscounting@bsp.gov.ph.
{six original copies}
AGENCY FEES TO PROCESSING PERSON

CLIENT STEPS
ACTIONS BE PAID TIME49 RESPONSIBLE
1. Submit 1.1. Receive None Four hours Bank Officer
application complete SDMD, DLC
form and documentary
complete requirements
documentary and issue a
requirements unique identifi-
at DLC cation number.
Office50. 1.2. Validate None One working Bank Officer
accuracy and day SDMD, DLC
consistency of
the contents of
the submitted
documentary
requirements
including the
ERSPA;
recommend
action; and
prepare letter
of approval or
notification of
denial.
Reminder:
Recommended
action may include
return of application
due to deficiency/ies
noted in the
documentary
requirements.
Resubmitted
application is
treated as a new
application.
Agreement. This however, is only a temporary measure as a response to the declaration of State of Public
Health Emergency and the placement of the country under community quarantine.
49 Processing time per agency action may be flexible, but the total processing time shall not exceed three
working days.
50 Refer to footnote on BSP Memorandum No. M-2020-016 dated 31 March 2020 in the Documentary
Requirements Page of this service.
31
CLIENT STEPS
1.3. Review, sign None One working Bank Officer
off and day and four SDMD, DLC
release/send hours
Manager
letter of BSP’s
SDMD, DLC
action on the
application
(i.e., approve
or deny). Deputy Director
Accounts
Note: If approved, Management
ERSPA shall be Group I, DLC
notarized before a
and
notary public.
Director or
Officer-in-
Charge
DLC
TOTAL: None Three working
days
32
How to send feedback Sent feedback through the following
channels:
 Feedback Management System
(FMS) emoticon
tablet/touchscreen kiosk51
 FMS one-pager structured form via
paper-based or BSP website
 BSP mail (bspmail@bsp.gov.ph)
For inquiries and follow-ups, clients

may contact the following telephone
numbers:
(02) 8708-7701 local nos. 3067, 2356
and 2474.
How feedbacks are processed  If feedback is sent through the FMS

emoticon tablet/ touchscreen
kiosk9/BSP website:
Email alert on sad

emoticon/negative feedback is
received real time by all FMS
users of the department/office.
FMS designate/alternate shall
encode the action taken within two
(2) working days from receipt of
sad emoticon/negative feedback.
If negative feedback is more than

20% of the day’s number of
respondents,
 FMS designate/alternate
generates and endorses the
Daily i-Report within a day
(24 hours) to the Servicing
Department/Office (SDO)
Head and other concerned
personnel to review and reply
to the concerned issue.
 Action Report to include the
51 Temporarily not available as precautionary measure to control the spread of COVID-19.

33
action to be taken and the
target date of
completion/resolution is
generated and submitted to
the SDO Head for
review/approval. Report is
generated and transmitted to
Feedback Management Unit
through the Economic and
Financial Learning Center
(EFLC), Director within two (2)
working days from receipt of
negative feedback.
In case the feedback is within the

purview of another
department/office, the FMS
Designate/Alternate requests
transfer of feedback to appropriate
department/office. Request for
transfer is done within one (1)
working day from receipt of sad
emoticon/negative feedback.
 If feedback is sent through the

paper-based FMS structured form:
FMS designate/alternate to gather

and scan accomplished paper-
based structured form. This is
done within one (1) day upon
receipt of accomplished forms.
FMS designate/alternate to upload

structured form within one (1)
working day from receipt of
accomplished form.
Email alert on sad

emoticon/negative feedback is
received real time by all FMS
users of the department/office.
FMS designate/alternate shall
encode the action taken within two
34
If negative feedback is more than

20% of the day’s number of
respondents,
 FMS designate/alternate
generates and endorses the
Daily i-Report within a day
(24 hours) to the SDO Head
and other concerned
personnel to review and reply
to the concerned issue.
 Action Report to include the

action to be taken and the
target date of
completion/resolution is
generated and submitted to
the SDO Head for
review/approval. Report is
generated and transmitted to
Feedback Management Unit
through the EFLC Director
within two (2) working days
from receipt of negative
feedback.
For inquiries and follow-ups,

clients may contact the following
telephone numbers:
(02) 8708-7701 local nos. 3067,
2356 and 2474
 If feedback is sent through the BSP

mail:
The Information Desk Officer

endorses the feedback to the
appropriate department with three
email.
The concerned department

communicates with the client
regarding the feedback, if needed.
35
How to file a complaint Written documentation with the
following information sent through
the BSP or DLC mail
(bspmail@bsp.gov.ph,
DLCmail@bsp.gov.ph ):
 Name of complainant and contact
information
 Nature of complaint to include
details (e.g., name of person
being complained, description of
incident, date/time of occurrence)
For inquiries and follow-ups,

clients may contact the following
telephone numbers:
(02) 8708-7701 local nos. 3067,
2356 and 2474
How complaints are processed The Information Desk Officer
endorses the complaint to the
appropriate department within
three (3) working days from receipt
of email.
The concerned department

communicates with the client
regarding the complaint, as
deemed appropriate.
Contact Information of CCB, ARTA:
PCC, ARTA complaints@arta.gov.ph
Tel. No. 1-ARTA (2782)
PCC:
pcc@malacanang@gov.ph
Tel. No. 8888
CCB:
0908-881-6565 (SMS)
36
Department of Loans and Room 215, 5-Storey (02) 8708-7701 local nos.
Credit Building, Bangko Sentral 3067, 2356 and 2474
ng Pilipinas,
A. Mabini corner
P. Ocampo Sr. Streets,
Malate, Manila
37
DEPARTMENT OF ECONOMIC RESEARCH
External Services
38
1. Processing of Requests for Monetary Board (MB) Opinion on Proposed Domestic
Borrowings of Government Entities
Office or Division: Department of Economic Research (DER)

Type of G2G – Government to Government
Transaction:
Who may avail: Borrowing Government Entities (BGEs) - all government
agencies, sub-divisions, or instrumentalities, e.g. LGUs,
GOCCs, SUCs, and LWDs
CHECKLIST OF REQUIREMENTS WHERE TO SECURE
Pursuant to BSP Circular No. 926, series Downloadable forms at
of 2016, Appendices 57 and 57A http://www.bsp.gov.ph
For LGUs:
1. Letter from LGU requesting for MB Local Chief Executive/Authorized
opinion on its proposed domestic Representative of the requesting LGU
borrowing (1 original)
2. Information on outstanding loans Requesting LGU
(1 original)
3. Valid BLGF certification on the Department of Finance-Bureau of Local
borrowing capacity (1 original) Government Finance (DOF-BLGF)
Downloadable forms at
For GOCCs:
http://www.bsp.gov.ph
1. Letter from GOCC requesting for MB President/Chief Executive
opinion on its proposed domestic Officer/Authorized Representative of the
borrowing (1 original) requesting GOCC
2. Board Resolution or Corporate Requesting GOCC
Secretary’s certificate approving the
proposed borrowing (1 original or
1 certified true copy of the original)
3. Department of Finance (DOF) DOF
comments on the proposed domestic
borrowing (1 original)
4. Endorsement of the proposed loan by Oversight Department/Agency
the oversight department/agency
(1 original)
5. Information on outstanding loans Requesting GOCC
(1 original)
39
For LWDs: Downloadable forms at
1. Letter from the LWD requesting for MB General Manager/Authorized
opinion on its proposed borrowing Representative of the requesting LWD
(1 original)
2. Board Resolution or Corporate Requesting LWD
3. Local Water Utilities Administration LWUA
(LWUA) endorsement/clearance
(1 original) for non-LWUA contracted
loans
4. Information on outstanding loans Requesting LWD
(1 original)
Downloadable forms at
For SUCs:
1. Letter from the SUC requesting for MB President/Authorized Representative of
opinion on its proposed borrowing the requesting SUC
(1 original)
2. Board Resolution or Corporate Requesting SUC
3. Commission on Higher Education CHED
(CHED) endorsement/clearance
(1 original)
4. Information on outstanding loans Requesting SUC
(1 original)
40
Office or Division: Department of Economic Research (DER)
Type of G2G – Government to Government
Transaction:
Who may avail: Borrowing Government Entities (BGEs) - all government
agencies, sub-divisions, or instrumentalities, e.g., LGUs,
GOCCs, SUCs, and LWDs
Please refer to pages 6 to 7 Downloadable forms at
CLIENT STEPS AGENCY FEES PROCESSING PERSON
ACTIONS TO BE TIME RESPONSIBLE
PAID
1. Preferred Mode: 1.1 None 1 day Staff from
Send the letter- Acknowledge the Real
request for MB receipt via and
opinion together email External
with the required Sector
documents via Research
registered mail or Group
courier to: The (RESRG)
Department of of the DER
Economic
Research, Room
403, Five-storey
Bldg., Bangko
Sentral ng
Pilipinas, A.
Mabini corner P.
Ocampo Streets,
Malate, Manila
1004; e-mail at:
mbopinion_der@
bsp.gov.ph; or fax
at: (632) 8708-7428
(with scanned
documents
attached). The
original docu-ments
can later be sent via 1.2 Option for
registered mail. walk-in
submission
(Please see
Annex A)
41
CLIENT STEPS AGENCY FEES PROCESSING PERSON
ACTIONS TO BE TIME RESPONSIBLE
PAID
2. None 2. Process None 15 days  DER-
BGE’s request RESRG
for submission staff
 Deputy
to/and approval
Director,
of the MB DER-
opinion. Only RESRG
requests with  Director,
complete DER
require-ments  Asst.
Governor,
will be
MPSS
submitted to the  Deputy
MB Governor,
MES
 Governor
and
Monetary
Board
3. None 3. Prepare the None 3 days  DER-
BSP letter RESRG
transmitting the staff
requested MB  Deputy
opinion and Director,
submit for DER-
RESRG
signing by the
 Director,
authorized DER
signatories  Asst.
Governor,
MPSS
 Deputy
Governor,
MES
4. None 4.1 Preferred None 1 day  DER-
Mode: Send in RESRG
advance the staff
scanned copy of
the signed BSP
letter
transmitting the
requested MB
opinion to the
BGE via email
42
or fax, copy
furnished the
lending institu-
tion/s (LIs). The
original signed
letter to be sent
via courier.
4.2 Option for
pick-up of
original copy of
MB opinion letter
(Please see
Annex B)
TOTAL: 20 days
43
How to send feedback The BGE is requested to answer
the Customer Satisfaction Survey
(CSS) attached to the BSP letter
transmitting the MB opinion
How feedbacks are processed 1. The accomplished CSS responses
submitted to DER are tallied
according to the following:
a. Service received
very satisfied, neutral, satisfied,
dissatisfied, very dissatisfied
b. Timelines
strongly agree, agree, neutral,
disagree, strongly disagree
c. Descriptive aspect of responses
d. Comments and suggestions
2. Processed responses are reported
to the Monetary Board as reflected
in the Semestral Report on
Requests for MB Opinion on
Domestic Government Borrowings
How to file a complaint A letter may be sent to:
The Governor
Bangko Sentral ng Pilipinas
A.Mabini corner P.Ocampo Sts.
Malate, Manila, Philippines 1004
How complaints are processed BSP sends a letter-reply providing
information/clarification on the
issues posed by the third party/ies
Contact Information of CCB, PCC, Email: mbopinion_der@bsp.gov.ph
ARTA Tel. Nos.:
(632) 8708-7214/
(632) 5306-2970
Fax Nos.:
(632) 8708-7428
44
BSP Head Office BSP Complex, 5-storey Trunk line:
Bldg., Malate, Manila (632) 8708-7701
BSP Monetary and th
5 Floor, 5-storey Bldg., Direct Line:
Economics Sector BSP Complex, Malate, (632) 8708-7413
Manila
BSP Monetary Policy th
4 Floor, 5-storey Bldg, Direct Line:
Sub-Sector BSP Complex, Malate, (632) 8708-7120
Manila Trunk line local No.:
3005
BSP Department of Room 403, 4th Floor, 5- Direct Lines: (632)
Economic Research storey Bldg., BSP 8708-7219
Complex, Malate, 8708-7214
Manila Trunk line local Nos.
3023, 2849, 2680, 2970
45
ANNEX A
1.2 Option for walk-in submission of Requests for MB Opinion

 As indicated in pages 6 to 7 of subject  Downloadable forms at
BSP transaction http://www.bsp.gov.ph
 Personal/corporate ID  BGE representative
FEES
AGENCY PROCESSING PERSON
CLIENT STEPS TO BE
ACTIONS TIME RESPONSIBLE
PAID
1. Proceed to BSP 1. Provide BSP None Not SITD
Security Desk, Visitor’s ID in applicable Personnel
Gate 3, BSP exchange for assigned
Complex, Manila personal/corpor
ate ID
2. Proceed to DER 2. None None Not Not
Receiving Area, applicable applicable
Room 403, 4th
Floor, BSP 5-
storey Bldg.
3. Drop off the 3. None None Not Not
request letter and applicable applicable
documents in the
designated “MB
opinion requests”
box/tray located at
the DER receiving
area and have the
receiving copy
stamped via the
Automated Stamp
Machine.
4. Proceed to BSP 4. Request the None Not SITD
Security Desk visitor to applicable Personnel
surrender BSP assigned
Visitor’s Pass
46
ANNEX B
4.2 Option for Walk-in pick-up of the MB Opinion Letter

 Personal/corporate ID BGE and its representative
 BGE Letter of Authority
FEES
AGENCY PROCESS PERSON
CLIENT STEPS TO BE
ACTIONS ING TIME RESPONSIBLE
PAID
1. Proceed to BSP 1. Provide BSP None Not SITD Personnel
Security Desk, Visitor’s ID in applicable assigned
Gate 3, BSP exchange for
Complex, Manila personal/
corporate ID
2. Proceed to DER 2. None None Not None
Receiving Area, applicable
Room 403, 4th
Floor, 5-storey
Bldg.
3. Call local nos. 3. Upon None Not DER-RESRG
2849, 2680, or presentation of applicable staff
2970 the Letter of
Authority, hand
over the MB
opinion letter to
the BGE
representative
4. Proceed to BSP 4. Request the None Not SITD Personnel
Security Desk visitor to applicable assigned
surrender BSP
Visitor’s Pass
47
Financial Supervision Sector
External Services
48
1. Application for Authority to Establish and Operate as Non-Bank Credit
Card Issuer (update)
The application for grant of authority to establish and operate as non-bank credit card issuer
constitutes a three-stage process:
 Stage 1 refers to the application for BSP approval to establish and operate as credit
card issuer with processing time52 of 20 working days;
 Stage 2 refers to the application for issuance of Certificate of Authority to register with
the Securities and Exchange Commission the Articles of Incorporation and/or By-Laws
or amendments53 thereto, indicating the corporate purpose as credit card issuer with
processing time of 7 working days; and
 Stage 3 refers to application for issuance of Certificate of Authority to establish and

operate as credit card issuer with processing time of 13 working days.
Office or Division: Financial Supervision Department IX

Type of Transaction: G2B – Government to Business Entity
Who may avail: Organizers/incorporators of new corporations or authorized representatives
of existing corporations that plan to engage in credit card business as credit
card issuer
Stage 1: Application for BSP Approval to Establish and Operate as Credit Card Issuer
A. DOCUMENTARY REQUIREMENTS54
(Submit original copy only, unless otherwise stated)
1. Application letter for authority to establish and operate as non- Applicant
bank credit card issuer, signed by the incorporators/directors or
the president or officer of equivalent rank.
The application letter shall state the name of the authorized

contact person relative to the application, official e-mail address
authorized to receive notifications, and other contact details.
52
Based on the Implementing Rules and Regulations of Republic Act No. 11032 (Ease of Doing Business and
Efficient Government Service Delivery Act of 2018), processing time is the time consumed from the acceptance
of an application or request with complete requirements, accompanying documents and payment of fees up to
the issuance of certification or such similar documents approving or disapproving an application or request. The
time spent in determining whether or not all the requirements have been complied with shall not be included in
the determination of processing time. Further, as stated therein, requirements are complete when all the
necessary or appropriate documents that are required to be submitted together with an application form by the
applicant or requesting party fully satisfy the formal and substantive requirements of the relevant law.
53 In case of existing corporation which opts to amend its Articles of Incorporation and/or By-Laws to include as
corporate purpose that it will engage in credit card business as credit card issuer.
54 Submission may be by electronic form, personal filing at FSS Booth or mail/courier
49
2. Document showing proof that minimum paid-up capital of ₱100 Applicant
million is met.
3. For new corporations:
a. Proposed Articles of Incorporation (AOI) reflecting the Applicant
primary/secondary purpose to engage in credit card
business, and/or By-laws (4 original copies for hardcopy
submissions); and SEC
b. Proof of reservation of the proposed corporate name with the
SEC.
4. For existing non-bank corporations:
a. Proposed amended AOI reflecting the primary/secondary Applicant

purpose to engage in credit card business as credit card
issuer, and/or By-laws (4 original copies for hardcopy
submissions);
b. Document showing proof of no past due obligation with any Applicant

financial institution as of date of application;
c. Proof of reservation of the proposed corporate name with the SEC

SEC (if amended AOI includes change in corporate name);
d. Present AOI and/or By-laws certified by the SEC as the SEC

“faithful reproduction of the original” (4 copies for hardcopy
submissions).
If the non-bank corporation is applying for amendment of the

AOI and/or By-laws for the first time, the original copy of the
AOI and/or By-laws plus 3 copies for hardcopy submissions
certified by the SEC as the “faithful reproduction of the
original”;
e. General Information Sheet as of the date of meeting when SEC

the amendment/s to AOI and/or By-laws was/were approved;
f. Directors’ Certificates (4 original copies for hardcopy Applicant

submissions):
i. Directors’ Certificate for the amendment of the AOI
attesting that: (i) majority of the directors; and (ii)
stockholders representing at least 2/3 of the outstanding
capital stock, approved the proposed amendment/s to the
AOI in a meeting; and
ii. Directors’ Certificate for the amendment of the By-laws
stockholders representing at least a majority of the
outstanding capital stock, approved the proposed
50
amendment/s to the By-laws in a meeting.
g. Minutes of the stockholders’ and/or directors’ meeting or Applicant

excerpts thereof:
i. For the amendment of AOI:
1) It should indicate the date and place of the meeting
and the stockholders/directors present or absent in the
meeting and their respective stockholdings;
2) The minutes must show that stockholders
representing at least 2/3 of the outstanding capital
stock and majority of the directors voted for the
proposed amendment/s and must also state in detail
the amendment/s applied for; and
3) This document shall be certified as correct by the
Corporate Secretary of the meeting, attested to by the
President/Chairman of the directors’ and stockholders’
meetings and signed by at least a majority of the
directors.
ii. For the amendment of the By-laws:
representing at least majority of the outstanding
capital stock and majority of the directors voted for the
directors.
5. Prior consent of the foreign regulator/supervisor of the parent Foreign regulator/
organization, if the owner or parent organization of the applicant supervisor of the parent
is a foreign-regulated financial institution or corporation. organization
6. List of stockholders and their stockholdings. Applicant
7. Biographical data with latest 2x2 ID picture of each incorporator, Template can be
subscriber, existing/proposed director and officer. The directors downloaded at the BSP
and officers of the applicant must comply with the fit and proper website:
rule prescribed under existing laws and regulations. http://www.bsp.gov.ph/
regulations/guidelines.
asp
8. National Bureau of Investigation (NBI) clearance of each of the National Bureau of
incorporator, subscriber, existing/proposed director and officer, Investigation (NBI) for
or similar document from the home country in the case of non- Filipino citizens and the
Filipino citizens. NBI counterpart for
51
non-Filipino citizens
9. Certificates of attendance to the required seminar on corporate Applicant
governance for directors conducted or accredited by the Bangko
Sentral.
10. Notarized authorization form for querying the BSP watchlist file Appendix Q-45 of the
for each incorporator, subscriber, existing/proposed director and Manual of Regulations
officer. for Non-Bank Financial
Institutions Volume I
http://www.bsp.gov.ph/
regulations/reg_MORB.
asp
11. Certification from home country’s supervisory authority that the Home country’s
non-Filipino citizen has no derogatory record, if applicable. supervisory authority
12. Alien employment permit for foreign directors/officers. Department of Labor
and Employment
13. Certification of independence for independent directors. Applicant
14. For officers who will be in-charge of the credit card operations, Applicant
document showing proof of actual experience of at least two (2)
years in a bank or quasi-bank as in-charge (or at least as
assistant-in-charge).
15. For corporate subscribers, the following additional documents Applicant
shall be submitted:
a. Copy of the board resolution authorizing the corporation to

invest in the business of credit card issuance and designating
the person who will represent the corporation in connection
therewith;
b. Copy of the latest AOI and By-laws;
c. Updated list of directors and principal officers;
d. Current list of substantial or major stockholders, indicating

the citizenship and the number, amount and percentage of
the voting and non-voting shares held by them. For this
purpose, substantial or major shareholder shall mean a
person, whether natural or juridical, owning such number of
shares that will allow him to elect at least one (1) member of
the board of directors of a credit card issuer/acquirer, or who
is directly or indirectly the registered or beneficial owner of
more than ten percent (10%) of any class of its equity
security;
e. A copy each of the corporation’s audited financial statements

for the last two (2) years prior to the filing of the application;
52
f. A copy of the corporation’s annual report to the stockholders
for the year immediately preceding the date of filing of the
application; and
g. Certified photocopies of the corporation’s Income Tax

Return.
For foreign corporations, in addition to Items “(a)” to “(g)”, it shall

also submit, if applicable, a certification from its home country’s
supervisory authority that it has no objection to the investment of
such company in a credit card issuer/acquirer in the Philippines
and that adequate information on such foreign corporation shall
be provided to the Bangko Sentral to the extent allowed under
existing laws.
16. Detailed plan of operation and economic justification for Applicant
engaging in the credit card issuance business, including a
manual of operations and other related documents embodying
the risk management system (RMS).
Include, among others, the business model, comprehensive

RMS [such as (i) information technology system/infrastructure
including features and functionalities of the platform/facility,
credit card network and payments ecosystem; (ii) Anti-Money
Laundering (AML) Act compliance; and (iii) consumer protection]
and other aspects of operations (such as accounting records,
systems and procedures, operational workflow and internal
control systems).
A presentation of business model, comprehensive RMS and

other aspects of operations is required to complete the
application. Requirements for the business presentation are
shown in BUSINESS PRESENTATION REQUIREMENTS
below.
17. Projected financial statements for the first five (5) years together Applicant
with assumptions. These should be consistent with its proposed
plan of operation and would show sufficient capital to support its
strategy and operations.
18. Requirements shown below in REQUIREMENTS FOR ONSITE Applicant
VERIFICATION in case onsite verification of the information
technology (IT) system, credit card network and payments
ecosystem is determined by the BSP as necessary to complete
the application. Such requirements shall be submitted only
and/or made available onsite for verification by BSP upon receipt
of advice from BSP that onsite verification shall be conducted.
19. Payment or proof of payment of non-refundable filing fee of Applicant
P1,000.00.
53
B. BUSINESS PRESENTATION REQUIREMENTS55
1. Purpose of the Business; Applicant
2. Form of Business Organization and Organizational Structure, Applicant
including the following:
 Capital Requirements and details of source of
funding/financing;
 Target Market;
 Target Network; and
 Projected Annual Volume of Transactions for three (3) years;
3. Products and services to be offered, including security standards Applicant
and product benefits;
4. Features and functionalities of the platform/facility, credit card Applicant
network and payments ecosystem;
5. Narrative discussion of the Operational Workflow – including the Applicant
roles and responsibilities of the parties involved (from credit card
application to fulfillment of the transaction):
 On-boarding process (e.g., marketing strategies);
 Account opening including AMLA and Know-Your-Customer
(KYC) process;
 Underwriting process;
 Cash-in and cash-out method process;
 Settlement (indicating the settlement bank) and collection
process; and
 Consumer complaints handling and redress mechanism
process;
6. Transaction fees to be charged to customers and partners; Applicant
7. Proposed set up of IT infrastructure (please include a detailed Applicant
discussion on the systems involved, system interfaces, security
controls/appliances, network diagram for both WAN/LAN and
disaster recovery set-up and how and where the application
system, customer and transaction data are located);
8. IT Risk Management; Applicant
9. List of third-party partners; Applicant
10. Records and reports; Applicant
11. Internal control system; and Applicant
12. Risk management system. Applicant
C. REQUIREMENTS FOR ONSITE VERIFICATION
1. Related Policies, Procedures and Manuals Applicant
a. Risk Management Manual;
b. Strategic Plans;
c. IT Operations Manual;
d. Information Security policy manual;
e. Vendor Management framework;
55 Virtual or other appropriate means of presentation of business model

54
f. System development life cycle manual/Project management
manual;
g. Business Continuity and Disaster Recovery plan;
h. Consumer Protection Framework;
i. IT Governance Structure and IT Strategic Plan;
j. Audit Manual;
k. Anti-Money Laundering Manual; and
l. System and user manuals (e.g. Credit Card System);
2. User acceptance test results on the credit card system including Applicant
certification on the user acceptance test results;
3. Memorandum of Agreement/vendor agreement/service level Applicant
agreement with partners and service providers;
4. Detailed implementation plan per phase on the credit card Applicant
business;
5. Payment Card Industry Data Security Standard (PCI DSS) Applicant
compliance certificate, if any;
6. Vulnerability assessment and/or penetration testing results, Applicant
follow-up and issue resolution, if any;
7. Detailed updated network diagram indicating security Applicant
controls/measures installed with narrative description of all the
systems involved;
8. Inventory list - IT Assets – hardware, software, network Applicant
components (including current version installed) and location;
9. System access rights matrices (e.g. for all functions); Applicant
10. Baseline configuration settings for application servers, Applicant
databases servers, network devices, etc.;
11. Parameter setting limits (screenshots); Applicant
12. Key IT Management and personnel; Applicant
13. Sample Management reports; Applicant
14. Walk-thru/demonstration of the features and functionalities of the Applicant
application/system; and
15. Walkthrough of the credit card operations from generation of Applicant
customers, application processing, credit scoring, determination
of credit limit, card embossing, card activation, account
settlement to contract termination.
55
CLIENT STEPS 56
ACTIONS BE PAID TIME RESPONSIBLE
Stage 1: Application for BSP Approval to Establish and Operate as Credit Card Issuer
A. PRELIMINARY ASSESSMENT57
1. Submit
application
1.1 Electronic
submission58
1.1.1 Submit scanned 1.1.1 System auto-

copy of application acknowledges the
letter and submission
documentary
requirements to 1.1.2 Log-in and
fss- open SOMD email Administrative
somd@bsp.gov.ph account. Officer, Frontline
Services
1.1.3 Transfer Administrative
email in the FSD Division (FSAD)
IX’s sub-folder. – Sectoral
Operations
Management
Department
(SOMD),
Financial
Supervision
Sector (FSS)
1.2 Personal filing at
the FSS Booth (Koi
Garden) / SOMD,
FSS (4th Floor, Multi-
56 Total processing time shall be suspended and appropriate adjustments shall be made in case of delays
due to force majeure or natural or man-made disasters, which result in damage or destruction of documents
and/or system failure. The applicant will be notified in writing and through other means of communication of the
suspension of the processing time without any delay.
57 Preliminary assessment covers initial receipt of the application up to applicant’s submission of complete
documentary documents in substance and in form, presentation of business model (if applicable) and
submission of proof of payment of filing fee. The time spent in determining whether or not all the requirements
have been complied with shall not be included in the determination of processing time. Accordingly, the steps
under preliminary assessment are for applicant’s reference only and not part of the processing time of the
application.
58 The auto-acknowledgment sent by FSS-SOMD e-mail does not signify receipt of complete and valid application.
A separate acknowledgment letter signifying acceptance of complete application shall be sent, upon
determination of completeness of application in form and substance. Original copies of the documents should be
made available upon request.
56
Storey Building, BSP
Complex, Manila)
1.2.1 Proceed to FSS 1.2.1 Receive and Administrative

Booth / SOMD. Get stamp date and Officer, FSAD -
queue number and time of receipt. SOMD, FSS
wait to be called.
Once called, present 1.2.2 Record
all the documentary receipt of
requirements. application.
1.2.3 Forward
documents to FSD
IX.
1.3 Mail/Courier
1.3.1 Send the 1.3.1 Receive and Administrative

application letter stamp date and Officer, FSAD -
together with time of receipt. SOMD, FSS
documentary
requirements. 1.3.2 Record
receipt of
application.
1.3.3 Forward
documents to FSD
IX.
2. Preliminarily Account Officer

assess the FSD IX, FSS
completeness of located at 14th
the application and Floor, Multi-
its supporting Storey Building.
documents vis-à-
vis checklist of
documentary
requirements.
57
2.1 Receive e-mail on 2.1 If complete: Account Officer
provisional receipt of Prepare and send and Division/
application provisional Group Head
receipt61 through FSD IX, FSS
FSD IX official e-
mail (a) signifying
receipt of
application and
accompanying
documents,
subject to further
preliminary
assessment to
determine if
application fully
satisfies the formal
and substantive
requirements of
relevant laws,
rules and
regulations; (b)
advising on
payment of non-
refundable filing
fee of ₱1,000.00
(with order of
payment*); (c)
containing the
following: (i) BSP
seal/logo; (ii)
assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; and
(iii) name of FSD
IX Account
Officer/contact
person, his/her
Group/Division
and position; and
61 A separate acknowledgment letter signifying acceptance of complete application shall be sent, upon
determination of completeness of application in form and substance.
58
(d) requiring the
applicant to
conduct
presentation of the
business model,
comprehensive
RMS and other
aspects of
operations, and
advising the
applicant to
coordinate with
FSD IX for the
schedule of
presentation.
*For order of
payment:
2.1.1 Receive OP 2.1.1 Request Non- Account Officer,
number and pay Order of Payment refundable FSD IX
through the following (OP) Number from filing fee of
payment options in Budget and ₱1,000.00
the UnionBank of the Finance
Philippines59: Administrative
a. Over-the-Counter Division (BFAD) -
b. Convergent SOMD, FSS
Banking/ Online through e-mail62
Banking (Web
and App)60 2.1.2 Process the Administrative
c. The Portal – Order of Payment Officer, BFAD-
Business Banking using the New SOMD, FSS
(Web and App) Order of Payment
System (NOPS)63
and send the OP
Number to the
requesting
department.
2.1.3 Send the OP Account Officer,

Number to the FSD IX
client through
email.
59 Other settlement banks (i.e., Chinabank, China Trust Bank Corporation) will also be available soon.
60 The system will also send an email and text notification to the client.
62 Use the OP Template; Cut-off time – 10:00 am
63 Pending the implementation of the NOPS, SOMD-BFAD is using the existing Order of Payment System.
59
2.1.4. Provide the Administrative
department Officer, BFAD-
concerned with a SOMD, FSS
copy of collection
report on a daily
basis,64 as
applicable (except
weekends and
holidays).
2.2 If deficient: Account Officer,

Prepare and Division/Group
release letter Head and
returning the Department
application and its Head
accompanying FSD IX, FSS
documents,
enumerating the
deficiencies and
missing
requirements, and
informing that
application is
considered
“closed”, without
prejudice to re-
submission of
application with
complete
documentary
requirements and
deficiencies noted
rectified.
2.2 Receive return 2.2.1 Process and Administrative

letter release documents Officer
to the FSAD – SOMD,
Administrative FSS
Services
Department
(ASD), BSP, for
mailing.
64 Weekly in the current set up using the existing Order of Payment System; BSP receives collection report from
the settlement Bank thru NOPS the following day at 10:30 am, except for long weekends
60
3. Coordinate and 3. Coordinate and Account Officer
finalize with FSD IX finalize schedule FSD IX, FSS
Account Officer the of presentation of
schedule of business model65,
presentation and comprehensive
confirm attendance. RMS and other
aspects of
operations, and
send confirmation
e-mail to applicant
on the date, time
and venue of the
presentation.
4. Present to BSP 4. Attend the Account Officer,
officials the business presentation and Division/Group
model, ask clarificatory Head and
comprehensive RMS questions, if any, Department
and other aspects of on the business Head
operations. model, FSD IX, FSS
comprehensive
Refer to BUSINESS RMS and other
PRESENTATION aspects of
REQUIREMENTS as operations.
shown above.
5. Determine if Account Officer,
onsite verification Division/Group
is necessary. Head and
Department
Head, FSD IX,
FSS
5.1 Receive notice of 5.1 In case onsite Account Officer

schedule of onsite verification is FSD IX, FSS
verification and necessary:
prepare the Prepare and send
requirements. e-mail notice
advising the
Refer to applicant of the
REQUIREMENTS schedule of the
FOR ONSITE onsite verification,
VERIFICATION as with advice to
shown above. prepare the
requirements.
65 Virtual or other appropriate means of presentation

61
5.1.1 Conduct Examination
onsite verification66 Team
to validate the FSD IX, FSS
features and
functionalities of
the IT system,
credit card
networks and
payment
ecosystem.
5.1.2 Prepare and Examiner-in-

submit report on Charge
the result of the FSD IX, FSS
onsite verification.
5.2 In case onsite

verification is not
necessary:
Proceed to next
step.
6. Complete the Account Officer
preliminary and
assessment of the Division/Group
application and Head
determine if FSD IX, FSS
application fully
and substantive67
requirements of
relevant laws,
rules and
regulations, taking
into consideration
the results of the
presentation of
business model,
comprehensive
RMS and other
aspects of
operations and the
onsite verification
66 Maximum of 3 days, subject to extension depending on the complexity of the applicant’s operations
67 May involve referral to appropriate departments of the BSP
62
of the IT system,
credit card network
and payments
ecosystem (if
applicable).
6.1 Receive return 6.1 If deficient: Account Officer,
letter Prepare and Division/Group
release return Head and
letter citing Department
deficiencies noted Head
and informing that FSD IX, FSS
application is
considered
prejudice to re-
submission of
application with
complete
documentary
requirements and
deficiencies
already rectified.
6.1.1 Process and Administrative

release documents Officer
to the ASD, BSP, FSAD – SOMD,
for mailing. FSS
B. ACCEPTANCE OF COMPLETE APPLICATION
6.2 Receive 6.2 If formally and After Account Officer
acknowledgment substantively preliminary and
letter complete and/or assessment Division/Group
no deficiency: Head
Prepare, review FSD IX, FSS
and release
acknowledgment
letter68 (a)
informing the
applicant that after
assessment of the
application, receipt
of filing fee and
determination of
sufficiency of
68
The standard processing timeline of 20 days shall commence from the date of the acknowledgment letter.
63
application and
submitted
requirements in
form and
substance, the
BSP finds the
same as complete
in form and
substance, hence,
the BSP will now
proceed with the
detailed evaluation
of the application
and shall notify the
applicant of the
result thereof; (b)
containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division
and position; and
(iv) date of receipt
of complete
requirements
which is the date
of the
acknowledgment
letter.
6.2.1 Email Account Officer

advance copy of FSD IX, FSS
letter, as
necessary.

64
for mailing. FSS
C. EVALUATION AND DECISION
7. Conduct 12 working Account Officer
detailed evaluation days and
of the application. Division/Group
Head
FSD IX, FSS
7.1 Prepare and 3 working days Account Officer,

review Division/Group
memorandum to Head and
appropriate BSP Department
approving Head
authority. FSD IX, FSS
7.2 Elevate 1 working day Sub-Sector Head

memorandum to and Sector
appropriate BSP Head, FSS
approving
authority for
appropriate action
on the application.
8. Decide on the 2 working days BSP approving
application. authority
8.1 Receive copy FSD IX, FSS

of document
showing decision
of the BSP
approving
authority.
9. Prepare, review 1 working day Account Officer,
and process Division/Group
notification letter to Head and
applicant of the Department
decision. Head
FSD IX, FSS
9.1 If decision is
for approval of
application:
State in the
notification letter to
applicant the
approval of the
65
application,
indicating the
conditions for
approval thereof
(such as, but not
limited to, the
condition that
approval is subject
to onsite
verification by the
BSP to validate
the features and
functionalities of
the IT system,
credit card
networks and
payment
ecosystem, if no
onsite verification
was conducted by
the BSP during the
application), and
that applicant may
now proceed with
next stage of the
application.
9.2 If decision is Account Officer,
for denial of Division/Group
application: Head and
State in the Department
notification letter Head
the denial of the FSD IX, FSS
application and
stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
considered
prejudice to re-
submission of
application with
complete
documentary
requirements and
66
deficiencies
already rectified.
10. Receive FSD IX 10. Notify 1 working day Account Officer

e-mail notification applicant through FSD IX, FSS
FSD IX official e-
mail of the
decision on the
application,
attaching scanned
copy of notification
letter, and stating
that original letter
shall be mailed
accordingly.
10.1 Receive original 10.1 Process and Administrative

copy of letter release documents Officer
for mailing. FSS
END OF TRANSACTION
67
Stage 2: Application for Issuance of Certificate of Authority to Register with the Securities and
Exchange Commission the Articles of Incorporation and/or By-Laws or Amendments thereto,
Indicating the Corporate Purpose as Credit Card Issuer
1. Application letter for issuance of Certificate of Authority to Applicant
register Articles of Incorporation (AOI) and/or By-Laws or
amendments thereto with the Securities and Exchange
Commission (SEC), signed by the incorporators/directors or the
president or officer of equivalent rank, in connection with the
application for authority to establish and operate as non-bank
credit card issuer.

It shall also indicate the BSP reference number assigned to the

application during Stage 1 (for tracking purposes) and preferred
mode of transmittal of the notification letter on the decision
relative to the application, if through mail or for pick-up.
2. Proof of compliance with the conditions for approval, if any, set Applicant
forth in the notification letter for BSP approval to establish and
operate as credit card issuer under Stage 1.
69
Submission may be by electronic form, personal filing at FSS Booth or mail/courier
68
AGENCY FEES TO PROCESSIN PERSON
CLIENT STEPS 70
ACTIONS BE PAID G TIME RESPONSIBLE
Stage 2: Application for Issuance of Certificate of Authority to Register with the Securities
and Exchange Commission the Articles of Incorporation and/or By-Laws or Amendments
thereto, Indicating the Corporate Purpose as Credit Card Issuer
1. Submit
application
1.1 Electronic
submission71
1.1.1 Submit scanned 1.1.1 System

copy of application auto-
letter and acknowledges the
documentary submission
requirements to
fss- 1.1.2 Log-in and
somd@bsp.gov.ph open the SOMD Administrative
email account. Officer, FSAD –
SOMD, FSS
1.1.3 Transfer
email in the FSD
IX’s sub-folder.
the FSS Booth (Koi
Garden) / SOMD,
Complex, Manila)

wait to be called.
70 Total processing time shall be suspended and appropriate adjustments shall be made in case of delays due to
force majeure or natural or man-made disasters, which result in damage or destruction of documents and/or
system failure. The applicant will be notified in writing and through other means of communication of the
69
1.2.3 Forward
documents to
FSD IX.
1.3 Mail/Courier

documentary
receipt of
application.
1.3.3 Forward
documents to
FSD IX.

assess the and
application and Division/Group
determine if Head FSD IX,
application fully FSS
satisfies the
formal and
substantive
requirements of
relevant laws,
rules and
regulations. This
includes a
determination of
whether the
conditions set
forth in the
approval of the
application for
BSP approval to
establish and
operate as credit
card issuer under
Stage 1 have
been complied
with.
70
letter Prepare, review Division/Group
and release Head and
return letter citing Department
application is
considered
prejudice to re-
submission of
application with
complete
documentary
requirements and
deficiencies
already rectified.

release Officer
documents to the FSAD – SOMD,
ASD, BSP, for FSS
mailing.
2.2 Receive 2.2 If formally and Account Officer
acknowledgment substantively and
letter complete and/or Division/Group
no deficiency: Head
and release
acknowledgment
letter72 (a)
informing the
applicant that
after assessment
of the application,
receipt of filing
fee and
determination of
sufficiency of
application and
submitted
requirements in
form and
substance, the
72
71
BSP finds the
same as
complete in form
and substance,
hence, the BSP
will now proceed
with the detailed
evaluation of the
application and
shall notify the
applicant of the
result thereof; (b)
containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division
and position; and
of complete
requirements
which is the date
of the
acknowledgment
letter.

letter, as
necessary.

release Officer
ASD, BSP, for FSS
mailing.
72
EVALUATION AND DECISION
3. Conduct 3 working Account Officer
detailed days and
evaluation of the Division/Group
application. Head
FSD IX, FSS
3.1 Prepare, 1 working day Account Officer,

review and Division/Group
elevate Head and
documents to Department
appropriate BSP Head
approving/signing FSD IX, FSS
authority.
4. Decide on the 1 working day BSP approving/
application and signing authority
sign documents
(including the
Certificate of
Authority to
register with SEC
the AOI and/or
By-Laws, if
application is
approved).

of document
showing decision
of the BSP
approving/signing
authority together
with the signed
documents (if
applicable).
4.2 Prepare and Half working Account Officer,

review day Division/Group
Office of the Department
Secretary, Head
Monetary Board, FSD IX, FSS
for affixing of BSP
dry seal on the
Certificate of
Authority.
73
4.3 Elevate Half working Sub-Sector
memorandum to day Head, FSS
Office of the
Secretary,
Monetary Board,
for affixing of BSP
dry seal on the
Certificate of
Authority.
4.4 Affix BSP dry Office of the

seal on the Secretary,
Certificate of Monetary Board
Authority.

of Certificate of
Authority with
affixed BSP seal.
5. Prepare, Half working Account Officer,

review and day Division/Group
process Head and
notification letter Department
to applicant Head
informing of the FSD IX, FSS
decision.
5.1 If decision is
for approval of
application:
State in the
notification letter
to applicant the
approval of the
application and
attach the signed
Certificate of
Authority to
register with the
SEC its AOI
and/or By-Laws
indicating its
corporate
purpose as credit
74
card issuer and
other documents.
Indicate that
applicant may
proceed with the
next stage after it
has registered
with SEC its AOI
and/or By-Laws.
application and
stating the
reasons therefor
and/or the
deficiencies noted
and informing that
application is
considered
prejudice to re-
submission of
application with
complete
documentary
requirements and
deficiencies
already rectified.
6. Receive FSD IX e- 6.1 If decision is Half working Account Officer
mail notification for approval of day FSD IX, FSS
application:
Notify applicant
through FSD IX
official e-mail73 of
the decision on
the application,
attaching
scanned copy of
73 Notification to applicant of the decision on the application through FSD IX official e-mail is considered the last
step of the application for Stage 2. Steps on releasing (i.e., by mail or pick-up) of original notification letter and
attachments are not part of the processing time.
75
notification letter
(without
attachments), and
stating that
original letter and
signed Certificate
of Authority to
register with SEC
the AOI and/or
By-Laws will be
transmitted to
applicant based
on preferred
mode of delivery
indicated in the
application letter.
If for pick-up,
state that
documents are
ready for pick-up,
thus, applicant is
advised to
coordinate with
and notify FSD IX
Account Officer
on when it can
pick-up the
documents,
presenting proof
of such authority
to pick-up the
documents.
6.1 Receive original 6.1.1 If for

copy of letter and mailing:
signed Certificate of Process and Administrative
Authority. release Officer
ASD, BSP, for FSS
mailing.
6.1.2 If for pick-

up:
At the time set by Account Officer
the applicant for FSD IX, FSS
pick-up, release
76
original copy of
letter and signed
Certificate of
Authority to
register with SEC
the AOI and/or
By-Laws to
applicant’s
authorized
representative
upon presentation
of authority to
pick-up
documents.
6.2 If decision is
for denial of
application:
Notify applicant Account Officer
through FSD IX FSD IX, FSS
official e-mail of
the decision on
the application,
attaching
scanned copy of
notification letter
(without
attachments), and
stating that
original letter shall
be mailed
accordingly.
6.2 Receive original 6.2.1 Process and Administrative

copy of letter. release Officer
ASD, BSP, for FSS
mailing.
END OF TRANSACTION
77
CHECKLIST OF REQUIREMENTS WHERE TO
SECURE
STAGE 3: Application for Issuance of Certificate of Authority to Establish and Operate as
Credit Card Issuer
1. Application letter for issuance of Certificate of Authority to Establish Applicant
and Operate as Credit Card Issuer in connection with the
application for authority to establish and operate as non-bank credit
card issuer.
The application letter shall state the name of the authorized contact
person relative to the application, official e-mail address authorized
to receive notifications, and other contact details.
For tracking purposes, it shall also indicate the BSP reference

number assigned to the application during Stages 1 and 2.
2. Certified true copy of the Articles of Incorporation (AOI)75 and/or SEC
By-Laws and the Securities and Exchange Commission Certificate
of Filing of such AOI and/or By-Laws.
3. Payment or proof of payment of licensing fee of ₱100,000.00 Applicant
(inclusive of ₱1,000.00 filing fee), to be paid upon approval of the
application for issuance of Certificate of Authority to establish and
operate as non-bank credit card issuer.
74
75 Indicating as primary/secondary purpose to engage in credit card business as credit card issuer
78
PERSON
AGENCY FEES TO PROCESSING
CLIENT STEPS RESPONSIBL
ACTIONS BE PAID TIME76
E
Stage 3: Application for Issuance of Certificate of Authority to Establish and Operate as
Credit Card Issuer
1. Submit
application
1.1 Electronic
submission77

letter and submission
documentary
requirements to 1.1.2 Log-in and Administrative
fss- open the SOMD Officer, FSAD
somd@bsp.gov.ph email account. – SOMD, FSS
1.1.3 Transfer
email in the FSD
IX’s sub-folder.
the FSS Booth (Koi
Garden) / SOMD,
Complex, Manila)

wait to be called.
79
1.2.3 Forward
documents to FSD
IX.
1.3 Mail/Courier

documentary
receipt of
application.
1.3.3 Forward
documents to FSD
IX.

assess the and
determine if Head
application fully FSD IX, FSS
and substantive
requirements of
relevant laws,
rules and
regulations.
2.1 Receive return 2.1 If deficient: Account
letter Prepare and Officer,
release return Division/Group
letter citing Head and
deficiencies noted Department
and informing that Head
application is FSD IX, FSS
considered
prejudice to re-
submission of
application with
complete
documentary
requirements and
deficiencies
already rectified.
80
to the ASD, BSP, FSAD –
for mailing. SOMD, FSS
no deficiency: Head
Prepare and FSD IX, FSS
release
acknowledgment
letter78 (a)
informing the
assessment of the
of filing fee and
determination of
sufficiency of
application and
submitted
requirements in
form and
substance, the
BSP finds the
same as complete
in form and
substance, hence,
the BSP will now
proceed with the
detailed evaluation
of the application
applicant of the
result thereof; (b)
containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
identification
number for the
application as
reference for all
78
81
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division
and position; and
of complete
requirements
which is the date
of the
acknowledgment
letter.

letter, as
necessary.


3. Conduct 6 working days Account Officer
detailed evaluation and
Head
FSD IX, FSS
3.1 Prepare and 2 working days Account

review Officer,
memorandum to Division/Group
appropriate BSP Head and
approving/signing Department
authority. Head
FSD IX, FSS
3.2 Elevate 1 working day Sub-Sector

appropriate BSP Sector Head,
approving/signing FSS
authority for
82
appropriate action
on the application.

application and signing
sign documents authority
(including the
Certificate of
Authority to
Establish and
Operate as Credit
Card Issuer, if
application is
approved).

of document
showing decision
of the BSP
approving/signing
authority together
with signed
documents (if
applicable).
4.2 Prepare and Half working Account

review day Officer,
memorandum to Division/Group
Office of the Head and
Secretary, Department
Monetary Board, Head
for affixing of BSP FSD IX, FSS
dry seal on the
Certificate of
Authority.

Office of the
Secretary,
Monetary Board,
for affixing of BSP
dry seal on the
Certificate of
Authority.
83
Certificate of Monetary
Authority. Board

of Certificate of
Authority with
affixed BSP dry
seal.
5. Prepare, review 1 working day Account
and process Officer,
notification letter to Division/Group
applicant informing Head and
of the decision on Department
the application. Head
FSD IX, FSS
5.1 If decision is
for approval of
application:
State in the
applicant the
approval of the
application.
Indicate in the
letter that as a
condition for
release of the
signed Certificate
of Authority, the
payment of
₱100,000.00
licensing fee
(inclusive of the
₱1,000 non-
refundable filing
fee) shall be made
within 30 calendar
days from receipt
of the
e-mail notice
mentioned under
step no. 6 hereof,
otherwise, the
Certificate of
84
Authority shall be
deemed
automatically
cancelled. State in
the letter that
applicant is
required to submit:
(i) proof of
payment of
licensing fee prior
to release of the
signed Certificate
of Authority which
shall be for pick-up
by the applicant’s
authorized
representative
upon presentation
of OR and the
authority to pick-
up; and (ii) notice
of actual date of
commencement of
operations.
5.2 If decision is Account
for denial of Officer,
application: Division/Group
Prepare and Head and
process the letter Department
notifying denial of Head
application and FSD IX, FSS
stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
considered
prejudice to re-
submission of
application with
complete
documentary
requirements and
deficiencies
already rectified.
85
6. Receive FSD IX e- 6.1 If decision is Licensing 1 working day Account Officer
mail notification. for approval of fee of FSD IX, FSS
application: ₱100,000.00
Notify applicant (inclusive of
through FSD IX the ₱1,000
official e-mail79 of non-
the decision on the refundable
application, filing fee)
attaching scanned
letter (without
attachments), and
stating that original
letter and signed
Certificate of
Authority to
Establish and
Operate as Credit
Card Issuer is
ready for pick-up,
thus, applicant is
advised to
coordinate with
and notify FSD IX
Account Officer on
when it can pick-
up the documents
upon presentation
of OR on payment
of licensing fee
and the authority
to pick-up.
6.1 Submit copy of 6.1.1 Release Account Officer

OR to FSD IX and original copy of FSD IX, FSS
present authority for letter and signed
applicant Certificate of
representative to Authority to
pick-up the certificate applicant’s
of authority. Receive authorized
original copy of letter representative
and signed Certificate upon presentation
step of the application for Stage 3. Steps on releasing (i.e., by pick-up) of original notification letter and
86
of Authority. of OR on payment
of licensing fee
Refer to similar steps and authority of
in Stage 1 on representative to
securing OP and pick-up the
payment of licensing documents.
fee
6.2. Receive FSD IX 6.2. If decision is Account Officer

e-mail notification. for denial of FSD IX, FSS
application:
Notify applicant
through FSD IX
official e-mail of
the decision on the
application,
attaching scanned
letter (without
attachments), and
letter shall be
mailed
accordingly.
6.2.1. Receive 6.2.1. Process and Administrative

original copy of letter. release documents Officer
END OF TRANSACTION
87
How to send feedbacks Feedbacks and complaints in Bangko Sentral ng
and complaints? Pilipinas may be sent through the following channels:
FOR FEEDBACK/COMPLAINTS ON RECEIVING AND

RELEASING OF DOCUMENTS
 Press the smiley or sad face button (encoding in
the comment section, “Receiving/Releasing of
documents with SOMD, FSS”) and input
feedback/complaints in the Feedback Management
System (FMS) tablet installed in the receiving area
of the Sectoral Operations Management
Department (SOMD), Financial Supervision Sector
(FSS), 4th Floor, Multi-storey Building.
FOR FEEDBACK/COMPLAINTS ON PROCESSING

OF SERVICES ENROLLED IN THE BSP CITIZEN’S
CHARTER
 Input the transaction code to be provided by FSD
IX, FSS, in the Feedback Corner of the BSP
website at www.bsp.gov.ph and fill-out the
structured form online for any feedback/complaints.
How feedbacks and Feedbacks and complaints may be filed through the
complaints are following:
processed?
1. Bangko Sentral ng Pilipinas:
 Feedbacks and complaints sent through the FMS

emoticon tablet/ touchscreen kiosk/BSP website
Email alert on sad emoticon/negative

feedback/complaint is received real time by all FMS
users of the department/office. FMS
designate/alternate shall encode the action taken
within two (2) working days from receipt of sad
If negative feedback is more than 20% of the day’s

number of respondents,
o FMS designate/alternate of the SOMD, FSS
generates and endorses the Daily i-Report within
a day (24 hours) to the Servicing
Department/Office (SDO) Head and other
88
concerned personnel to review and reply to the
concerned issue.
o Action Report (i.e., with information on action to
be taken and target date of completion/resolution)
approved by the SDO Head is transmitted to
Feedback Management Unit through the Director
of the Economic and Financial Learning Center
(EFLC) within two (2) working days from receipt
of negative feedback/complaint.
In case the feedback/complaint is within the purview

of another department/office of the BSP, the FMS
Designate/Alternate of SOMD, FSS requests transfer
of feedback to appropriate department/office thru the
FMS. Request for transfer is done within one (1)
working day from receipt of sad emoticon/negative
feedback/complaint.
 Feedbacks and complaints sent through the paper-

based FMS structured form
FMS designate/alternate of SOMD, FSS will scan the

accomplished paper-based structured form and
upload it in the system within one (1) working day
from receipt.
Handling of negative feedback/ complaint received

through the paper-based FMS structured form and
through the FMS emoticon tablet/BSP website are the
same.
2. Presidential Complaint Center (PCC), Office of the

President
Bahay Ugnayan, J.P. Laurel Street Malacañang,

Manila
Telephone:
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
Telefax: +63(2)-8736-8621
E-mail: pcc@malacanang.gov.ph
89
3. Complaints Action Center, Anti-Red Tape
Authority
Ground Floor, HPGV Building (Formerly

Accelerando), 395 Senator Gil J. Puyat Avenue, 1200
Makati City
Telephone: +63(2)-8478-5091;
+63(2)-8478-5099
E-mail: complaints@arta.gov.ph
4. Contact Center ng Bayan
Public Assistance and Information Office, Civil

Service Commission, CSC Building, IBP Road,
Constitution Hills, 1126 Quezon City
Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565
E-mail: email@contactcenterngbayan.gov.ph
Website: www.contactcenterngbayan.gov.ph
90
For processing of 14th floor, Multi-Storey BSP Trunkline:
request: Building, Bangko Sentral +63(2)-8708-7011, local
ng Pilipinas, A. Mabini 3017
Financial Supervision St., Malate, Manila 1004 Direct Line:
Department IX (FSD IX), +63(2)-8708-7297
Financial Supervision E-mail:
Sector FSD9@bsp.gov.ph
For the receipt and 4th floor, Multi-storey BSP Trunkline:
release of documents: Building, Bangko Sentral +63(2)-8708-7011, local
Sectoral Operations St., Malate, Manila 1004
Management Direct Line:
Department (SOMD), +63(2)-8708-7689
Financial Supervision
Sector
Schedule of Service Availability: Working days, 9:00 AM to 5:00 PM (Cut-off time: Applications
received from 1:00 PM onwards will be considered as received the following working day).
91
2. Application for Authority to Establish and Operate as Money Service
Business (update)
The application for grant of Authority to Establish and Operate as Money Service Business
(MSB) constitutes a three-stage process.
 Stage 1 refers to the application for BSP approval to establish and operate as Money
Service Business with processing time80 of 20 working days.
 Stage 2 refers to the application for issuance of Letter of No Objection to register with
the Securities and Exchange Commission (SEC) or Cooperative Development Authority
(CDA) the Articles of Partnership (AOP) or Articles of Incorporation (AOI) or Articles of
Cooperation (AOC), respectively, and By-Laws (BL) or amendments81 indicating its
purpose to operate as MSB operator for partnerships/corporations/ cooperatives with
processing time of 7 working days; and
 Stage 3 refers to the application for issuance of Certificate of Authority to establish and
operate as money service business with processing time of 13 working days.
Applications for Authority to Establish and Operate as MSB are subject to filing fee of
P1,000.00 upon submission of application (Stage 1). Payment of the applicable fees shall be
required (under Stage 3) depending on the type of MSB license as shown in the table below:
Type of Fees Amount

Licensing Fee (inclusive of filing fee) depending on
the type of license as follows:
Types A, C, D, E P 100,000.00
Types B and F P 20,000.00
Metal Plate Fee P 500.00

80 Based on the Implementing Rules and Regulations of Republic Act No. 11032 (Ease of Doing Business and
corporate purpose that it will engage in money service business.

92
Who may avail: Proprietors/Partners/Organizers/incorporators of new entities or
authorized representatives of existing entities that plan to engage
in money service business
Stage 1: Application for BSP Approval to Establish and Operate as Money Service Business
1. Letter application for authority to establish and operate as Money Applicant
Service Business signed by the Proprietor/Managing
Partner/President/Officer of Equivalent Rank containing the
following:
a. Applicant’s authorized contact person relative to the

application and contact number
b. Applicant’s email address
c. Type of Money Service Business license being applied for
d. Average monthly network volume of transactions for types A,
B, E and F applications only)
Transaction Estimated Average

Monthly Volume (in
PhP)
FX Bought / FX Purchase
FX Sold / FX Sale
Domestic and international pay-out
(inward) transactions
Domestic and international send-out
(outward) transactions
TOTAL
2. For new partnership/corporation/cooperative: Applicant

 Proposed Articles of Partnership (AOP)/ Articles of
Incorporation (AOI) bearing the SEC Quick Response (QR)
Code or Proposed Articles of Cooperation (AOC)
For existing partnership/corporation/cooperative: Applicant

 Notarized Proposed Amended Articles of Partnership
(AOP)/ Articles of Incorporation (AOI)/ Articles of
Cooperation (AOC)
 Current AOP/AOI/AOC
 Notarized and signed Director’s Certificate on the approval

93
of the amendments
3. Business Plan which includes the following, at a minimum: Applicant
a. Purpose of the Business
b. Form of Business Organization and Organizational Structure
c. Products and Services including Features and Functionalities
of the facility
d. Capital Requirements and details of Source of Funding/
Financing
e. Target Market
f. Target Network (i.e., number of branches/offices, Remittance
Sub-agents (RSAs), tie-up partners)
g. Projected Annual Volume of Transactions for three (3) years
h. Features and functionalities of the platform/facility
i. Operational Workflow from account opening including AMLA
and Know-Your-Customer (KYC) process, transaction
initiation to fulfilment and settlement process
j. Consumer complaints handling and redress mechanism
process
k. Transaction fees to be charged to customers and partners
l. Information Technology infrastructure (network diagram,
system interface, security controls and disaster recovery set-
up)
4. List of owners/controlling shareholders, directors, and principal Applicant
officers using the following format:
Amount of % of Contact E-mail
Name Citizenship Birthday Address Position TIN
Contribution Ownership No. Address
5. Compliance with fitness and propriety requirements by the

proprietor, partners, directors, president or officer of equivalent
rank and function, and over-all head of the money service
business operation and the head of the compliance unit, as the
case may be:
a. Personal Data and Authorization Form, FSS Licensing Form  Form can be
No. 03-005 downloaded at the
BSP website:
http://www.bsp.gov.p
h/regulations/reg_ot
hers_pawnshop.asp
b. NBI Clearance, or its equivalent, if issued in foreign  National Bureau of

jurisdictions Investigation (NBI)
(With validity of at least 3 months from the date of for Filipino citizens
application) and the NBI
counterpart for non-
Filipino citizens
6. Proof of Financial Capacity: Applicant
94
a. For New Entity: Treasurer's Affidavit or Bank Certification
b. For Existing Entity: Latest Audited Financial Statement
7. Duly notarized certification that the funds were not derived from Applicant
borrowings, unlawful activity or any money laundering activity
signed by the Proprietor/Managing Partner /President/Officer of
Equivalent Rank
8. Proof of provisional registration with the Anti-Money Laundering Anti-Money
Council Secretariat (AMLCS) Laundering Council
Secretariat (AMLCS)
9. Payment or proof of payment of non-refundable filing fee Applicant
10. Requirements to be made available during the onsite verification Applicant
of the business process including information technology (IT)
system, if warranted, are as follows:
a. System and user manual which includes screenshots and
description of all the functionalities and features of the
system and back-end system
b. Terms and conditions in using the system
c. Contract between the Entity and vendor provider of the
mobile application and back-end system, if not developed in-
house
d. Business continuity program in place
e. Pro-forma Memorandum of Agreement with tie-up partners
f. Vendor Agreement / Service level agreement with cloud
service providers
g. Policies and procedures on customer due diligence and risk
profiling
h. Measures for identification and verification of a customer's
identity are at least as effective as that for face-to-face
customer verification
i. Policies and procedures to address any specific risks
associated with the implementation of e-KYC
j. Policy on the creation/establishment of threshold amount
k. Updated Organization Chart
l. List of hardware and software inventory with technical
specifications including location
m. Overall assessment report on the user acceptance test
conducted
n. Walk-thru/demonstration of the features and functionalities of
the application/system
95
11. Additional document required for applications for Type A and B
license only:
List of Remittance Tie-Up Partners signed by the Proprietor/ Applicant
Managing Partner/President/Officer of Equivalent Rank using the
following format:
BSP
Full Complete
No Registration Contact Design E-mail
Company Business Domicile
. No. (if Person ation Address
Name Address
applicable)
96
Stage 1: Application for BSP Approval to Establish and Operate as Money Service Business
1. Submit application
for BSP approval to
establish and operate
as money service
business
1.1 Electronic 1.1.1 System auto-

submission85 acknowledges the
submission
1.1.1 Submit scanned
copy of application 1.1.2 Log-in and open
letter and documentary the SOMD email Administrative
requirements to fss- account. Officer
somd@bsp.gov.ph) Frontline
1.1.3 Transfer email in Services
the department’s sub- Administrative
folder. Division
(FSAD) –
Sectoral
Operations
Management
Department
(SOMD),
Financial
Supervision
Sector (FSS)
application.
97
the FSS Booth (Koi
Garden) / SOMD, FSS
(4th Floor, Multi-Storey
Building, BSP
Complex, Manila)

Booth / SOMD. Get stamp date and time of Officer FSAD -
queue number and receipt. SOMD, FSS
wait to be called. Once
called, present all the 1.2.2 Record receipt of
documentary application.
requirements.
1.2.3 Forward
documents to Financial
Supervision
Department IX (FSD
IX).
1.3 Mail/Courier

application letter stamp date and time of Officer FSAD -
together with receipt. SOMD, FSS
documentary
requirements. 1.3.2 Record receipt of
application.
1.3.3 Forward
documents to FSD IX.
2. Preliminarily assess Account
the completeness and Officer,
validity of the FSD IX, FSS
submitted documents
vis-à-vis checklist of
documentary
requirements
2.1 If deficient: Account
Prepare and release Officer,
letter returning the Division Head/
application and its Group Head
accompanying and
documents, Department
enumerating the Head, FSD IX,
deficiencies and FSS
missing requirements,
98
and informing that
application is
considered “closed”,
without prejudice to re-
submission of
application with
complete documentary
requirements and
deficiencies already
rectified.
2.1.1 Receive return 2.1.1 Through mail/ Administrative

letter together with the courier (as necessary): Officer
submitted documents Process and release FSAD –
documents to the SOMD, FSS
Administrative
Services Department
(ASD), BSP, for
mailing.
2.2 Receive e-mail on 2.2 If complete:
provisional receipt of
application 2.2.1 Request Order of Account
Payment (OP) to Officer,
Budget and Finance FSD IX, FSS
Administrative Division
(BFAD), SOMD, FSS
through email
2.2.2 Process the Non- Administrative

Order of Payment refundable Officer
using the New Order of filing fee of FSAD –
Payment System (P1,000.00) SOMD, FSS
(NOPS)86 and send the
OP Number to the
requesting department.
2.2.3 Prepare and Account

send Provisional Officer,
87
Receipt thru FSD IX FSD IX, FSS
official
e-mail (a) signifying
receipt of application
and accompanying
86
Pending the implementation of the NOPS, SOMD-BFAD is using the existing Order of Payment System.
87 A separate acknowledgment letter signifying acceptance of complete application shall be sent once
determination of completeness of application in form and substance
99
documents, subject to
further preliminary
assessment to
determine if application
fully satisfies the
formal and substantive
requirements of
relevant laws, rules
and regulations; (b) OP
number for the
payment of non-
refundable filing fee of
One Thousand Pesos
(P1,000.00); (c)
containing the
following: (i) BSP
seal/logo; (ii) assigned
unique identification
number for the
application as
reference for all
subsequent
transactions; and (iii)
name of FSD IX
Account Officer/contact
person, his/her
Group/Division and
position; and (d)
advising the applicant
to coordinate with FSD
IX for the schedule of
business model88
presentation 89 (if
applicable).
3. Receive OP number 3. Provide the Administrative
and pay through the department concerned Officer, BFAD-
following payment with a copy of SOMD, FSS
options in the collection report on a
UnionBank of the daily basis,92 as
Philippines90: applicable (except
a. Over-the- weekends and
Counter holidays).
88 May include RMS such as IT system, AML Act compliance and consumer protection and/or other aspects of
operations
90
Other settlement banks (i.e., Chinabank, China Trust Bank Corporation) will also be available soon.
100
b. Convergent
Banking/Online
Banking (Web
and App)91
c. The Portal –
Business
Banking (Web
and App)
4. Coordinate and 4. If presentation of Account
finalize with FSD IX business model is Officer,
Account Officer the necessary: FSD IX, FSS
schedule of Coordinate and finalize
presentation and schedule of
confirm attendance. presentation of
business model93 and
send confirmation e-
mail to applicant on the
date and time of the
presentation.
5. Present to BSP 5. Attend the FSD IX
Officials the business presentation and Officers, FSS
model, which may assess the business
include presentation of model, including the
the RMS (such as IT RMS such as IT
system, AML system, AML
compliance and compliance, consumer
consumer protection) protection and/or other
and/or other aspects of aspects of operations
operations
6. Determine if onsite Account
verification is Officer,
necessary FSD IX, FSS
6.1 Receive notice of 6.1 In case onsite Account

schedule of onsite verification is Officer,
verification and necessary: FSD IX, FSS
prepare the Prepare and send e-
requirements. mail notice advising
the applicant of the
schedule of the onsite
verification, with advice
to prepare the
92
Weekly in the current set up using the existing Order of Payment System; BSP receives collection report from the settlement
Bank thru NOPS the following day at 10:30 am, except for long weekends
93 Virtual or other appropriate means of presentation
101
requirements.
6.1.1 Conduct onsite FSD IX

verification94 to Examination
validate the features Team
and functionalities of
the IT system

submit report on the Officer,
result of the onsite FSD IX, FSS
verification.
6.2 In case onsite Account

verification is not Officer,
necessary: FSD IX, FSS
Proceed to next step.
7. Complete the Account

preliminary Officer,
assessment of the FSD IX, FSS
application and
fully satisfies the formal
and substantive95
requirements of
and regulations, taking
into consideration
result of the business
model presentation
onsite verification
conducted (if
applicable).
Prepare, review and Officer,
release return letter Division Head/
citing deficiencies Group Head
noted and informing and
that application is Department
considered “closed”, Head, FSD IX,
without prejudice to re- FSS
submission of
102
application with
requirements and
rectified.
8.1.1 Receive return 8.1.1 Through Administrative

letter together with the mail/courier (as Officer, FSAD-
documents submitted necessary) SOMD, FSS
Process and release
documents to the ASD,
BSP for mailing.

8.2 Receive 8.2 If formally and After Account
Acknowledgment letter substantively complete preliminary Officer,
and/or no deficiency: assessment Division Head
Prepare and release and Group
Acknowledgment Head, FSD IX,
Letter96 (a) informing FSS
the applicant that after
assessment of the
application, receipt of
filing fee and
determination of
sufficiency of
application and
submitted
requirements in form
and substance, the
BSP finds the same as
complete in form and
substance, hence, the
BSP will now proceed
with the detailed
evaluation of the
application and shall
notify the applicant of
the result thereof; and
(b) containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
96The standard processing timeline of 20 working days shall commence from the date of the Acknowledgment
Letter
103
identification number
for the application as
reference for all
subsequent
transactions; (iii) name
of FSD IX Account
Officer/contact person,
his/her Group/Division
and position; and (iv)
date of receipt of the
which is the date of the
acknowledgment letter.
8.2.1 Email scanned Account

copy of letter. Officer, FSD
IX, FSS
8.2.2 Through mail/ Administrative

courier (as necessary): Officer, FSAD-
Process and release SOMD, FSS
BSP for mailing.
9. Conduct detailed 12 working Account
evaluation of the days Officer, FSD
application and IX, FSS
prepare evaluation
report and action
documents.
9.1 Prepare and review 3 working Account

memorandum to days Officer,
appropriate BSP Division
approving authority Head/Group
Head and
Department
Head, FSD IX,
FSS
9.2 Elevate for 1 working day Sub-sector

appropriate action on Head and
the application Sector Head,
FSS
10. Decide on the 2 working BSP
application and sign days approving and
104
documents signing
authorities
10.1 Receive copy of Account

document showing Officer, FSD
decision of the BSP IX, FSS
approving/signing
authority
11. Prepare and 1 working day Account
process notification Officer,
letter to the applicant Division Head/
of the decision Group Head
and
11.1 If decision is for Department
approval of application: Head
Prepare and process FSD IX, FSS
applicant on the
approval of the
authority to establish
and operate as MSB,
indicating that
applicant may now
proceed with next
stage.
11.2 If decision is for Account
denial of application: Officer,
Prepare and process Division Head/
the letter notifying Group Head
denial of request and and
stating the reasons Department
therefor and/or the Head
deficiencies noted and FSD IX, FSS
informing that
application is
submission of
application with
requirements and
rectified.
12. Receive FSD IX e- 12. Notify applicant 1 working day Account
mail notification through FSD IX official Officer
e-mail of the decision FSD IX, FSS
105
on the application,
attaching scanned
letter.
12.1 Receive original 12.1 Through mail/ Administrative

copy of letter courier, (as Officer
necessary): Process FSAD –
and release SOMD, FSS
documents to the
Administrative
Services Department
(ASD), BSP, for
mailing.
END OF TRANSACTION
106
Stage 2 – Application for Issuance of Letter of No Objection to Register with the Securities and
Exchange Commission (SEC) or Cooperative Development Authority (CDA) the Articles of
Partnership (AOP)/ Articles of Incorporation (AOI) or Articles of Cooperation (AOC), respectively,
and By-Laws (BL) indicating its purpose to operate as MSB operator for
partnerships/corporations/cooperatives
1. Print-out of e-mail notification from FSD9@bsp.gov.ph FSD IX, BSP
advising the applicant to proceed to Stage 2 processing
2. Application letter for issuance of Letter of No Objection to Applicant
register Articles of Partnership (AOP)/Articles of
Incorporation (AOI) or Articles of Cooperation (AOC) and
By-Laws with the Securities and Exchange Commission
(SEC) or Cooperative Development Authority (CDA),
respectively, signed by the incorporators/directors or the
president or officer of equivalent rank, in connection with
the application for authority to establish and operate as
money service business.
It shall also indicate the BSP reference number assigned

to the application during Stage 1 (for tracking purposes).
3. Proof of compliance with the conditions for approval, if Applicant
any, set forth in the notification letter for BSP approval to
establish and operate as MSB under Stage 1.
97
107
CLIENT STEPS AGENCY ACTIONS 98
BE PAID TIME RESPONSIBLE
Exchange Commission (SEC) or Cooperative Development Authority (CDA) the Articles of
Partnership (AOP)/ Articles of Incorporation (AOI) or Articles of Cooperation (AOC), respectively,
and By-Laws (BL) indicating its purpose to operate as MSB operator for
partnerships/corporations/cooperatives
for issuance of letter of
no objection to register
with SEC or CDA
1.1 Electronic
submission99

letter and documentary submission
requirements to fss-
somd@bsp.gov.ph) 1.1.2 Log-in and
open the SOMD Administrative
email account. Officer FSAD -
SOMD, FSS
1.1.3 Transfer email
in the department’s
sub-folder.

the FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila)

Booth / SOMD. Get stamp date and time Officer FSAD -
queue number and of receipt. SOMD, FSS
108
called, present all the 1.2.2 Record receipt
documentary of application.
requirements.
1.2.3 Forward
documents to FSD
IX.
1.3 Mail/Courier

application letter stamp date and time Officer FSAD -
together with of receipt. SOMD, FSS
documentary
requirements. 1.3.2 Record receipt
of application.
1.3.3 Forward
documents to FSD
IX.
2. Preliminarily Account Officer,
assess the Division Head
application and and Group
and substantive100
requirements of
and regulations. This
includes a
determination of
whether the
conditions set forth
in the approval of
the application for
BSP approval to
establish and
operate as money
service business
under Stage 1 have
been complied with.
2.1 Receive 2.1 If formally and Account Officer,
Acknowledgment letter substantively Division/Group
complete and/or no Head and

109
deficiency: Department
Prepare, review and Head
release FSD IX, FSS
Acknowledgment
Letter101 (a)
informing the
assessment of the
application and
determination of
sufficiency of
application and
submitted
and substance, the
BSP finds the same
as complete in form
and substance,
hence, the BSP will
now proceed with
the detailed
evaluation of the
notify the applicant
of the result thereof;
and (b) containing
the following: (i)
BSP seal/logo; (ii)
the assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division and
position and (iv)
complete
101The standard processing timeline of 7 working days shall commence from the date of the Acknowledgement
Letter
110
requirements which
is the date of the
acknowledgment
letter.
Administrative
2.1.1 Email scanned Officer, FSAD-
copy of letter. SOMD, FSS
Administrative
2.1.2 Through mail/ Officer
courier (as FSAD – SOMD,
necessary): FSS
Process and release
documents to the
ASD, BSP for
mailing.
letter together with the Prepare, review and Division Head/
submitted documents release letter Group Head
returning the and Department
application and its Head, FSD IX,
accompanying FSS
documents,
enumerating the
deficiencies and
missing
requirements, and
informing that
application is
without prejudice to
re-submission of
application with
complete
documentary
requirements and
rectified.
2.2.1 Through Administrative

mail/courier (as Officer, FSAD-
necessary) SOMD, FSS
Process and release
documents to the
ASD, BSP for
mailing.
111
3. Conduct detailed 3 working days Account Officer,
evaluation of the FSD IX, FSS
application and
prepare evaluation
report and action
documents
3.1 Prepare, review 1 working day Account Officer,

and elevate letter to Division
appropriate BSP Head/Group
approving/ signing Head and
authority for Department
appropriate action Head, FSD IX,
FSS
4. Decide on the 1 working day BSP approving
application and sign and signing
documents authorities
(including the Letter
of No Objection to
Register with SEC
or CDA the AOI or
AOC, respectively,
and By-Laws, if
application is
approved).
4.1 Receive copy of Account Officer,

documents showing FSD IX, FSS
decision of the BSP
approving authority
and process Division Head/
notification letter to Group Head
applicant informing and Department
of the decision. Head
FSD IX, FSS
5.1 If decision is for
approval of
application:
Prepare and
process notification
letter to applicant on
approval of the
112
application for
issuance of no
objection letter
indicating that
applicant may
proceed with the
next stage after it
has registered with
SEC or CDA its
AOP/AOI or AOC
and By-Laws.
5.2 If decision is for Account Officer,
denial of application: Division Head/
Prepare and Group Head
process the letter and Department
stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified.
6.1 Receive FSD IX e- 6.1 If decision is for 1 working day Account Officer
mail notification approval of FSD IX, FSS
application:
Notify applicant
through FSD IX
the decision on the
application,
attaching scanned
copy of the letter.
102Notification to applicant of the decision on the application through FSD IX official e-mail is considered the last
step of the application for Stage 2. Steps on releasing of original notification letter and attachments are not part
of the processing time.
113
6.1.1 Receive original 6.1.1 Through mail/ Administrative
copy of letter. courier (as Officer, FSAD-
necessary): SOMD, FSS
Process and release
documents to the
ASD, BSP for
mailing.
6.2 Receive original 6.2 If decision is for Account Officer
copy of letter. denial of application: FSD IX, FSS
Notify applicant
through FSD IX
official e-mail of the
decision on the
application,
attaching scanned
letter.

courier (as Officer, FSAD-
Process and release
documents to the
ASD, BSP for
mailing.
END OF TRANSACTION

Stage 3 – Application for Issuance of Certificate of Authority to Establish and Operate as Money
Service Business
A. DOCUMENTARY REQUIREMENTS REQUIREMENTS 103
103
114
advising the applicant to proceed to Stage 3 processing
2. Duly notarized Application for Authority to Establish and Form can be downloaded at the
Operate a Money Service Business, FSS Licensing BSP website:
Form No. 03-001 accompanied by copy of http://www.bsp.gov.ph/regulations
acknowledgement e-mail from /reg_others_pawnshop.asp
FSD9Licensing@bsp.gov.ph.
It shall also indicate the BSP reference number

assigned to the application during Stage 1 (for tracking
purposes).
3. Certified true copy of AOI/AOP/AOC104 and By-Laws or Securities and Exchange
Certificate of Business Registration Commission/ Cooperative
Development Authority/
Department of Trade and Industry
4. Copy of the business license/permit from the Local Government Unit
city/municipality concerned for the current period, which
should indicate the line of business of the entity
5. Notarized Deed of Undertaking, FSS Licensing Form Form can be downloaded at the
No. 03-003 BSP website:
http://www.bsp.gov.ph/regulations
/reg_others_pawnshop.asp
6. Proof of attendance to the mandatory training on anti- Applicant
money laundering/combating the financing of terrorism
7. Payment or proof of payment of licensing fee (net of filing Applicant
fee)
Note: To be submitted upon receipt of notification letter

advising the applicant to pay the licensing fee
104 Indicating as primary/secondary purpose to engage in money service business

115
Stage 3 - Application for Issuance of Certificate of Authority to Establish and Operate as Money
Service Business
1. Download the
prescribed Data Entry
Template (DET) and
User’s Guide from BSP
website at
regulations/reg_others
_pawnshop.asp or
request directly from
BSP-FSD IX thru email
address
fsd9@bsp.gov.ph
2. Send the duly 2. An auto reply
accomplished DET shall be sent
electronically to BSP- advising the entity to
FSD IX thru email submit within 5
address banking days the
fsd9licensing@bsp.gov DET generated
.ph in accordance with: form, all other
BSP Memorandum No. documentary
M-2019-019 dated 2 requirements
July 2019 including a copy of
the emailed auto
reply. Non-compliant
e-mail submission
as to subject and
attachment shall
likewise receive an
email advice.
3. Submit the duly
notarized DET-
generated application
form for the issuance
of Certificate of
Authority to establish
and operate as MSB
together with
105Total processing time shall be suspended and appropriate adjustments shall be made in case of delays due to
116
documentary
requirements
3.1 Electronic
submission106

letter and documentary submission
requirements to fss-
somd@bsp.gov.ph) 3.1.2 Log-in and Administrative
open the SOMD Officer FSAD -
email account. SOMD, FSS
3.1.3 Transfer email

in the department’s
sub-folder.
the FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila)

Booth / SOMD. Get stamp date and time Officer FSAD -
requirements.
3.2.3 Forward
documents to FSD
IX.
3.3 Mail/Courier

application letter stamp date and time Officer FSAD -
documentary
of application.
106The auto-acknowledgment sent by FSS-SOMD e-mail does not signify receipt of complete and valid
application. A separate acknowledgment letter signifying acceptance of complete application shall be sent, upon
117
3.3.3 Forward
documents to FSD
IX.
and substantive107
requirements of
and regulations
Acknowledgment letter substantively FSD IX, FSS
complete and/or no
deficiency:
Prepare and release
Acknowledgment
Letter108 (a)
informing the
assessment of the
application and
determination of
sufficiency of
application and
submitted
and substance, the
BSP finds the same
as complete in form
and substance,
hence, the BSP will
now proceed with
the detailed
evaluation of the
and (b) containing
107May involve referral to appropriate departments of the BSP

Letter
118
the following: (i)
BSP seal/logo; (ii)
the assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division and
position and (iv)
complete
requirements which
is the date of the
acknowledgment
letter.
Account Officer,
4.1.1 Email scanned FSD IX, FSS
copy of letter.

Process and release
documents to the
ASD, BSP for
mailing.
letter together with the Prepare and release Division Head/
submitted documents letter returning the Group Head
application and its and Department
accompanying Head, FSD IX,
documents, FSS
enumerating the
deficiencies and
missing
requirements, and
informing that
application is
119
re-submission of
application with
complete
documentary
requirements and
rectified

Process and release
documents to the
ASD, BSP for
mailing
evaluation of the Division Head/
application and Group Head
prepare evaluation and Department
report and action Head
documents. FSD IX, FSS

review Division
memorandum to Head/Group
authority and Head
elevate for FSD IX, FSS
appropriate action.
(including the
Certificate of
Authority to
Establish and
Operate a Money
Service Business, if
application is
approved).

decision of the BSP
120
approving authority

and process Division
notification letter to Head/Group
of the decision. Department
Head
7.1 If decision is for FSD IX, FSS
approval of
application:
7.1.1
State in the Account Officer,
notification letter to FSD IX, FSS
applicant the
approval of the
application. Indicate
in the letter that as a
condition for release
of the signed
Certificate of
Authority, the
payment of licensing
fee (net of the
P1,000 non-
refundable filing fee)
within 30 calendar
days from receipt of
the e-mail notice
mentioned under
step no. 8 hereof,
otherwise, the
Certificate of
Authority shall be
deemed
automatically
cancelled. State in
the letter that
applicant is required
to submit proof of
fee prior to release
of the signed
Certificate of
Authority.
121
denial of application:
Prepare and Account Officer,
process the letter Division Head/
notifying denial of Group Head
application and and Department
stating the reasons Head
therefor and/or the FSD IX, FSS
deficiencies noted
and informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified
8.1 If decision is for 1 working day

approval of
application:
8.1.1 Request Order 1. Licensing Account Officer,

of Payment (OP) fee FSD IX, FSS
Number to Budget depending
and Finance on the type
Administrative of license
Division (BFAD) - (inclusive of
SOMD, FSS through the P1,000
e-mail109 non-
refundable
filing fee),
8.1.2 Process the as follows: Administrative
Order of Payment Officer, BFAD-
using the New Order Types A, C,
SOMD, FSS
of Payment System D and E –
(NOPS)110 and send P100,000
the OP Number to Types B
the requesting
109
Use the OP Template; Cut-off time – 10:00 am
110
122
department. and F –
P20,000
8.1.3 Receive FSD IX 8.1.3 Notify Account Officer,
e-mail notification applicant through 2. Metal FSD IX, FSS
FSD IX official e- Plate Fee –
mail111 of the (i) P500112
decision on the
application and the
OP Number for the
fee, attaching
scanned copy of
notification letter
(without
attachments); and
letter and signed
Certificate of
Authority to
Establish and
Operate as Money
Service Business
will be released
within three (3)
working days from
receipt of proof of
payment.
Note: Delisted
MSBs reapplying for
Authority to
Establish and
Operate as MSB
shall be required to
pay the unpaid/
outstanding fees.
8.1.1 Receive email 8.1.1 Provide the Administrative

notification with OP department Officer, BFAD-
number and pay concerned with a SOMD, FSS
through the following copy of collection
payment options in the report on a daily
112 Applicable for Head Office only
123
UnionBank of the basis,115 as
a. Over-the-Counter weekends and
b. Convergent holidays).
Banking/Online
Banking (Web
and App)114
c. The Portal –
Business Banking
(Web and App)
8.1.2 Email proof of 8.1.2 Prepare, Account Officer

payment to FSD IX at review and process FSD IX, FSS
fsd9@bsp.gov.ph. transmittal letter and
Certificate of
Authority to
Establish and
Operate as Money
Service Business.
8.1.3 Receive original 8.1.3 Release Administrative

copies of letters and original copies of Officer, BFAD-
signed certificate. letters and signed SOMD, FSS
Certificate of
Authority to
Establish and
Operate as Money
Service Business
within three (3)
working days upon
receipt of proof of
fee to ASD, BSP for
mailing.

Notify applicant
through FSD IX
decision on the
114
The system will also send an email and text notification to the client.
115
Weekly in the current set up using the existing Order of Payment System; BSP receives collection report from the
settlement Bank thru NOPS the following day at 10:30 am, except for long weekends
124
application,
attaching scanned
letter (without
attachments).
8.2.1. Through Administrative

mail/courier (as Officer
necessary): FSAD – SOMD,
Process and release FSS
documents to the
ASD, BSP for
mailing.
END OF TRANSACTION
FEEDBACKS AND COMPLAINTS MECHANISM

How to send feedbacks and Feedbacks and complaints in Bangko Sentral ng
complaints? Pilipinas may be sent through the following
channels:
FOR FEEDBACK/COMPLAINTS ON RECEIVING

AND RELEASING OF DOCUMENTS
 Press the smiley or sad face button (encoding
in the comment section, “Receiving/Releasing
of documents with SOMD, FSS”) and input
feedback/complaints in the Feedback
Management System (FMS) tablet installed in
the receiving area of the Sectoral Operations
Management Department (SOMD), Financial
Supervision Sector (FSS), 4th Floor, Multi-
storey Building.
FOR FEEDBACK/COMPLAINTS ON
PROCESSING OF SERVICES ENROLLED IN
THE BSP CITIZEN’S CHARTER
 Input the transaction code to be provided by
FSD IX, FSS, in the Feedback Corner of the
BSP website at www.bsp.gov.ph and fill-out
the structured form online for any
feedback/complaints.
How feedbacks and Feedbacks and complaints may be filed through
complaints are processed? the following:
125
 Feedbacks and complaints sent through the
FMS emoticon tablet/ touchscreen kiosk/BSP
website

feedback/complaint is received real time by all
FMS users of the department/office. FMS
taken within two (2) working days from receipt of
If negative feedback is more than 20% of the

day’s number of respondents,
generates and endorses the Daily i-Report
within a day (24 hours) to the Servicing
concerned personnel to review and reply to
the concerned issue.
o Action Report (i.e., with information on action
to be taken and target date of
completion/resolution) approved by the SDO
Head is transmitted to Feedback
Management Unit through the Director of the
Economic and Financial Learning Center
(EFLC) within two (2) working days from
receipt of negative feedback/complaint.
In case the feedback/complaint is within the

purview of another department/office of the BSP,
the FMS Designate/Alternate of SOMD, FSS
requests transfer of feedback to appropriate
department/office thru the FMS. Request for
transfer is done within one (1) working day from
receipt of sad emoticon/negative
feedback/complaint.

paper-based FMS structured form
FMS designate/alternate of SOMD, FSS will

scan the accomplished paper-based structured
form and upload it in the system within one (1)
working day from receipt.
Handling of negative feedback/ complaint

126
received through the paper-based FMS
structured form and through the FMS emoticon
tablet/BSP website are the same.
2. Presidential Complaint Center (PCC), Office

of the President
Bahay Ugnayan, J.P. Laurel Street

Malacañang, Manila
Telephone:
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
Telefax: +63(2)-8736-8621

Authority

Accelerando), 395 Senator Gil J. Puyat Avenue,
1200 Makati City
Telephone: +63(2)-8478-5091;
+63(2)-8478-5099

Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565
127

Financial Supervision St., Malate, Manila 1004
Department IX (FSD IX), Direct Line:
Financial Supervision +63(2)-8708-7297
Sector
E-mail:
FSD9@bsp.gov.ph
For the receipt and 4 th floor, Multi-storey BSP Trunkline:
Sector
128
3. Application for Authority to Establish and Operate as Pawnshop (update)
The application for grant of Authority to Establish and Operate as pawnshop (PS) constitutes a
three-stage process.
 Stage 1 refers to the application for BSP approval to establish and operate as pawnshop
with processing time116 of 20 working days.
the Securities and Exchange Commission (SEC) the Articles of Partnership
(AOP)/Articles of Incorporation (AOI) and By-Laws (BL) or amendments117 indicating its
purpose to operate as pawnshop for partnerships/corporations with processing time of 7
working days; and
 Stage 3 refers to the application for issuance of Certificate of Authority to establish and
operate as pawnshop with processing time of 13 working days.
Applications for Authority to Establish and Operate as Pawnshop are subject to filing fee of
P1,000.00 upon submission of application (Stage 1). Payment of the applicable fees shall be
required (under Stage 3) depending on the type of pawnshop license as shown in the table
below:
Type of Fees Amount

Licensing fee (inclusive of filing fee) depending on
the type of license as follows:
Type A P 5,000.00
Type B P 25,000.00
Type C P 50,000.00
Type D P 50,000.00
Metal Plate Fee P 500.00
116 Based on the Implementing Rules and Regulations of Republic Act No. 11032 (Ease of Doing Business and
Efficient Government Service Delivery Act of 2018), processing time is the time consumed from the acceptance of
an application or request with complete requirements, accompanying documents and payment of fees up to the
issuance of certification or such similar documents approving or disapproving an application or request. The time
spent in determining whether or not all the requirements have been complied with shall not be included in the
determination of processing time. Further, as stated therein, requirements are complete when all the necessary or
appropriate documents that are required to be submitted together with an application form by the applicant or
requesting party fully satisfy the formal and substantive requirements of the relevant law.
corporate purpose that it will engage in money service business.

129
Who may avail: Proprietors/Partners/Organizers/incorporators of new entities or
authorized representatives of existing entities that plan to engage
in pawnshop business
SECURE
Stage 1: Application for BSP Approval to Establish and Operate as Pawnshop
1. Letter application for authority to establish and operate as Applicant
Pawnshop signed by the Proprietor/Managing
Partner/President/Officer of Equivalent Rank containing the
following:
a. Applicant’s authorized contact person relative to the

application and contact number
b. Applicant’s email address
c. Type of pawnshop license being applied for
2. For new partnership/corporation Applicant
 Proposed Articles of Partnership (AOP)/ Articles of
Incorporation (AOI) bearing the Securities and Exchange
Commission (SEC) Quick Response (QR) Code
For Existing Partnership/Corporation

 Notarized Proposed amended AOP/AOI
 Current AOP/AOI
 Notarized and signed Director’s Certificate on the approval of
the amendments
of the facility
d. Capital Requirements and details of Source of Funding/
Financing
e. Target Market
f. Target Network (i.e., number of branches/offices)
g. Projected Annual Volume of Transactions for three (3) years
h. Features and functionalities of the platform/facility
118
130
i. Operational Workflow from transaction initiation to fulfilment
process including AMLA and Know-Your-Customer (KYC)
process,
j. Consumer complaints handling and redress mechanism
process
k. Transaction fees to be charged to customers and partners
l. Information Technology infrastructure (network diagram,
system interface, security controls and disaster recovery set-
up)
4. List of owners/controlling shareholders, directors, and principal Applicant
officers using the following format:
Amount of % of Contact E-mail

Name Citizenship Birthday Address Position TIN
Contribution Ownership No. Address
5. Compliance with fitness and propriety requirements by the

proprietor, partners, directors, president or officer of equivalent
rank and function, and over-all head of the pawnshop operation
and the head of the compliance unit, as the case may be:
a. Personal Data and Authorization Form, FSS Licensing Form  Form can be
No. 01-004 downloaded at the
BSP website:
http://www.bsp.gov
.ph/regulations/reg
_others_pawnshop
.asp
b. NBI Clearance, or its equivalent, if issued in foreign  National Bureau of

jurisdictions Investigation (NBI)
(With validity of at least 3 months from the date of application) for Filipino citizens
and the NBI
counterpart for
non-Filipino
citizens
6. Proof of Financial Capacity: Applicant
a. For New Entity: Treasurer's Affidavit or Bank Certification
b. For Existing Entity: Latest Audited Financial Statement
7. Duly notarized certification that the funds were not derived from Applicant
borrowings, unlawful activity or any money laundering activity
signed by the Proprietor/Managing Partner/President/Officer of
Equivalent Rank
8. Proof of provisional registration with the Anti-Money Laundering Anti-Money
Council Secretariat (AMLCS) Laundering Council
Secretariat (AMLCS)
9. Payment or proof of payment of non-refundable filing fee Applicant
10. Requirements to be made available during the onsite verification of Applicant
the business process including information technology (IT) system,
131
if warranted, as follows:
a. System and user manual which includes screenshots and
description of all the functionalities and features of the system
and back-end system
b. Terms and conditions in using the system
c. Contract between the Entity and vendor provider of the mobile
application and back-end system, if not developed in-house
d. Business continuity program in place
e. Pro-forma Memorandum of Agreement with tie-up partners
f. Vendor Agreement / Service level agreement with cloud
service providers
g. Policies and procedures on customer due diligence and risk
profiling
h. Measures for identification and verification of a customer's
identity are at least as effective as that for face-to-face
customer verification
i. Policies and procedures to address any specific risks
associated with the implementation of e-KYC
j. Policy on the creation/establishment of threshold amount
k. Updated Organization Chart
l. List of hardware and software inventory with technical
specifications including location
m. Overall assessment report on the user acceptance test
conducted
n. Walk-thru/demonstration of the features and functionalities of
the application/system
132
PERSON
FEES TO PROCESSIN
CLIENT STEPS AGENCY ACTIONS RESPONSIBL
BE PAID G TIME119
E
Stage 1: Application for BSP Approval to Establish and Operate as Pawnshop
for authority to
establish and operate
as pawnshop together
with documentary
requirements
1.1 Electronic
submission121
1.1.1 Submit scanned 1.1.1 System auto- Administrative

copy of application acknowledges the Officer,
letter and submission Frontline
documentary Services
requirements to fss- 1.1.2 Log-in and open Administrative
somd@bsp.gov.ph) the SOMD email Division
account. (FSAD) –
Sectoral
1.1.3 Transfer email in Operations
the department’s sub- Management
folder Department
(SOMD),
Financial
Supervision
Sector (FSS)
application.
121
The auto-acknowledgment sent by FSS-SOMD e-mail does not signify receipt of complete and valid
133
the FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila)
Administrative
1.2.1 Proceed to FSS 1.2.1 Receive and Officer, FSAD
Booth / SOMD. Get stamp date and time of - SOMD, FSS
queue number and receipt.
called, present all the 1.2.2 Record receipt of
documentary application.
requirements.
1.2.3 Forward
documents to FSD IX
1.3 Mail/Courier

application letter stamp date and time of Officer, FSAD
together with receipt. - SOMD, FSS
documentary
application.
1.3.3 Forward
documents to FSD IX
2. Preliminarily assess Account

the completeness and Officer,
validity of the FSD IX, FSS
submitted documents
documentary
requirements
accompanying and
enumerating the Head, FSD IX,
deficiencies and FSS
missing requirements,
and informing that
134
application is
submission of
application with
requirements and
rectified.
2.1 Receive return 2.1 Through mail/ Administrative

letter together with the courier (as necessary): Officer
submitted documents Process and release FSAD –
Administrative
Services Department
(ASD), BSP, for
mailing.
2.2 Receive e-mail on 2.2 If complete:

provisional receipt of
application 2.2.1 Request Order of Account
Payment (OP) to Officer,
Budget and Finance FSD IX, FSS
(BFAD), SOMD, FSS
through email
2.2.2 Process the Non- Administrative

Order of Payment refundable Officer
using the New Order of filing fee of FSAD –
Payment System (P1,000.00) SOMD, FSS
(NOPS)122 and send
the OP Number to the
requesting department

send Provisional Officer,
Receipt 123 thru FSD IX FSD IX, FSS
official
e-mail (a) signifying
and accompanying
122
123A separate acknowledgment letter signifying acceptance of complete application shall be sent once
determination of completeness of application in form and substance
135
further preliminary
assessment to
fully satisfies the
requirements of
and regulations; (b) OP
for the payment of non-
refundable filing fee of
One Thousand Pesos
(P1,000.00); (c)
containing the
following: (i) BSP
number for the
application as
reference for all
subsequent
name of FSD IX
person, his/her
Group/Division and
position; and (d)
to coordinate with FSD
IX for the schedule of
business model124
presentation 125 (if
applicable).
3. Receive OP number 3. Provide the Administrative
and pay through the department concerned Officer, BFAD-
following payment with a copy of SOMD, FSS
options in the collection report on a
a. Over-the- weekends and
Counter holidays).
b. Convergent
124 May include RMS such as IT system, AML Act compliance and consumer protection and/or other aspects of
operations
136
Banking/Online
Banking (Web
and App)127
c. The Portal –
Business
Banking (Web
and App)
4. Coordinate and 4. If presentation of Account

finalize with FSD IX business model is Officer,
Account Officer the necessary: FSD IX, FSS
schedule of Coordinate and finalize
presentation and schedule of
confirm attendance. presentation 129 of
business model and
send confirmation e-
date, time of the
presentation.
5. Present to BSP 5. Attend the FSD IX
Officials the business presentation and Officers, FSS
model, which may assess the business
include presentation of model, including the
and/or other aspects of aspects of operations
operations
128 Weekly in the current set up using the existing Order of Payment System; BSP receives collection report from
the settlement Bank thru NOPS the following day at 10:30 am, except for long weekends
137
6. Determine if onsite Account
verification is Officer,
necessary FSD IX, FSS
6.1 Receive notice of 6.1 In case onsite

schedule of onsite verification is Account
verification and necessary: Officer,
prepare the Prepare and send e- FSD IX, FSS
requirements. mail notice advising
the applicant of the
schedule of the onsite
verification, with advice
to prepare the
requirements.
6.1.1 Conduct onsite

verification130 to FSD IX
validate the features Examination
and functionalities of Team, FSS
the IT system
6.1.2 Prepare and

submit report on the Account
result of the onsite Officer,
verification. FSD IX, FSS
6.2 In case onsite

verification is not Account
necessary: Officer,
Proceed to next step. FSD IX, FSS
7. Complete the Account

assessment of the FSD IX, FSS
application and
and substantive131
requirements of
and regulations, taking
into consideration
result of the business
138
model presentation
onsite verification
conducted (if
applicable).
Prepare, review and Officer,
release return letter Division Head/
citing deficiencies Group Head
noted and informing and
that application is Department
considered “closed”, Head, FSD IX,
without prejudice to re- FSS
submission of
application with
requirements and
rectified.
8.1.1 Receive return 8.1.1 Through Administrative

letter together with the mail/courier (as Officer, FSAD-
documents submitted necessary): SOMD, FSS
Process and release
BSP for mailing.
8.2 Receive 8.2 If formally and After Account
Acknowledgment letter substantively complete preliminary Officer,
and/or no deficiency: assessment Division Head
Prepare and release and Group
Acknowledgment Head, FSD IX,
Letter132 (a) informing FSS
the applicant that after
assessment of the
application, receipt of
filing fee and
determination of
sufficiency of
application and
submitted
and substance, the
BSP finds the same as
132The standard processing timeline of 20 working days shall commence from the date of the Acknowledgment
Letter
139
complete in form and
with the detailed
evaluation of the
(b) containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
identification number
for the application as
reference for all
subsequent
transactions; (iii) name
of FSD IX Account
Officer/contact person,
his/her Group/Division
and position; and (iv)
acknowledgment letter.
8.2.1 Email scanned Account

copy of letter Officer, FSD
IX, FSS
8.2.2 Through mail/
courier (as necessary): Administrative
Process and release Officer, FSAD-
documents to the ASD, SOMD, FSS
BSP for mailing.

9. Conduct detailed 12 working Account
evaluation of the days Officer, FSD
application and IX, FSS
prepare evaluation
report and action
documents
140
Head and
Department
Head, FSD IX,
FSS
9.2 Elevate for 1 working day Sub-sector

appropriate action on Head and
the application Sector Head,
FSS
documents signing
authorities

document showing Officer, FSD
decision of the BSP IX, FSS
approving/signing
authority
11. Prepare and 1 working day Account
and
approval of application: Head
Prepare and process FSD IX, FSS
applicant on the
approval of the
authority to establish
and operate as
pawnshop, indicating
that applicant may now
proceed with next
stage.
Prepare and process Division Head/
the letter notifying Group Head
denial of request and and
therefor and/or the Head
deficiencies noted and FSD IX, FSS
informing that
application is
141
submission of
application with
requirements and
rectified.
12. Receive FSD IX 12. Notify applicant 1 working day Account
e-mail notification through FSD IX official Officer
e-mail of the decision FSD IX, FSS
on the application,
attaching scanned
letter.
12.1 Receive original 12.1 Through mail/ Administrative

copy of letter courier,(as necessary): Officer
Process and release FSAD –
Administrative
Services Department
(ASD), BSP, for
mailing.
END OF TRANSACTION
142
Exchange Commission (SEC) the Articles of Partnership (AOP)/ Articles of Incorporation (AOI)
and By-Laws (BL) indicating its purpose to operate as pawnshop for partnerships/corporations
1. Print-out of e-mail notification from FSD9@bsp.gov.ph, FSD IX, FSS, BSP
advising applicant to proceed to Stage 2 processing
2. Application letter for issuance of Letter of No Objection to Applicant
register Articles of Partnership(AOP)/Articles of
Incorporation (AOI) and By-Laws with the Securities and
Exchange Commission (SEC), signed by the
incorporators/directors or the president or officer of
equivalent rank, in connection with the application for
authority to establish and operate as Pawnshop

3. Proof of compliance with the conditions for approval, if Applicant
any, set forth in the notification letter for BSP approval to
establish and operate as pawnshop under Stage 1

Exchange Commission (SEC) the Articles of Partnership (AOP)/ Articles of Incorporation (AOI)
and By-Laws (BL) indicating its purpose to operate as pawnshop for partnerships/corporations
with SEC
1.1 Electronic
submission135
133
134
Total processing time shall be suspended and appropriate adjustments shall be made in case of delays due to
135
application. A separate acknowledgment letter signifying acceptance of complete application shall be sent,
upon determination of completeness of application in form and substance. Original copies of the documents
should be made available upon request.
143
letter and documentary submission Frontline
requirements to fss- Services
somd@bsp.gov.ph 1.1.2 Log-in and Administrative
open the SOMD Division (FSAD)
email account. – Sectoral
Operations
1.1.3 Transfer email Management
in the department’s Department
sub-folder. (SOMD),
Financial
Supervision
Sector (FSS)

the FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila)

Booth / SOMD. Get stamp date and time Officer, FSAD -
requirements.
1.2.3 Forward
documents to FSD
IX
1.3 Mail/Courier

application letter stamp date and time Officer, FSAD -
documentary
of application.
1.3.3 Forward
documents to FSD
IX
144
Assess the Division Head
and substantive136
requirements of
and regulations. This
includes a
determination of
whether the
in the approval of
the application for
BSP approval to
establish and
operate as money
service business
under Stage 1 have
been complied with.
complete and/or no
deficiency:
Prepare, review and
release
Acknowledgment
Letter137 (a)
informing the
assessment of the
application and
determination of
sufficiency of
application and
submitted
and substance, the
BSP finds the same
as complete in form

Letter
145
and substance,
hence, the BSP will
now proceed with
the detailed
evaluation of the
and (b) containing
the following: (i)
BSP seal/logo; (ii)
the assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division and
position and (iv)
complete
requirements which
is the date of the
acknowledgment
letter.
Account Officer,
copy of letter

courier (as Officer
necessary): FSAD – SOMD,
Process and release FSS
documents to the
ASD, BSP for
mailing.
letter together with the Prepare, review and Division Head/
submitted documents release letter Group Head
returning the and Department
application and its Head, FSD IX,
146
accompanying FSS
documents,
enumerating the
deficiencies and
missing
requirements, and
informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified.

Process and release
documents to the
ASD, BSP for
mailing.
evaluation of the FSD IX, FSS
application and
prepare evaluation
report and action
documents
3.1 Prepare, review 1 working day Account Officer,

appropriate action Head, FSD IX,
FSS
(including the Letter
of No Objection to
Register with SEC
147
or CDA the AOI or
AOC, respectively,
and By-Laws, if
application is
approved).

decision of the BSP
approving authority
and process Division Head/
notification letter to Group Head
applicant informing and Department
FSD IX, FSS
approval of
application:
Prepare and
letter to applicant on
approval of the
application for
issuance of no
objection letter
indicating that
applicant may
proceed with the
next stage after it
has registered with
SEC its AOI and By-
Laws.
stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
148
re-submission of
application with
complete
documentary
requirements and
rectified.
6.1 Receive FSD IX e- 6.1 If decision is for 1 working day Account Officer
mail notification approval of FSD IX, FSS
application:
Notify applicant
through FSD IX
the decision on the
application,
attaching scanned
copy of the letter.
6.1.1 Receive original 6.1.1 Through mail/ Administrative

copy of letter. courier (as Officer, FSAD-
Process and release
documents to the
ASD, BSP for
mailing.

Notify applicant
through FSD IX
decision on the
application,
attaching scanned
letter.
6.2.1 Through mail/

courier (as
necessary):
Process and release Administrative
documents to the Officer, FSAD-
149
ASD, BSP for SOMD, FSS
mailing.
END OF TRANSACTION
150
Stage 3 – Application for Issuance of Certificate of Authority to Establish and Operate as
Pawnshop
advising applicant to proceed to Stage 3 processing
2. Duly notarized Application for Authority to Establish and Form can be downloaded at the
Operate a Pawnshop, FSS Licensing Form No. 01-001 BSP website:
accompanied by copy of acknowledgement e-mail from http://www.bsp.gov.ph/regulations
FSD9Licensing@bsp.gov.ph. /reg_others_pawnshop.asp

3. Certified true copy of AOI/AOP140 and By-Laws or Securities and Exchange
Certificate of Business Registration Commission/ Department of
Trade and Industry
4. Copy of the business license/permit from the Local Government Unit
city/municipality concerned for the current period, which
should indicate the line of business of the entity
5. Notarized Deed of Undertaking, FSS Licensing Form Form can be downloaded at the
No. 01-003 BSP website:
6. Proof of attendance to the mandatory training on anti- Applicant
money laundering/combating the financing of terrorism
fee)
Note: To be submitted upon receipt of notification letter

advising the applicant to pay the licensing fee
139
140
Indicating as primary/secondary purpose to engage in pawnshop
151
Stage 3 - Application for Issuance of Certificate of Authority to Establish and Operate as
Pawnshop
1. Download the
prescribed Data Entry
Template (DET) and
User’s Guide from BSP
website at
regulations/reg_others
_pawnshop.asp or
request directly from
BSP-FSD IX thru email
address
fsd9@bsp.gov.ph
2. Send the duly 2. An auto reply
accomplished DET shall be sent
electronically to BSP- advising the entity to
FSD IX thru email submit within 5
address banking days the
fsd9licensing@bsp.gov DET generated
.ph in accordance with: form, all other
BSP Memorandum No. documentary
M-2019-019 dated 2 requirements
July 2019 including a copy of
the emailed auto
reply. Non-compliant
e-mail submission
as to subject and
attachment shall
likewise receive an
email advice.
3. Submit the duly
notarized DET-
generated application
form for the issuance
of Certificate of
Authority to establish
and operate as
pawnshop together
152
with documentary
requirements
3.1 Electronic
submission142

letter and submission Frontline
documentary Services
requirements fss- 3.1.2 Log-in and Administrative
somd@bsp.gov.ph) open the SOMD Division (FSAD)
email account. – Sectoral
Operations
sub-folder. (SOMD),
Financial
Supervision
Sector (FSS)

the FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila)

requirements.
3.2.3 Forward
documents to FSD
IX
142
153
3.3 Mail/Courier

documentary
of application.
3.3.3 Forward
documents to FSD
IX

and substantive143
requirements of
and regulations
complete and/or no
deficiency:
Prepare and release
Acknowledgment
Letter144 (a)
informing the
assessment of the
application and
determination of
sufficiency of
application and
submitted
and substance, the
BSP finds the same
as complete in form

Letter
154
and substance,
hence, the BSP will
now proceed with
the detailed
evaluation of the
and (b) containing
the following: (i)
BSP seal/logo; (ii)
the assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division and
position and (iv)
complete
requirements which
is the date of the
acknowledgment
letter.
Account Officer,
copy of letter
Administrative
4.1.2 Through Officer, FSAD-
mail/courier (as SOMD, FSS
necessary):
Process and release
documents to the
ASD, BSP for
mailing
accompanying Head, FSD IX,
155
documents, FSS
enumerating the
deficiencies and
missing
requirements, and
informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified

Process and release
documents to the
ASD, BSP for
mailing.
evaluation of the Division Head/
application and Group Head
prepare evaluation and Department
report and action Head
documents FSD IX, FSS

review Division
memorandum to Head/Group
authority and Head
elevate for FSD IX, FSS
appropriate action
(including the
Certificate of
Authority to
156
Establish and
Operate as
Pawnshop, if
application is
approved

decision of the BSP
approving authority
and process Division
of the decision. Department
Head
7.1 If decision is for FSD IX, FSS
approval of
application:
7.1.1 State in the Account Officer,

notification letter to FSD IX, FSS
applicant the
approval of the
of the signed
Certificate of
Authority, the
fee (net of the
P1,000 non-
within 30 calendar
the e-mail notice
mentioned under
step no. 7 hereof,
otherwise, the
Certificate of
Authority shall be
deemed
automatically
cancelled. State in
the letter that
157
to submit: (i) proof of
fee prior to release
of the signed
Certificate of
Authority

stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified.
8.1 If decision is for 1 working day
approval of
application:
8.1.1 Request Order

1. Licensing Account Officer,
of Payment (OP) fee FSD IX, FSS
Number to Budget depending
and Finance
on the type
Administrative of license
Division (BFAD) - (inclusive of
SOMD, FSS through the P1,000
e-mail147 non-
refundable
filing fee),
8.1.2 Process the as follows: Administrative
Order of Payment Officer, BFAD-
147
158
using the New Order
Type A – SOMD, FSS
of Payment System
P5,000
(NOPS)148 and send
Type B –
the OP Number to
P25,000
the requesting
Type C –
department. P50,000
Type D –
8.1.3 Receive FSD IX 8.1.3 Notify P50,000 Account Officer
e-mail notification applicant through FSD IX, FSS
FSD IX official e- 2. Metal
149
mail of the Plate Fee –
decision on the P500151
application and the
OP Number for the
fee, attaching
scanned copy of
notification letter
(without
attachments), and
letter and signed
Certificate of
Authority to
Establish and
Operate a
Pawnshop will be
released within
three (3) working
days upon receipt of
proof of payment.
Note: Delisted
Pawnshops
reapplying for
Authority to
Establish and
Operate as
Pawnshop shall be
required to pay the
unpaid/outstanding
148
151 Applicable for Head Office only
159
fees
8.1.1 Receive email 8.1.1 Provide the Administrative

notification with OP department Officer, BFAD-
number and pay concerned with a SOMD, FSS
through the following copy of collection
payment options in the report on a daily
d. Over-the- weekends and
Counter holidays).
e. Convergent
Banking/Online
Banking (Web
and App)146
The Portal – Business
Banking (Web and
App)
8.1.1 Email proof of 8.1.1 Prepare, Account Officer

payment to FSD IX review and process FSD IX, FSS
fsd9@bsp.gov.ph. transmittal letter and
Certificate of
Authority to
Establish and
Operate as
Pawnshop.
8.1.2 Receive original 8.1.2 Release Administrative

copies of letters and original copies of Officer, BFAD-
signed certificate. letters and signed SOMD, FSS
Certificate of
Authority to
Establish and
Operate as
Pawnshop within
three (3) working
days upon receipt of
proof of payment of
licensing fee to
ASD, BSP for
mailing.
146
150
160
8.2 Receive original 8.2. If decision is for Account Officer
Notify applicant
through FSD IX
decision on the
application,
attaching scanned
letter (without
attachments).
8.2.1. Through Administrative

mail/courier (as Officer, BFAD-
Process and release
documents to the
ASD, BSP for
mailing.
END OF TRANSACTION
161
channels:

 Press the smiley or sad face button (encoding
in the comment section, “Receiving/Releasing
of documents with SOMD, FSS”) and input
feedback/complaints in the Feedback
Management System (FMS) tablet installed in
the receiving area of the Sectoral Operations
Management Department (SOMD), Financial
Supervision Sector (FSS), 4th Floor, Multi-
storey Building.
o Input the transaction code to be provided by
BSP website at www.bsp.gov.ph and fill-out
the structured form online for any
complaints are processed? the following:

FMS emoticon tablet/ touchscreen kiosk/BSP
website

taken within two (2) working days from receipt of

generates and endorses the Daily i-Report
within a day (24 hours) to the Servicing
162
concerned personnel to review and reply to
the concerned issue.
o Action Report (i.e., with information on action
to be taken and target date of
Head is transmitted to Feedback
Management Unit through the Director of the
Economic and Financial Learning Center
(EFLC) within two (2) working days from
receipt of negative feedback/complaint.

purview of another department/office of the BSP,
the FMS Designate/Alternate of SOMD, FSS
requests transfer of feedback to appropriate
feedback/complaint.

paper-based FMS structured form
FMS designate/alternate of SOMD, FSS will

scan the accomplished paper-based structured
form and upload it in the system within one (1)
working day from receipt.

structured form and through the FMS emoticon
tablet/BSP website are the same.
2. Presidential Complaint Center (PCC), Office

of the President

Malacañang, Manila
Telephone:
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
163
Telefax: +63(2)-8736-8621

Authority

1200 Makati City
Telephone: +63(2)-8478-5091;
+63(2)-8478-5099

Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565

For processing of14th floor, Multi-Storey BSP Trunkline:
Financial Supervision St., Malate, Manila 1004
Department IX (FSD IX), Direct Line:
Sector
E-mail:
FSD9@bsp.gov.ph
For the receipt and 4 th floor, Multi-storey BSP Trunkline:
164
Sector
165
4. Application for Grant of Authority to Establish a New Domestic Bank (update)
The application for grant of Authority to Establish a New Domestic Bank constitutes a
3-stage process.
 Stage 1 refers to the application for BSP approval to establish a new domestic bank with
processing time of 20 working days.
 Stage 2 refers to the application for issuance of Certificate of Authority to Register with
the Securities and Exchange Commission (SEC) its Articles of Incorporation (AOI)
and/or By-Laws (BL) indicating its purpose to establish a domestic bank with processing
time of 15 working days; and
 Stage 3 refers to the application for issuance of certificate of authority to operate a
domestic bank with processing time of 5 working days.
Applications for Authority to Establish a New Domestic Bank are subject to processing fee
upon submission of application (Stage 1) and license fee (Stage 3) depending on the type of
bank being applied, as shown in the table below:
Type of Domestic Bank Processing License

Fee152 Fee153
(in Million Pesos)
Universal Banks 0.500 25.000

Commercial Banks 0.400 20.000
Thrift Banks
- Head Office in National Capital Region 0.100 5.000

(NCR)
- Head Office in All Other Areas Outside NCR 0.040 2.000
Rural and Cooperative Banks
- Head Office in NCR 0.010 0.500
- Head Office in All Other Areas Outside NCR 0.004 0.200
(All Cities up to 3rd class municipalities)
-Head Office in All Other Areas Outside NCR 0.002 0.100
(4th class to 6th class municipalities)
152The Processing Fee shall be non-refundable.

153The license fee, net of processing fee, shall be paid after the Monetary Board has approved the said
application.
166
1. Establishment of a New Domestic Bank (update)
Office or Division: Supervisory Policy and Research Department (SPRD)
Type of Transaction: G2B - Government to Business Entity
Who may avail: Applicant/Entities that plan to engage in banking operations/activities
in the Philippines

Stage 1: Application for BSP approval to establish a new domestic bank in the
Philippines
A. DOCUMENTRAY REQUIREMENTS (Submit two (2) original copies)
1. Application letter requesting for authority to establish a Applicant
domestic bank in the Philippines
2. Agreement to organize a bank Please download template from:
https://morb.bsp.gov.ph/
3. For each individual Filipino/non-Filipino incorporator,
subscriber, proposed director and principal officer:
a. Bio-data with a photograph (2” x 2”) taken within the Please download updated format
last 6 months from:
http://www.bsp.gov.ph/download
s/Regulations/guidelines/Biograp
hical%20Data.pdf
b. Evidence of citizenship; Applicant
c. Evidence of financial capacity as of date not earlier Applicant

than ninety (90) days prior to the filing of application
such as credit reports, bank deposits, investments, real
estate owned, etc., accompanied by waiver of rights
under Republic Act No. 1405, as amended, for covered
items (for incorporators and subscribers);
d. Certified photocopies of Income Tax Returns (ITRs) for Applicant
the last two (2) calendar years (for incorporators and
subscribers); and
e. Clearances from the National Bureau of Investigation NBI, BIR
(NBI) and Bureau of Internal Revenue (BIR) as well as
equivalent clearances from home country for non-
Filipinos.
154 Please note that the BSP does not prescribe any format on the required documents, unless otherwise
indicated.
167
Philippines
4. For corporate subscribers155:
a. Board resolution authorizing the corporation to invest Applicant
in such bank; and designating the person who will
represent the corporation in connection therewith;
b. Latest articles of incorporation and by-laws; Applicant
c. Corporate background providing the following: Applicant
i. Date and place of incorporation;
ii. List of domestic and foreign branches, agencies,
other offices, subsidiaries and affiliates and their
location and line of business;
iii. Range of products/services offered to their clients;
iv. Conglomerate structure/map where the corporate
subscriber belongs; and
v. Financial and commercial relationship with the
Philippine government, local banks, business
entities and residents, past and present.
d. Latest General Information Sheet filed with the Applicant
Securities and Exchange Commission (SEC);
e. List of all stockholders, including the corporation’s Applicant
ultimate beneficial owners, indicating the citizenship
and the number, amount and percentage of the voting
and non-voting shares held by them;
f. Annual report with audited financial statements for the Applicant
last two (2) years prior to the filing of application;
g. Certified photocopies of ITRs for the last two (2) Applicant
calendar/fiscal years;
h. BIR clearance; BIR
i. Certification from the Board of Directors that it is Applicant
compliant with the applicable conditions set forth in
Section 371 of the MORB for the equity investment to
the proposed bank; and
j. List of directors and principal officers including their Applicant
citizenships.
k. For foreign bank subscribers, certification from home Applicant
country supervisory authority that it has no objection
to the investment in a bank in the Philippines, and it
will provide the Bangko Sentral with relevant
supervisory information on the foreign bank
subscriber to the extent allowed under existing laws.
155For foreign corporate subscribers, Items 4.a, 4.b and 4.k should be duly consularized by the Philippine
Consulate Officer or authorized officer of the Philippine Representative Office in the country of origin.
168
Philippines
5. Corporate plan describing in meaningful details its: Applicant
a. Business Model
b. Corporate Strategy
c. Economic justification for establishing a bank
6. Feasibility study to show viable business together with Applicant
projected monthly financial statements for the first twelve
(12) months of operations, using realistic assumptions
consistent with the proposed business model and
corporate strategy
7. Notarized Certification executed by each of the subscribers Applicant
that the amount committed to pay the proposed paid-up
capitalization in the bank was not derived from borrowings,
unlawful activity or any money laundering activity
8. For the confirmation of its directors/officers156 pursuant to
Section 16 of Republic Act (R.A.) No. 8791 (The General
Banking Law of 2000), as implemented by Section 137 of
the MORB, the documentary requirements are as
follows:
a. Letter-request for Bangko Sentral confirmation signed Applicant
by authorized officer with an affirmative statement
that the institution has conducted a fit and proper test
on the directors/officers concerned;
b. Secretary’s Certificate attesting to the resolution of Applicant
the stockholders or board of directors approving the
election/appointment;
c. Bio-data with a photograph (2” x 2”) taken within the Please download updated format
last 6 months; from:
http://www.bsp.gov.ph/download
s/Regulations/guidelines/Biograp
hical%20Data.pdf
d. Certification under oath of the director/officer Applicant
concerned that he/she possesses all the qualifications
and none of the disqualifications to become a
director/officer;
e. For independent directors, certification under oath Applicant
that he/she is an independent director as defined in
156 e.g., Treasurer, trust officer, heads of internal audit, risk management, and compliance functions, and other
functions with the rank of Senior Vice President and above
169
Philippines
Bangko Sentral regulations;
f. Brief description of the officers’ responsibilities; Applicant
g. Duly accomplished and notarized authorization form Please follow the format
for querying the Bangko Sentral watchlist file from the indicated in Appendix 80 of the
director/officer concerned; and MORB.
h. Copy of the Alien Employment Permit (AEP) issued DOLE
by the Department of Labor and Employment (DOLE)
for foreigners appointed as officers.
For first-time directors in a particular bank/banking group
as defined in Section 137 of the MORB:
a. Certification under oath of compliance with Bangko Applicant
Sentral-prescribed syllabus on boarding/orientation
program (Corporate Governance seminar); and
b. Certification under oath that the director has received Applicant
copies of the general responsibility and specific duties
and responsibilities of the board of directors and of a
director that he/she fully understands and accepts the
same.
9. Payment or proof of payment of non-refundable Applicant
processing fee (photocopy)
170
Stage 1: Application for BSP approval to establish a new domestic bank in the Philippines
A. Submission of Letter-Request and Documentary Requirements
1. Submit application for None Half working
authority to establish a day
new domestic bank
together with
documentary
requirements
1.1 Electronic Submission
1.1.1 Submit scanned 1.1.1 Log-in and open Account

copy of application letter the SPRD email account. Officer, SPRD
and documentary
requirements to 1.1.2 Transfer email in Account
ospd@bsp.gov.ph. the SPRD’s sub-folder Officer, SPRD
1.1.3 Encode application Account

in the Document Tracking Officer, SPRD
System.157
1.2. Personal filing at the None Half working
FSS Booth (Koi day
Garden)/SOMD,FSS (4th
Floor, Multi-Storey
Building, BSP Complex,
Manila)
1.2.1 Proceed to SOMD. 1.2.1 Receive and stamp Administrative

Get queue number and date and time of receipt. Officer FSAD-
wait to be called. Once SOMD,FSS
called, present all the
documentary
requirements.
1.2.2 Record receipt of Administrative
application. Officer FSAD-
SOMD,FSS
1.2.3 Forward Administrative

documents to SPRD. Officer FSAD-
SOMD,FSS
157
The Reference Number generated shall serve as the unique number assigned to the entity’s application .
171

System158
1.3 Mail/Courier None Half working

day
1.3.1 Send the 1.3.1 Receive and stamp Administrative
application letter together date and time of receipt. Officer FSAD-
with documentary SOMD,FSS
requirements.
SOMD,FSS

SOMD,FSS

System159
B. Preliminary assessment of the completeness of the submitted documents

2. Preliminary assess the None 1 working Account
completeness of the day161 Officer, SPRD,
submitted documents vis- 9/F, Multi-
à-vis checklist of storey Building
documentary
requirements.
2.1 Receive return letter 2.1 If deficient:

together with the
submitted documents Prepare letter returning Account
the application and its Officer, SPRD
158
159
172
accompanying
documents160. Release
letter to SOMD
Process and release to Administrative

Administrative Services Officer, FSAD-
Department (ASD), BSP, SOMD,FSS
for mailing.
2.2. Receive e-mail on 2.2 If complete: Account

Provisional Receipt of Officer, SPRD
application. Prepare and send
Provisional Receipt
through SPRD official e-
mail.162 Advise the
applicant to coordinate
with SPRD on the
schedule of presentation.
161 Reckoned from the date of receipt by the SPRD.

160 The letter enumerates the deficiencies and missing requirements and informs the applicant that the application
is considered “closed”, without prejudice to re-submission of application with complete documentary
requirements.
determination of completeness of application in form and substance. The provisional receipt signifies receipt of
application and accompanying documents, subject to further preliminary assessment to determine if application
fully satisfies the formal and substantive requirements of relevant laws, rules and regulations.
173
C. Presentation to the FSS Management163
3. Presentation to the None 1 working day Account
FSS Management Officer, SPRD
3.1 Coordinate and 3.1 Coordinate and

finalize with SPRD finalize schedule of
Account Officer the presentation of business
schedule of presentation model and send
and confirm confirmation e-mail to
attendance.164 applicant on the date,
time and venue (e.g. BSP
conference rooms, video
conference) of the
presentation.
3.2 Present to BSP 3.2 Attend the None 1 working day FSS
officials the overview and presentation and assess Management/
business plan for the the applicant’s business SPRD Officers
proposed bank and other plan.
information relevant to the
application.
163 This is scheduled based on the common availability of the FSS Management and the applicant. This step is
part of the preliminary screening and not part of the 20 working days processing time.
164 A copy of presentation materials, names of attendees with their brief background and/or picture should be
submitted to the SPRD through email at least one (1) week before the scheduled presentation.
174
D. Payment of Processing Fee
4. Pay the applicable Please Half working
processing fee refer to the day167
amount of
4.1 Receive Order of 4.1 Request OP processing Administrative
Payment (OP) number Number to BFAD-SOMD, fee Officer FSAD-
and pay through the FSS through email and indicated SOMD,FSS/
following payment send the OP number to above Account
options of UnionBank165: the client through email. Officer, SPRD
f. Over-the-Counter
g. Convergent
Banking/Online
Banking (Web and
App)166
h. The Portal – Business
Banking (Web and
App)
4.2 Provide SPRD the 4.2 Receive the proof of Account

proof of payment of the payment of the Officer, SPRD
processing fee. processing fee.
E. Submission of Complete Documentary Requirements168
5. Complete the None 1 working Account
preliminary assessment day Officer, SPRD
of the application and
and substantive169
requirements of relevant
laws, rules and
regulations, taking into
consideration result of the
presentation
5.1 Receive return letter 5.1 If deficient: Account
together with the Officer, SPRD
165 Other settlement banks (i.e., Chinabank, CTBC Bank) will also be available soon.
167 This is not part of the 20 working days.
168 The date of the acknowledgment letter is the start of the 20 working days processing time.
169 May involve referral to appropriate departments of the BSP.
175
documents submitted Prepare and release
letter citing deficiencies
noted and informing that
application is considered
prejudice to re-
submission of application
with complete
documentary
requirements and
rectified.
5.1.1 Process and release Account

to SOMD for mailing. Officer, SPRD
176
5.2 Receive 5.2 If formally and Account
acknowledgment letter via substantively complete Officer, SPRD
email, courier, or and/or no deficiency:
authorized representative
and confirm/sign proof of Prepare and release
receipt. Acknowledgment Letter
informing the applicant
that after assessment of
the application, and
determination of
sufficiency of application
and submitted
requirements in form and
substance, the BSP finds
the same as complete in
form and substance,
hence, the BSP will now
proceed with the detailed
evaluation and shall
notify the applicant of the
result thereof; and the
acknowledgment letter
5.3 Email advance Account

copy of letter. Release Officer, SPRD
letter to SOMD.
5.4 Process and Administrative

release documents to the Officer FSAD -
ASD, BSP, for mailing. SOMD, FSS
F. Evaluation and Decision
6. Conduct detailed None 10 working Account
evaluation of the days Officer, SPRD
application and prepare
evaluation report and
action documents

177
Head and
Department
Head, SPRD
6.2 Elevate for 2 working Sub-sector

appropriate action on the days Head/
application Sector Head
7. Decide on the None 2 working BSP
documents signing
authorities

document showing Officer, SPRD
decision of the BSP
approving/signing
authority
8. Prepare and None 1 working

process notification letter day
to the applicant of the
decision
approval of application: Officer,
Prepare and process Division
applicant on the approval Head and
of the authority to Department
establish a new domestic Head, SPRD
bank, indicating that
applicant may not
proceed with the next
stage
8.2 If decision is for denial Account

of application: Prepare Officer,
and process the letter Division
notifying denial of request Head/Group
and stating the reasons Head and
therefor and/or the Department
178
deficiencies noted and Head, SPRD
informing that application
is considered “closed”,
submission of application
with complete
documentary
requirements and
rectified.
9. Receive email 9. Notify applicant through None 1 working Account
notification from SPRD SPRD official email of the day Officer, SPRD
decision on the
application, attaching
scanned copy of
notification letter, and
stating that original letter
shall be mailed
accordingly.

copy of the letter release documents to the Officer, FSAD-
ASD, BSP, for mailing SOMD,FSS
END OF TRANSACTION

Stage 2 – Application for the Issuance of Certificate of Authority (COA) to Register with the
Securities and Exchange Commission (SEC) its Articles of Incorporation (AOI) and By-Laws
(BL) indicating its purpose to establish a new domestic bank in the Philippines.
A. DOCUMENTARY REQUIREMENTS (Submit four original copies)
1. Within thirty (30) days from receipt of advice of approval by the

Monetary Board (MB) of their application for authority to
establish a bank in the Philippines, the organizers shall submit a
letter requesting to register its proposed Articles of Incorporation
(AOI) and By-Laws with SEC, in four (4) original copies its:
a. Proposed Articles of Incorporation;
b. Proposed By-Laws; and Applicant
c. Treasurer’s sworn statement
179
Stage 2 – Application for the Issuance of Certificate of Authority (COA) to Register with the
Securities and Exchange Commission (SEC) its Articles of Incorporation (AOI) and By-Laws
(BL) indicating its purpose to establish a new domestic bank in the Philippines.
A. Submission of Documents
1. Submit letter None Half working
requesting for the day
issuance of
Certificate of
Authority to register
with SEC together
with documentary
requirements
1.1 Electronic
Submission
1.1.1 Submit scanned 1.1.1 Log-in and Account Officer,

copy of the application open the SPRD email SPRD
letter and documentary account
requirements to
ospd@bsp.gov.ph. 1.1.2 Transfer email Account Officer,
in the SPRD’s sub- SPRD
folder
1.1.3 Encode Account Officer,

application in the SPRD
Document Tracking
System170
1.2 Through personal None Half working
filing at the FSS Booth day
(Koi Garden)/SOMD,
Complex, Manila)
1.2.1 Proceed to 1.2.1 Receive and Administrative

SOMD. Get queue stamp date and time Officer FSAD-
number and wait to be of receipt. SOMD,FSS
called. Once called,
present all the
documentary 1.2.2 Record receipt Administrative
170
The Reference Number generated shall serve as the unique number assigned to the entity’s application.
180
requirements. of application. Officer FSAD-
SOMD,FSS

SOMD,FSS

Document Tracking
System171
day
application letter stamp date and time Officer FSAD-
together with of receipt. SOMD,FSS
documentary
requirements. 1.3.2 Record receipt Administrative
of application. Officer FSAD-
SOMD,FSS

SOMD,FSS

Document Tracking
System172
2. Preliminary None 1 working day Account Officer,

assess the SPRD
completeness of the
submitted documents
documentary
requirements.
2.1 Receive return 2.1 If deficient

letter together with the
submitted documents. Prepare letter
171 The Reference Number generate shall serve as the unique number assigned to the entity’s application.
172
181
returning the Account Officer,
application and its SPRD
accompanying
documents. Release
letter to SOMD.
Process and release

documents to the Administrative
ASD, BSP for Officer, FSAD-
mailing. SOMD, FSS
2.2 Receive email on 2.2 If complete

Acknowledgement Account Officer,
letter. Prepare and send SPRD
acknowledgement
letter173 through
SPRD official email.
3. Assess the None 1 working Account Officer,

application and day175 SPRD
determine if
application fully
and substantive174
requirements of
and regulations.
3.1 Review the None 12 working Account Officer,
submitted documents days SPRD
and refer for legal
review for comments/
suggestions
3.2 If with legal

issues, prepare letter 1 working Account Officer,
informing the client of day SPRD
the comments/
suggestions on the
proposed AOI and BL
173
The date of the acknowledgment letter is the start of the 15 working days processing time.
182
3.2.1 Receive 3.2.1 Email advance Account Officer,
advance copy via copy of letter. SPRD
email.
3.2.2 Receive hard 3.2.2 Process and Administrative

copy of the letter release documents to Officer
together with the the SOMD for FSAD – SOMD,
submitted documents mailing. FSS
4. Submit revised 4. Receive revised None 12 working Account Officer,

documents in proposed AOI/BL and days176 SPRD
compliance with the assess applicant’s
comments/suggestions. compliance with the
comments/suggestio
ns
5. Wait for the 5. Endorse the Account Officer,

approval of the revised revised AOI/BL SPRD
AOI/BL documents for legal
review/comments, as
may be applicable.
B. Preparation of COA to Register AOI and BL with SEC

6. Once the AOI and None 1 working Account Officer,
BL satisfies the day Division
formal and Head/Group
substantive Head and
requirements of Department
relevant laws, rules Head, SPRD
and regulations,
prepare and issue
letter and COA to
Register (original and
BSP copy) certifying
approval of the
bank’s authority to
register the AOI and
BL of the bank with
the SEC.
176 Processing time of 15 working days will again start from the time the SPRD receives the revised AOI and BL.
183
6.1 Receive the 6.1 Through email, Account Officer,
advance copy of the release scanned SPRD
letter, signed COA to copy of the letter,
Register, and AOI/BL signed COA to
Register, and
AOI/BL.
6.2 Present Letter of 6.2 Through pick- Account Officer,

Authority, if through up, release original SPRD
pick-up by authorized copy of letter, signed
representative COA to Register and
AOI/BL to authorized
representative
6.3 Receive original 6.3 Through Administrative

copy of the letter, mail/courier, process Officer
signed COA to Register and release FSAD – SOMD,
and AOI/BL. documents to the FSS
ASD, BSP for
mailing.
END OF TRANSACTION

Stage 3 – Application for Issuance of Certificate of Authority to Operate a Domestic Bank
in the Philippines
A. DOCUMENTARY REQUIREMENTS (Submit two original copies, unless otherwise
specified)
1. Within thirty (30) days from receipt of advice of
approval by the Monetary Board (MB) of their
application for authority to establish a bank in the
Philippines, the organizers shall:
a. Deposit with any KB (for KBs and TBs) and any
bank (for RBs) the initial paid-up capital of the
proposed bank;
b. Submit proof of inward remittance of capital, in Please follow the format indicated in:
the case of foreign subscribers. Appendix 10.1 of the Manual of
Regulations on Foreign Exchange
Transactions
177
Please note that the BSP does not prescribe any format on the required documents, unless otherwise
indicated.
184
in the Philippines
(FX Manual)
http://www.bsp.gov.ph/regulations/reg_
MORB.asp
2. Within sixty (60) days after the articles of SEC
incorporation and by-laws had been passed and
the corresponding certificate of authority to register
had been issued, the organizers shall effect the
filing of said documents with the SEC.
3. Within one (1) year from receipt of advice of Applicant

approval by the Monetary Board of their application
for authority to establish the bank, the organizers
shall:
a. Complete the establishment of the bank
premises, with minimum security measures
under Section 147 of the MORB and the
requirements under Batas Pambansa Blg.
344178 and Republic Act No. 9994179;
b. Effect and complete the recruitment and hiring of Applicant
officers and employees of the bank;
c. Attend the briefing on BSP reportorial Applicant
requirements conducted by the appropriate
department of the BSP together with the
relevant officers of the bank;
4. Submit the following documentary requirements at
least thirty (30) days before the scheduled start of
operations:
i. Proof of registration of articles of incorporation and SEC

by-laws with the SEC;
ii. Notarized Certification signed by all the directors Applicant
stating that –
1. All the conditions of the approval to establish

the proposed bank have been complied with;
2. The manual of operations embodying the
policies and operating procedures of each
department/unit/office, covering all risk areas
178 An Act to Enhance the Mobility of Disabled Persons by Requiring Certain Buildings, Institutions,
Establishments and Public Utilities to Install Facilities and Other Devices.
179 An Act Granting Additional Benefits and Privileges to Senior Citizens.
185
in the Philippines
of the proposed bank have been prepared;
3. The necessary bond policy on custodial
officers and insurance policy on bank
properties required to be insured have been
obtained;
4. All pre-operating requirements under existing
laws and regulations, which include among
others: (a) use of business name; (b) posting
of schedule of banking days and hours, notice
to depositors on clearing cut-off time, and
disclosure statement on loan/credit transaction;
(c) Batas Pambansa Blg. 344 and Republic Act
No. 9994; (d) minimum security measures; and
(e) publication of consumer assistance
management system have been complied with;
and
5. No person who is the spouse or relative within
the second degree of consanguinity or affinity
will be appointed to any officership positions
across the following functional categories in
the bank: (a) decision making and senior
management function, (b) treasury function, (c)
recordkeeping and financial reporting function,
(d) safekeeping of assets, (e) risk management
function, (f) compliance function, and (g)
internal audit function.
iii. Proof of compliance with all the pre- operating Applicant

requirements under existing rules and
regulations;
iv. List of principal and junior officers and their Applicant
respective designations and salaries;
v. Chart of organization; Applicant
vi. Contract of lease on bank’s premises, if the Applicant
same are to be leased;
vii. List of stockholders stating the number and Applicant
percentage of voting stocks owned by them as
well as their citizenships;
viii. Certification from the Philippine Deposit PDIC
Insurance Corporation (PDIC) stating that the
organizers have undergone a briefing on all of
its requirements;
ix. Copy of the Alien Employment Permit (AEP) DOLE
186
in the Philippines
issued by the Department of Labor and
Employment for foreign directors and officers;
and
x. Copy of SEC-issued license to transact business SEC
in the Philippines.
5. Payment or proof of payment (photocopy) of the Applicant

licensing fee (net of processing fee)

Stage 3 – Application for the Issuance of Certificate of Authority (COA) to Operate a Domestic
Bank180
A. Certification of Deposit of the Minimum Paid-up Capital
1. Send the certification 1. Receive None 1 working Account
of deposit of minimum certification of deposit of day181 Officer, SPRD
paid-up capital to the the minimum paid-up
processor of SPRD. capital via email
1.1 Acknowledge receipt Account

thereof. Officer, SPRD
B. Attend Briefing on the BSP Reportorial Requirements
181 Not part of the 5 working days processing time.
187
2. Coordinate and finalize 2. Coordinate and None Half working Account
with SPRD Account finalize schedule of day183 Officer, SPRD
Officer the schedule of briefing of reportorial
briefing and confirm requirements and send
attendance.182 confirmation e-mail to
applicant on the date,
time and venue (e.g. BSP
conference) of the
briefing.
3. Attend the scheduled 3. Conduct briefing on None 1 working Bank Officers
briefing with the relevant BSP reportorial day184 Various BSP
officers of the bank based requirements. Department/
on the agreed schedule. Offices
C. Submission of Letter-Request for the Issuance of COA to Operate 185
4. Submit letter- None Half working
request for the application day
for the issuance of COA to
Operate together with
documentary
requirements

copy of the application the SPRD email account. Officer, SPRD
letter and documentary
4.1.3 Encode receipt of Account

application in the Officer, SPRD
Document Tracking
System.186
182 Names of attendees with their brief background and/or picture should be submitted to the SPRD through email
at least one (1) week before the briefing.
183 This is not part of the 5 working days processing time.
185 Reckoned from the date of receipt by the SPRD. Not part of the 5 working days processing time.
186 The Reference Number generated shall serve as the unique number assigned to the entity’s application.
188
4.2 Through personal filing None Half working
at the FSS Booth (Koi day
Garden)/SOMD,FSS
Manila)
4.2.1 Proceed to SOMD. 4.2.1 Receive and Administrative

Get queue number and stamp date and time of Officer FSAD-
wait to be called. Once receipt. SOMD,FSS
documentary 4.2.2 Record receipt of Administrative
requirements. application. Officer FSAD-
SOMD,FSS

SOMD,FSS

Documentary Tracking
System187
day
4.3.1 Send the application 4.3.1 Receive and stamp Administrative
letter together with date and time of receipt. Officer FSAD-
documentary SOMD,FSS
requirements.
SOMD,FSS
4.3.3 Forward documents Administrative

to SPRD. Officer FSAD-
SOMD,FSS

System188
189
5. Preliminary assess None 1 working Account
the completeness of the day190 Officer, SPRD
submitted documents vis-
à-vis checklist of
documentary
requirements.
5.1 Receive return letter 5.1 If deficient

together with the
submitted documents. Prepare letter returning Account
accompanying
documents. Release
letter to SOMD.

documents to the ASD, Officer,
BSP for mailing. FSAD-SOMD,
FSS
5.2 Receive email on 5.2 If complete Account

Provisional Receipt Officer, SPRD
application Prepare and send
Provisional Receipt189
through SPRD official
email (advance copy)
189 A separate acknowledgement letter shall be issued upon determination of the completeness of application
documents, both in form and substance.
190
D. Payment of License Fee
license fee refer to the day193
amount of
6.1 Receive OP number 6.1 Request OP license fee Administrative
and pay through the Number from BFAD- indicated Officer FSAD-
following payment options SOMD, FSS through above SOMD,FSS/
of UnionBank191: email and send the OP Account
a. Over-the-Counter Number to the client Officer, SPRD
b. Convergent through email.
Banking/Online
Banking (Web and
App)192
c. The Portal – Business
Banking (Web and
App)

proof of payment of the payment of the license Officer, SPRD
license fee. fee.
7. Evaluate the None 1 working Account
application and determine day196 Officer, SPRD
if application fully
satisfies the formal and
substantive195
laws, rules and
regulations
7.1 Receive 7.1 Prepare and Account

Acknowledgment Letter release Acknowledgment Officer, SPRD
via email, courier, or Letter informing the
authorized representative applicant that after
and confirm/sign proof of evaluation of the
application and
receipt
determination of
191
and submitted
form and substance,
proceed with the
issuance of COA

copy of letter, as Officer, SPRD
necessary
7.3 Process and Account

release documents to the Officer, SPRD
SOMD for mailing
F. Issuance of COA to Operate

8. Prepare and None 1 working Account
review memorandum to day Officer,
approving/signing Head/Group
authority and elevate for Head and
signature of COA. Department
Head, SPRD
9. Receive a copy of None 2 working BSP
documents showing days approving and
decision of the BSP signing
approving authority authorities
192
process notification letter day Officer, SPRD
to applicant indicating
conditions of the
approval.
10.1 Receive the 10.1 Though email, Account

advance copy of letter and release scanned copy of Officer, SPRD
signed COA. letter and signed COA.
10.2 Present Letter of 10.2 Through pick-up, Account

Authority, if through pick- release original copy of Officer, SPRD
up by authorized letter and signed COA to
representative authorized representative.
10.3 Receive original 10.3 Through

copy of letter and signed mail/courier, process and Administrative
COA. release documents to the Officer FSAD-
ASD, BSP, for mailing. SOMD,FSS
END OF TRANSACTION

How to send feedbacks and Feedback and complaints in Bangko
complaints? Sentral ng Pilipinas may be sent through
the following channels:
For Feedback/Complaints on Receiving

and Releasing of Documents:
 Input the feedbacks/complaints using

the Feedback Management System
(FMS) installed in a tablet (by
pressing the smiley or sad face)
located in the receiving area of the
Sectoral Operations Management
Department (SOMD), Financial
Supervision Sector (FSS), 4th Floor,
Multi-Storey Building).
For Feedback/Complaints on Processing of

Services Enrolled in the BSP Citizen’s
193
Charter:
 SPRD, FSS will provide a transaction

code and input it in the Feedback
Corner of the BSP website at
www.bsp.gov.ph to fill-out the
structured form online.
How feedbacks and Feedback and complaints may be filed

complaints are processed? through the following:
 Feedbacks and complaints sent through

the FMS emoticon tablet/ touchscreen
kiosk/BSP website

feedback/complaint is received real time
by all FMS users of the
department/office. FMS
designate/alternate shall encode the
action taken within two (2) working days
from receipt of sad emoticon/negative
feedback.
If negative feedback is more than 20% of

the day’s number of respondents,
o FMS designate/alternate of the
SOMD, FSS generates and endorses
the Daily i-Report within a day (24
hours) to the Servicing
Department/Office (SDO) Head and
other concerned personnel to review
and reply to the concerned issue.
o Action Report (i.e., with information
on action to be taken and target date
of completion/resolution) approved by
the SDO Head is transmitted to
Feedback Management Unit through
the Director of the Economic and
Financial Learning Center (EFLC)
within two (2) working days from
receipt of negative
feedback/complaint.
194
In case the feedback/complaint is within

the purview of another department/office
of the BSP, the FMS Designate/Alternate
of SOMD, FSS requests transfer of
feedback to appropriate
department/office thru the FMS.
Request for transfer is done within one
(1) working day from receipt of sad
emoticon/negative feedback/complaint.
 Feedback and complaints sent through

the paper-based FMS structured form
FMS designate/alternate of SOMD, FSS

will scan the accomplished paper-based
structured form and upload it in the
system within one (1) working day from
receipt.

structured form and through the FMS
emoticon tablet/BSP website are the
same.
2. Presidential Complaint Center (PCC),
Office of the President

Malacañang, Manila
Telephone: +63(2)-8736-8645; +63(2)-
8736-8603; +63(2)-8736-8629; +63(2)-
8736-8621
Telefax: +63(2)-87368621
3. Complaints Action Center, Anti-Red

Tape Authority

Accelerando), 395 Senator Gil J. Puyat
Avenue, 1200 Makati City
Telephone: +63(2)-8478-5091; +63(2)-
8478-5099
195
4. Contact Center ng Bayan (CCB)
Public Assistance and Information

Office, Civil Service Commission, CSC
Building, IBP Road, Constitution Hills,
1126 Quezon City
Hotline : 8888
SMS : 0908-8816565
Telephone: 1-6565
E-mail :
email@contactcenterngbayan.gov.ph
Website :
www.contactcenterngbayan.gov.ph

Supervisory Policy and 9th floor, Multi-storey BSP Trunkline: (02) -
Research Department Building 8708-7701 local 2766 or
Bangko Sentral ng 2687
Pilipinas
A. Mabini Street
1004 Malate, Manila
Sectoral Operations 4th Floor, Multi-storey BSP Trunkline: (02)

Management Department Building 8708-7011, local 2441
(SOMD) and 2787
Bangko Sentral ng
Frontline Services Pilipinas, Direct Line: (02) 8708-
Administration Division 7689 ; 8708-7446
A.Mabini St., Malate,
(FSAD)
Manila 1004
Budget and Finance
Administration Division
(BFAD)
Schedule of Service Availability: Working days, 9:00 AM to 5:00 PM (Cut-off time:

Applications received from 1:00 PM onwards will be considered as received the
following working day).
196
5. Application for Grant of Authority to Establish a New Foreign Bank
Branch (update)
The application for grant of Authority to Establish a Foreign Bank Branch constitutes a
2-stage process.
 Stage 1 refers to the application for BSP approval to establish a foreign bank branch
with processing time of 20 working days.
foreign bank branch with processing time of 5 working days.
Applications for Authority to Establish a Foreign Bank Branch are subject to processing fee 197
of P500,000.00 upon submission of application (Stage 1) and license fee198 of P25,000,000
(under Stage 2), as shown in the table below:
Processing fee P 500,000.00

License fee P 25,000,000.00
197The processing fee shall be non-refundable.

198The license fee, net of the processing fee, shall be paid after the Monetary Board has approved said
application.
197
1. Establishment of a New Foreign Bank Branch (update)
Foreign bank application for authority to establish a branch (Mode 3) with full banking
authority under Republic Act (R.A.) No. 7721199, as amended by R.A. No. 10641200.

Type of Transaction: G2B – Government-to-Business Entity
Who may avail: Foreign bank applicants that meet the entry criteria provided
under R.A. No. 10641.
Stage 1: Application for BSP approval to establish a foreign bank branch in the
Philippines
A. DOCUMENTARY REQUIREMENTS (Submit two (2) original copies)
1. The application letter shall be Applicant
accompanied by a document which
describes in meaningful details the
foreign bank’s –
a. Contribution to the Philippine Applicant
economy
b. Contribution to the local banking Applicant

industry, including undertaking to
share banking technology
c. Corporate Plan Applicant

i. Business model
ii. Corporate strategy
iii. Financial projections
(including underlying
assumptions)
d. Financial capability and Applicant

ownership structure
a. Latest annual report;
b. Basic corporate background:
i. Date and place of
incorporation;
ii. Number of branches and
agencies in the home
199 An Act Liberalizing the Entry and Scope of Operations of Foreign Banks in the Philippines and for Other
Purposes.
200 An Act Allowing the Full Entry of Foreign Banks in the Philippines, Amending for the Purpose Republic Act No.
7721. The BSP issued the corresponding implementing rules and regulations under Circular No. 858 dated 21
November 2014.
198
country;
iii. List of foreign branches,
agencies, other offices,
parent
(if any), subsidiaries and
affiliates, and their location
and line of business (if
different from banking);
and
iv. Range of banking services
offered.
e. Articles of Incorporation and By-
laws;
f. Major stockholders and their
corresponding percentage of
ownership;
g. List of directors and principal
officers as well as their
respective citizenship; and
h. Latest audited financial
statements; and
i. Proof of financial capacity and
fitness of other investors in the
bank such as audited financial
statements and business
references.
Other documentary requirements

2. Head Office Guarantee Please follow the format indicated in:
http://www.bsp.gov.ph/regulations/guidelines.a
sp
3. Certification from the foreign bank Applicant bank’s home country supervisory
applicant’s home country authority
supervisory authority that:
a. It has no objection to the foreign
bank’s investment;
b. It will provide the Bangko Sentral
ng Pilipinas with relevant
supervisory information, including
derogatory information, related to
the applicant bank, to the extent
allowed under existing laws;
c. The foreign bank applicant is
compliant with the capital
199
requirements as prescribed by
the laws and regulations of its
country of origin; and
d. Philippine banks may establish
subsidiaries and/or branches in
the foreign bank applicant’s
home country, subject to
compliance with the host
country’s rules and regulations
governing admission generally
applicable to all foreign banks.
4. Transition Plan (for existing foreign Applicant
banks opting to change their original
mode of entry)
5. Board resolution authorizing the Applicant
foreign bank applicant to (i) establish
a branch; and (ii) designate person/s
who will represent the foreign bank,
duly authenticated by the Philippine
consulate
6. Certification from the foreign bank Applicant
applicant’s Corporate Secretary or
any officer holding equivalent
position containing the information
that the bank is widely owned and
publicly-listed, duly authenticated by
the Philippine consulate
7. Certification by the responsible Applicant bank’s home country stock exchange
officer of the Home Country Stock
Exchange that the foreign bank
applicant is listed therein, duly
authenticated by the Philippine
consulate
8. Authority to obtain information from Certification from the applicant’s Head Office
other relevant regulatory authorities giving BSP the authority to obtain other
information from other relevant regulatory
authorities
9. For the confirmation of its officers Applicant
pursuant to Section 16 of RA No.
8791 (The General Banking Law of
2000), as implemented by Section
137 of the MORB, the documentary
requirements are as follows:
a. Letter-request for Bangko Sentral

200
confirmation signed by
authorized officer201 with an
affirmative statement that the
institution has conducted a fit and
proper test on the
directors/officers concerned;
b. Consularized letter of Applicant bank’s head office and/or regional
appointment of the officer office.
concerned from the Head Office
and/or Regional Office;
c. Biographical data with a Please download updated format from:
photograph (2” x 2”) taken within http://www.bsp.gov.ph/downloads/Regulations/
the last 6 months; guidelines/Biographical%20Data.pdf)
d. Certification under oath of the Applicant

officer concerned that he/she
possesses all the qualifications
and none of the disqualifications
to become an officer;
e. Duly accomplished notarized Please follow the format indicated in:
authorization form for querying Appendix 80 of the MORB
the BSP watchlist file from the
officer concerned;
f. Brief description of the officers’ Applicant

responsibilities; and
g. Copy of the Alien Employment Department of Labor and Employment
Permit (AEP) issued by the
Department of Labor and
Employment for foreigners
appointed officers.
10. Payment or proof of payment of non- Applicant

refundable processing fee
(photocopy).
201Authorized signatory is the Chief Executive Officer (CEO) of the institution, except for appointment of CEO, in
which case the authorized signatory shall be the Chairman of the Corporate Governance Committee or of the
board of directors, as may be applicable.
201
Stage 1: Application for BSP approval to establish a foreign bank branch in the
Philippines
6. Submit application None Half working
for authority to day
establish a foreign
bank branch together
with documentary
requirements
1.1 Electronic
Submission

copy of application the SPRD email Officer, SPRD
letter and account
documentary
1.1.3 Encode Account

Document Tracking
System.202
1.2 Personal filing None Half working

at the FSS Booth (Koi day
Garden)/SOMD,FSS
Building, BSP
Complex, Manila)
1.2.1 Proceed to 1.2.1 Receive and Administrative

SOMD. Get queue stamp date and Officer FSAD-
number and wait to be time of receipt. SOMD,FSS
present all the 1.2.2 Record receipt of Administrative
documentary application. Officer FSAD-
requirements. SOMD,FSS
202
202
SOMD,FSS
1.2.4 Encode receipt Account

of application in the Officer, SPRD
System203.
1.3 Mail/Courier None

application letter stamp date and time of Officer FSAD-
together with receipt. SOMD,FSS
documentary
requirements. 1.3.2 Record receipt of Administrative
application Officer FSAD-
SOMD,FSS
1.3.3 Forward
documents to SPRD Administrative
Officer FSAD-
1.3.4 Encode SOMD,FSS
application in the
Document Tracking Account
System204. Officer, SPRD

the completeness of the day207 Officer, SPRD,
submitted documents 9/F, Multi-
vis-à-vis checklist of storey Building
documentary
requirements.
2.1 Receive return 2.1 If deficient:

203
accompanying
documents.205 Release
letter to SOMD.

documents to the Officer,
Administrative Services FSAD-SOMD,
Department (ASD), FSS
BSP, for mailing.
2.2 Receive email on 2.2 If complete:

Provisional Receipt
application. Prepare and send Account
e-mail.206 Advise the
applicant to coordinate
with SPRD on the
schedule of
presentation

requirements.
204
C. Presentation to the FSS Management208
3. Presentation to the None 1 working day Account
FSS Management Officer, SPRD
3.1 Coordinate and 3.1 Coordinate and

finalize with SPRD finalize schedule of
Account Officer the presentation to BSP of
scheduled of and send confirmation
presentation and e-mail to applicant on
confirm attendance.209 the date, time and
venue (e.g. BSP
conference rooms,
video conference) of
the presentation.
3.2 Present to BSP 3.2 Attend the None 1 working day FSS
officials the overview presentation and Management/
and business plan for assess the applicant’s SPRD Officers
the proposed bank business plan.
and other information
relevant to the
application.
D. Payment of Processing Fee
processing fee. refer to the day212
amount of
4.1 Receive Order of 4.1 Request OP processing Administrative
Payment (OP) number Number to BFAD- fee Officer
and pay through the SOMD, FSS through indicated FSAD –
following payment email and send the OP above SOMD,
options of number to the client FSS/Account
UnionBank210: through email Officer, SPRD
a. Over-the-Counter
b. Convergent
Banking/Online
208 This is scheduled based on the common availability of the FSS Management and the applicant. This step is
part of the preliminary screening and not part of the 20 working days processing time.
209
A copy of presentation materials, names of attendees with their brief background and/or picture should be
submitted to the SPRD through email at least one (1) week before the scheduled presentation.
205
Banking (Web and
App)211
c. The Portal –
Business Banking
(Web and App)
4.2 Provide SPRD the 4.2 Receive the Account

proof of payment of the proof of payment of the Officer, SPRD
processing fee. processing fee.
5 Complete the None 1 working Account
preliminary assessment day Officer, SPRD
of the application and
and substantive214
requirements of
relevant laws, rules and
regulations, taking into
consideration result of
the presentation.
5.1 Receive return 5.1 If deficient: None Account

letter together with the Officer, SPRD
documents submitted. Prepare and release
noted and informing
that application is
submission of
application with
requirements and
rectified.
212
This is not part of the 20 working days.
213
206
release to SOMD for Officer,
mailing. FSAD-SOMD,
FSS
5.2 Receive 5.2 If formally and None Account

acknowledgment letter substantively complete Officer, SPRD
via email, courier, or and/or no deficiency:
authorized
representative and Prepare and release
confirm/sign proof of Acknowledgment
receipt. Letter215 informing the
assessment of the
application, and
determination of
sufficiency of
application and
submitted requirements
in form and substance,
the BSP finds the same
as complete in form and
with the detailed
evaluation of the
the date of receipt of
the complete
requirements which is
the date of the

letter to SOMD.
215
207
release documents to Officer FSAD -
the ASD, BSP, for SOMD, FSS
mailing.
F. Evaluation and Decision

6. Conduct detailed None 10 working Account
evaluation of the days Officer, SPRD
application and prepare
evaluation report and
action documents
6.1 Prepare and 3 working Account

review memorandum to days Officer,
Head and
Department
Head, SPRD

appropriate action on days Head and
the application Sector Head

documents signing
authorities

decision of the BSP
approving/signing
authority
208
process notification day Officer,
letter to the applicant of Division
the decision Head/Group
Head and
approval of application: Head, SPRD
Prepare and process
applicant on the
approval of the
authority to establish a
new foreign bank
branch, indicating that
applicant may now
stage

the letter notifying Head/Group
denial of request and Head and
therefor and/or the Head, SPRD
deficiencies noted and
informing that
application is
submission of
application with
requirements and
rectified.
209
9. Receive email 9. Notify applicant None 1 working Account
notification from SPRD through SPRD official day Officer, SPRD
email of the decision on
the application,
attaching scanned copy
of notification letter, and
letter shall be mailed
accordingly.

copy of the letter release documents to Officer
the ASD, BSP, for FSAD –
mailing SOMD, FSS
END OF TRANSACTION
210
Stage 2: Application for Issuance of Certificate of Authority (COA) to Operate a
Foreign Bank Branch
A. DOCUMENTARY REQUIREMENTS (Submit two original copies, unless
otherwise specified)
1. Within thirty (30) days from receipt of Applicant
advice of approval by the Monetary
Board (MB) of their application for
authority to establish a branch in the
Philippines, the foreign bank shall:
a. Deposit with any KB (for KBs and
TBs) and any bank (for RBs) the
minimum paid-up capital of the
proposed bank;
b. Submit proof of inward Please follow the format indicated in:
remittance of capital. Appendix 10.1 of the Manual of Regulations on
Foreign Exchange Transactions
(FX Manual)
http://www.bsp.gov.ph/regulations/reg_MORB.
asp
2. Within thirty (30) days from issuance SEC
by the BSP of the endorsement letter
to the Securities and Exchange
Commission (SEC), the foreign bank
shall file its application with the SEC
for a license to transact business in
the Philippines;
3. Within one (1) year from receipt of Applicant
advice of MB approval, the foreign
bank shall:
a. Complete the establishment of
the bank premises, with minimum
security measures under Section
147 and the requirements under
Batas Pambansa Blg. 344216 and
Republic Act No. 9994217;
b. Effect and complete the Applicant
recruitment and hiring of officers
and employees of the bank;
c. Attend the briefing on BSP Applicant
reportorial requirements
216 An Act to Enhance the Mobility of Disabled Persons by Requiring Certain Buildings, Institutions,
Establishments and Public Utilities to Install Facilities and Other Devices.
217 An Act Granting Additional Benefits and Privileges to Senior Citizens.
211
conducted by the appropriate
department of the BSP together
with the relevant officers of the
bank;
d. Submit the following Applicant
documentary requirements at
least thirty days (30) days before
the scheduled start of operations:
i. Notarized Certification signed
by the Head of the Branch
stating that –
(a) All the conditions of the
approval to establish the
proposed bank have been
complied with;
(b) The manual of operations
embodying the policies
and operating procedures
of each
department/unit/office,
covering all risk areas of
the proposed bank have
been prepared;
(c) The necessary bond policy
on custodial officers and
insurance policy on bank
properties required to be
insured have been
obtained;
(d) All pre-operating
requirements under
existing laws and
regulations, which include
among others: (1) use of
business name; (2)
posting of schedule of
banking days and hours,
notice to depositors on
clearing cut-off time, and
disclosure statement on
loan/credit transaction; (3)
Batas Pambansa Blg. 344
and Republic Act No.
9994; (4) minimum
security measures; and (5)
212
publication of consumer
assistance management
system have been
complied with; and
(e) No person who is the
spouse or relative within
the second degree of
consanguinity or affinity
will be appointed to any
officership positions
across the following
functional categories in the
bank: (1) decision making
and senior management
function, (2) treasury
function, (3) recordkeeping
and financial reporting
function, (4) safekeeping
of assets, (5) risk
management function, (6)
compliance function, and
(7) internal audit function.
ii. Proof of compliance with all Applicant

the pre-operating
requirements under existing
rules and regulations;
iii. List of principal and junior Applicant

officers and their respective
designations and salaries;
iv. Chart of organization; Applicant

v. Copy of the contract of lease Applicant
on bank’s premises, if the
same are to be leased;
vi. Certification from the Philippine Deposit Insurance Corporation

Philippine Deposit Insurance
Corporation (PDIC) stating
that the organizers have
undergone a briefing on all of
its requirements;
213
vii. Copy of the Alien Department of Labor and Employment
Employment Permit (AEP)
issued by the Department of
Labor and Employment for
foreign directors and officers;
and
viii. Copy of SEC-issued license Securities and Exchange Commission

to transact business in the
Philippines
ix. Payment or proof of payment Applicant

(photocopy) of the license
fee (net of processing fee)
214
PAID TIME RESPONSIBLE
Stage 2: Application for the Issuance of Certificate of Authority (COA) to Operate a Foreign
Bank Branch 218
A. Certification of Deposit of the Minimum Paid-up Capital
1. Send the 5. Receive None 1 working Account
certification of deposit certification of deposit of day219 Officer, SPRD
of minimum paid-up the minimum paid-up
capital to the capital via email
processor of SPRD.
1.1 Acknowledge receipt Account
thereof. Officer, SPRD
B. Attend Briefing on the BSP Reportorial Requirements

2. Coordinate and 6. Coordinate and None Half working Account
finalize with SPRD finalize schedule of day221 Officer, SPRD
Account Officer the briefing of reportorial
schedule of briefing requirements and send
and confirm confirmation e-mail to
attendance.220 applicant on the date, time
and venue (e.g. BSP
conference) of the
briefing.
219
Not part of the 5 working days processing time.
220 Names of attendees with their brief background and/or picture should be submitted to the SPRD through email
at least one (1) week before the briefing.
215
3. Attend the 7. Conduct briefing on None 1 working Bank Officers
scheduled briefing BSP reportorial day222 Various BSP
with the relevant requirements. Department/
officers of the bank Offices
based on the agreed
schedule.
C. Submission of Letter-Request for the Issuance of COA to Operate223

4. Submit letter- None Half working
request for the day
application for the
issuance of COA to
documentary
requirements
4.1. Electronic
Submission
4.1.1 Submit 4.1.1 Log-in and open the Account

scanned copy of the SPRD email account. Officer, SPRD
application letter and
documentary 4.1.2 Transfer email in Account
requirements to the SPRD’s sub-folder Officer, SPRD
ospd@bsp.gov.ph.
Document Tracking
System.224
222
Not part of the 5 working days processing time.
216
4.2 Through None Half working
personal filing at the day
FSS Booth (Koi
Garden)/SOMD,FSS
Building, BSP
Complex, Manila)
4.2.1 Proceed to 4.2.1 Receive and stamp Administrative

SOMD. Get queue date and time of receipt. Officer FSAD-
number and wait to be SOMD,FSS
present all the 4.2.2 Record receipt of Administrative
documentary application Officer FSAD-
requirements. SOMD,FSS
4.2.3 Forward to SPRD. Administrative

Officer FSAD-
SOMD,FSS

System225

day
4.3.1 Send the 4.3.1 Receive and stamp Administrative
application letter date and time of Officer FSAD-
together with receipt. SOMD,FSS
documentary
requirements. 4.3.2 Record receipt of Administrative
SOMD,FSS
4.3.3 Forward documents Administrative

to SPRD. Officer FSAD-
SOMD,FSS
217

in the Documentary Officer, SPRD
Tracking System226.

the completeness day228 Officer, SPRD
of the submitted
documents vis-à-vis
checklist of
documentary
requirements.

letter together with
the submitted Prepare letter returning Account
documents. the application and its Officer, SPRD
accompanying
documents. Release letter
to SOMD.

FSS
5.2 Receive email on 5.2 If complete Account

application Prepare and send
Provisional Receipt227
227 A separate acknowledgement letter shall be issued upon determination of the completeness of application
218
D. Payment of License Fee
6.Pay the applicable Please refer Half working
license fee. to the day231
amount of
6.1 Receive OP 6.1 Request OP processing Administrative
number and pay Number from BFAD- fee Officer,
through the following SOMD and send the OP indicated FSAD-SOMD,
payment options of Number to the client above FSS/Account
UnionBank229: through email. Officer, SPRD
a. Over-the-Counter
b. Convergent
Banking/Online
Banking (Web and
App)230
c. The Portal –
Business Banking
(Web and App)
6.2 Provide SPRD the 6.2 Receive the proof

proof of payment of of payment of the license Account
the license fee. fee. Officer, SPRD

application and determine day234 Officer, SPRD
if application fully satisfies
the formal and
substantive233
laws, rules and regulations

219
7.1 Receive 7.1 Prepare and None Account
Acknowledgment release Acknowledgment Officer, SPRD
letter via email, Letter informing the
courier, or authorized applicant that after
representative and evaluation of the
confirm/sign proof of application and
determination of
receipt
and submitted
form and substance,
proceed with the issuance
of COA.

necessary

SOMD for mailing SOMD, FSS
F. Issuance of COA to Operate

8. Prepare and review None 1 working Account
memorandum to day Officer,
Head, SPRD
9. Receive a copy of None 2 working BSP
documents showing days approving and
decision of the BSP signing
approving authority authorities
220
process notification letter day Officer, SPRD
to applicant indicating
conditions of the approval.
10.1 Receive the 10.1 Though email, Account

advance copy of letter release scanned copy of Officer, SPRD
and signed COA. letter and signed COA.
10.2 Present Letter 10.2 Through pick-up, Administrative

of Authority, if through release original copy of Officer FSAD -
pick-up by authorized letter and signed COA to SOMD, FSS
representative authorized representative.
10.3 Through Administrative

10.3 Receive mail/courier, process and Officer FSAD -
original copy of letter release documents to the SOMD, FSS
and signed COA. ASD, BSP, for mailing.
END OF TRANSACTION

How to send feedbacks Feedback and complaints in Bangko Sentral ng

Press the smiley or sad face button and encode

“Receiving/Releasing of ARTA-related
documents” and feedbacks/complaints in the
comment section of the Feedback Management
System (FMS) tablet installed in the receiving
area of the Sectoral Operations Management
Department (SOMD), Financial Supervision
Sector (FSS), 4th Floor, Multi-storey Building.
FOR FEEDBACK/COMPLAINTS ON PROCESSING

OF SERVICES ENROLLED IN THE BSP CITIZEN’S
CHARTER
221
Input the transaction code to be provided by
SPRD, FSS, in the Feedback Corner of the BSP
website at www.bsp.gov.ph and fill-out the

complaints are the following:
processed?


concerned issue.
be taken and target date of
Head is transmitted to Feedback Management
Unit through the Director of the Economic and
Financial Learning Center (EFLC) within two (2)
working days from receipt of negative
feedback/complaint.

Designate/Alternate of SOMD, FSS requests
transfer of feedback to appropriate department/office
thru the FMS. Request for transfer is done within
one (1) working day from receipt of sad
222
2. Presidential Complaint Center (PCC), Office of
the President

Manila
Telephone:
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
Telefax: +63(2)-8736-8621

Authority

1200 Makati City
Telephone: +63(2)-8478-5091;
+63(2)-8478-5099

Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565
223
Supervisory Policy and 9th floor, Multi- BSP Trunkline (02) 8708-7701 local
Research Department storey Building 2679
Bangko Sentral ng
Pilipinas
A. Mabini Street
1004 Malate, Manila
Sectoral Operations 4th Floor, Multi- BSP Trunkline (02) 8708-7701 local
Management Department storey Building 2441 and 2787
(SOMD)
Bangko Sentral ng
Frontline Services Pilipinas, Direct Line: (02) 8708-7689; 8708-
Administration Division 7446
A.Mabini St.,
(FSAD)
Malate, Manila 1004
Budget and Finance
(BFAD)

Applications received from 1:00 PM onwards will be considered as received the following
working day).
224
6. Application for Authority to Establish and Operate as a
Non-Stock Savings and Loan Association (NSSLA) (update)
The application for grant of authority to establish and operate as a non-stock savings and
loan association (NSSLA) constitutes a three-stage process:
 Stage 1 refers to the application for BSP approval to establish and operate a non-
stock savings and loan association with processing time235 of twenty (20) working
days and requires payment of a non-refundable filing fee of ₱10,000.00 upon filing of
application;
 Stage 2 refers to the application for the issuance of a Certificate of Authority (COA) to
register the Articles of Incorporation (AOI) and By Laws (BL) with the Securities and
Exchange Commission, with processing time of seven (7) working days; and
 Stage 3 refers to the application for the issuance of COA to Operate a non-stock
savings and loan association with processing time of thirteen (13) days and requires
payment of licensing/registration fee of ₱50,000.00 (inclusive of the filing fee)

Who may avail: Organizers/incorporators of new corporations or authorized
representatives of existing corporations that plan to engage
in the business of non-stock savings and loan association
Stage 1 – Application for BSP approval to establish and operate a non-stock savings and
loan association
1. One (1) original copy of application for Applicant
authority to establish and operate as a non-
stock savings and loan association signed by
the incorporators/trustees and verified by one
of them. The application letter shall state the
name of the contact person relative to the
application, official e-mail address authorized
to receive notifications and other contact
235 Based on the Implementing Rules and Regulations of Republic Act No. 11032 (Ease of Doing Business and Efficient
Government Service Delivery Act of 2018), processing time is the time consumed from the acceptance of an
application or request with complete requirements, accompanying documents and payment of fees up to the issuance
of certification or such similar documents approving or disapproving an application or request. The time spent in
determining whether or not all the requirements have been complied with shall not be included in the determination of
processing time. Further, as stated therein, requirements are complete when all the necessary or appropriate
documents that are required to be submitted together with an application form by the applicant or requesting party fully
satisfy the formal and substantive requirements of the relevant law.
236
225
details. In addition, application letter shall
state the preferred mode of receipt of
decision on the application (i.e., by mail or
pick-up by authorized client representative).
2. Four (4) original copies of Proposed Articles Applicant
of Incorporation (with primary purpose to
operate as an NSSLA)
3. Four (4) original copies of Proposed By-laws Applicant
4. One (1) original copy of proof of reservation Securities and Exchange Commission
of the proposed NSSLA name with the
Securities and Exchange Commission
(SEC)
5. One (1) original copy of Biographical data Applicant
with picture of each incorporator, trustee
and officer, with a statement of their Template can be downloaded at the
character, experience, and general fitness Bangko Sentral ng Pilipinas website:
to engage in the non-stock savings and loan http://www.bsp.gov.ph/regulations/guid
business, in compliance with the fit and elines.asp
proper rule prescribed under existing laws
and regulations, as well as authority for BSP
to conduct background investigation
6. National Bureau of Investigation (NBI) National Bureau of Investigation
clearance of each of the incorporator,
trustee and officer
7. Notarized authorization form for querying the Applicant
Bangko Sentral watchlist file for each
incorporator, trustee and officer Template can be found in Appendix Q-
45 of the Manual of Regulations for
Non-Bank Financial Institutions
Volume I
http://www.bsp.gov.ph/regulations/reg_
MORB.asp
8. Copy of certificate of attendance of the Corporate Governance Seminar
trustees and officers to the required seminar Provider (accredited by the Bangko
on corporate governance for directors Sentral)
conducted or accredited by the Bangko
Sentral
9. One (1) original copy of an itemized Applicant
statement of the estimated receipts and
expenditures of the proposed NSSLA for the
first year
10. Feasibility study to show viable business for Applicant
the first year of operations, using realistic
assumptions consistent with the proposed
business model and corporate strategy
11. Notarized Certification executed by each of Applicant
226
the incorporators that the entity will have an
initial minimum capital of ₱1 million which
will not be derived from borrowing, unlawful
activity or any money laundering activity
12. Detailed plan of operation and economic Applicant
justification for engaging in non-stock
savings and loan business, including a
manual of operations and other related
documents embodying the risk
management system (RMS).
Include, among others, the business model

and comprehensive RMS
A presentation of an acceptable business

model and comprehensive RMS and/or
other aspects of operations may be required
to complete the application. The following
are the requirements for the business
presentation:
a. Well-defined group targeted as members

b. Products and services to be offered
c. Operational Workflow
d. Account opening including Know-Your-
Member and Know-Your-Client process
e. Underwriting and loan collection process
f. Consumer complaints handling and
redress mechanism process
g. Kinds and amount of fees to be charged
to members
h. Proposed set up of IT infrastructure and
IT risk management system
i. Internal control systems
13. One (1) photocopy of proof of payment of

non-refundable filing fee of ₱10,000.00
227
Stage 1 – Application for BSP approval to establish and operate a non-stock savings and
loan association
PERSON
AGENCY FEES TO PROCESSIN
CLIENT STEPS RESPONS
ACTIONS BE PAID G TIME237
IBLE
A. PRELIMINARY ASSESSMENT 238
1.1 Electronic
submission239
1.1.1 System auto- Account
1.1.1 Submit scanned copy acknowledge Officer,
of application letter and s the (FSD IX)
documentary requirements submission or
to fss-somd@bsp.gov.ph Administrat
1.1.2 Log-in and ive Officer,
open the FSS Frontline
Department Services
or SOMD Administrat
email ive
account. Division
(FSAD) –
1.1.3 Transfer Sectoral
email in the Operations
department’s Manageme
sub-folder. nt
Departmen
t (SOMD),
Financial
Supervisio
n Sector
(FSS)
237 Total processing time shall be suspended and appropriate adjustments shall be made in case of delays due
to force majeure or natural or man-made disasters, which result in damage or destruction of documents and/or
238
Preliminary assessment covers initial receipt of the application up to applicant’s submission of complete
application.
239
228
1.2 Personal filing at the
FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila)
1.2.1 Proceed to FSS 1.2.1 Receive and Administrat

Booth / SOMD. Get queue stamp date and ive Officer,
number and wait to be time of receipt. FSAD -
called. Once called, SOMD,
present all the 1.2.2 Record FSS
documentary requirements. receipt of
application.
1.2.3 Forward
documents to FSD
IX
1.3 Mail/Courier
1.3.1 Send the application 1.3.1 Receive and Administrat

letter together with stamp date and ive Officer,
documentary time of receipt. FSAD -
requirements. SOMD,
1.3.2 Record FSS
receipt of
application.
1.3.3 Forward
documents to FSD
IX
2. 2. Preliminarily Account
assess the Officer,
completeness FSD IX,
of the 14/F, Multi-
application and Storey
its supporting Building
documents vis-
à-vis checklist
of documentary
requirements
229
2.1 If complete:
2.1.1 Request Filing Fee Account
Order of Payment ₱10,000 Officer,
(OP) Number to Non- FSD IX
Budget and refundabl
Finance e
Administrative
Division (BFAD) -
SOMD, FSS
through e-mail 240
Administrat
2.1.2 Process the ive Officer,
Order of Payment BFAD-
using the New SOMD,
Order of Payment FSS
System (NOPS)241
and send the OP
Number to the
requesting
department.
Account
Officer and
Division/
2.1.3 Prepare and
Group
send provisional
Head
receipt242 through
FSD IX,
FSD IX official e-
FSS
mail:
(a) signifying
receipt of
application and
accompanying
documents,
subject to further
preliminary
assessment to
determine if
application fully
and substantive
241
230
requirements of
relevant laws,
rules and
regulations;
(b) containing the

following:
(i) BSP seal/logo;
(ii) assigned
unique
identification
number for the
application as
reference for all
subsequent
transactions; and
(iii) name of FSD
IX Account
Officer/contact
person, his/her
Group/Division and
position;
(iv) OP Number
and deadline of
payment; and
(c) requiring, if
applicable, the
applicant to
conduct virtual or
other appropriate
means of
presentation of an
acceptable
business model243
and advising the
applicant to
coordinate with
FSD IX for the
schedule of
presentation
2.2 Receive e-mail on 2.2 Provide the Administrat

provisional receipt of department ive Officer,
243May include RMS such as IT system, AML Act compliance and consumer protection and/or other aspects of
operations
231
application and OP concerned with BFAD-
number and pay a copy of SOMD,
through the following collection FSS
payment options in the report on a
UnionBank of the daily basis,246
244
Philippines : as applicable
a. Over-the-Counter (except
b. Convergent weekends and
Banking/Online holidays).
Banking (Web and
App)245
c. The Portal –
Business Banking
(Web and App)
2.3 Receive return letter If deficient: Account

Officer and
2.3. Prepare and Division/
release letter Group
returning the Head
application and its FSD IX,
accompanying FSS
documents,
enumerating the
deficiencies and
missing
requirements, and
informing that
application is
considered
prejudice to re-
submission of
application with
complete
documentary
requirements and
deficiencies noted
rectified
245
246
232
Administrat
2.3.1. Process and ive Officer
release FSAD –
documents to the SOMD,
Administrative FSS
Services
Department
(ASD), BSP, for
mailing.
2.4 Coordinate and finalize 2.4.Coordinate and Account
with FSD IX Account finalize schedule of Officer
Officer the schedule of virtual or other FSD IX,
presentation and confirm appropriate means FSS
attendance. of presentation of
business model4 (if
applicable) and
send confirmation
e-mail to applicant
on the date, time
and venue of the
presentation.
2.5 Present to BSP officials 2.5. Attend the Account
the business model. presentation Officer,
Please see Item 12 of and assess the Division
checklist of business model Head
requirements Group
Head and
Departmen
t Head
FSD IX,
FSS
2.6. 2.6 Complete the Account

assessment of Division
the application Head and
and determine Group
if application Head FSD
fully satisfies IX, FSS
the formal and
substantive247

233
requirements of
relevant laws,
rules and
regulations,
taking into
consideration
result of the
presentation
conducted
2.7. Receive return letter 2.7 If deficient: Account
Officer,
Prepare and Division
release return Head
letter citing Group
deficiencies noted Head and
and informing that Departmen
application is t Head
considered FSD IX,
“closed”, without FSS
prejudice to re-
submission of Mailing:
application with FSAD,
complete SOMD,
documentary 4/F, Multi-
requirements and Storey
deficiencies Building
already rectified
2.8.Receive 2.8 If formally and After Account
acknowledgment letter substantively preliminary Officer,
complete and/or assessment Division
no deficiency: Head
Group
Prepare and Head and
release Departmen
acknowledgment t Head
letter 248
FSD IX,
(a) informing the FSS
assessment of the Mailing:
application, receipt FSAD,
of filing fee and SOMD,
determination of 4/F, Multi-
248
The standard processing timeline of 20 working days shall commence from the date of the Acknowledgment
Letter
234
sufficiency of Storey
application and Building
submitted
requirements in
form and
substance, the
BSP finds the
same as complete
in form and
substance, hence,
the BSP will now
proceed with the
detailed evaluation
of the application
applicant of the
result thereof; (b)
containing the
following: (i) BSP
seal/logo;
(ii) the assigned
unique
identification
number for the
application as
reference for all
subsequent
transactions;
(iii) name of FSD
IX Account
Officer/contact
person, his/her
Group/Division and
position; and (iv)
date of receipt of
complete
requirements
which is the date
of the
acknowledgment
letter
Email advance
copy of letter, as
necessary
235
3.Conduct detailed 12 working Account
evaluation of the days Officer,
application Division
Head,
Group
Head and
Departmen
t Head
FSD IX,
FSS
3.1 Prepare and 3 working Account

review days Officer,
memorandu Division/Gr
m to oup Head
appropriate and
Bangko Departmen
Sentral t Head
approving FSD IX,
authority FSS
3.2. Elevate to Sub-Sector

1 working day Head and
appropriate
Bangko Sector
Sentral Head, FSS
approving
authority for
appropriate
action on the
application

request and days approving
sign documents authority/
ies and
signing
authority/
ies
4.1. Receive copy FSD IX,

of document 14/F, Multi-
showing Storey
decision of the Building
236
BSP
approving
authority
5. FSD IX official 1 working day Account
e-mail Officer,
notification to Division
the applicant Head,
informing of the Group
decision on the Head and
request. Departmen
t Head
The decision for FSD IX,
Stage 1 shall FSS
not be released
until proof of
payment is
received from
the applicant
5.1 If decision is
for approval of
application:
Prepare and
process
notification
letter to
applicant on
approval of the
application,
indicating the
conditions for
approval (onsite
verification) that
applicant may
now proceed
with next stage
(filing of
application for
Bangko Sentral
endorsement of
AOI and BL to
the SEC.)
5.2. If decision is Account

for denial of Officer,
237
request: Division
Notify denial Head,
of request and Group
state the Head and
reasons Departmen
therefor and/or t Head
the FSD IX,
deficiencies FSS
noted and
inform that
application is
considered
“closed”,
without
prejudice to
re-submission
of application
with complete
documentary
requirements
and
deficiencies
already
rectified
6. Receive FSD IX e-mail 6. Notify applicant 1 working day Account

notification through FSD IX Officer
official e-mail of FSD IX,
the decision on FSS
the application,
attaching
scanned copy
of notification
letter, and
stating that
original letter
shall be mailed
accordingly
6.1 Receive original copy 6.1.1 Through Administrat

of letter pick-up, ive Officer,
release original FSAD -
letter to authorized SOMD,
representative, FSS
after presenting a
letter of authority.
238
6.1.2 Through
mail/courier,
process and
release documents
to the
Administrative
Services
Department (ASD),
BSP, for mailing.
END OF TRANSACTION

Stage 2 – Issuance of Certificate of Authority to Register with the Securities and Exchange
Commission the Articles of Incorporation and/or By-Laws indicating the corporate purpose as
Non-Stock Savings and Loan Association
1. One (1) original copy of application letter Applicant
requesting the issuance of Certificate of
Authority to register Articles of Incorporation
(AOI) and/or By-Laws with the Securities
and Exchange Commission (SEC) ), signed
by the incorporators/directors or the
president or officer of equivalent rank, in
connection with the application for authority
to establish and operate as a non-stock
savings and loan association.
The application letter shall state the name of

the authorized contact person relative to the
application, official e-mail address authorized
to receive notifications, and other contact
details.
It shall also indicate the BSP reference

number assigned to the application during
Stage 1 (for tracking purposes).
249
239
Stage 2 – Issuance of Certificate of Authority to Register with the Securities and Exchange
Commission the Articles of Incorporation and/or By-Laws indicating the corporate
purpose as Non-Stock Savings and Loan Association
1.1. Electronic Account

submission251 Officer, (FSD
1.1.1 System auto- IX) or
1.1.1 Submit scanned acknowledges the Administrative
copy of application letter submission Officer,
and documentary Frontline
requirements to fss- 1.1.2 Log-in and o Services
somd@bsp.gov.ph pen the FSS Administrative
Department or Division
SOMD email (FSAD) –
account. Sectoral
Operations
sub-folder. (SOMD),
Financial
Supervision
Sector (FSS)

FSS Booth (Koi
Garden) / SOMD,
Complex, Manila)

queue number and wait to of receipt. SOMD, FSS
be called. Once called,
250 Total processing time shall be suspended and appropriate adjustments shall be made in case of delays due to force
majeure or natural or man-made disasters, which result in damage or destruction of documents and/or system failure.
The applicant will be notified in writing and through other means of communication of the suspension of the
processing time without any delay.
251The auto-acknowledgment sent by FSS-SOMD e-mail does not signify receipt of complete and valid application. A
separate acknowledgment letter signifying acceptance of complete application shall be sent, upon determination of
completeness of application in form and substance. Original copies of the documents should be made available upon
request.
240
present all the 1.2.2 Record receipt
requirements.
1.2.3 Forward
documents to FSD
IX
1.3 Mail/Courier
1.3.1 Send the application 1.3.1 Receive and Administrative

letter together with stamp date and time Officer, FSAD -
documentary of receipt. SOMD, FSS
requirements.
1.3.2 Record receipt
of application.
1.3.3 Forward
documents to FSD
IX

assess the and
satisfies the
formal and
substantive
requirements of
relevant laws,
rules and
regulations. This
includes a
determination of
whether the
conditions set
forth in the
approval of the
application for
BSP approval to
establish and
operate as a
non-stock
savings and loan
association
under Stage 1
241
have been
complied with.
2.1. Receive return letter 2.1. If deficient: Account
Prepare, review Officer,
and release Division/Group
return letter Head and
citing Department
deficiencies Head
noted and FSD IX, FSS
informing that
application is
considered
“closed”,
without
prejudice to re-
submission of
application with
complete
documentary
requirements
and deficiencies
already
rectified.
2.1.1. Process and Administrative

release Officer
documents to the FSAD –
ASD, BSP, for SOMD, FSS
mailing.
2.2.Receive 2.2. If formally and Account Officer
no deficiency: Head
FSD IX, FSS
Prepare, review and
release
acknowledgment
letter252 (a)
informing the
assessment of the
252
Letter
242
of filing fee and
determination of
sufficiency of
application and
submitted
requirements in
form and substance,
the BSP finds the
same as complete
in form and
substance, hence,
the BSP will now
proceed with the
detailed evaluation
of the application
applicant of the
result thereof; (b)
containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division and
position; and (iv)
date of receipt of
complete
requirements which
is the date of the
acknowledgment
letter.
Account Officer
2.2.1.Email advance FSD IX, FSS
copy of letter,
as
necessary.
Administrative
243
2.2.2. Process and Officer
release FSAD –
documents to SOMD, FSS
the ASD,
BSP, for
mailing.
3. Conduct detailed 2 working Account Officer
evaluation of the days and
application. Division/Group
Head
FSD IX, FSS
3.1. Prepare, review 1 working day Account

and elevate Officer,
documents to Division/Group
appropriate Head and
BSP Department
approving/signi Head
ng authority. FSD IX, FSS
4. Decide on the 1 working day BSP
application and approving/
sign documents signing
(including the authority
Certificate of
Authority to
register with
SEC the AOI
and/or By-Laws,
if application is
approved).
4.1. Receive copy of FSD IX, FSS

document
showing
decision of the
BSP
approving/signi
ng authority
together with
the signed
documents (if
applicable).
1 working day
4.2. Prepare and Account
review Officer,
244
memorandum Division/Group
to Office of the Head and
Secretary, Department
Monetary Head
Board, for FSD IX, FSS
affixing of BSP
dry seal on the
Certificate of
Authority.
4.3.Elevate Sub-Sector
memorandum Head, FSS
to Office of the
Secretary,
Monetary
Board, for
affixing of BSP
dry seal on the
Certificate of
Authority.
Office of the
4.4. Affix BSP dry Secretary,
seal on the Monetary
Certificate of Board
Authority.
4.5. Receive copy of FSD IX, FSS

Certificate of
Authority with
affixed BSP
seal.
5. Prepare, review 1 working day Account
and process Officer,
notification letter Division/Group
to applicant Head and
informing of the Department
decision. Head
FSD IX, FSS
5.1. If decision is for
approval of
application:
State in the
notification
letter to
applicant the
approval of the
245
application and
attach the
signed
Certificate of
Authority to
register with the
SEC its AOI
and/or By-Laws
indicating its
corporate
purpose as a
non-stock
savings and
loan association
and other
documents.
Indicate that
applicant may
proceed with
the next stage
after it has
registered with
SEC its AOI
and/or By-Laws.
5.2. If decision is for Account
denial of Officer,
State in the Head and
notification Department
letter the denial Head
of the FSD IX, FSS
application and
stating the
reasons
therefor and/or
the deficiencies
noted and
informing that
application is
considered
“closed”,
without
prejudice to re-
submission of
application with
complete
246
documentary
requirements
and deficiencies
already
rectified.
6. Receive FSD IX e-mail 6.1. If decision is for 1 working day Account Officer
notification approval of FSD IX, FSS
application:
Notify applicant
through FSD IX
official e-mail253
of the decision
on the
application,
attaching
scanned copy
of notification
letter (without
attachments),
and stating that
original letter
and signed
Certificate of
Authority to
register with
SEC the AOI
and/or By-Laws
will be
transmitted to
applicant based
on preferred
mode of
delivery
indicated in the
application
letter. If for pick-
up, state that
documents are
ready for pick-
up, thus,
applicant is
247
advised to
coordinate with
and notify FSD
IX Account
Officer on when
it can pick-up
the documents,
presenting proof
of such
authority to
pick-up the
documents
6.1. Receive original copy
of letter and signed 6.1.1. Through Administrative
Certificate of mail/courier: Officer, FSAD -
Authority. process and release SOMD, FSS
documents to the
ASD, BSP, for
mailing.
Present original copy
of Official Receipt 6.1.2. Through pick-
and Letter of up, release original
Authority, if through copy of letter and
pick-up by authorized signed Certificate of
representative. Authority to register
wit SEC the AOI
and/or By-Laws to
authorized
representative.
6.2. Receive original copy
of letter. Account Officer
6.2. If decision is for FSD IX, FSS
denial of
application:
Notify applicant
through FSD IX
official e-mail of
the decision on
the application,
attaching
scanned copy
of notification
letter (without
attachments),
and stating that
248
original letter
shall be mailed
accordingly.
Administrative
6.2.1.Process and Officer
release FSAD –
documents to SOMD, FSS
the ASD, BSP,
for mailing
END OF TRANSACTION

Stage 3 – Application for the issuance of COA to Operate as a Non-Stock Savings and Loan
Association
1. One (1) original copy of application letter Applicant
for issuance of Certificate of Authority to
Establish and Operate as a Non-Stock
Savings and Loan Association in
connection with the application for
authority to establish and operate as non-
stock savings and loan association
The application letter shall state the name

of the authorized contact person relative to
the application, official e-mail address
authorized to receive notifications, and
other contact details.
2. One (1) Certified true copy of the Articles Securities and Exchange Commission
of Incorporation (AOI)255 and/or By-Laws
and the Securities and Exchange
Commission Certificate of Filing of such
AOI and/or By-Laws.
3. One (1) original copy of Certification of the Mother Company or Government Agency
officer or responsible official of mother of the applicant
company or government agency on
exclusive use of space and authorized
business hours of the applicant NSSLA
and records affecting personal integrity,
administrative offense or criminal case
involving incorporators
4. One (1) original copy of schedule of Applicant
254
255 Indicating as primary purpose to engage in the business of a non-stock savings and loan association
249
membership and capital contribution of
each member
5. One (1) original copy of pledge of Applicant
membership accomplished by each of the
members indicating therein the amount of
their monthly contribution
6. If applicable, one (1) original copy of Mother Company or Government Agency
certification of the officer or responsible of the applicant
official of mother company or government
agency on payroll deduction of capital
contribution and repayment of loans
7. One (1) photocopy of proof of payment of Applicant
licensing fee of P50,000.00 (inclusive of
P10,000.00 filing fee), to be paid upon
approval of the application for issuance of
Certificate of Authority to establish and
operate as a non-stock savings and loan
association.
Stage 3 – Application for the issuance of COA to Operate as an NSSLA
FEES TO BE PROCESSI PERSON
PAID NG TIME256 RESPONSIBLE
. 1. Submit application Once the
application
2.1 Electronic is approved,
submission257 the payment
of licensing
1.1.1 Submit scanned copy 1.1.1 System auto- fee of Account
of application letter and acknowledges the ₱50,000.00 Officer, (FSD
documentary requirements submission (inclusive of IX) or
to fss-somd@bsp.gov.ph the Administrative
1.1.2 Log-in and ₱10,000.00 Officer,
open the FSS filing fee) Frontline
Department or shall be Services
SOMD email required Administrative
account. Division
(FSAD) –
1.1.3 Transfer email Please see Sectoral
in the department’s step 7.1.1 Operations
sub-folder. Management
Department
256 Total processing time shall be suspended and appropriate adjustments shall be made in case of delays due to force
majeure or natural or man-made disasters, which result in damage or destruction of documents and/or system failure.
The applicant will be notified in writing and through other means of communication of the suspension of the processing
time without any delay.
250
(SOMD),
Financial
Supervision
Sector (FSS)
FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila)

Booth / SOMD. Get queue stamp date and time Officer, FSAD -
number and wait to be of receipt. SOMD, FSS
present all the 1.2.2 Record receipt
requirements.
1.2.3 Forward
documents to FSD
IX
1.3 Mail/Courier

letter together with stamp date and time Officer, FSAD -
documentary of receipt. SOMD, FSS
requirements.
1.3.2 Record receipt
of application.
1.3.3 Forward
documents to FSD
IX

assess the and
determine if Head
satisfies the
formal and
substantive
requirements of
relevant laws,
rules and
251
regulations.
2.1 Receive return letter 2.1. If deficient: Account
Prepare and Officer,
release return Division/Group
letter citing Head and
deficiencies Department
noted and Head
informing that FSD IX, FSS
application is
considered
“closed”,
without
prejudice to re-
submission of
application with
complete
documentary
requirements
and deficiencies
already
rectified.
2.1.1. Process and

release
documents to
the ASD, BSP,
for mailing.
2.2.Receive 2.2. If formally and Account Officer
acknowledgment letter substantively and
complete and/or Division/Group
no deficiency: Head
FSD IX, FSS
Prepare and release
acknowledgment
letter258 (a)
informing the
assessment of the
of filing fee and
determination of
sufficiency of
258
Letter
252
application and
submitted
requirements in
form and substance,
the BSP finds the
same as complete
in form and
substance, hence,
the BSP will now
proceed with the
detailed evaluation
of the application
applicant of the
result thereof; (b)
containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division and
position; and (iv)
date of receipt of
complete
requirements which
is the date of the
acknowledgment
letter.
Account Officer
2.2.1. Email FSD IX, FSS
advance
copy of letter,
as
necessary. Administrative
Officer
2.2.2. Process and FSAD –
release SOMD, FSS
253
documents to
the ASD,
BSP, for
mailing.
3. Conduct detailed 6 working Account Officer

evaluation of the days and
application. Division/Group
Head
3.1. Prepare and 2 working FSD IX, FSS
review days
memorandum to Account
appropriate BSP Officer,
approving/signing Division/Group
authority. Head and
Department
3.2. Elevate 1 working Head
memorandum to day FSD IX, FSS
appropriate BSP
approving/signing Sub-Sector
authority for Head and
appropriate action Sector Head,
on the application. FSS
application and day approving/
sign documents signing
(including the authority
Certificate of
Authority to
Establish and
Operate as
Non-Stock
Savings and
Loan
Association, if
application is
approved).
FSD IX, FSS
4.1. Receive copy of
document
showing
decision of the
BSP
approving/signi
ng authority
254
together with
signed
documents (if Account
applicable). Officer,
Division/Group
4.2. Prepare and Head and
review Department
memorandum Head
to Office of the FSD IX, FSS
Secretary,
Monetary
Board, for
affixing of BSP
dry seal on the
Certificate of
Authority. 1 working Sub-Sector
day Head, FSS
4.3. Elevate
memorandum
to Office of the
Secretary,
Monetary
Board, for
affixing of BSP
dry seal on the
Certificate of
Authority. Office of the
Secretary,
4.4. Affix BSP dry Monetary
seal on the Board
Certificate of
Authority.
FSD IX, FSS
4.5. Receive copy
of Certificate
of Authority
with affixed
BSP dry seal.
5. Prepare, review 1 working Account
and process day Officer,
notification letter Division/Group
to applicant Head and
informing of the Department
decision on the Head
application. FSD IX, FSS
255
5.1. If decision is for
approval of
application:
State in the
applicant the
approval of the
of the signed
Certificate of
Authority, the
payment of
P50,000.00
licensing fee
(inclusive of the
P10,000.00 non-
within 30 calendar
the
e-mail notice
mentioned under
step no. 6 hereof,
otherwise, the
Certificate of
Authority shall be
deemed
automatically
cancelled. State in
the letter that
to submit: (i) proof
of payment of
licensing fee prior to
release of the
signed Certificate of
Authority which shall
be for pick-up by the
applicant’s
authorized
representative upon
presentation of OR
256
and the authority to
pick-up; and (ii)
notice of actual date
of commencement
of operations.
Provide applicant
with OP number
(same procedure in
Stage 1)
Payment procedure is the

same as in Stage 1
6. If decision is for Account
denial of Officer,
Head and
Prepare and Department
process the letter Head
notifying denial of FSD IX, FSS
application and
stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified.
7. Receive FSD IX e-mail 7. If decision is for Licensing 1 working Account Officer
notification. approval of fee of day FSD IX, FSS
application: P50,000.00
(inclusive of
Notify applicant the P10,000
through FSD IX non-
official e-mail259 of refundable
257
the decision on the filing fee)
application,
attaching scanned
letter (without
attachments), and
letter and signed
Certificate of
Authority to
Establish and
Operate as a Non-
Stock savings and
Loan Association is
ready for pick-up,
thus, applicant is
advised to
coordinate with and
notify FSD IX
Account Officer on
when it can pick-up
the documents upon
presentation of OR
on payment of
licensing fee and
the authority to pick-
up.
7.1 Present original copy 7.1 Through pick-

of Official Receipt and up, release original Administrative
Letter of Authority, if copy of letter and Officer, FSAD -
through pick-up by signed Certificate of SOMD, FSS
authorized Authority to Operate
representative. as a NSSLA to
authorized
representative.
7.2 Receive original copy

of letter and signed 7.2 Through
Certificate of Authority. mail/courier,
process and release
documents to the
ASD, BSP, for
mailing.
258
7.3 Receive FSD IX e-mail 7.3 If decision is for
notification. denial of
application:
Notify applicant
through FSD IX
decision on the
application, Account Officer
attaching scanned FSD IX, FSS
letter (without
attachments), and
letter shall be
mailed accordingly.
7.3.1. Receive original 7.3.1. Process and

copy of letter release
documents to
the ASD, BSP,
for mailing. Administrative
Officer
FSAD –
SOMD, FSS
END OF TRANSACTION

How to send feedbacks and Feedbacks and complaints in Bangko
complaints? Sentral ng Pilipinas may be sent through
the following channels:
RECEIVING AND RELEASING OF
DOCUMENTS
 Press the smiley or sad face button
(encoding in the comment section,
“Receiving/Releasing of documents
with SOMD, FSS”) and input
feedback/complaints in the
Feedback Management System
259
(FMS) tablet installed in the
receiving area of the Sectoral
Operations Management
Department (SOMD), Financial
Supervision Sector (FSS), 4th Floor,
Multi-storey Building.
PROCESSING OF SERVICES
ENROLLED IN THE BSP CITIZEN’S
CHARTER
 Input the transaction code to be
provided by FSD IX, FSS, in the
Feedback Corner of the BSP
website at www.bsp.gov.ph and fill-
out the structured form online for
any feedback/complaints.
How feedbacks and complaints are Feedbacks and complaints may be filed
processed? through the following:
 Feedbacks and complaints sent

through the FMS emoticon tablet/
touchscreen kiosk/BSP website

feedback/complaint is received real
time by all FMS users of the
department/office. FMS
designate/alternate shall encode the
action taken within two (2) working
days from receipt of sad
If negative feedback is more than 20%

of the day’s number of respondents,
o FMS designate/alternate of the
SOMD, FSS generates and
endorses the Daily i-Report within a
day (24 hours) to the Servicing
Department/Office (SDO) Head and
other concerned personnel to
review and reply to the concerned
issue.
260
o Action Report (i.e., with information
on action to be taken and target
date of completion/resolution)
approved by the SDO Head is
transmitted to Feedback
Management Unit through the
Director of the Economic and
Financial Learning Center (EFLC)
within two (2) working days from
receipt of negative
feedback/complaint.
In case the feedback/complaint is

within the purview of another
department/office of the BSP, the FMS
Designate/Alternate of SOMD, FSS
requests transfer of feedback to
appropriate department/office thru the
FMS. Request for transfer is done
within one (1) working day from receipt
of sad emoticon/negative
feedback/complaint.
 Feedbacks and complaints sent

through the paper-based FMS
structured form
FMS designate/alternate of SOMD,

FSS will scan the accomplished paper-
based structured form and upload it in
the system within one (1) working day
from receipt.
Handling of negative feedback/

complaint received through the paper-
based FMS structured form and
through the FMS emoticon tablet/BSP
website are the same.
2. Presidential Complaint Center

(PCC), Office of the President

Malacañang, Manila
Telephone:
261
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
Telefax: +63(2)-8736-8621

Tape Authority
Ground Floor, HPGV Building

(Formerly Accelerando), 395 Senator
Gil J. Puyat Avenue, 1200 Makati City
Telephone: +63(2)-8478-5091;
+63(2)-8478-5099
Public Assistance and Information

Office, Civil Service Commission, CSC
Building, IBP Road, Constitution Hills,
1126 Quezon City
Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565
E-mail:
Website:
262
Financial 14th floor, Multi-Storey BSP Trunkline: +63(2)-8708-
Supervision Building, Bangko Sentral ng 7011, local 3017
Department Pilipinas, A. Mabini St., Malate,
IX (FSD IX) Direct Line: +63(2)-8708-7297
Manila 1004
E-mail: fsd9@bsp.gov.ph
Central 4F, Multi-Storey Building, BSP Trunkline: +63(2)-708-

Administrative Bangko Sentral ng Pilipinas, A. 7011, local 2434
Services Mabini St., Malate, Manila Direct Line: +63(2)-708-7689
Group 1004
(CASG)
263
7. Application for Grant of Authority to Establish a Representative
Office/Offshore Banking Unit of Foreign Banks (update)
The application for grant of Authority to Establish a Representative Office/Offshore Banking

Unit constitutes a 2-stage process.
 Stage 1 refers to the application for BSP approval to establish a representative

office/offshore banking unit with processing time of 15 working days.
representative office/offshore banking unit with processing time of 5 working days.
Applications for Authority to Establish a Representative Office/Offshore Banking Unit are

subject to the following fees upon submission of application (Stage 1), as shown in the table
below:
Category Application Fee License Fee (In USD)
Representative Office None 2,000.00
Offshore Banking Unit None 20,000.00 (annual fee)
1. Establishment of a Representative Office or Offshore Banking Unit

A foreign bank application for authority to establish a representative office or offshore
banking unit.

Type of Transaction: G2B – Government-to-Business Entity
Who may avail: Qualified foreign bank applicants
Stage 1: Application for BSP approval to establish a representative office/offshore
banking unit
A. DOCUMENTARY REQUIREMENTS (Submit two original copies)
Representative Office
1. The application letter signed by an Applicant
authorized representative of the
foreign bank applicant requesting for
authority to establish a
representative office, accompanied
by the following documents:
260
Please note that the BSP does not prescribe any format on the required documents, unless specified.
264
a. Certified true copy of the Applicant

resolution of the board of
directors of the applicant foreign
bank authorizing the proposed
establishment of a representative
office in the Philippines;
b. Historical background of the Applicant

applicant including, but not
limited to, the following:
i. Date founded;
ii. Number of foreign branches,
affiliates, subsidiaries and
representative offices, if
any, and their locations;
iii. Number of domestic
branches, if any;
iv. Growth of the bank,
including the range of
banking services offered;
and
v. Ratio of domestic operations
to foreign operation;
c. Certification duly authenticated Applicant

by the Philippine Consulate from
the proper Government
entity/supervisory authority
confirming that the requesting
bank is currently in compliance
with the applicable banking laws
and regulations, including the
integrity and competence of the
bank management, its internal
organization and its financial
soundness;
d. Certification duly authenticated Applicant

by the Philippine Consulate
showing that the Bank is duly
authorized by the proper
Government entity/supervisory
authority of its country to
establish and open a
265
representative office in the
Philippines or a statement from
such government
entity/supervisory authority that
such approval/authority is not
required;
e. The bank’s statement of Applicant

condition as of the end of the
fiscal/calendar year preceding
the filing of application;
f. The bank’s statement of income Applicant

for the last five (5) fiscal/calendar
years preceding the filing of
application;
g. Brief description of Philippine Applicant

trade and financial relations with
the country of the applicant bank
which may be promoted through
the presence of the applicant
bank in the country;
h. The bank’s annual report for the Applicant

last two (2) years;
i. The bank’s articles of Applicant

incorporation, as amended to
date, duly authenticated by the
Philippines Consulate;
j. The bank’s by-laws, as amended Applicant

to date, duly authenticated by the
Philippine Consulate;
k. Names and addresses of Applicant

correspondent banks worldwide;
l. Bio-data of the Philippine Please follow the format indicated in:

Representative with a http://www.bsp.gov.ph/downloads/Regulations/
photograph (2” x 2”) taken within guidelines/Biographical%20Data.pdf
the last 6 months
m. Proposed services to be Applicant

266
promoted;
n. Proposed location of Applicant

representative office; and
o. List of authorized signatories. Applicant
Offshore Banking Unit

2. The application letter signed by an Applicant
authorized representative of the
foreign bank applicant requesting for
authority to establish a offshore
banking unit, accompanied by the
following documents:
a. Certified true copy of the Applicant

resolution of the board of
directors of the applicant foreign
bank authorizing the proposed
establishment of the offshore
banking unit in the Philippines;
b. Certification duly authenticated Applicant

by the Philippine Consulate from
the proper Government
entity/supervisory authority
confirming that the requesting
bank is currently in compliance
with the applicable banking laws
and regulations, including the
integrity and competence of the
bank management, its internal
organization and its financial
soundness;
c. A brief profile of the banking and Applicant

monetary system of the state or
nation where the applicant is
domiciled including the laws and
administrative policies relating to
the establishment of foreign
offices by the applicant;
d. Historical background of the Applicant

applicant including, but not
267
limited to, the following:
i. Date founded;
ii. Number of foreign branches,
affiliates, subsidiaries and
representative offices, if any,
and their locations;
iii. Number of domestic
branches, if any;
iv. Growth of the bank, including
the range of banking services
offered; and
v. Ratio of domestic operations
to foreign operation; and
vi. Foreign currency loans and
investments of the bank in the
ASEAN region by country, if
any, for the immediately
preceding three (3) years;
e. Certification duly authenticated Applicant

by the Philippine consulate
showing that it is duly authorized
by the proper Government
entity/supervisory authority of its
country to establish and engage
in offshore banking business in
the Philippines or a statement
from said government
entity/supervisory authority that
such approval/authority is not
required;
f. The bank’s latest annual report to Applicant

shareholders;
g. The bank’s Articles of Applicant

Incorporation, as amended to
date, duly authenticated by the
Philippines Consulate;
h. The bank’s by-laws, as amended Applicant

to date, duly authenticated by the
Philippine Consulate;
i. The bank’s statement of Applicant

268
condition as of the end of the
fiscal/calendar years preceding
the filing of application,
expressed in US dollars;
j. The bank’s statement of income Applicant

for the last five (5) fiscal/calendar
years preceding the filing of
application;
k. Proposed organizational Applicant

structure of the OBU to be set-
up, including the following:
i. Minimum number of
expatriates and Philippine
nationals to be employed
during the first three (3)
years;
ii. maximum credit authority of
the unit manager; and
iii. extent of supervision of the
unit by the head office;
l. Proposed allocation of funds for Applicant

the operations of the unit;
m. Proposed operations to be Applicant

conducted by the unit for the first
three (3) years of business;
n. Names and addresses of Applicant

persons in the Philippines
authorized to represent the
application in connection with this
application; and
o. List of Correspondent Banks Applicant

throughout the world.
269
Stage 1: Application for BSP approval to establish a representative office/offshore banking
unit
1. Submit application for None Half working
authority to establish a day
representative
office/offshore banking
unit together with
documentary
requirements

copy of application letter the SPRD email Officer, SPRD
and documentary account
requirements to
ospd@bsp.gov.ph. 1.1.2 Transfer email Account
in the SPRD’s sub- Officer, SPRD
folder

Document Tracking
System.261
None Half working

1.2 Personal filing at day
the FSS Booth (Koi
Garden)/SOMD,FSS
Manila)

Get queue number and stamp date and time Officer FSAD-
wait to be called. Once of receipt. SOMD,FSS
documentary 1.2.2 Record receipt Administrative
requirements. of application. Officer FSAD-
SOMD,FSS
261
270
SOMD,FSS
1.2.4 Encode receipt Account

of application in the Officer, SPRD
Document Tracking
System.262
1.3 Mail/Courier None

letter together with stamp date and time of Officer FSAD-
documentary receipt. SOMD,FSS
requirements.
application Officer FSAD-
SOMD,FSS
1.3.3 Forward
documents to SPRD Administrative
Officer FSAD-
1.3.4 Encode SOMD,FSS
application in the
Document Tracking Account
System263. Officer, SPRD

2. Preliminary None 1 working Account
assess the day266 Officer, SPRD,
completeness of the 9/F, Multi-
submitted documents storey Building
documentary
requirements.
2.1 Receive return 2.1 If deficient: Account

submitted documents Prepare letter
returning the
application and its
262
271
accompanying
documents264.
Release letter to
SOMD.
Administrative
Process and release Officer, FSAD-
to Administrative SOMD,FSS
Services Department
(ASD), BSP, for
mailing.
2.2 Receive email on Account
Provisional Receipt of 2.2 If complete: Officer, SPRD
application.
Prepare and send
Provisional Receipt
e-mail.265
C. Submission of Complete Documentary Requirements267
3. Complete the None 1 working Account
preliminary day Officer, SPRD
assessment of the
application and
and substantive268
requirements of
and regulations.
3.1 Receive return 3.1 If deficient: None Account
documents submitted Prepare and release
noted and informing
that application is
requirements.
267
272
submission of
application with
requirements and
rectified.

release to SOMD for Officer,
mailing. FSAD-SOMD,
FSS
273
3.2 Receive 3.2 If formally and None Account
acknowledgment letter via substantively complete Officer, SPRD
email, courier, or and/or no deficiency:
and confirm/sign proof of Prepare and release
receipt. Acknowledgment
Letter informing the
assessment of the
application, and
determination of
sufficiency of
application and
submitted
and substance, the
BSP finds the same
as complete in form
and substance,
hence, the BSP will
now proceed with the
detailed evaluation of
the application and
shall notify the
applicant of the result
thereof; and the date
of receipt of the
complete
requirements which is
the date of the

letter to SOMD.

release documents to Officer, FSAD-
the ASD, BSP, for SOMD,FSS
mailing.
274
D. Evaluation and Decision
4. Conduct None 5 working Account
detailed evaluation of days Officer, SPRD
the application and
prepare evaluation
report and action
documents
3 working Account
4.1 Prepare and days Officer,
review memorandum Division
to appropriate BSP Head/Group
approving authority Head and
Department
Head, SPRD

appropriate action on days Head and
the application Sector Head

documents signing
authorities
decision of the BSP
approving/signing
authority
6. Prepare and None 1 working day Account

letter to the applicant Division
of the decision Head/Group
Head and
approval of application: Head, SPRD
Prepare and process
applicant on the
approval of authority to
establish
representative
office/offshore banking
unit, indicating that
275
applicant may now
stage

the letter notifying Head/Group
denial of request and Head and
therefor and/or the Head, SPRD
informing that
application is
submission of
application with
requirements and
rectified.
7 Receive email 8. Notify applicant None 1 working day Account
notification from SPRD through SPRD official Officer, SPRD
email of the decision
on the application,
attaching scanned
letter, and stating that
original letter shall be
mailed accordingly.

copy of the letter release documents to Officer, FSAD-
the ASD, BSP, for SOMD,FSS
mailing
END OF TRANSACTION
269 Please note that the BSP does not prescribe any format on the required documents, unless otherwise
indicated.
276
Stage 2: Application for Issuance of Certificate of Authority (COA) to Operate a
Representative Office/Offshore Banking Unit
A. DOCUMENTARY REQUIREMENTS (Submit two original copies, unless
otherwise specified)
Representative Office
1. Copy of the SEC-issued license to Securities and Exchange Commission
transact business in the Philippines
2. Payment or proof of payment of the Applicant

license fee (photocopy)
Upon issuance of a certificate of

authority to operate an RO in the
Philippines, the bank shall pay the
BSP a license fee of US$2,000.00.
Offshore Banking Unit

1. Submit a sworn undertaking of its Applicant
head office through any of its duly
authorized officers, supported by an
appropriate resolution of its board of
directors, to the effect that it shall:
a. Provide, on demand, the
necessary currencies to cover
liquidity needs that may arise or
other shortfall that its OBU may
incur;
b. Manage the operations of its
OBU soundly and with prudence;
c. Continually train a specific
number of Filipinos in
international banking and foreign
exchange trading with a view to
reducing the number of
expatriates;
d. Provide and maintain in its OBU
at all times net office funds in the
minimum amount of USD1
million;
e. Start operations of its OBU
within 180 days from receipt of its
certificate of authority to operate
such unit;
f. Comply with all applicable local
laws relating to labor and
277
employment; and
g. Submit, before start of
operations, other documents as
may be required by the BSP such
as certification or similar
documents showing that it is duly
authorized by the proper
government entity of its country
to engage in offshore banking
business in the Philippines.
2. Copy of the SEC-issued license to Securities and Exchange Commission

transact business in the Philippines
3. Payment or proof of payment of the Applicant
license fee (photocopy)
Upon issuance of a certificate of

authority to operate an OBU in the
Philippines, and yearly thereafter,
the authorized bank shall pay the
BSP a fee of not less than
USD20,000.00.
278
Stage 2: Application for the Issuance of Certificate of Authority (COA) to Operate a
A. Submission of Letter-Request and Issuance of COA to Operate270
1. Submit letter-request None Half working
for the application for the day
issuance of COA to
documentary
requirements
1.1 Electronic
Submission

copy of the application the SPRD email account Officer, SPRD
letter and documentary

Document Tracking
System.271
1.2 Through personal None Half working

filing at the FSS Booth day
(Koi Garden)/SOMD,FSS
Manila)

Get queue number and stamp date and time of Officer FSAD-
wait to be called. Once receipt. SOMD,FSS
documentary 1.2.2 Record receipt of Administrative
requirements. application. Officer FSAD-
SOMD,FSS
1.2.3 Forward to SPRD.
271
279
Administrative
Officer FSAD-
SOMD,FSS
1.2.4 Encode receipt of
application in the Account
Document Tracking Officer, SPRD
System.272

day
application letter together stamp date and time of Officer FSAD-
with documentary receipt. SOMD,FSS
requirements.
SOMD,FSS

SOMD,FSS

System
272
280
2. Preliminary assess None 1 working day Account
the completeness of the Officer, SPRD
submitted documents vis-
à-vis checklist of
documentary
requirements.

accompanying
documents. Release
letter to SOMD.

FSS
2.2 Receive email on 2.2 If complete
Provisional Receipt
application Prepare and send Account
Provisional Receipt273 Officer, SPRD
273
A separate acknowledgement letter shall be issued upon determination of the completeness of application
281
B. Payment of License Fee
license fee. refer to the day276
amount of
processing
3.1 Receive OP 3.1 Request OP Number fee Administrative
number and pay through from BFAD-SOMD and indicated Officer,
the following payment send the OP Number to above FSAD-SOMD,
options of UnionBank274: the client through email. FSS/Account
a. Over-the-Counter Officer, SPRD
b. Convergent
Banking/Online
Banking (Web and
App)275
c. The Portal – Business
Banking (Web and
App)

proof of payment of the payment of the license Officer, SPRD
license fee. fee.
C. Submission of Complete Documentary Requirements277
application and day279 Officer, SPRD
and substantive278
laws, rules and
regulations.

282
4.1 Receive 4.1 Prepare and None Account
Acknowledgment letter release Acknowledgment Officer, SPRD
via email, courier, or Letter informing the
authorized representative applicant that after
and confirm/sign proof of evaluation of the
receipt application and
determination of
and submitted
form and substance,
proceed with the
issuance of COA

necessary

SOMD for mailing SOMD, FSS
D. Issuance of COA to Operate

review memorandum to day Officer,
Head, SPRD
6. Receive a copy of 2 working BSP approving

documents showing days and signing
decision of the BSP authorities
approving authority
283
process notification day Officer, SPRD
letter to applicant
indicating conditions
of the approval.
7.1 Receive the advance 7.1 Though email, Account

copy of letter and signed release scanned copy of Officer, SPRD
COA. letter and signed COA.
8.2 Present Letter of 7.2 Through pick-up, Administrative

Authority, if through pick- release original copy of Officer FSAD -
up by authorized letter and signed COA to SOMD, FSS
representative authorized
representative.
8.3 Receive original 7.3 Through Administrative
copy of letter and signed mail/courier, process and Officer FSAD -
COA. release documents to the SOMD, FSS
ASD, BSP, for mailing.
END OF TRANSACTION

How to send feedbacks and Feedback and complaints in Bangko Sentral
complaints? ng Pilipinas may be sent through the
following channels:
DOCUMENTS
Press the smiley or sad face button

and encode “Receiving/Releasing of
ARTA-related documents” and
feedbacks/complaints in the comment
section of the Feedback Management
System (FMS) tablet installed in the
receiving area of the Sectoral
Operations Management Department
(SOMD), Financial Supervision Sector
(FSS), 4th Floor, Multi-storey Building.
284
PROCESSING OF SERVICES
ENROLLED IN THE BSP CITIZEN’S
CHARTER
Input the transaction code to be

provided by SPRD, FSS, in the
Feedback Corner of the BSP website
at www.bsp.gov.ph and fill-out the
How feedbacks are Feedbacks and complaints may be filed

processed through the following:

feedback/complaint is received real time
by all FMS users of the department/office.
FMS designate/alternate shall encode the
action taken within two (2) working days
from receipt of sad emoticon/negative
feedback.
If negative feedback is more than 20% of

the day’s number of respondents,
o FMS designate/alternate of the SOMD,
FSS generates and endorses the Daily
i-Report within a day (24 hours) to the
Servicing Department/Office (SDO)
Head and other concerned personnel
to review and reply to the concerned
issue.
o Action Report (i.e., with information on
action to be taken and target date of
completion/resolution) approved by the
SDO Head is transmitted to Feedback
Management Unit through the Director
of the Economic and Financial
Learning Center (EFLC) within two (2)
feedback/complaint.
In case the feedback/complaint is within

285
the purview of another department/office of
the BSP, the FMS Designate/Alternate of
SOMD, FSS requests transfer of feedback
to appropriate department/office thru the
FMS. Request for transfer is done within
one (1) working day from receipt of sad


Malacañang, Manila
Telephone:
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
Telefax: +63(2)-8736-8621

Tape Authority

Telephone: +63(2)-8478-5091;
+63(2)-8478-5099
Public Assistance and Information Office,

Civil Service Commission, CSC Building,
IBP Road, Constitution Hills, 1126
Quezon City
Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565
E-mail:
286
Website:

Supervisory Policy and 9th floor, Multi-storey BSP Trunkline (02)
Research Department Building 8708-7701 local 2679
Bangko Sentral ng
Pilipinas
A. Mabini Street
1004 Malate, Manila
Sectoral Operations 4th Floor, Multi-storey BSP Trunkline (02)

Management Department Building 8708-7701 local 2441
(SOMD) and 2787
Bangko Sentral ng
Frontline Services Pilipinas,
Administration Division Direct Line: (02) 8708-
A.Mabini St., Malate,
(FSAD) 7689; 8708-7446
Manila 1004
Budget and Finance
(BFAD)

Applications received from 1:00 PM onwards will be considered as received the following
working day). Processing of Order of Payment for payment of fees will be until 10:00 AM
only.
287
8. Application for Authority to Establish a Standalone Trust Corporation (update)
The application for the grant of authority to establish a standalone trust corporation (SATC)
consists of three stages as follows:
 Stage 1 refers to the application for BSP approval to establish a SATC with processing
time of 20 working days.
 Stage 2 refers to the application for the issuance of Certificate of Authority to register
with the Securities and Exchange Commission with processing time of 20 working days.
This process requires the evaluation of the Articles of Incorporation and/or By-Laws or
amendments thereto, indicating the corporate purpose to engage in trust, investment
management, and other fiduciary activities and assessing if these are compliant with
governing trust laws and regulations.
 Stage 3 refers to the application for the issuance of the Certificate of Authority to
establish and operate a SATC with a processing time of 20 working days. This process
requires evaluation of compliance to the conditions under Stage 1 and evaluation of
submitted manuals that will govern the operations of the SATC.
Office or Division: Treasury and Asset Management Supervision Department

Who may avail: Applicant entities that plan to engage in trust and other fiduciary
business
Stage 1 – Application for approval to establish a SATC
(Submit one (1) original copy only, unless otherwise stated)
1. Application letter for authority to establish Applicant
SATC
2. Accomplished bio-data sheet with latest 2x2 Template of the bio-data may be downloaded
ID picture of each incorporator, proposed at the BSP website:
director and officer, and subscriber. The http://www.bsp.gov.ph/
directors and officers of the applicant entity regulations/guidelines.
must comply with the fit and proper rule asp
prescribed under existing laws and
regulations.
3. Certificate of Net Worth as of a date not Applicant
earlier than ninety (90) days prior to the
filing of application of each subscriber. Such
certificate shall be used to evaluate the
certifying person’s financial capacity to
invest in the SATC. A waiver of rights under
Republic Act (R.A.) No. 1405 shall also be
submitted for purposes of verification of the
declared networth – (1 original copy for each
288
subscriber)
4. Certified photocopy of the Income Tax Applicant
Return of each incorporator, subscriber,
proposed director and officer for the last two
(2) calendar years (or similar document from
the home country in the case of non-Filipino
citizens) (1 set of documents for each
incorporator, subscriber, proposed director
and officer)
5. NBI clearance of each incorporator, National Bureau of Investigation
subscriber, proposed director and officer (or
similar document from the home country in
the case of non-Filipino citizens, or a
certification that the incorporator, subscriber,
proposed director and officer concerned has
already undergone prior
approval/confirmation by the BSP as
director and/or officer of a BSP-supervised
entity) (1 original copy for each incorporator,
subscriber, proposed director and officer)
6. Written authorization in favor of the Bangko Applicant
Sentral ng Pilipinas giving consent to
conduct the verification/validation of the
documents or representations stated in the
application
For corporate subscribers, the following
additional documents shall be submitted:
7. Secretary’s Certificate of the board’s Applicant
approval for the corporation to invest in such
SATC and designating the person who will
represent the corporation in connection
therewith (1 photocopy)
8. Latest articles of incorporation (AOI) and by- Applicant
laws duly stamped received by the
(SEC) (1 photocopy)
9. Current list of directors and principal officers Applicant
10. Current list of substantial or major Applicant
289
stockholders, indicating their citizenship and
the number, amount and percentage of the
voting and non-voting shares held by each
of the stockholders
11. The corporation's audited financial Applicant
statements for the last two (2) years prior to
the filing of application (1 photocopy)
12. The corporation's annual report to the Applicant
stockholders for the year immediately
preceding the date of filing of application (1
photocopy)
13. The corporation’s Income Tax Returns and Applicant
BIR clearances for the last two (2) calendar
years (1 certified photocopy)
14. Detailed plan of operation and economic Applicant
justification for establishing a SATC. (Please
refer to the Manual of Regulations for Non-
Bank Financial Institutions for the minimum
content of the plan.)
15. Detailed plan showing how the subscribers Applicant
would put up the required capitalization for
the proposed SATC
16. Projected financial statements of the Applicant
proposed SATC for the first five (5) years
together with assumptions. The
assumptions should be consistent with the
proposed plan of operation. The projected
financial statements should show sufficient
capital to support strategies and operations.
17. For foreign corporate subscribers, the
following documents shall be submitted in
addition to items 7 to 12:
(a) Where the proposed owner or Home country’s supervisory authority
parent organization is a foreign-regulated
financial institution, a certification from
the corporation’s home country
supervisory authority that it has no
objection to the investment of such
290
company in a SATC in the Philippines
and that adequate information on such
foreign corporation shall be provided to
the Bangko Sentral ng Pilipinas to the
extent allowed under existing laws (1
original copy)
(b) A certification from the Corporate Applicant
Secretary or any officer holding an
equivalent position that the bank/entity is
established, reputable and financially
sound
(c) If the proposed ownership Applicant
represents controlling interest in the
SATC, a certification from the Corporate
Secretary or any officer holding an
equivalent position containing the
information that the bank/entity is widely-
owned and publicly-listed, duly
authenticated by the Philippine
Consulate
18. In the case of a BSP-supervised institution
(BSFI) that decides to spin-off its trust
department to a SATC, the following
documents shall be submitted, in addition to
items 1 and 8:
(a) Updated bio-data sheet with latest 2x2 ID Template can be downloaded at the BSP
picture of each incorporator, proposed website:
director and officer, and subscriber (1 http://www.bsp.gov.ph/
original copy for each incorporator, regulations/guidelines.
proposed director and officer, and asp
subscriber)
(b) Certificate of Net Worth as of a date not Applicant
earlier than ninety (90) days prior to the
filing of application of each subscriber.
Such certificate shall be used to evaluate
the certifying person’s financial capacity to
invest in the SATC.A waiver of rights
under Republic Act (R.A.) No. 1405 shall
also be submitted for purposes of
verification of the declared networth (1
291
original copy for each subscriber)
(c) Certified photocopy of the Income Tax Applicant
Return of each incorporator, subscriber,
proposed director and officer for the last
two (2) calendar years (or similar
document from the home country in the
case of non-Filipino citizens) (1 set of
documents for each incorporator,
subscriber, proposed director and officer)
(d) NBI clearances of each incorporator, National Bureau of Investigation
subscriber, proposed director and officer
(or similar document from the home
country in the case of non-Filipino citizens
or certification that the incorporator,
subscriber, proposed director and officer
concerned has already undergone prior
approval/confirmation by the BSP as
director and/or officer of a BSP-supervised
entity) (1 original copy for each of the
incorporator, subscriber, proposed director
and officer)
(e) Secretary’s Certificate of the board’s Applicant
approval for the trust department to spin-
off into a SATC and designating the
person who will represent the corporation
in connection therewith (1 photocopy)
(f) The detailed plan of operation and Applicant
economic justification for establishing a
SATC, including specific actions and
timelines for the smooth transition of
operations and timelines for ample
notification to clients
(g) Detailed plan showing how the BSFI would Applicant
put up the required capitalization for the
proposed SATC
(h) For a trust department of a foreign Home country’s supervisory authority
bank/branch, in addition to items 18.a to
18.g, a certification from its home
country’s supervisory authority that it has
292
no objection to the spin-off of the trust
department of said bank/branch into a
SATC and that adequate information shall
likewise be provided to the Bangko Sentral
ng Pilipinas to the extent allowed under
existing laws.
PERSON
FEES TO PROCESSING
BE PAID TIME
E
A. Preliminary Assessment280
1. Submit
application
2.1 Electronic
submission 1.1.1 System auto- None Half-Day n/a
acknowledges the
1.1.1 Submit submission
scanned copy of
application letter 1.1.2 Log-in and open the Account Officer,
and FSS Department or TAMSD
documentary SOMD email
requirements to account.
fss-
somd@bsp.gov. 1.1.3 Transfer email in the Account Officer,
ph) department’s sub- TAMSD
folder.
1.2.1 Receive and stamp None Half-day Administrative
date and time of receipt. Officer, FSAD
- SOMD, FSS
1.2.2 Record receipt of
application.
1.2 Personal filing
at the FSS Booth 1.2.3 Forward documents
(Koi Garden) / to TAMSD.
SOMD, FSS (4th
Floor, Multi-Storey
documentary documents in substance and in form, presentation of business model (if applicable) and submission
of proof of payment of filing fee. The time spent in determining whether or not all the requirements have been
complied with shall not be included in the determination of processing time. Accordingly, the steps under
preliminary assessment are for applicant’s reference only and not part of the processing time of the application.
293
PERSON
FEES TO PROCESSING
BE PAID TIME
E
Building, BSP
Complex, Manila)
1.2.1 Proceed to
FSS Booth / 1.3.1 Receive and stamp None Half-day Administrative
SOMD. Get queue date and time of receipt. Officer, FSAD
number and wait to - SOMD, FSS
be called. Once 1.3.2 Record receipt of
called, present all application.
the documentary
requirements. 1.3.3 Forward documents
to TAMSD.
1.3 Mail/Courier
1.3.1 Send the

application letter
together with
documentary
requirements.
2. Upon receipt of the None 1 working day Processor,

application letter and TAMSD, FSS
documentary
requirements,
accomplish the
checklist of
documentary
requirements.
2.1 If documents are in

order, prepare the
provisional receipt
with notice of
payment of the filing
fee of
PHP 25,000.00.281
2.2 In case of
documentary
deficiency/ies,
281 Amount of the filing fee and shall be charged upon filing of the application and is non-refundable
294
PERSON
FEES TO PROCESSING
BE PAID TIME
E
prepare return letter
and attach the
submitted
documents.282
2.3 Release to SOMD-

FSAD.
2.4 Email advance copy

of the letter as
necessary.
3. Receive the 2. Release the letter to None Half-day Administrative

original copy of the applicant/ Officer, SOMD-
authorized FSAD, FSS
letter. Sign and
return proof of representative.
receipt of letter.
2.1 If through registered
mail/ courier: Process
and release
documents to the
Administrative
Services Department
(ASD) for mailing.
2.2If through pick-up:

release original letter
to authorized
representative upon
If through pick-up, presentation of a
proceed to SOMD- letter of authority.
FSAD, 4 th floor,
Multi-storey
Building
3. Receive the OP 3.1 Request Order of P25,000.00 1 working day Processor,

number and pay Payment (OP)
282
This is without prejudice to the re-submission of another application once the deficiency/ies has/have been
addressed.
295
PERSON
FEES TO PROCESSING
BE PAID TIME
E
through the Number to Budget TAMSD
following and Finance
payment options Administrative
in the UnionBank Division (BFAD) -
of the SOMD, FSS through
283
Philippines : e-mail.285
a. Over-the-
3.2 Process the Order of Administrative
Counter
Payment using the Officer, BFAD-
b. Convergent
New Order of SOMD, FSS
Banking/Onlin
Payment System
e Banking
(NOPS)286 and send
(Web and
the OP Number to
App)284
the requesting
c. The Portal –
department.
Business
Banking (Web
and App) Processor,
3.3 Send the OP Number
TAMSD
to the applicant
through email.
Administrative
3.4 Provide TAMSD with
Officer, SOMD-
a copy of collection FSAD, FSS
report on a daily
basis,287 as
applicable (except
weekends and
holidays).
4. Prepare the None 1 working day Processor,
acknowledgment TAMSD, FSS
letter.

FSAD.
286
287
296
PERSON
FEES TO PROCESSING
BE PAID TIME
E
of the letter as
necessary.
B. Evaluation and Decision
5. Receive the 5. Release the None Half-day Administrative
original copy of acknowledgment Officer, SOMD-
the letter288 to the FSAD, FSS
acknowledgmen applicant/authorized
t letter. Sign and representative.
return proof of
receipt.
and release
documents to the
Administrative
Services Department
(ASD) for mailing.
.
5.2 If through pick-up:
Process and release
documents to the
applicant/authorized
representative upon
presentation of a letter
of authority.
If through pick-up,
proceed to SOMD-
FSAD, 4th floor,
Multi-storey
Building
6. Assess/ review if all None 2 working days Processor,
documentary TAMSD, FSS
requirements
submitted are
properly
accomplished.
6.1 If in order, prepare

the letter on the
acceptance of the
application. The letter
288 The standard processing timeline of 20 days shall commence from the date of the acknowledgment letter.
297
PERSON
FEES TO PROCESSING
BE PAID TIME
E
shall include the
billing for the
processing fee
amounting PHP
100,000.00.289
6.2 In case of
documentary
deficiency/ies,
and attach the
submitted
documents.290

FSAD.

of the letter as
necessary.
7. Receive the 7. Release the letter to None Half-day Administrative

original copy of the applicant/ Officer, SOMD-
the letter. Sign authorized FSAD, FSS
and return representative.
proof of receipt.
If through pick-up,
proceed to SOMD-
FSAD, 4th floor, and release
Multi-storey documents to the
Building Administrative
Services Department
(ASD) for mailing.

Process and release
documents to the
289
Amount of the processing fee and shall be charged upon acceptance of application regardless of whether the
application is approved or denied. Processing fee shall be inclusive of the filing fee.
290 This is without prejudice to the submission of a new application once the deficiencies have been addressed.
298
PERSON
FEES TO PROCESSING
BE PAID TIME
E
representative upon
presentation of letter
of authority.
8. Receive the OP 8.1 Request Order of P75,000 1 working day Processor,
number and pay Payment (OP) TAMSD
through the Number to Budget
following and Finance
payment options Administrative
in the UnionBank Division (BFAD) -
SOMD, FSS through
of the
e-mail293
Philippines291:
a. Over-the- Administrative
8.2 Process the Order of
Counter Officer, BFAD-
Payment using the
b. Convergent SOMD, FSS
New Order of
Banking/Onlin Payment System
e Banking (NOPS)294 and send
(Web and the OP Number to
App)292 the requesting
c. The Portal – department.
Business
Banking (Web 9.3 Processor,
Send the OP
and App) TAMSD
Number to the
applicant through
email.
Administrative
9.4 Provide the Officer, BFAD-
department SOMD, FSS
concerned with a
copy of collection
report on a daily
basis,295 as
applicable (except
weekends and
holidays).
294
295
299
PERSON
FEES TO PROCESSING
BE PAID TIME
E
10. Upon receipt of the None 13 working Processor,
copy of the days TAMSD, FSS
collection report,
proceed with the
evaluation of the
application,296 and
elevate the request
for action of
approving
authorities.
11. Prepare and release None 1 working day Processor,
the transmittal letter TAMSD, FSS
on the decision of
the approving
authority to SOMD-
FSAD. For an
approved
application, the letter
will include a billing
for the licensing fee
of PHP
500,000.00. 297

of the letter as
necessary.
13. Receive the 13. Release the None Half-day Administrative
original copy of transmittal letter to Officer, SOMD-
the transmittal the FSAD
letter. Sign and applicant/authorized
return proof of representative.
receipt.
mail/ courier:
296
The BSP may post queries/clarifications in connection with the application/documents submitted.
297 Amount of the licensing fee and shall be charged upon approval of the application. The licensing fee shall be
inclusive of the processing fee.
300
PERSON
FEES TO PROCESSING
BE PAID TIME
E
If through pick-up, Process and
proceed to SOMD- release documents
FSAD, 4th floor, to the
Multi-storey Administrative
Building Services
Department (ASD)
for mailing.

Process and
release documents
to the applicant/
authorized
representative upon
presentation of
authorization letter.
14. Receive the 14.1 Request Order of P400,000.00 1 working day Processor,
OP number Payment (OP) TAMSD
and pay Number to Budget
through the and Finance
following Administrative
payment Division (BFAD) -
SOMD, FSS
options in the
through e-mail300
UnionBank of
the
Administrative
Philippines298: 14.2 Process the Order Officer, BFAD-
of Payment using
a. Over-the- SOMD, FSS
the New Order of
Counter Payment System
b. Convergent (NOPS)301 and
Banking/Onlin send the OP
e Banking Number to the
(Web and requesting
App)299 department.
c. The Portal – Processor,
Business TAMSD
Banking (Web 14.3 Send the OP
299
300
301
301
PERSON
FEES TO PROCESSING
BE PAID TIME
E
and App) Number to the
applicant through
email. Administrative
Officer, BFAD-
SOMD, FSS
14.4 Provide the

department
concerned with a
copy of collection
report on a daily
basis,302 as
applicable (except
weekends and
holidays).
END OF TRANSACTION
302
302
STAGE 2 – Issuance of the Certificate of Authority (COA) to Register the Articles of
Incorporation (AOI) and By-Laws (BL) of the Proposed Stand-alone Trust Corporation
1. Letter request for the issuance of COA to Applicant
Register
2. Articles of Incorporation, treasurer’s sworn Applicant
statement and by-laws which shall include
provisions on the appointment of a president,
equivalent position/officer, and other subordinate
officers, and a clear definition of their duties and
responsibilities – (7 photocopies)
3. Proof of deposit with any universal/commercial Depository bank
bank of the initial paid-up capital of the proposed
SATC (1 photocopy)
PERSON
CLIENT STEPS FEES TO PROCESSING
AGENCY ACTIONS RESPONSIBL
BE PAID TIME
E
1.1 Electronic
submission
1.1.1 System auto- None Half-Day
1.1.1 Submit scanned acknowledges the
copy of application submission
letter and
documentary 1.1.2 Log-in and open the Administrative
requirements to fss- FSS Department or Officer, FSAD
somd@bsp.gov.ph) SOMD email - SOMD, FSS
account.
1.1.3 Transfer email in the

department’s sub-
folder.
None Half-day Administrative

1.2 Personal filing at the Officer, FSAD
documentary documents in substance and in form. The time spent in determining whether or not all the
requirements have been complied with shall not be included in the determination of processing time. Accordingly,
the steps under preliminary assessment are for applicant’s reference only and not part of the processing time of
the application.
303
PERSON
BE PAID TIME
E
FSS Booth (Koi Garden) - SOMD, FSS
/ SOMD, FSS (4th Floor,
Multi-Storey Building,
BSP Complex, Manila)
1.2.1 Proceed to FSS 1.2.1 Receive and stamp

Booth / SOMD. Get date and time of receipt.
queue number and wait
to be called. Once 1.2.2 Record receipt of
called, present all the application.
documentary
to TAMSD.
None Half-day Administrative

1.3 Mail/Courier 1.3.1 Receive and stamp Officer, FSAD
date and time of receipt. - SOMD, FSS
1.3.1 Send the
application letter 1.3.2 Record receipt of
together with application.
documentary
to TAMSD.
2. Upon receipt of the None 2 working days Processor,

letter and TAMSD, FSS
documentary
requirements, verify if
the submissions are
complete and
accurate.
3. If the documents are None Half-day Processor,
in order, prepare the TAMSD, FSS
acknowledgment
letter.304
3.1In case of
deficiency/ies,
304
304
PERSON
BE PAID TIME
E
and attach submitted
documents.305
3.2Release to SOMD-
FSAD.
3.3. Email advance copy

of the letter as
necessary.
4. Receive original copy 4. Release the None Half-day Administrative
the letter. Sign and acknowledgment Officer, SOMD-
return proof of letter306 to the FSAD, FSS
receipt. applicant/ authorized
representative.

and release
documents to the
Administrative
Services Department
(ASD) for mailing.
.
If through pick-up, Process and release
proceed to SOMD- documents to the
th
FSAD, 4 floor, Multi- applicant/authorized
storey Building representative upon
presentation of
5. Submit the proposed None 14.5 working Processor,
AOI and BL for legal days TAMSD, FSS
clearance.
5.1 If not cleared, prepare

return letter, together
with the submitted
305 This is without prejudice to the submission of a new request once the deficiencies have been addressed.
306
305
PERSON
BE PAID TIME
E
documents.

FSAD.307 Follow step
4 above.

of the letter as
necessary.
5.4 Prepare documents

for endorsement to
the Securities and
Exchange
Commission (SEC)
and elevate to
approving authority
the actions to be
taken on the request
for the issuance of
the COA to Register
(approval or denial)
6 Upon receipt of the None 1 working day Processor,
COA to Register and TAMSD, FSS
the endorsement letter
signed by the
approving authority,
transmit the COA to
Register, AOI, BL for
the application of the
BSP dry seal.
7 Upon receipt of None 2 working days Processor,
documents with dry TAMSD, FSS
seal, prepare
transmittal letter and
attachments.
307 This is without prejudice to re-submission of a new request once the deficiency/ies has/have been addressed.
306
PERSON
BE PAID TIME
E
8 Upon receipt of the 8. Release advance None 1 working day Processor,
advance copy of the copy of the transmittal TAMSD, FSS
letter, notify TAMSD letter and attachments
of the date of pick-up to the applicant
of the transmittal through electronic
letter and mail.
attachments by the
representative.
9. Receive the original 9. Release the None 1 working day Processor,
copy of the letter and transmittal letter and TAMSD, FSS
attachments. Sign attachments to the
and return proof of applicant/authorized
receipt. representative (if
through pick-up) and
to SOMD-FSAD if
through courier.
9.1 If through registered Administrative

mail/ courier: Process Officer,
and release SOMD-FSAD,
documents to the FSS
Administrative
Services Department
(ASD) for mailing.

Process and release Processor,
documents to the TAMSD, FSS
representative, upon
presentation of
Location: TAMSD,
11th Floor, Multi-
storey Bldg.
END OF TRANSACTION
307
Stage 3 - Issuance of COA to Operate
1. Letter request for the issuance of COA Applicant
to Operate
2. Certificate of Incorporation issued by the Securities and Exchange Commission
as proof of registration of Articles of
Incorporation and By-laws
3. Certification of compliance with the Applicant
conditions of approval duly signed by
the incorporators, including the set-up of
the required basic security deposit
4. List of names and positions of Applicant
individuals designated as chairman and
members of the board of directors,
president and other subordinate officers
of the SATC with their respective bio-
data and statement of duties and
responsibilities (job descriptions), with
letter-request for approval of interlocking
directorship and officership, if any
5. Organizational chart which shows the Applicant
names of departments/units with
respective functions and responsibilities
and designations of officers/units. The
organizational chart should show clear
accountability of the management
structure and should provide for
independent check and balance by the
board of directors
6. Risk Management Manual, Manual on Applicant
Consumer Protection Framework and
Operations Manual embodying the
policies, systems, and operating
procedures of each department/unit in
the organization (including a Corporate
Secretary’s Certificate on the Board’s
approval of SATC’s Risk Management
Manual, Manual on Consumer
Protection Framework and Operations
Manual) (1 photocopy for each manual)
7. Certification by the President of the Applicant
SATC that the above manuals were
prepared and aligned with existing
Bangko Sentral ng Pilipinas rules and
308
regulations on risk management,
consumer protection and trust, other
fiduciary and investment management
activities, and that the policies, systems
and operating procedures in the
manuals shall be implemented
8. Excerpts of the minutes of the Applicant
organizational/director’s meetings
confirming all organizational and pre-
opening transactions relative to activities
undertaken by the TC to operate the
trust, other fiduciary business and
investment management activities (i.e.,
appointment of officers, and approval of
authorized signatories) (1 photocopy)
9. Alphabetical list of all stockholders with Applicant
the number and percentage of voting
stocks owned/held
10. List of natural persons/stockholders Applicant
certified by the corporate secretary,
owning voting stocks in the SATC and
are related to other identified
stockholders within the first (1st) degree
of consanguinity or affinity, indicating
the combined percentage of voting
stocks held by these persons in the
particular SATC, as well as juridical
persons, including corporations that are
wholly-owned or a majority of the stock
of which is owned by any of such
persons, including their wholly- or
majority-owned subsidiaries
11. Certification by the President that no Applicant
person who is the spouse or relative
within the second (2nd) degree of
consanguinity or affinity of any person
holding the position of chairman,
president, chief executive officer, chief
operating officer, executive vice-
resident, senior vice president or any
position of equivalent rank, general
manager, treasurer, chief cashier, or
chief accountant will be appointed to
any of said positions in the SATC
309
CLIENT PERSON
AGENCY ACTIONS FEES TO PROCESSING
STEPS RESPONSIBL
BE PAID TIME
E
1. Submit
application
1.1 Electronic
submission 1.1.1 System auto- None Half-Day
acknowledges the
1.1.1 Submit submission
scanned copy
of application 1.1.2 Log-in and open the
letter and FSS Department or
documentary SOMD email
requirements to account.
fss-
somd@bsp.gov 1.1.3 Transfer email in the
.ph) department’s sub-
folder.
Administrative
1.2.1 Receive and stamp None Half-day Officer, FSAD
date and time of receipt. - SOMD, FSS
application.
1.2 Personal filing
at the FSS Booth 1.2.3 Forward documents
(Koi Garden) / to TAMSd.
SOMD, FSS (4th
Floor, Multi-Storey
Building, BSP
Complex, Manila)
1.2.1 Proceed to
FSS Booth /
SOMD. Get
queue number
and wait to be
documentary documents in substance and in form. The time spent in determining whether or not all the
requirements have been complied with shall not be included in the determination of processing time. Accordingly,
the steps under preliminary assessment are for applicant’s reference only and not part of the processing time of
the application.
310
CLIENT PERSON
STEPS RESPONSIBL
BE PAID TIME
E
called. Once None Half-day Administrative
called, present all 1.3.1 Receive and stamp Officer, FSAD
the documentary date and time of receipt. - SOMD, FSS
requirements.
application.
1.3 Mail/Courier 1.3.3 Forward documents

to TAMSD.
1.3.1 Send the
application letter
together with
documentary
requirements.
2. Upon receipt of the None 1 working day Processor,

letter request and TAMSD, FSS
documentary
requirements, verify if
the submissions are
complete.
3. If the documents are in None Half-day Processor,
order, prepare the TAMSD, FSS
acknowledgment
letter.309
3.1 In case of
documentary
deficiency/ies,
and attach submitted
documents.310

FSAD.
310 This is without prejudice to the submission of a new request once the deficiency/ies has/have been addressed.
311
CLIENT PERSON
STEPS RESPONSIBL
BE PAID TIME
E
of the letter as
necessary.

4. Receive 4. Release the None Half-day Administrative
original copy of acknowledgment Officer, SOMD-
the letter. Sign letter311 to the FSAD, FSS
and return applicant/authorized
proof of representative.
receipt.
If through pick-up, mail/ courier: Process
proceed to and release
SOMD-FSAD, 4 th documents to the
floor, Multi-storey Administrative
Building Services Department
(ASD) for mailing.
.
Process and release
documents to the
representative upon
presentation of
5. Evaluate documents. None 12.5 working Processor,
If in order, prepare days TAMSD, FSS
draft COA to Operate
and endorse for
printing.
5.1In case of
documentary
deficiency/ies, prepare
return letter and
attach submitted
documents.312
312 This is without prejudice to the submission of a new request once the deficiency/ies has/have been addressed.
312
CLIENT PERSON
STEPS RESPONSIBL
BE PAID TIME
E
Release to SOMD-
FSAD. Follow step 4
above.
printed COA to TAMSD, FSS
Operate, secure the
signature of the
Governor. Once
signed, endorse for
the application of the
BSP dry seal.
COA to Operate with TAMSD, FSS
dry seal, prepare and
release transmittal
letter and attachment.
8. Upon receipt of 8. Release the advance None 1 working day Processor,
the advance copy of the transmittal TAMSD, FSS
copy of the letter and COA to
COA to Operate to the
Operate and applicant through
transmittal electronic mail.
letter, notify
TAMSD of the
date of pick-up
by the
applicant/author
ized
representative.
9. Present original 9. Release transmittal None Half-day Processor,
copy of Official letter and COA to TAMSD, FSS
Receipt and operate to the
Letter of applicant or its
Authority, if authorized
through pick-up representative (if
by authorized through pick up) or to
representative. SOMD-FSAD (if
through courier).
9.1 Receive original Processor,
copy of letter TAMSD, FSS
313
CLIENT PERSON
STEPS RESPONSIBL
BE PAID TIME
E
and signed
Certificate of 9.1 Through pick-up,
Authority. release original copy
of letter and signed
Location: TAMSD, Certificate of Authority
11th Floor, Multi- to
storey Bldg. applicant/authorized Administrative
representative upon Officer, SOMD-
presentation of letter FSAD, FSS
of authority.
9.2 Through mail/courier,

process and release
documents to the
ASD, BSP, for
mailing.
END OF TRANSACTION

channels:
DOCUMENTS
Press the smiley or sad face button and

encode “Receiving/Releasing of ARTA-
related documents” and
feedbacks/complaints in the comment
section of the Feedback Management
System (FMS) tablet installed in the
receiving area of the Sectoral Operations
Management Department (SOMD),
Financial Supervision Sector (FSS), 4th
Floor, Multi-storey Building.
314
Input the transaction code to be provided

by TAMSD, FSS, in the Feedback Corner
of the BSP website at www.bsp.gov.ph and
fill-out the structured form online.
How feedbacks and complaints are Feedbacks and complaints may be filed through
processed? the following:


o FMS designate/alternate of the SOMD,
FSS generates and endorses the Daily i-
Report within a day (24 hours) to the
Servicing Department/Office (SDO) Head
and other concerned personnel to review
and reply to the concerned issue.
o Action Report (i.e., with information on
action to be taken and target date of
completion/resolution) approved by the
SDO Head is transmitted to Feedback
Management Unit through the
Director/OIC of the Economic and
Financial Learning Center (EFLC) within
two (2) working days from receipt of
negative feedback/complaint.

purview of another department/office of the
BSP, the FMS Designate/Alternate of SOMD,
FSS requests transfer of feedback to
appropriate department/office thru the FMS.
Request for transfer is done within one (1)
working day from receipt of sad
315

Malacañang, Manila
Telephone:
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
Telefax: +63(2)-8736-8621

Authority

Telephone: +63(2)-8478-5091;
+63(2)-8478-5099

Service Commission, CSC Building, IBP
Road, Constitution Hills, 1126 Quezon City
Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565
316

Treasury and Asset 11th floor, Multi-storey BSP Trunkline: 708-7011,
Management Supervision Building, Bangko Sentral ng local 2682
Department Pilipinas,
Direct Line: 708-2201; Fax
A. Mabini St., Malate, No.: 306-2946
Manila 1004
Sectoral Operations 4th Multi-storey Building, BSP Trunkline: 708-7011,

Management Department Bangko Sentral ng Pilipinas, local 2441 and 2787
(SOMD)
A.Mabini St., Malate, Manila Direct Line: 708-7689 ; 708-
1004 7446
Frontline Services
(FSAD)
Budget and Finance

(BFAD)
317
9. Issuance of License/Authority to Operate as Electronic Money Issuer
(EMI) and Virtual Currency Exchange (VCE) and Offer Advanced
Electronic Payment and Financial Services (EPFS) (update)
The application for grant of authority to issue and operate as Electronic Money Issuer (EMI),
register as Virtual Currency Exchange and offer advanced Electronic Payment and Financial
Services (EPFS) constitutes a 3-stage process.
 Stage 1 refers to the assessment of BSP of Applicant’s eligibility to apply as an EMI and
VCE, with processing time of 13 working days.
the Securities and Exchange Commission (SEC) its Articles of Incorporation (AOI) or
Articles of Cooperation (AOC), respectively, and/or By-Laws (BL) indicating its purpose
to operate as MSB operator for partnerships/corporations/cooperatives with processing
time of 7 working days; and
 Stage 3 refers to the application for grant of License/Authority to operate as VCE/EMI
and offer Advanced EPFS with processing time of 20 working days.
Applications for Authority to Establish and Operate as EMI, Register as VCE and Offer
Advanced EPFS are subject to filing fee of P1,000.00 upon submission of application under
Stage 1. Payment of one-time, non-refundable registration fee (inclusive of the filing fee) for
EMI/VCE shall be required under Stage 3.
318
Office or Division: Technology Risk and Innovation Supervision Department
Who may avail: Applicants/entities of proposed money service business which should be
stock corporations
Stage 1: Assessment of Applicant’s Eligibility to Apply as Electronic Money Issuer (EMI) and VCE
A. DOCUMENTARY REQUIREMENTS (Submit one (1) original copy only, unless otherwise stated)
1. Letter application (signed by the authorized signatory with the following Applicant
information:
a. Contact number
b. E-mail address
c. Classification of Entity? Type A (Large Scale VCE); Type B (Small
Scale VCE) or Type C (EMI)
d. Average monthly value of transactions (for types A and B applicants
only)
Transaction Estimated
Average Monthly
Value (in Php)
International Inward (Payout) Remittance

Facilitated Through VC
International Outward (Send Out) Remittance
Facilitated Through VC
VC to Philippine Pesos/Other Currency
Philippine Peso/Other Currency to VC
Total

of the facility
d. Capital Requirements and details of Source of Funding/ Financing
e. Target Market
f. Target Clientele
g. Operational Workflow from account opening including AMLA and
Know Your Customer (KYC) process, transaction initiation to fulfillment
and settlement process
h. Consumer complaints handling and redress mechanism process
i. Information technology infrastructure (network diagram, system
interface, security controls and disaster recovery set up)
319
3. List of owners/controlling shareholders, directors, and principal officers, Applicant
as applicable, with the following information:
a. Name
b. Citizenship
c. Address
d. Position
e. TIN
f. Amount of Contribution
g. % of Ownership
h. Contact No.
i. E-mail Address
4. Notarized Special Power of Attorney (SPA), authorizing a person/entity
to apply for a certificate of registration in behalf of the
proprietor/partnership/corporation. In the case of a corporate applicant, a
certified true copy of the board resolution authorizing the person or entity
shall likewise be submitted.
5. Payment and proof of payment of non-refundable filing fee Applicant
B. TOPICS FOR BUSINESS MODEL PRESENTATION (Submit advance copy of the presentation
materials)
Presentation materials which shall include discussion of the following: Applicant
1. Purpose of the Business;
2. Form of Business Organization and Organizational Structure, including
the following:
a. Capital Requirements and details of source of funding/financing;
b. Target Market;
c. Target Network/Tie Ups;
d. Projected Annual Volume of Transactions for three (3) years;
3. Products and Services to be offered;
4. Product features and functionalities (please provide screenshots as
well);
5. Narrative discussion of the Operational Workflow – including the roles
and responsibilities of the parties involved (from initiation to fulfillment of
the transaction)
a. Customer on-boarding process/requirements;
b. Sending-in and pay-out method process;
c. Settlement process;
6. Consumer complaints handling and redress mechanism process;
7. Transaction fees to be charged to customers and partners; and
8. Proposed set up of IT infrastructure [please include a high-level
discussion on the systems involved, system interfaces, data center set-
up (e.g., on-premise or on-cloud)]
320
PERSON
FEES TO PROCESSIN
BE PAID G TIME
E
Stage 1: Assessment of Applicant’s Eligibility to Apply as Electronic Money Issuer
1. Submit application Subject to
for authority to filing fee of
establish and operate ₱1,000.00
as EMI and for upon
registration to operate submission
a VCE, together with of
complete documentary application
requirements
1.1Electronic
Submission
1.1.1 Submit scanned Account

copy of application 1.1.4 System auto- Officer, or
letter and documentary acknowledges the Administrative
requirements in zip file submission Officer,
to epfs- Frontline
licensing@bsp.gov.ph 1.1.5 Log-in and open Services
the FSS Administrative
and fss-
Department or Division
somd@bsp.gov.ph
SOMD email (FSAD) –
using the following account. Sectoral
prescribed filename: Operations
<LicenseType>space< 1.1.6 Transfer email in Management
Name of BSFI>. the department’s Department
sub-folder. (SOMD),
Financial
Supervision
Sector (FSS)
application.
321
PERSON
FEES TO PROCESSIN
BE PAID G TIME
E
the FSS Booth (Koi
Garden) / SOMD,
FSS (4th Floor,
Multi-Storey
Building, BSP
Complex, Manila)
Administrative
1.2.1 Proceed to FSS 1.2.1 Receive and Officer, FSAD
Booth / SOMD. Get stamp date and time of - SOMD, FSS
queue number and receipt.
wait to be called.
Once called, 1.2.2 Record receipt of
present all the application.
documentary
requirements. 1.2.3 Forward
documents to (Name
of Department).
1.3 Mail/Courier

application letter stamp date and time of Officer, FSAD
together with receipt. - SOMD, FSS
documentary
application.
1.3.3 Forward
documents to TRISD
2. Payment of filing 2.1 Request Order of Account

fees Payment (OP) Number Officer,
to Budget and Finance TRISD,
(BFAD) - SOMD, FSS
through e-mail314
2.2 Process the
314
322
PERSON
FEES TO PROCESSIN
BE PAID G TIME
E
Order of Payment Administrative
using the New Order of Officer,
Payment System BFAD-SOMD,
(NOPS)315 and send FSS
the OP Number to the
requesting department.
2.3 Send the OP

Number to the client Account
through email. Officer,
TRISD,
2.4 Receive OP 2.4 Provide the Administrative

number and pay department concerned Officer, BFAD-
through the following with a copy of SOMD, FSS
payment options in the collection report on a
d. Over-the- weekends and
Counter holidays).
e. Convergent
Banking/Online
Banking (Web
and App)317
f. The Portal –
Business
Banking (Web
and App)
3. Preliminary assess 2 working Account

the completeness of days Officer,
the submitted TRISD, 9/F,
documents vis-à-vis Multi-Storey
checklist of Building
documentary
requirements
317
318
323
PERSON
FEES TO PROCESSIN
BE PAID G TIME
E
accompanying and
enumerating the Head, TRISD,
deficiencies and 9/F, Multi-
missing requirements, Storey
and informing that Building
application is
submission of
application with
requirements
3.1.1 Receive return 3.1.1 Through pick-up, Administrative

letter together with the release original letter Officer
submitted documents to authorized FSAD –
representative, after SOMD, FSS
presenting a letter of
authority.
3.1.2 Through mail/

courier, process and
release documents to
the Administrative
Services Department
(ASD), BSP, for
mailing.
3.2 Receive e-mail on 3.2 If complete: 2 working Account
provisional receipt of Prepare and send days Officer,
application Provisional Receipt319 TRISD, 9/F,
thru TRISD official Multi-Storey
e-mail (a) signifying Building
and accompanying
319
A separate acknowledgment letter signifying acceptance of complete application shall be sent once determination of
completeness of application in form and substance
324
PERSON
FEES TO PROCESSIN
BE PAID G TIME
E
further preliminary
assessment to
fully satisfies the
requirements of
and regulations; (b)
containing the
following: (i) BSP
number for the
application as
reference for all
subsequent
name of TRISD
person, his/her
Group/Division and
position; and (c)
to coordinate with
TRISD for the
schedule of business
model presentation (if
applicable)
4. Confirm with TRISD 4. Coordinate and 2 working Account
Account Officer the finalize schedule of days320 Officer,
schedule of presentation of TRISD, 9/F,
presentation and business model and Multi-Storey
confirm attendance. send confirmation e- Building
schedule of business
model presentation to
be conducted via video
conference or in BSP
premises, whichever
is practicable
320
This is not part of the 13 working days processing time
325
PERSON
FEES TO PROCESSIN
BE PAID G TIME
E
5. Present to BSP 5. Attend the 1 working day TRISD
Officials the business presentation and Officers, 14F,
model, which may assess the business Multi-Storey
include presentation of model, including the Building
and/or other aspects of aspects of operations.
operations
5.1. Conduct detailed 5 working Account
evaluation of the days Officer,
application, taking into TRISD, 9/F,
consideration result of Multi-Storey
the business model Building
presentation, and
prepare evaluation
report and action
documents
5.2. Prepare and 2 working Account

process notification days Officer,
and
5.2.1 If assessment is Department
that applicant is Head
eligible: TRISD, FSS
Prepare and process
applicant informing of
its eligibility to apply as
Type C E-Money or
Type A/B VCE.
5.2.2 If assessment is Account

that applicant is not Officer,
eligible to apply as Division Head/
EMI/VCE: Group Head
Prepare and process and
the letter notifying Department
denial of request and Head
stating the reasons TRISD, FSS
326
PERSON
FEES TO PROCESSIN
BE PAID G TIME
E
therefor and/or the
informing that
application is
submission of
application with
requirements and
rectified.
5.3. Receive TRISD e- 5.3. Notify applicant 1 working day Account
mail notification through TRISD official Officer
e-mail of the decision TRISD, FSS
on the application,
attaching scanned
letter, and stating that
original letter shall be
mailed accordingly.
5.4 Receive original 5.4 Through pick-up, Administrative

copy of letter release original letter Officer
to authorized FSAD –
representative, after SOMD, FSS
authority.
5.5 Through
mail/courier, process
and release
documents to the
Administrative
Services Department
(ASD), BSP, for
mailing.
END OF TRANSACTION
327
Exchange Commission (SEC) its Articles of Incorporation (AOI) and By-Laws (BL) indicating its
purpose to operate as EMI and/or VCE.
A. DOCUMENTARY REQUIREMENTS (Submit one (1) original copy only, unless otherwise
stated)
1. Application letter for issuance of Letter of No Objection Applicant
to register Articles of Incorporation (AOI) and By-Laws
with the Securities and Exchange Commission (SEC),
signed by the incorporators/directors or the president or
officer of equivalent rank, in connection with the
application for authority to establish and operate as EMI
and/or VCE
2. For new corporation Applicant
 Draft Articles of Incorporation (AOI)
For Existing Corporation

 Notarized Proposed amended AOI
 Current AOI
 Notarized and signed Director’s Certificate on Applicant
the approval of the amendments
328
Exchange Commission (SEC) its Articles of Incorporation (AOI) and By-Laws (BL) indicating its
purpose to operate as EMI and/or VCE.
with SEC, as well as all
other documentary
requirements for Stage
2 processing listed
above.
1.1 Electronic
submission
1.1.1 Submit scanned 1.1.1 System Account Officer,

copy of application auto- (Name of
letter and documentary acknowledge Department) or
requirements to epfs- s the Administrative
licensing@bsp.gov.ph submission Officer,
and fss- Frontline
1.1.2 Log-in and Services
somd@bsp.gov.ph
open the FSS Administrative
using the following
Department or Division (FSAD)
prescribed filename: SOMD email – Sectoral
<LicenseType>space< account. Operations
Name of BSFI>. Management
1.1.3 Transfer email Department
in the department’s (SOMD),
sub-folder. Financial
Supervision
321
Count of processing time starts from the receipt of the processing department/unit (i.e., TRISD) of the complete
documents submitted by the applicant. Total processing time may be extended once for another twenty (20)
working days. Prior to the lapse of the processing time, a written notification of the reason for extension, if any,
and final date of release of decision, shall be sent to and signed by the applicant. In the event that securing a
written notification and acknowledgment from the applicant is not feasible, all means of communication available
shall be exhausted to ensure that the applicant is properly notified.
329
Sector (FSS)

the FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila) Administrative
Officer FSAD -
1.2.1 Proceed to FSS 1.2.1 Receive and SOMD, FSS
Booth / SOMD. Get stamp date and time
queue number and of receipt.
requirements.
1.2.3 Forward
documents to
TRISD.
1.3 Mail/Courier

documentary
of application.
1.3.3 Forward
documents to
(Name of
Department).
2. Preliminary 1 working day Account Officer,

completeness of the and Group
submitted Head TRISD,
documents vis-à-vis FSS
checklist of
documentary
requirements
330
Acknowledgment letter substantively TRISD, 9th
complete and/or no Floor, Multi-
deficiency: storey Building
Proceed to Step 3
on evaluating the
submitting
documents.

accompanying Head, TRISD,
documents, 9/F, Multi-Storey
enumerating the Building
deficiencies and
missing
requirements, and
informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified. Process
and release
documents to the Administrative
SOMD. Officer, FSAD-
SOMD, FSS
2.2.1 Through pick- 4/F, Multi-Storey
up, Building
release original
letter to authorized
representative, after
authority.
2.2.2 Through
331
mail/courier, process
and release
documents to the
Administrative
Services
Department (ASD),
BSP, for mailing.
evaluation of the TRISD, FSS
proposed AOI and
prepare evaluation
report and action
documents
3.1 Prepare, review Account Officer,

appropriate action Head, TRISD,
FSS

documents showing TRISD, 9/F,
decision of the BSP Multi-Storey
approving authority Building
5. Prepare and 1 working day Account Officer,
process notification Division Head/
letter to applicant Group Head
informing of the and Department
decision. Head
TRISD, FSS
5.1 If the proposed
AOI and BL are
found acceptable:
Prepare and
letters to applicant
on approval of the
application for
issuance of no
332
objection letter
indicating that
applicant may
proceed with the
next stage after it
has registered with
SEC its AOI and/or
By-Laws,
application and TRISD, FSS
stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified.
6. Receive TRISD e- 6. Notify applicant of 1 working day Account Officer
mail notification the decision TRISD, FSS
6.1 If the proposed

AOI and BL are
found acceptable:
Notify applicant
through TRISD
decision on the
application,
attaching scanned
copy of the letter
and stating that
original letter shall
be released
333
accordingly.
6.1.1 Release Account Officer

original copy of TRISD, FSS
letter
6.1.1.1 Present 6.1.1.1 Through Account Officer

authority for applicant pick-up, TRISD, FSS
representative to release original
receive documents on letter to authorized
behalf of the entity. representative, after
Receive original copy presenting a letter of
of letter. authority.
6.1.1.2 Receive 6.1.1.2 Through Administrative

original copy of letter. mail/courier, Officer, FSAD-
process and release SOMD, FSS
documents to the 4/F, Multi-Storey
Administrative Building
Services
Department (ASD),
BSP, for mailing.
copy of letter. denial of application: TRISD, FSS
Notify applicant
through TRISD
decision on the
application,
attaching scanned
letter and stating
shall be mailed
accordingly.
6.2.1 Through pick- Administrative

up, Officer, FSAD-
release original SOMD, FSS
authority.
334
6.2.2. Through
mail/courier,
process and release
documents to the
Administrative
Services
Department (ASD),
BSP, for mailing.
END OF TRANSACTION
335
Stage 3 – Application for Issuance of Certificate of Authority to Establish and Operate as Money
Service Business with Electronic Money Issuer License and Operate as VCE
A. DOCUMENTARY REQUIREMENTS (Submit one (1) original copy only, unless otherwise
stated)
1. Duly notarized Application for Authority to Establish and Please download updated format
Operate a Money Service Business, FSS Licensing Form from
No. 03-001 accompanied by copy of acknowledgement
e-mail from FSD9Licensing@bsp.gov.ph. http://www.bsp.gov.ph/regulations
2. Notarized Deed of Undertaking, FSS Licensing Form No. Please download updated format
03-003 from
3. Compliance with fitness and propriety requirements by
the proprietor, partners, directors, president or officer of
equivalent rank and function, and over-all head of the
money service business operation and the head of the
compliance unit, as the case may be:
a. Personal Data and Authorization Form, FSS Please download updated format
Licensing Form No. 03-005 from
b. NBI Clearance, or its equivalent, as applicable: /reg_others_pawnshop.asp
c.1 If Filipino citizen: NBI Clearance, with validity of at NBI, foreign jurisdiction equivalent
least 3 months from the date of application;
c.2 In Non-Filipino citizen: NBI Clearance, with
validity of at least 3 months from the date of
application, AND NBI clearance equivalent in the
director’s/officer’s home country, consularized, with
validity of at least 3 months from the date of
application. If not in English, include English
translation certified as true and accurate by the
Applicant;
c. Proof of attendance to the mandatory training on anti- Training provider
money laundering/combating the financing of
terrorism
Note: Existing BSFI’s need not submit these unless there

are changes to key officers
4. Business license/permit for the current period Local Government Unit (LGU)
5. Proof of provisional registration with the Anti-Money AMLC
Laundering Council Secretariat
6. List of Remittance Tie-Up Partners, if applicable, FSS Please download updated format
Licensing Form No. 03-009 from
336
7. Detailed information on planned business operations and Applicant
information technology set-up
a. Target Market
b. Target Clientele
c. Projected Annual Value of Transactions for three (3)
to five (5) years
d. Updated Organization Chart with projected manpower
count
e. Features and functionalities of the EM platform/facility
e.1 If cash card will be issued, proposed design (front
and back image);
e.2. Mechanics of availment/distribution;
e.3 Application/registration process and Know-your-
customer (KYC) procedures (may also provide
screenshots of the platform/facility for the end-to-
end process flow transactions)
e.4 Mechanics for activation, redemption,
loading/cash-in and cash-out including limits,
facility and access/distribution channels;
e.5 Fees/charges – cost of e-money instrument,
annual, transaction, dormancy and reactivation
fees, if any
e.6 Dormancy and expiry/validity period, if any
e.7 Settlement process
f. Money Laundering and Terrorist Financing Prevention
Program (MTPP)
g. Customer terms and conditions
h. Consumer complaints handling and redress
mechanism process
8. Detailed information on planned information technology Applicant
(IT) set-up:
a. Screenshots and description of all the functionalities

and features of the front-end and back end system
b. Contract between the Entity and vendor provider of the
front-end and back-end system, if not developed in-
house
c. Pro-forma Memorandum of Agreement with tie-up
partners, if applicable
d. If an entity will engage a cloud service provider, filled-
out cloud questionnaire (to be provided to applicant
after Stage II) and the following:
337
i. Secretary’s Certificate on the minutes of meeting
of the board of directors of the bank (or a
local/regional management committee, in case of
foreign banks), explicitly approving the activity to
be outsourced, the determination of whether an
outsourcing arrangement is considered material or
non-material and the specific service provider with
which the bank is entering into an outsourcing
contract;
i. Contract, Memorandum and Agreement and/or
Service Level Agreement (SLA) between the
Applicant and Cloud Service Provider (CSP);
ii. CSP’s Service Organization Controls (SOC) II Type 2
Report or any equivalent Third Party/Independent
Report
9. For electronic money applicant, self-assessment of Applicant

compliance with the requirements of BSP Circular 649
dated 9 March 2009, Series of 2009.
10. Documentary requirements of electronic payment and Applicant
financial services as provided in BSP Circular 1033 dated
22 February 2019, Series of 2019:
a. Application letter signed by the president or officer of

equivalent rank specifically indicating the
justification/reason for the application to provide
Electronic Payment Financial Services (EPFS)
b. Notarized Secretary's Certificate (or equivalent
document in the case of foreign bank branches)
attesting that the Board of Directors (or equivalent
management committee in the case of foreign bank
branches) has approved the application to provide
EPFS
c. Certification signed by the president (or officer of
equivalent rank) and the CCO to the effect that the
BSFl/Applicant Entity has met the following minimum
pre-conditions:
(i) An adequate risk management process is in place
to identify, assess, monitor, and control the risks
arising from the proposed EPFS;
(ii) Appropriate policies and procedures in the
following areas have been adopted to address all
security risks and concerns affecting the EPFS
platform and application system/s:
338
 Authentication - establishes the identity of both
the sender and the receiver; uses trusted third
parties that verify identities in cyberspace;
 Non-repudiation ensures that transactions
cannot be repudiated or presents undeniable
proof of participation by both the sender and
the receiver in a transaction;
 Authorization - establishes and enforces the
access rights of entities (both persons and/or
devices) to specified computing resources and
application functions; also locks out
unauthorized entities from physical and logical
access to the secured systems;
 Integrity - assures that data has riot been
altered;
 Confidentiality - assures that no one except the
sender and the receiver of the data can gain
access to clear data; and
 Availability - assures that the system is
operating properly during the time it is
expected to be available;
(iii) The EPFS system has been tested prior to its
implementation and that the test results are
satisfactory. As a minimum standard, appropriate
system testing and user acceptance testing should
have been conducted; and
(iv) A documented business continuity planning
process covering EPFS, among other areas of
operation, has been adopted.
d. Details of the features and functionalities of the
proposed EPFS, including the security controls and
measures
e. Process flow/brief narration of how transaction and
data flow through the network
f. Diagram of the configuration of the system supporting
the proposed EPFS, showing the linkage between the
host systems and network infrastructure
g. Pro-forma client application form and terms and
conditions for the availment of and/or use of the
EPFS
h. Brief discussion on the following topics in relation to
the particular EPFS being applied for:
 Oversight management process;
339
 Business continuity plan/disaster recovery
plan;
 Incident response/ problem management;
 Consumer protection/awareness program; and
 Information security policies and security
features of the proposed EFPS
i. Results of the user acceptance test (UAT)
j. Report on the independent assessment on the
proposed EPFS, if applicable.
k. Photocopy of the marketing materials for the
proposed EPFS
l. Pro-forma agreements with accredited agents for the
delivery/issuance of EPFS;
m. Anti-Money Laundering (AML) Policy/Manual of
Procedures; and
n. Latest Audited/Interim Financial Statements
11. Certified true copy of AOI/AOP/AOC/Certificate of Securities and Exchange
Business Registration Commission
fee)/registration fee
13. Documents for Onsite Verification
a. Organizational Structure
b. List of Members of the Board of Directors and Senior
Management
c. Minutes of Board Meetings
d. Stock and Transfer Book
e. Schedule of Stockholdings (# of shares subscribed
and paid)
f. Proof of Compliance with P100 million paid up capital
g. Business/Strategic Plan (in the next three to five
years)
h. Financial Projections (in the next three to five years)
i. E-Money/VCE Operations/Users’ Manual
j. E-money/VCE customer application and other on-
boarding forms
k. Draft of Terms and Conditions
l. Draft/pro-forma Agreements/Contracts with Tie-up
partners and Third Party Service Providers (if
applicable)
m. Complaints Handling Policy
n. Inventory of hardware and software with description
and location
340
Stage 3 - Application for Grant of License/Authority to Operate as VCE/EMI and Offer Advanced
EPFS
1. Submit the
application letter for
the grant of
License/Authority to
operate as VCE/EMI
and together with the
documentary
requirements for Stage
3 processing listed
above.
1.1. Electronic
submission
1.1.1 Submit scanned 1.1.1 System auto- Account Officer,

copy of application acknowledges the (Name of
letter and documentary submission Department) or
requirements to epfs- Administrative
licensing@bsp.gov.ph 1.1.2 Log-in and Officer,
and fss- open the FSS Frontline
Department or Services
somd@bsp.gov.ph
SOMD email Administrative
using the following
account. Division (FSAD)
prescribed filename: – Sectoral
<LicenseType>space< 1.1.3 Transfer email Operations
Name of BSFI>. in the department’s Management
sub-folder. Department
(SOMD),
Financial
Supervision
322
Count of processing time starts from the receipt of the processing department/unit (i.e., TRISD) of the complete
documents submitted by the applicant. Total processing time may be extended once for another twenty (20)
working days. Prior to the lapse of the processing time, a written notification of the reason for extension, if any,
and final date of release of decision, shall be sent to and signed by the applicant. In the event that securing a
written notification and acknowledgment from the applicant is not feasible, all means of communication available
shall be exhausted to ensure that the applicant is properly notified.
341
Sector (FSS)

the FSS Booth (Koi
Garden) / SOMD, FSS
Building, BSP
Complex, Manila)

requirements.
1.2.3 Forward
documents to
(Name of
Department).
1.3 Mail/Courier

documentary
of application.
1.3.3 Forward
documents to
(Name of
Department).
2. Preliminary 1 working Account Officer,

assess the day323 Division Head
completeness of the and Group
submitted Head TRISD,
documents vis-à-vis FSS
checklist of
documentary
323
This is not part of the 20 working days processing time; The date of the receipt of proof of payment of licensing fee is the
start of the 20 working days processing time
342
requirements
2.1 Receive 2.1 If formally and 1 working day Account Officer,

Acknowledgment letter substantively TRISD, 9th
complete and/or no Floor, Multi-
deficiency: storey Building
Prepare and send
Provisional
Receipt324 through
TRISD official email
(advance copy) (a)
informing the
assessment of the
application and
determination of
completeness of
application and
submitted
and substance, the
BSP finds the same
as complete in form
and substance,
hence, the BSP will
now proceed with
the detailed
evaluation of the
of the result thereof.
2.2 Receive return 2.2 If deficient: 1 working day Account Officer,

accompanying Head, TRISD,
documents, 9/F, Multi-Storey
enumerating the Building
deficiencies and
324
A separate acknowledgement letter shall be issued upon determination of the completeness of application
documents, both in form and substance based on detailed evaluation and conduct of onsite verification
343
missing
requirements, and
informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified.
2.2.1 Process and 1 working day Administrative

release documents Officer, FSAD-
to the ASD, BSP for SOMD, FSS
mailing 4/F, Multi-Storey
2.2.1.1 Through Building
pick-up,
release original
authority.
2.2.1.2 Through
mail/ courier,
process and release
documents to the
Administrative
Services
Department (ASD),
BSP, for mailing.
3. Conduct detailed 5 working Account Officer,
evaluation325 of the days326 TRISD, FSS
application and
prepare evaluation
report and action
325
Includes endorsement of the relevant application documents for comments / additional information (e.g Derogatory
Survey, Watchlisting, evaluation of Money Laundering and Terrorist Financing Prevention Program (MLPP), Operator of
Payment System evaluation, as applicable.
326
344
documents
3.1 Prepare, review Account Officer,

and elevate letter to 1 working Division
appropriate BSP day327 Head/Group
appropriate action Head, TRISD,
FSS
4. Decide on the 1 working BSP approving
application and sign day328 and signing

documents showing TRISD, 9/F,
decision of the BSP Multi-Storey
approving authority Building
5. Prepare and 1 working Account Officer,
process notification day329 Division Head/
letter to applicant Group Head
informing of the and Department
decision. Head
TRISD, FSS
approval of the
application to
proceed with on-site
verification:
Prepare an email
advice on the
schedule and details
of system review
and user experience
walkthrough
5.2 If decision is for 1 working day Account Officer,
application and TRISD, FSS
327
328
329
345
stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
re-submission of
application with
complete
documentary
requirements and
rectified.
6. Receive TRISD e- 6.1 If decision is for 1 working Account Officer
mail notification approval of the day330 TRISD, FSS
application to
proceed with system
review and user
experience
walkthrough:
Notify applicant
through TRISD
decision on the
application.
6.2 Receive original 6.2 If decision is for 1 working day Account Officer
copy of letter. denial of application: TRISD, FSS
Notify applicant
through TRISD
official e-mail
returning the
application together
with all the
submitted
documents and
reasons why
application cannot
be acted upon
favourably.
Application is
330
346
considered “closed”
resubmission of
complete and
required documents.
7. Confirm schedule of 7. Receive applicant 1 working

conduct of system confirmation for the day331
walkthrough via video schedule of system
conference. walkthrough
Applicant to send in
advance the:
i. Android Package
Kit (APK);
ii. A copy of
presentation
materials (e.g., ppt,
video, etc.)
8. Demonstrate 8.1. Conduct system 3 working Account Officer,
capability of electronic review and user days333 TRISD, 9/F,
money system to experience Multi-Storey
comply with the walkthrough332 to
requirements of e- validate the features Account Officer,
money and other and functionalities of TRISD, 9/F,
relevant the IT system and Multi-Storey
regulations/laws. compliance with
regulations.
Account Officer,
8.2. Prepare and 1 working TRISD, 9/F,
submit report on the day334 Multi-Storey
result of the system
review.
8.3. Prepare an 1 working Account Officer,
email day335 Division Head/
recommending Group Head
approval of and Department
application together Head
331
333
334
335
347
with payment advice TRISD, FSS
and Order of
Payment.
8.3.1 If the result of

system review and
user experience
walkthrough is
satisfactory:
Prepare and
process a
notification letter
informing the
applicant to pay the
requisite licensing
fee (i.e., payment
advice), and
continue to process
the application for
grant of
license/authority to
operate as VCE/EMI
and offer advanced
EPFS.
8.3.2 If the result of 1 working day Account Officer,
system review and Division Head/
user experience Group Head
walkthrough is and Department
unsatisfactory: Head
Prepare and TRISD, FSS
process the letter
notifying denial of
application and
stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
re-submission of
application with
complete
documentary
348
requirements and
rectified.
9. Receive TRISD e- 9.1 If the result of 1 working Account Officer
mail notification system review and day336 TRISD, FSS
user experience
walkthrough is
satisfactory:
Notify applicant
through TRISD
decision on the
application, together
with the payment
advice.
9.2 Receive original 9.2 If the result of 1 working day Account Officer
copy of letter. onsite verification is TRISD, FSS
unsatisfactory:
Notify applicant
through TRISD
decision on the
application,
attaching scanned
letter and stating
shall be mailed
accordingly.
Administrative
9.2.1. Through pick- Officer, FSAD-
up, SOMD, FSS
release original
authority.
9.2.2 Through
mail/courier,
process and release
336
349
documents to the
Administrative
Services
Department (ASD),
BSP, for mailing.
10.1 Present the 10.1 Request Order Account Officer,
Payment Advice to of Payment (OP) (Name of
SOMD Number to Budget Department)
and Finance
Administrative
Division (BFAD) -
SOMD, FSS through
e-mail337 Administrative
Officer, BFAD-
10.1.2 Process the SOMD, FSS
Order of Payment
using the New Order EMI
of Payment System licensing
(NOPS)338 and send fee of
the OP Number to P100,000
the requesting (net of the
department. P1,000 non-
refundable
filing fee)
10.1.3 Send the OP
Number to the client Account Officer,
through email. (Name of
Department)
10.2 Receive OP 10.2 Provide the Administrative
number and pay department Officer, BFAD-
through the concerned with a SOMD, FSS
following payment copy of collection
options in the report on a daily
g. Over-the- weekends and
Counter holidays).
h. Convergent
Banking/Online
337
338
339
Other settlement banks (i.e., Chinabank, China Trust Bank Corporation) will also be available soon.
350
Banking (Web
and App)340
i. The Portal –
Business
Banking (Web
and App)
11. Prepare and 17 working Account Officer,

review days Division Head/
memorandum to Group Head
appropriate BSP and Department
approving/signing Head
authority and TRISD, FSS
elevate for
appropriate action Account Officer,
Division
Head/Group
Head and
Department
Head
TRISD, FSS

(including the
Certificate of
Authority to
Establish and
Operate as EMI or
Certificate of
Registration as
VCE), if application
is approved
Account Officer,
12.1 Receive copy TRISD, 9/F,
of documents Multi-Storey
showing decision of Building
the BSP approving
authority
12.2 Prepare and 1 working day Account Officer,
341
340
351
process notification Division
letter to applicant on Head/Group
approval of the Head and
application and Department
indicate conditions Head
for approval. Attach TRISD, FSS
the signed
Certificate of
Authority to Operate
and Establish as
Electronic Money
Issuer or Certificate
of Registration as
VCE
13. Receive TRISD e- 13.Notify applicant 1 working day Account Officer
mail notification through TRISD TRISD, FSS
decision on the
application,
attaching scanned
letter (without
Annexes), and
letter and signed
Certificate of
Registration (COR)
to Operate as
Electronic Money
Issuer or VCE is
ready for release,
thus, applicant is
advised to
coordinate with and
notify TRISD
Account Officer on
the preferred mode
of release of the
COA.
Account Officer
13.1 Release TRISD, FSS
original copy of
letter and signed
Certificate of
352
Authority to
Establish and
Operate as
Electronic Money
Issuer or VCE
Account Officer
13.1.1 Present original 13.1.1 Through pick- TRISD, FSS
copy of Official Receipt up, release original
to TRISD and present copy of letter and
authority for applicant signed Certificate of
representative to Authority to
receive documents on authorized
behalf of the entity. representative.
Receive original copy
of letter and signed 13.1.2 Through
Certificate of
mail/courier,
Registration. process and release Administrative
documents to the Officer
Refer to similar steps ASD, BSP, for FSAD – SOMD,
in Stage 1 on the mailing. FSS
process of receiving
letters/documents from
BSP.
END OF TRANSACTION
353
How to send feedbacks and Feedbacks and complaints in Bangko Sentral ng Pilipinas may be
complaints? sent through the following channels:

Press the smiley or sad face button and encode

“Receiving/Releasing of ARTA-related documents” and
feedbacks/complaints in the comment section of the
Feedback Management System (FMS) tablet installed in the
receiving area of the Sectoral Operations Management
Department (SOMD), Financial Supervision Sector (FSS),
4th Floor, Multi-storey Building.
FOR FEEDBACK/COMPLAINTS ON PROCESSING OF

SERVICES ENROLLED IN THE BSP CITIZEN’S CHARTER
Input the transaction code to be provided by TRISD, FSS, in

the Feedback Corner of the BSP website at
www.bsp.gov.ph and fill-out the structured form online.
How feedbacks and Feedbacks and complaints may be filed through the following:
complaints are processed?
Email alert on sad emoticon/negative feedback/complaint is

received real time by all FMS users of the department/office.
FMS designate/alternate shall encode the action taken within
two (2) working days from receipt of sad emoticon/negative
feedback.
If negative feedback is more than 20% of the day’s number of

respondents,
o FMS designate/alternate of the SOMD, FSS generates and
endorses the Daily i-Report within a day (24 hours) to the
Servicing Department/Office (SDO) Head and other
concerned personnel to review and reply to the concerned
issue.
o Action Report (i.e., with information on action to be taken
and target date of completion/resolution) approved by the
SDO Head is transmitted to Feedback Management Unit
through the Director of the Economic and Financial Learning
Center (EFLC) within two (2) working days from receipt of
354
negative feedback/complaint.
In case the feedback/complaint is within the purview of another

department/office of the BSP, the FMS Designate/Alternate of
SOMD, FSS requests transfer of feedback to appropriate
department/office thru the FMS. Request for transfer is done
within one (1) working day from receipt of sad
2. Presidential Complaint Center (PCC), Office of the

President
Bahay Ugnayan, J.P. Laurel Street Malacañang, Manila
Telephone:
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
Telefax: +63(2)-8736-8621
3. Complaints Action Center, Anti-Red Tape Authority
Ground Floor, HPGV Building (Formerly Accelerando), 395

Senator Gil J. Puyat Avenue, 1200 Makati City
Telephone: +63(2)-8478-5091;
+63(2)-8478-5099
Public Assistance and Information Office, Civil Service

Commission, CSC Building, IBP Road, Constitution Hills, 1126
Quezon City
Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565
355

For processing of request: 9th floor, Multi-Storey BSP Trunkline:
Building, Bangko +63(2)-8708-7011, local
Technology Risk and Sentral ng Pilipinas, A. 2960
Innovation Supervision Mabini St., Malate,
Department (TRISD), Manila 1004 Direct Line:
Sector
E-mail:
TRISD@bsp.gov.ph
release of documents: Building, Bangko +63(2)-8708-7011, local
Sentral ng Pilipinas, A. 2434
Sectoral Operations Mabini St., Malate,
Management Department Manila 1004 Direct Line:
(SOMD), Financial +63(2)-8708-7689
Supervision Sector
Processing of Order of Payment for payment of fees will be until 1:00 PM only.
356
10. Application for Authority to Establish and Operate a Stand-Alone Non-
Bank Financial Institution with Quasi-Banking Functions (update)
The application for grant of authority to establish and operate a Stand-Alone Non-Bank
Financial Institution with quasi-banking functions constitutes a three-stage process:
 Stage 1 refers to the application for BSP approval to establish and operate a Stand-
Alone Non-Bank Financial Institution with quasi-banking functions with processing
time342 of 20 working days;
 Stage 2 refers to the application for issuance of Certificate of Authority to register with
the Securities and Exchange Commission the Articles of Incorporation and/or By-Laws
or amendments343 thereto, indicating the corporate purpose as a Stand-Alone Non-Bank
Financial Institution with quasi-banking functions with processing time of 7 working days;
and
 Stage 3 refers to application for issuance of Certificate of Authority to establish and

operate a non-bank financial institution with quasi-banking functions with processing
time of 13 working days.

Who may avail: Duly incorporated investment houses and finance companies344 may
undertake or perform quasi-banking functions as defined in Sec. 101-Q of
the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI),
as amended.
Stage 1: Application for BSP Approval to Establish and Operate a Stand-Alone Non-Bank
Financial Institution with Quasi-Banking Functions
[Submit one (1) original/scanned copy346]
342
Based on the Implementing Rules and Regulations of Republic Act No. 11032 (Ease of Doing Business and
343 In case of existing corporations which opts to amend its Articles of Incorporation and/or By-Laws to include as
corporate purpose that it will engage in quasi-banking functions.

344
May also include Electronic Money Issuer (EMI)-Non-bank financial institutions (NBFIs) and other EMI-others
that engage in lending activities per N-Regulations Section 402-N.
345 Submission may be by electronic form, personal filing at FSS Both of mail/courier
346 The original copy shall be made available upon request.
357
1. Application letter to establish and operate a Stand-Alone Non- Applicant
Bank Financial Institution with quasi-banking functions be
signed by the president or officer of equivalent rank.
2. Certified true copy of the resolution of the board of directors of Applicant

the institution authorizing the application;
3. A certification signed by the president or officer of equivalent Applicant
rank that:
a. the institution has complied with all the
conditions/prerequisites 347 for the grant of authority to
engage in quasi-banking functions;
b. quasi-banking functions shall be pursued/undertaken by the
347
Section 102-Q of the MORNBFI
PRECONDITIONS FOR THE EXERCISE OF QUASI-BANKING (QB) FUNCTIONS
1. No person or entity shall engage in quasi-baking functions without authority from the Bangko Sentral;
2. Only duly incorporated investment house and finance company may undertake or perform quasi-banking
functions;
3. An institution securing Bangko Sentral authority to engage in QB functions must meet the ff. requirements:
a. It must have complied with the minimum adjusted capital accounts of at least P300.00 million or such
amounts as may be required by the Monetary Board in the future;
b. It has generally complied with applicable laws, rules and regulations, orders or instructions of appropriate
authority, including the Monetary Board and/or Bangko Sentral Management where applicable;
c. Its accounting records, systems and procedures as well as internal control systems are satisfactorily
maintained;
d. It does not have float items outstanding for more than (60) calendar days in the “Due from/To Head
Office/Branches/Offices” accounts exceeding one percent (1%) of the total resources as of end of preceding
month;
e. It has no past due obligation with any Financial Institution as of date of application;
f. The officers who will be in-charge of the quasi-banking operations have actual experience of at least two (2)
years in a bank or QB as in-charge (or at least as assistant-in-charge). The directors of the institution,
officer-in-charge of the quasi-banking operations and the managerial staff must comply with the fit and
proper rule prescribed under existing law/rules and regulations;
g. The institution has elected at least two (2) independent directors (with certification required in Section 172-Q
of the MORNBFI) and all its directors have attended the required seminar for directors of QBs conducted or
accredited by the BSP;
h. It has not engaged in unsafe and unsound practices during the past six (6) months immediately preceding
the date of application where applicable;
i. It must have in place a comprehensive risk management system approved by its board of directors
appropriate to its operations characterized by a clear delineation of responsibility for risk management,
adequate risk measurement systems, appropriately structured risk limits, effective internal control and
complete, timely and efficient risk reporting systems. In this connection, a manual of operations and other
related documents embodying the risk management system must be submitted to the appropriate
supervising department of the Bangko Sentral at the time of application for authority and within thirty (30)
days from updates.
358
institution in the furtherance of its core business, e.g.,
underwriting of and dealing in securities of other corporations
and of the government or its instrumentalities, in the case of
investment houses, and leasing and/or discounting/factoring
commercial papers or accounts receivable, or granting
business and consumer loans, in the case of finance
companies;
c. investors shall be informed that their investments/placements
shall not be insured by the Philippine Deposit Insurance
Corporation (PDIC) and that any pre-termination thereof shall
be subject to penalty, if applicable, as well as all other
material risks; and
d. investors shall be subjected to effective investor suitability
testing procedures.
4. For new corporations:
c. Proposed Articles of Incorporation (AOI) reflecting the Applicant
primary/secondary purpose to establish and operate a stand-
alone non-bank financial institution with quasi-banking
functions, and/or By-laws (4 original copies); and
d. Proof of reservation of the proposed corporate name with the SEC
SEC.
5. For existing non-bank corporations:
a. Proposed amended AOI reflecting the primary/secondary Applicant

purpose to establish and operate a stand-alone non-bank
financial institution with quasi-banking functions, and/or By-
laws (4 original copies);
b. Document showing proof of no past due obligation with any Applicant

financial institution as of date of application;
c. Proof of reservation of the proposed corporate name with the SEC

SEC (if amended AOI includes change in corporate name);
d. Present AOI and/or By-laws certified by the SEC as the SEC

“faithful reproduction of the original” (4 copies).
If the non-bank corporation is applying for amendment of the

AOI and/or By-laws for the first time, the original copy of the
AOI and/or By-laws plus 3 copies certified by the SEC as the
“faithful reproduction of the original”;
e. General Information Sheet as of the date of meeting when SEC

359
the amendment/s to AOI and/or By-laws was/were approved;
f. Directors’ Certificates (4 original copies): Applicant

iii. Directors’ Certificate for the amendment of the AOI
stockholders representing at least 2/3 of the outstanding
capital stock, approved the proposed amendment/s to the
AOI in a meeting; and
iv. Directors’ Certificate for the amendment of the By-laws
stockholders representing at least a majority of the
outstanding capital stock, approved the proposed
amendment/s to the By-laws in a meeting.
g. Minutes of the stockholders’ and/or directors’ meeting or Applicant

excerpts thereof:
i. For the amendment of AOI:
representing at least 2/3 of the outstanding capital
stock and majority of the directors voted for the
directors.
ii. For the amendment of the By-laws:
representing at least majority of the outstanding
capital stock and majority of the directors voted for the
directors.
6. Biographical data with latest 2x2 ID picture of each incorporator, Template can be
subscriber, existing/proposed director and officer. The directors downloaded at the BSP
360
and officers of the applicant must comply with the fit and proper website:
rule prescribed under existing laws and regulations. http://www.bsp.gov.ph/
regulations/guidelines.
asp
7. Borrowing-investment program for 1 year, which should include Applicant
at the minimum:
a. Planned distribution portfolio as to:

i. Underwriting;
ii. Commercial paper markets;
iii. Stocks and bonds;
iv. Government securities;
v. Receivables financing discounting and factoring;
vi. Leasing; and
vii. Direct loans;
b. Expected sources of funds to support investment program

classified as to:
i. Maturity: short, medium, and long term;
ii. Interest rates; and
iii. Domestic and foreign sources whether institutional or
personal.
8. National Bureau of Investigation (NBI) clearance of each of the National Bureau of
incorporator, subscriber, existing/proposed director and officer, Investigation (NBI) for
or similar document from the home country in the case of non- Filipino citizens and the
Filipino citizens. NBI counterpart for
non-Filipino citizens
9. Certification of compliance with the Bangko Sentral-prescribed Applicant
syllabus on on-boarding/orientation program for first time
directors.
10. Notarized authorization form for querying the BSP watchlist file Appendix Q-44 of the
for each incorporator, subscriber, existing/proposed director and Manual of Regulations
officer. for Non-Bank Financial
Institutions
http://www.bsp.gov.ph/d
ownloads/Regulations/
MORB/2018MORNBFI.
pdf
11. Certification from home country’s supervisory authority that the Home country’s
non-Filipino citizen has no derogatory record, if applicable. supervisory authority
12. Alien employment permit for foreign directors/officers. Department of Labor
and Employment
13. Certification of independence for independent directors. Applicant
14. For corporate subscribers, the following additional documents Applicant
shall be submitted:
361
a. Copy of the board resolution authorizing the corporation to
invest in the business of establishing and operating a stand-
alone non-bank financial institution with quasi-banking
functions and designating the person who will represent the
corporation in connection therewith;
b. Copy of the latest AOI and By-laws;
c. Updated list of directors and principal officers;
d. Current list of substantial or major stockholders, indicating

the citizenship and the number, amount and percentage of
the voting and non-voting shares held by them. For this
purpose, substantial or major shareholder shall mean a
person, whether natural or juridical, owning such number of
shares that will allow him to elect at least one (1) member of
the board of directors of the quasi-bank, or who is directly or
indirectly the registered or beneficial owner of more than ten
percent (10%) of any class of its equity security;
e. A copy each of the corporation’s audited financial statements

for the last two (2) years prior to the filing of the application;
f. A copy of the corporation’s annual report to the stockholders

for the year immediately preceding the date of filing of the
application; and
g. Certified photocopies of the corporation’s Income Tax

Return.
For foreign corporations, in addition to Items “(a)” to “(g)”, it shall

also submit, if applicable, a certification from its home country’s
supervisory authority that it has no objection to the investment of
such company in a stand-alone non-bank financial institution
with quasi-banking functions in the Philippines and that
adequate information on such foreign corporation shall be
provided to the Bangko Sentral to the extent allowed under
existing laws.
15. Detailed plan of operation and economic justification for Applicant
establishing and operating a stand-alone non-bank financial
institution with quasi-banking functions, including a manual of
operations and other related documents embodying the risk
management system (RMS).
Include, among others, the business model, comprehensive

RMS [such as (i) information technology system/infrastructure
362
including features and functionalities of the platform/facility; (ii)
Anti-Money Laundering (AML) Act compliance; and (iii)
consumer protection] and other aspects of operations (such as
accounting records, systems and procedures, operational
workflow and internal control systems).
A virtual or other appropriate means of presentation of business

model, comprehensive RMS and other aspects of operations is
required to complete the application. Requirements for the
business presentation are shown in BUSINESS
PRESENTATION REQUIREMENTS below.
16. Projected financial statements for the first five (5) years together Applicant
with assumptions. These should be consistent with its proposed
plan of operation and would show sufficient capital to support its
strategy and operations.
17. Requirements shown below in REQUIREMENTS FOR ONSITE Applicant

VERIFICATION in case onsite verification of the information
technology (IT) system is determined by the BSP as necessary
to complete the application.
18. Payment of non-refundable filing fee of P10,000.00. Applicant
B. OTHER PERTINENT REPORTS OR STATEMENTS
[Submit one (1) original copy only, unless otherwise stated]
1. Computation of Risked-based Capital Adequacy Ratio (Appendix Applicant
Q-45 of the Manual of Regulations for Non-Bank Financial
Institutions (MORNBFI)) dated 60 days immediately preceding
the date of application;
2. Consolidated Statement of Condition (CSOC) and Consolidated Applicant
Statement of Income and Expenses (CSIE) dated 8 weeks
immediately preceding the date of application;
3. CSOC and CSIE as of date of application; Applicant
4. Latest Audited Financial Statements; Applicant
5. Statement of Account from the: Applicant
a. Bangko Sentral ng Pilipinas (BSP) (if applicable); and
b. Other financial institution where the applicant financial

institution has an outstanding obligation;
6. List of Lenders with outstanding balance as of date of Applicant
application;
C. BUSINESS PRESENTATION REQUIREMENTS
1. Purpose of the Business; Applicant
363
2. Form of Business Organization and Organizational Structure, Applicant
including the following:
 Capital Requirements and details of source of
funding/financing;
 Target Market;
 Target Network; and
 Projected Annual Volume of Transactions for three (3) years;
3. Products and services to be offered, including security standards Applicant
and product benefits;
4. Features and functionalities of the platform/facility; Applicant
5. Narrative discussion of the Operational Workflow – including the Applicant
roles and responsibilities of the parties involved (from solicitation
of funds to fulfillment of the transaction):
 On-boarding process (e.g., marketing strategies);
 Account opening including AMLA and Know-Your-Customer
(KYC) process;
 Underwriting process;
 Cash-in and cash-out method process;
 Settlement (indicating the settlement bank) and collection
process; and
 Consumer complaints handling and redress mechanism
process;
6. Transaction fees to be charged to customers and partners; Applicant
7. Proposed set up of IT infrastructure (please include a detailed Applicant
discussion on the systems involved, system interfaces, security
controls/appliances, network diagram for both WAN/LAN and
disaster recovery set-up and how and where the application
system, customer and transaction data are located);
8. IT Risk Management; Applicant
9. List of third party partners; Applicant
10. Records and reports; Applicant
11. Internal control system; and Applicant
12. Risk management system. Applicant
D. REQUIREMENTS FOR ONSITE VERIFICATION
[To be made available during onsite verification]
1. Related Policies, Procedures and Manuals Applicant
a. Risk Management Manual;
b. Strategic Plans;
c. IT Operations Manual;
d. Information Security policy manual;
e. Vendor Management framework;
f. System development life cycle manual/Project management
manual;
g. Business Continuity and Disaster Recovery plan;
h. Consumer Protection Framework;
364
i. IT Governance Structure and IT Strategic Plan;
j. Audit Manual;
k. Anti-Money Laundering Manual; and
l. System and user manuals (e.g. Loan);
2. Memorandum of Agreement/vendor agreement/service level Applicant
agreement with partners and service providers;
3. Detailed implementation plan; Applicant
4. Vulnerability assessment and/or penetration testing results, Applicant
follow-up and issue resolution, if any;
5. Detailed updated network diagram indicating security Applicant
controls/measures installed with narrative description of all the
systems involved;
6. Inventory list - IT Assets – hardware, software, network Applicant
components (including current version installed) and location;
7. System access rights matrices (e.g. for all functions); Applicant
8. Baseline configuration settings for application servers, Applicant
databases servers, network devices, etc.;
9. Parameter setting limits (screenshots); Applicant
10. Key IT Management and personnel; Applicant
11. Sample Management reports; Applicant
12. Walk-thru/demonstration of the features and functionalities of the Applicant
application/system; and
13. Walkthrough of the quasi-banking operations from generation of Applicant
customers, application processing, credit scoring, and account
settlement to contract termination.
365
CLIENT STEPS
Stage 1: Application for BSP Approval to Establish and Operate a Stand-Alone Non-Bank
RECEIVING OF APPLICATION AND OTHER DOCUMENTARY REQUIREMENTS
1.1 Electronic
submission
1.1.1 Submit scanned 1.1.1 System auto- Account Officer,

copy of application acknowledges the (FSD IX) or
letter and submission Administrative
documentary Officer,
requirements fss- 1.1.2 Log-in and Frontline
somd@bsp.gov.ph) open the FSS Services
350 Department or Administrative
SOMD email Division (FSAD)
account. – Sectoral
Operations
1.1.3 Transfer Management
email in the Department
department’s sub- (SOMD),
folder. Financial
Supervision
Sector (FSS)

the FSS Booth (Koi
Garden) / SOMD,
348 Total processing time shall be suspended and appropriate adjustments shall be made in case of delays
due to force majeure or natural or man-made disasters, which result in damage or destruction of documents
and/or system failure. The applicant will be notified in writing and through other means of communication of the
application.
350 Auto-acknowledgment sent by FSS-SOMD e-mail does not signify receipt of complete and valid application. A
separate Acknowledgment Letter shall be sent by the appropriate department of BSP that is handling the
application
366
Complex, Manila)
Administrative
1.2.1 Proceed to FSS 1.2.1 Receive and Officer, FSAD -
Booth / SOMD. Get stamp date and SOMD, FSS
queue number and time of receipt.
wait to be called.
1.2.3 Forward
documents to
(FSD IX).
1.3 Mail/Courier

documentary
receipt of
application.
1.3.3 Forward
documents to
(FSD IX).
1.1 Request Order Non- Account

of Payment refundable Officer,
(OP) Number filing fee of (FSD IX)
to Budget and P10,000.00
Finance
Administrative
Division
(BFAD) -
SOMD, FSS Administr
through e- ative
mail351 Officer,
BFAD-
1.2 Process the SOMD,
Order of FSS
Payment using
the New Order
351
367
of Payment
System
(NOPS)352 and
send the OP Account Officer,
Number to the (FSD IX)
requesting
department.
1.3 Send the OP

Number to the
client through
email.
1.1 Receive OP 1.2 Provide the Administr

number and pay department ative
through the concerned with Officer,
following payment a copy of BFAD-
options in the collection SOMD,
UnionBank of the report on a FSS
Philippines353: daily basis,355
j. Over-the- as applicable
Counter (except
k. Convergent weekends and
Banking (Web
and App)354
l. The Portal –
Business
Banking (Web
and App)

assess the FSD IX, FSS
completeness of located at 14th
the application and Floor, Multi-
its supporting Storey Building.
documents vis-à-
vis checklist of
documentary
requirements.
354
355
368
2.1 Receive e-mail on 2.1 If complete: Account Officer
provisional receipt of Prepare and send and Division/
application provisional Group Head
receipt356 through FSD IX, FSS
FSD IX official e-
mail (a) signifying
receipt of
application and
accompanying
documents,
subject to further
preliminary
assessment to
determine if
application fully
and substantive
requirements of
relevant laws,
rules and
regulations; (b)
containing the
following: (i) BSP
seal/logo; (ii)
assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; and
(iii) name of FSD
IX Account
Officer/contact
person, his/her
Group/Division
and position; and
(c) requiring the
applicant to
conduct a virtual or
other appropriate
means of
presentation of the
369
business model,
comprehensive
RMS and other
aspects of
operations, and
advising the
applicant to
coordinate with
FSD IX for the
schedule of
presentation.
2.2 If deficient: Account Officer,

Prepare and Division/Group
release letter Head and
returning the Department
application and its Head
accompanying FSD IX, FSS
documents,
enumerating the
deficiencies and
missing
requirements, and
informing that
application is
considered
prejudice to re-
submission of
application (after
the lapse of six (6)
months) with
complete
documentary
requirements and
deficiencies noted
rectified.
2.2 Receive return 2.2.1 Process and Administrative

letter release documents Officer
to the FSAD – SOMD,
Administrative FSS
Services
Department
(ASD), BSP, for
mailing.
370
3. Coordinate and 3. Coordinate and Account Officer
finalize with FSD IX finalize schedule FSD IX, FSS
Account Officer the of the virtual or
schedule of other appropriate
presentation and means of
confirm attendance. presentation of
business model,
comprehensive
RMS and other
aspects of
operations, and
send confirmation
e-mail to applicant
on the date, time
and venue of the
presentation.
4. Present to BSP 4. Attend the Account Officer,
officials the business virtual or other Division/Group
model, appropriate means Head and
comprehensive RMS of presentation Department
and other aspects of and ask Head
operations. clarificatory FSD IX, FSS
questions, if any,
Refer to BUSINESS on the business
PRESENTATION model,
REQUIREMENTS as comprehensive
shown above. RMS and other
aspects of
operations.
5. Determine if Account Officer,

onsite verification Division/Group
is necessary. Head and
Department
Head
FSD IX, FSS
5.1 Receive notice of

5.1 In case onsite Account Officer
schedule of onsite
verification is FSD IX, FSS
verification and
necessary:
prepare the
Prepare and send
requirements. e-mail notice
advising the
Refer to applicant of the
REQUIREMENTS schedule of the
FOR ONSITE onsite verification,
371
VERIFICATION as with advice to
shown above. prepare the
requirements.
5.1.1 Conduct Examination

onsite Team
verification357 to FSD IX, FSS
validate the
features and
functionalities of
the IT system, and
payment
ecosystem.
Examiner-in-
5.1.2 Prepare and Charge
submit report on FSD IX, FSS
the result of the
onsite verification.
5.2 In case onsite

verification is not
necessary:
Proceed to next
step.
6. Complete the Account Officer

preliminary and
assessment of the Division/Group
application and Head
determine if FSD IX, FSS
application fully
and substantive358
requirements of
relevant laws,
rules and
regulations, taking
into consideration
the results of the
presentation of
business model,
comprehensive
RMS and other
372
aspects of
operations and the
onsite verification
of the IT system,
and payments
ecosystem (if
applicable).

application is
considered
prejudice to re-
submission of
application (after
months) with
complete
documentary
requirements and
deficiencies
already rectified.

for mailing. FSS

6.2 Receive 6.2 If formally and After preliminary Account Officer
acknowledgment substantively assessment and
no deficiency: Head
and release
acknowledgment
letter359 (a)
informing the
359
373
assessment of the
of filing fee and
determination of
sufficiency of
application and
submitted
requirements in
form and
substance, the
BSP finds the
same as complete
in form and
substance, hence,
the BSP will now
proceed with the
detailed evaluation
of the application
applicant of the
result thereof; (b)
containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division
and position; and
of complete
requirements
which is the date
of the
acknowledgment
letter.

374
letter, as
necessary.

for mailing. FSS

Head
FSD IX, FSS
3 working days
7.1 Prepare and Account Officer,
approving Head
1 working day
7.2 Elevate Sub-Sector
appropriate BSP Sector Head,
approving FSS
authority for
appropriate action
on the application.
8. Decide on the 2 working days BSP approving
application. authority

of document
showing decision
of the BSP
approving
authority.

applicant of the Department
decision. Head
FSD IX, FSS
375
9.1 If decision is
for approval of
application:
State in the
applicant the
approval of the
application,
indicating the
conditions for
approval thereof
(such as, but not
limited to, the
condition that
approval is subject
to onsite
verification by the
BSP to validate
the features and
functionalities of
the IT system, and
payment
ecosystem, if no
onsite verification
was conducted by
the BSP during the
application), and
that applicant may
now proceed with
next stage of the
application.

application and
stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
considered
376
prejudice to re-
submission of
application (after
months) with
complete
documentary
requirements and
deficiencies
already rectified.
10. Receive FSD IX e- 10. Notify 1 working day Account Officer

mail notification applicant through FSD IX, FSS
FSD IX official e-
mail of the
decision on the
application,
attaching scanned
letter, and stating
shall be mailed
accordingly.
10.1 Receive original 10.1 Through pick- Administrative

copy of letter. up, Officer,FSAD –
release original SOMD, FSS
representative,
after presenting a
10.2 Through
mail/courier,
process and
release documents
to the
Administrative
Services
Department
(ASD), BSP, for
mailing.
END OF TRANSACTION
377
Stage 2: Application for Issuance of Certificate of Authority to Register with the Securities and
Exchange Commission the Articles of Incorporation and/or By-Laws or Amendments thereto,
Indicating the Corporate Purpose to Establish and Operate a Stand-Alone Non-Bank Financial
Institution with Quasi-Banking Functions
1. Application letter for issuance of Certificate of Authority to Applicant
register Articles of Incorporation (AOI) and/or By-Laws or
amendments thereto with the Securities and Exchange
Commission (SEC), signed by the incorporators/directors or the
president or officer of equivalent rank, in connection with the
application for authority to establish and operate a stand-alone
non-bank financial institution with quasi-banking functions.

It shall also indicate the preferred mode of transmittal of the

notification letter on the decision relative to the application, if
through mail or for pick-up.
2. Proof of compliance with the conditions for approval, if any, set
forth in the notification letter for BSP approval to establish and
operate a stand-alone non-bank financial institution with quasi-
banking functions under Stage 1.
378
CLIENT STEPS 360
Stage 2: Application for Issuance of Certificate of Authority to Register with the Securities
and Exchange Commission the Articles of Incorporation and/or By-Laws or Amendments
thereto, Indicating the Corporate Purpose to Establish and Operate a Stand-Alone Non-Bank
1.1 Electronic
submission
1.1.1 Submit scanned 1.1.1 System Account Officer,

copy of application auto- (FSD IX) or
letter and acknowledges the Administrative
documentary submission Officer, Frontline
requirements to Services
fss- 1.1.2 Log-in and Administrative
somd@bsp.gov.ph open the FSS Division (FSAD)
361) Department or – Sectoral
SOMD email Operations
account. Management
Department
1.1.3 Transfer (SOMD),
email in the Financial
department’s sub- Supervision
folder. Sector (FSS)

the FSS Booth (Koi
Garden) / SOMD,
Complex, Manila)
Administrative
1.2.1 Proceed to FSS 1.2.1 Receive and Officer, FSAD -
Booth / SOMD. Get stamp date and SOMD, FSS
queue number and time of receipt.
wait to be called.
application
379
1.2.3 Forward
documents to
(FSD IX).
1.3 Mail/Courier

documentary
receipt of
application.
1.3.3 Forward
documents to
(FSD IX).

assess the and
and substantive
requirements of
relevant laws,
rules and
regulations. This
includes a
determination of
whether the
in the approval of
the application for
BSP approval to
establish and
operate a stand-
alone non-bank
financial institution
with quasi-banking
functions under
380
Stage 1 have been
complied with.

letter Prepare, review Division/Group
and release return Head and
application is
considered
prejudice to re-
submission of
application (after
months) with
complete
documentary
requirements and
deficiencies
already rectified.

for mailing. FSS

no deficiency: Head
and release
acknowledgment
letter362 (a)
informing the
assessment of the
of filing fee and
determination of
362
381
sufficiency of
application and
submitted
requirements in
form and
substance, the
BSP finds the
same as complete
in form and
substance, hence,
the BSP will now
proceed with the
detailed evaluation
of the application
applicant of the
result thereof; (b)
containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
identification
number for the
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division
and position; and
of complete
requirements
which is the date
of the
acknowledgment
letter.

letter, as
necessary.
382
for mailing. FSS

Head
FSD IX, FSS
3.1 Prepare, 1 working day Account Officer,

review and elevate Division/Group
documents to Head and

sign documents
(including the
Certificate of
Authority to
register with SEC
the AOI and/or By-
Laws, if application
is approved).

of document
showing decision
of the BSP
approving/signing
authority together
with the signed
documents (if
applicable).

Secretary, Head
383
for affixing of BSP
dry seal on the
Certificate of
Authority.

Office of the
Secretary,
Monetary Board,
for affixing of BSP
dry seal on the
Certificate of
Authority.

Authority.

of Certificate of
Authority with
affixed BSP seal.
5. Prepare, review Half working Account Officer,
and process day Division/Group
applicant informing Department
FSD IX, FSS
5.1 If decision is
for approval of
application:
State in the
applicant the
approval of the
application and
attach the signed
Certificate of
Authority to
register with the
SEC its AOI and/or
By-Laws indicating
its corporate
purpose as a
384
stand-alone non-
bank financial
institution with
quasi-banking
functions and
other documents.
Indicate that
applicant may
proceed with the
next stage after it
has registered with
SEC its AOI and/or
By-Laws.

application and
stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
considered
prejudice to re-
submission of
application (after
months) with
complete
documentary
requirements and
deficiencies
already rectified.
6. Receive FSD IX e- 6.1 If decision is Half working Account Officer

mail notification for approval of day FSD IX, FSS
application:
Notify applicant
385
through FSD IX
the decision on the
application,
attaching scanned
letter (without
attachments), and
letter and signed
Certificate of
Authority to
register with SEC
the AOI and/or By-
Laws will be
transmitted to
applicant based on
preferred mode of
delivery indicated
in the application
letter. If for pick-
up, state that
documents are
ready for pick-up,
thus, applicant is
advised to
coordinate with
and notify FSD IX
Account Officer on
when it can pick-
up the documents,
presenting proof of
such authority to
pick-up the
documents.
6.1 Receive original 6.1 If decision is Account Officer

copy of letter. for denial of FSD IX, FSS
application:
Notify applicant
through FSD IX
official e-mail of
386
the decision on the
application,
attaching scanned
letter (without
attachments), and
letter shall be
mailed
accordingly.

pick-up, Officer
release original FSAD – SOMD,
letter to authorized FSS
representative,
after presenting a
6.1.2 Through
mail/courier,
process and
release documents
to the
Administrative
Services
Department
(ASD), BSP, for
mailing.
END OF TRANSACTION
387
SECURE
STAGE 3: Application for Issuance of Certificate of Authority to Establish and Operate a
Stand-Alone Non-Bank Financial Institution with Quasi-Banking Functions
[Submit one (1) original/scanned copy365]
1. Application letter for issuance of Certificate of Authority to establish Applicant
and operate a stand-alone non-bank financial institution with quasi-
banking functions in connection with the application for authority to
establish and operate a stand-alone non-bank financial institution
with quasi-banking functions.
The application letter shall state the name of the authorized contact
person relative to the application, official e-mail address authorized
to receive notifications, and other contact details.
2. Certified true copy of the Articles of Incorporation (AOI)366 and/or SEC
By-Laws and the Securities and Exchange Commission Certificate
of Filing of such AOI and/or By-Laws.
3. Payment or proof of payment of licensing fee of P50,000.00 Applicant
(inclusive of P10,000.00 filing fee), to be paid upon approval of the
application for issuance of Certificate of Authority to establish and
operate a stand-alone non-bank financial institution with quasi-
banking functions.
364 Submission may be by electronic form, personal filing at FSS Both of mail/courier
365 The original copy shall be made available upon request.
366 Indicating as primary/secondary purpose to establish and operate a stand-alone non-bank financial
institution with quasi-banking functions
388
CLIENT STEPS 367
Stage 3: Application for Issuance of Certificate of Authority to Establish and Operate a Stand-
Alone Non-Bank Financial Institution with Quasi-Banking Functions
1. Submit
application
1.1 Electronic
submission Account Officer,
1.1.1 System auto- (FSD IX) or
1.1.1 Submit scanned acknowledges the Administrative
copy of application submission Officer, Frontline
letter and Services
documentary 1.1.2 Log-in and Administrative
requirements to open the FSS Division (FSAD)
fss- Department or – Sectoral
somd@bsp.gov.ph SOMD email Operations
368) account. Management
Department
1.1.3 Transfer (SOMD),
email in the Financial
department’s sub- Supervision
folder. Sector (FSS)

the FSS Booth (Koi
Garden) / SOMD,
Complex, Manila)

wait to be called.
application
389
1.2.3 Forward
documents to
(FSD IX).
1.3 Mail/Courier

documentary
receipt of
application.
1.3.3 Forward
documents to
(FSD IX).

assess the and
determine if Head
and substantive
requirements of
relevant laws,
rules and
regulations.

application is
considered
prejudice to re-
submission of
application (after
months) with
complete
390
documentary
requirements and
deficiencies
already rectified.

for mailing. FSS
no deficiency: Head
Prepare and FSD IX, FSS
release
acknowledgment
letter369 (a)
informing the
assessment of the
of filing fee and
determination of
sufficiency of
application and
submitted
requirements in
form and
substance, the
BSP finds the
same as complete
in form and
substance, hence,
the BSP will now
proceed with the
detailed evaluation
of the application
applicant of the
result thereof; (b)
containing the
following: (i) BSP
seal/logo; (ii) the
assigned unique
369
391
identification
number for the
application as
reference for all
subsequent
transactions; (iii)
name of FSD IX
Account
Officer/contact
person, his/her
Group/Division
and position; and
of complete
requirements
which is the date
of the
acknowledgment
letter.

letter, as
necessary.

for mailing. FSS

Head
FSD IX, FSS

392
3.2 Elevate 1 working day Sub-Sector Head
memorandum to and Sector
appropriate BSP Head, FSS
approving/signing
authority for
appropriate action
on the application.

sign documents
(including the
Certificate of
Authority to
establish and
operate a stand-
alone non-bank
with quasi-banking
functions, if
application is FSD IX, FSS
approved).
4.1 Receive copy

of document
showing decision
of the BSP
approving/signing
authority together
with signed
documents (if
applicable).

Secretary, Head
for affixing of BSP
dry seal on the
Certificate of
Authority.

393
Office of the
Secretary,
Monetary Board,
for affixing of BSP
dry seal on the
Certificate of
Authority.

Authority.

of Certificate of
Authority with
affixed BSP dry
seal.

applicant informing Department
of the decision on Head
the application. FSD IX, FSS
5.1 If decision is
for approval of
application:
State in the
applicant the
approval of the
application.
Indicate in the
letter that as a
condition for
release of the
signed Certificate
of Authority, the
payment of
P50,000.00
licensing fee
(inclusive of the
P10,000 non-
refundable filing
394
fee) within 30
calendar days
from receipt of the
e-mail notice
mentioned under
step no. 6 hereof,
otherwise, the
Certificate of
Authority shall be
deemed
automatically
cancelled. State in
the letter that
applicant is
required to submit:
(i) proof of
payment of
licensing fee prior
to release of the
signed Certificate
of Authority which
shall be for pick-up
by the applicant’s
authorized
representative
upon presentation
of OR and the
authority to pick-
up; and (ii) notice
of actual date of
commencement of
operations.
5.1.1 Request Account Officer,

Order of Payment (FSD IX)
(OP) Number to
Budget and
Finance
Administrative
Division (BFAD) -
SOMD, FSS
through e-mail
Administrative
5.1.2 Process the
Officer, BFAD-
Order of Payment
SOMD, FSS
using the New
395
Order of Payment
System (NOPS)
and send the OP
Number to the
requesting
department.
5.1.3 Send the Account Officer,

OP Number to the (FSD IX)
client through
email.
5.2. Receive OP 5.2. Provide the Administrative

number and pay department Officer, BFAD-
through the following concerned with a SOMD, FSS
payment options in copy of collection
the UnionBank of the report on a daily
Philippines : basis, as
a. Over-the-
applicable (except
Counter
weekends and
b. Convergent
Banking (Web and
App)
c. The Portal –
Business Banking
(Web and App)

Prepare and Department
process the letter Head
notifying denial of FSD IX, FSS
application and
stating the reasons
therefor and/or the
deficiencies noted
and informing that
application is
considered
prejudice to re-
submission of
application (after
396
months) with
complete
documentary
requirements and
deficiencies
already rectified.
6. Receive FSD IX e- 6.1 If decision is Licensing 1 working day Account Officer

mail notification. for approval of fee of FSD IX, FSS
application: P50,000.00
Notify applicant (inclusive of
through FSD IX the P10,000
official e-mail370 of non-
the decision on the refundable
application, filing fee)
attaching scanned
letter (without
attachments), and
letter and signed
Certificate of
Authority to
establish and
operate a stand-
alone non-bank
with quasi-banking
functions is ready
for pick-up, thus,
applicant is
advised to
coordinate with
and notify FSD IX
Account Officer on
when it can pick-
up the documents
upon presentation
of OR on payment
of licensing fee
and the authority
to pick-up.
397
6.1.1 Release
original copy of
letter and signed
6.1 Submit copy of Certificate of Account Officer
OR to FSD IX and Authority to FSD IX, FSS
present authority for register with SEC
applicant the AOI and/or By-
representative to Laws to applicant’s
pick-up the certificate authorized
of authority. Receive representative
original copy of letter upon presentation
and signed Certificate of OR on payment
of Authority. of licensing fee
and authority of
Refer to similar steps representative to
in Stage 1 on pick-up the
securing OP and documents.
fee.
6.2. Receive FSD IX 6.2. If decision is Account Officer

e-mail notification. for denial of FSD IX, FSS
application:
Notify applicant
through FSD IX
official e-mail of
the decision on the
application,
attaching scanned
letter (without
attachments), and
letter shall be
mailed
accordingly.
6.2.1. Receive 6.2.1. Process and Administrative

original copy of letter. release documents Officer
for mailing. FSS
6.2.2 Present original 6.2.2 Through Administrative

copy of Official pick-up, release Officer, FSAD -
Receipt and Letter of original copy of SOMD, FSS
398
Authority, if through letter and signed
pick-up by authorized Certificate of
representative. Authority to
authorized
representative.
6.3.2 Receive original 6.3.2 Through

copy of letter and mail/courier,
signed Certificate of process and
Authority. release documents
to the ASD, BSP,
for mailing.
END OF TRANSACTION
399
How to send feedbacks Feedbacks and complaints in Bangko Sentral ng

 Press the smiley or sad face button (encoding in the
comment section, “Receiving/Releasing of
documents with SOMD, FSS”) and input
feedback/complaints in the Feedback Management
System (FMS) tablet installed in the receiving area of
the Sectoral Operations Management Department
(SOMD), Financial Supervision Sector (FSS), 4th
Floor, Multi-storey Building.
FOR FEEDBACK/COMPLAINTS ON PROCESSING OF

SERVICES ENROLLED IN THE BSP CITIZEN’S
CHARTER
o Input the transaction code to be provided by
BSP website at www.bsp.gov.ph and fill-out the
structured form online for any
How feedbacks and Feedbacks and complaints may be filed through the
complaints are following:
processed?
 Feedbacks and complaints sent through the FMS

emoticon tablet/ touchscreen kiosk/BSP website


400
concerned issue.
be taken and target date of
Head is transmitted to Feedback Management
Unit through the Director of the Economic and
Financial Learning Center (EFLC) within two (2)
feedback/complaint.

Designate/Alternate of SOMD, FSS requests
transfer of feedback to appropriate
feedback/complaint.
 Feedbacks and complaints sent through the paper-

based FMS structured form
FMS designate/alternate of SOMD, FSS will scan

the accomplished paper-based structured form and
upload it in the system within one (1) working day
from receipt.
Handling of negative feedback/ complaint received

through the paper-based FMS structured form and
through the FMS emoticon tablet/BSP website are the
same.
2. Presidential Complaint Center (PCC), Office of

the President

Manila
Telephone:
+63(2)-8736-8645;
+63(2)-8736-8603;
+63(2)-8736-8629;
+63(2)-8736-8621
401
Telefax: +63(2)-8736-8621

Authority

1200 Makati City
Telephone: +63(2)-8478-5091;
+63(2)-8478-5099

Hotline: 8888
Telephone: 1-6565
SMS: 0908-8816565
402
Financial Supervision St., Malate, Manila 1004 Direct Line:
Department IX (FSD IX), +63(2)-8708-7297
Financial Supervision E-mail:
Sector FSD9@bsp.gov.ph

Sector
403
DOMESTIC MARKET OPERATIONS DEPARTMENT
External Services
404
1. Access to the BSP’s Monetary Operations System (MOS)
All eligible participating entities can access and participate in the BSP’s monetary
instruments through the Monetary Operations System (i.e., RRP, ODF, TDF) or manual
transactions (i.e., OLF).
Office or Division: Money Market Operations Staff (MMOS)

Type of G2B – Government to Business and G2G – Government to Government
Transaction:
Who may avail: All eligible participating entities
1. Letter of Intent From Participating Entity
2. Certified True Copy of Certificate of Authority to Request from FSS
Operate as a Bank
3. Participation Agreements Request from MMOS
4. Rules and Regulations Request from MMOS
5. Introductory Materials Request from MMOS
6. User’s Manual of the MOS Request from MMOS
7. User Registration Form Request from MMOS
8. VPN Connectivity Registration Form Request from MMOS
9. Secretary Certificate or A List Of Authorized From Participating Entity
Signatories of The Bank With Specimen
Signatures
10. Letter Of Undertaking Request from MSSO
PERSON
FEES TO PROCESSING
CLIENT STEPS AGENCY ACTIONS RESPONS
BE PAID TIME
IBLE
1. Submit the Letter of 1. Verify if the none 5 working days MSSO
Intent (original copy), counterparty is a upon receipt of
Certificate of PhilPaSS member. complete
Authority to Operate documents
as a Bank (certified 2. Request the
true copy), List of Comptrollership Sub-
Authorized sector (CoSs) –
Signatories (original General Accounts
copy) and Letter of Financial Reports
Undertaking (original and Analysis Group
copy)
(GAFRAG) to open
the following
accounts for the
requesting
counterparty: ORRP,
ODF, TDF and OLF.
3. Request the
FMOSS-Information
Technology Office
405
(FMOSS-ITO) to
include the new
counterparty to the
list of counterparties
of the FMOSS.
4. Inform MMOS on the
created account of
the counterparty
2. Accomplish and 1. The signed and none 3 working days MMOS,

Submit the notarized PAs from upon receipt of FMOSS
Participation the enrolling complete
Agreements (three participant will be documents
original copies per signed by the
facility) Assistant Governor,
or her absence, the
Officer-In-Charge.
OGCLS or
2. The same will be other
forwarded to the notary
OGLCS or other public
notary public within within the
the BSP for BSP
notarization.
3. Accomplish and 1. Register the users in none 3 working days MMOS
Submit the User the MOS as upon receipt of
Registration Form contained in the duly complete
(two original copies) accomplished User documents
Registration Form
4. Accomplish and 1. Forward the VPN none 3 working days MMOS,
Submit the VPN Connectivity Form to upon receipt of ITO
Connectivity the Information complete
Registration Form Technology Office documents
(two original copies) (ITO) for appropriate
action through memo
to the ITO Director.
days
406
2. Registration of the Monetary Operations System (MOS) User Account and Smart
Card
Authorized users/traders of eligible participating entities must register manually in order to
access the BSP’s MOS.
Transaction:
Who may avail: Authorized users/traders of participating entities
1. Participation Agreement Request from MMOS
3. Letter of Authorization to BSP to debit the From Participating Entity
BSP DDA (For Trader Approvers only)
4. Letter of Authorization to claim the second From Participating Entity
half of the MOS password (For Trader
Creators and Viewers who will not personally
claim the password)
5. Secretary's Certificate (For Trader Approvers Request from MMOS
only who will not personally claim the smart
card kit)
6. Special Power of Attorney (For Trader Request from MMOS

Approvers only who will not personally claim
the smart card kit)
7. Release, Waiver and Quitclaim (For Trader Request from MMOS

the smart card kit)

CLIENT STEPS TIME RESPONSIBLE
ACTIONS BE PAID
1. The participating 1. DMOD will receive None. 1 working MMOS Dealer
entity should submit the User day upon
two original copies of Registration Form receipt of
the completely filled and check for complete
out User Registration completeness. documents
Form.
2. The user will 1. DMOD will register None. 1 working MMOS Dealer
receive an e-mail the user as Trader day upon
with ½ of their Creator, Trader receipt of
system generated Approver or Viewer complete
password. in the MOS and documents
create the Smart
Card Kit for Trader
Approvers.
3. The user or 1. DMOD will issue P1,200.0 1 working MMOS Dealer
his/her the account 0 day upon
representative must password to the receipt of
407
claim the second half user or his/her complete
of the password to representative with documents
activate the account. authorization letter.
2. DMOD will issue

For Trader the Smart Card Kit
Approvers, he/she to the Trader
must submit a letter Approver or his/her
authorizing the BSP representative with
to debit its BSP the accomplished
Demand Deposit documents: (1)
Account (DDA) as Secretary's
payment for Smart Certificate, (2)
Card Kit. Special Power of
Attorney, and (3)
Release, Waiver
and Quitclaim.
TOTAL: P 3 working
1,200.00 days
3. Updating of the Monetary Operations System (MOS) User Account and Smart Card
Authorized users/traders of eligible participating entities must update manually their
accounts in order to add, update or remove access to the BSP’s MOS.
Transaction:
2. Letter of Authorization to BSP to debit the BSP From Participating Entity
DDA (For Trader Approvers only)
3. Letter of Authorization to claim the second half From Participating Entity
of the MOS password (For Trader Creators
and Viewers who will not personally claim the
password)
4. Secretary's Certificate (For Trader Approvers Request from MMOS
only who will not personally claim the smart
card kit)
5. Special Power of Attorney (For Trader Request from MMOS

the smart card kit)
6. Release, Waiver and Quitclaim (For Trader Request from MMOS

the smart card kit)
408
FEES
PROCESSING PERSON
CLIENT STEPS AGENCY ACTIONS TO BE TIME RESPONSIBLE
PAID
1. The participating 1. DMOD will None. 1 working MMOS Dealer
entity should submit receive the User day upon
two original copies of Registration Form receipt of
the completely filled and check for complete
out User Registration completeness. documents
Form.
2. The user will 1. DMOD will None. 1 working MMOS Dealer
receive an e-mail register/update/rem day upon
with ½ of their ove the user’s receipt of
system generated account based on complete
password. the User documents
Registration Form
accordingly.
3. The user or 1. DMOD will issue the P1,200. 1 working MMOS Dealer
his/her account password 00 day upon
representative must to the user or receipt of
claim the second half his/her complete
of the password to representative with documents
activate the account. authorization letter.
2. DMOD will issue the
For Trader Smart Card Kit to
Approvers, he/she the Trader Approver
must submit a letter or his/her
authorizing the BSP representative with
to debit its BSP the accomplished
Demand Deposit documents: (1)
Account (DDA) as Secretary's
payment for Smart Certificate, (2)
Card Kit. Special Power of
Attorney, and (3)
Release, Waiver
and Quitclaim.
TOTAL: P 3 working
1,200.00 days
409
4. Manual Submission of Bids/Placements to the BSP Facilities
Participating Entities must submit the accomplished manual bid form to the BSP should they
encounter difficulties and cannot encode their bids/placements in the MOS.
Transaction:
1. Manual Bid Form Request from MMOS
FEES
PROCESSING PERSON
CLIENT STEPS AGENCY ACTIONS TO BE TIME RESPONSIBLE
PAID
1. The participating 1. DMOD will None. 1 working MMOS Dealer
entity should receive the User day upon
accomplish and Registration Form receipt of
submit a soft copy of and check for complete
the manual bid form completeness. documents
to the designated
DMOD email 2. DMOD will input
address within the their
prescribed bids/placements
submission schedule using the
contingency feature
of the MOS
day
410
5. Transacting in the Overnight Lending Facility (OLF) of the BSP
Participating Entities must submit the required BSP documents to be able to transact in the
manual OLF window until the said facility becomes fully automated.
Transaction:
1. Letter of Intent From Participating Entity
2. Excel file of OLF Securities Request format from MMOS
3. Participating Entity’s NROSS Portfolio From Participating Entity
Statement
FEES PERSON
PROCESSIN
CLIENT STEPS AGENCY ACTIONS TO BE RESPONSIBL
G TIME
PAID E
1. The participating 1. DMOD will receive
entity should submit the documents and
the signed letter of check for
intent (one original completeness.
soft copy and one
original hard copy), 2. DMOD will compute
excel file of OLF for the market value
Securities (soft copy) of each security
and NROSS Portfolio using the
Statement (soft appropriate prices
copy) within the and haircuts. 1 working
prescribed day upon
submission schedule None. receipt of MMOS Dealer
2. To confirm the 1. DMOD will input complete
OLF, the and deal the OLF documents
participating entity transaction in the
should contact the Domestic
BSP via the Operations System
telephone, the (DOS).
Reuters dealing
screen or other
communication
methods as may be
specified by the
BSP.
day
411
How to send feedback? The client may send a feedback
through the BSP website using Mozilla
Firefox (http://www.bsp.gov.ph).
Click on Feedback Corner link
(http://fms.bsp.gov.ph/ekiosk/feedback)
and enter the transaction code before
filling out the feedback form.
How feedbacks are Feedbacks received will be forwarded
processed? to the concerned department for
appropriate action.
How to file a complaint? Complaints may be sent through e-mail
to the Center for Learning and
Inclusion Advocacy
(consumeraffairs@bsp.gov.ph)
How complaints are Complaints received will be forwarded
processed? to the concerned department for
appropriate action.
Contact Information of CCB, IARTA (2782)
PCC, ARTA PCC 8888
CCB 09088816565 (SMS)

Head Office Room 308, 3/F, +63 2 8708 7020
Five-story building,
A. Mabini St. corner P.
Ocampo St.,
Malate Manila 1004
412
Communication Office
External Services
413
1. Interview request for BSP Spokespersons from Media Organizations (update)
Procedure of request for interviews of BSP officials from the members of the local media.
Office or Division: Communication Office

Classification: Complex
Transaction:
Who may avail: Local media organization (print, online, & broadcast)
1. Letter Request Requesting media organization
2. Interview Request Form BSP media relations officer

CLIENT STEPS
1. Submit letter request 1.1 Interview None
for interview (email or Request
personal service) Evaluation
1.1.1 Evaluate if 1 Day Media Relations
questions/topics are Officer
within the purview
of the BSP
(evaluation includes
research and/or
coordination with
the BSP units and
other government
agencies).
1.1.2 Acknowledge 1 Hour Media Relations
receipt of request Officer/ Deputy
through email, etc.; Director
Advise through
email, etc. if not
within the BSP’s
purview.
1.1.3 If within the 4 Hours Media Relations
BSP’s authority and Officer/ Deputy
depending on Director
questions/ topics
submitted,
determine the BSP
unit/s with purview
over
questions/topics as
well as the
proposed
spokesperson/s
1.1.4 Prepare 1 Hour Media Relations
interview request/s Officer
414
addressed to Sector
Head/s of the BSP
unit/s with purview
over
questions/topics
mentioned with
recommended
spokesperson/s
1.1.5 Approval/ 2 Days Director/
Disapproval of the Managing
interview request Director/
Sector Head or
Governor
1.1.6 Match 1 Day Media Relations
schedule of media Officer and
with the BSP Journalist/
spokesperson to set Coordinator
interview date if from Media
media request is
approved
1.2.1 Pre-Interview
Preparations for
the BSP
Spokespersons
1.2.1.1 Once the 1 Hour Media Relations
interview date is Officer
set, coordinate with
media organization,
Corporate Affairs
Office, and/or
Security Services
Department for the
logistics (i.e.,
venue, time, entry
permit,
transportation) and
relay the details to
the BSP
Spokesperson
2. Conduct Media 2.1 Conduct Media
Interview Interview
2.1.1 Media None 1 Hour Media Relations
Relations Officer to Officer
arrive at the venue
around before the
interview for face-
to-face or studio
interviews (Does
not include radio
phone patch/online
415
interview which is
counted as 0 hrs)
2.1.2 Interview 1 Hour BSP Governor/
Proper BSP
Spokesperson/
Media Relations
Officer
Total None 5 Days and 1
Hour
2. Interview request for the BSP Governor from Media Organizations (update)
Procedure of request for interviews of the BSP Governor from the members of the local
media.

Transaction:
Who may avail: Local media organization (print, online, & broadcast)
1. Letter Request Requesting media organization
2. Interview Request Form BSP media relations officer

CLIENT STEPS
1. Submit letter request 1.1 Interview None
for interview (email or Request
personal service) Evaluation
1.1.1 Evaluate if 1 Day Media Relations
questions/topics are Officer
within the purview
of the BSP
(evaluation includes
research and/or
coordination with
the BSP units and
other government
agencies).
1.1.2 Acknowledge 1 hour Media Relations
receipt of request Officer/ Deputy
through email, etc.; Director
Advise through
email, etc. if not
within the BSP’s
purview.
1.1.3 If within the 4 Hours Media Relations
416
BSP’s authority and Officer/ Deputy
depending on Director
questions/ topics
submitted,
determine the BSP
unit/s with purview
over
questions/topics as
well as the
proposed
spokesperson/s
1.1.4 Prepare 1 Hour Media Relations
interview request/s Officer
addressed to Sector
Head/s of the BSP
unit/s with purview
over
questions/topics
mentioned with
recommended
spokesperson/s
1.1.5 Approval/ 2 days Director/
Disapproval of the Managing
interview request Director/
Sector Head or
Governor
1.1.6 Match 1 day Media Relations
schedule of media Officer and
with the BSP Journalist/
spokesperson to set Coordinator
interview date if from Media
media request is
approved
1.2 Pre-Interview
Preparations for
the BSP Governor
1.2.1 Briefing
Notes will be
prepared for the
Governor (based
on questions sent
by media
organization) by
the BSP source
departments/office
s/ units and
Communication
Office (CO)
1.2.1.1 CO will 2 Hours Media Relations
prepare and send Officer/ Deputy
417
request to the BSP Director
departments/offices/
units which will
provide answers to
questions or inputs
to topics sent
1.2.1.2 4 Days Media Relations
a) CO will prepare Officer/ Deputy
background of the Director/BSP
journalist, program units and
and media offices/
organization Journalist or
Media
b) CO will Coordinator
coordinate/follow-up
inputs from the BSP
departments/offices/
units which will
provide answers to
questions or inputs
to topics sent
1.2.1.3 Once the 2 Days Media Relations
inputs are received, Officer/ Deputy
evaluate and edit Director
answers/inputs as
necessary in view of
target audience;
and finalize briefer
1.2.1.4 Submit draft 1 Hour Media Relations
briefer to the Office Officer/ Deputy
of the Governor Director /
(OG) Director
1.2.1.5 Execute 1 Day Media Relations
further instructions Officer/ Deputy
from OG, if any, and Director /
submit revised draft Director
briefer for OG’s
consideration.
1.2.2 The 1 Hour Media Relations
Governor/OG will Officer/ Deputy
be constantly Director /
informed about Director
latest
arrangements on
interview,
including venue,
set-up,
arrangement, and
interviewers.
2. Conduct Media 2.1 Conduct Media
418
Interview Interview
2.1.1 Media None 1 Hour Media Relations
Relations Officer to Officer
arrive at the venue
before the interview
for face-to-face or
studio interviews
(Does not include
radio phone patch
interview which is
counted as 0 hrs)
2.1.2 Interview 1 Hour BSP Governor/
Proper BSP
Spokesperson/
Media Relations
Officer
Total None 12 Days and 4
Hours
3. Request for Sponsorship/Support/Donation (update)

Procedure for request of sponsorship/support/donation coursed through the Office of the
Governor. This transaction is intended to reinforce the corporate image of the Bank and
establish goodwill with its stakeholders and the general public. As a matter of due
course however, the Bank generally refrains from sponsoring requests of private
organizations as it may undermine the appearance of integrity and independence of the
Bank as well as protect its brand from any unscrupulous undertakings.

Transaction: G2G – Government to Government
Who may avail: Philippine private organization or government agency
1. Letter Request Requesting party
2. Proof of capacity to receive SEC/DTI/BIR/Other Government Agency as
donation/sponsorship (Registration with applicable
relevant government agency documents,
Official Receipt)
3. Authority to credit bank account BSP (upon approval of request)
CLIENT STEPS
1. Submit: 1.1. Acknowledge None 5 Minutes Public Relations
a. Letter request for receipt of letter Officer
sponsorship, request
support or
419
donation;
b. Proof of capacity
to receive
donation/
sponsorship
1.2. Communication 2 Days Public Relations
Planning Division Officer/
evaluates the Assistant
request and the Manager/
requesting party, Manager
and prepares email
or written
recommendation to
the Deputy Director
of the IDG/ CO
Director
1.3. Approval/ 1 Day As applicable,
Disapproval of the Deputy
sponsorship/ Director/
donation request Director/
Managing
Director/ or
BSP Governor
1.4. Transmit official 15 Minutes Public Relations
reply of the Bank to Officer/
requesting party Manager
2. Receive official reply 2.1. (If Approved) 15 Minutes Public Relations
of the requested Coordinate with Officer
sponsorship/donation requesting party to
submit additional
documents to enroll
in BSP Auto-Credit
Payment Scheme if
not previously
enrolled
3. Submit auto-credit 3.1 Receive and 10 Minutes Public Relations
enrolment documents review submitted Officer
auto-credit
enrolment details
for completeness
3.2. Prepare 15 Minutes Public Relations
disbursement Officer
voucher and
corresponding
attachments
3.3. Submit auto- 5 Minutes Public Relations
credit form, Officer
disbursement
voucher and
attachments to
420
Administrative
Office
3.4. Process 3 Days Administrative
payment of Officer
sponsorship/
donation
3.5. Inform 30 Minutes Public Relations

requesting party of Officer
the crediting of
payment and
request for:
a. Official Receipt
(OR)
b. Accomplished
Feedback
evaluation
sheet
4. Submit OR and 4.1. Receive OR 5 Minutes Public Relations
Feedback form and feedback form Officer
4.2. Transmit OR to 5 Minutes Public Relations
FAD Officer
Total None 6 Days,
1 Hour and
45 Minutes
4. Attend to phone inquiries (update)

Answer phone inquiries of the general public.

Type of G2C – Government to Citizen
Transaction:
Who may avail: General Public
1. None

CLIENT STEPS
1. Call BSP Hotline or 1.1. Receive call, None 5 Minutes CO Staff and
Communication Office inquire about the Officers
(CO) locals concern, and
endorse call to
appropriate
personnel
421
1.2. Attend to 15 Minutes Concerned CO
inquiry of the client employee
Total None 20 Minutes

How to send feedback For transactions/services rendered,
feedback may be given by clients
which may be sent through the
following channels:
Via tablet/touchscreen kiosk
[Feedback Management System
(FMS) emoticon]
Survey response (FMS one-pager
structured form via paper-based or
BSP website)
Email or letter
How feedback is processed Sent through the FMS emoticon
tablet/touchscreen kiosk/BSP
website

feedback is received real time by all FMS
users of the department/office. Concerned
department to immediately address issue.
FMS designate/alternate shall encode the
action taken within two (2) working days from
receipt of
Sent through the paper-based FMS

structured form
FMS designate/alternate to gather and scan

accomplished paper-based structured form.
This is done within one (1) day upon receipt
of accomplished forms.
FMS designate/alternate to upload structured

form within one (1) working day from receipt
of accomplished form.
Sent through Email
The recipient endorses the feedback to the

concerned CO Group Head within three (3)
422
working days from receipt of email.
The concerned Group communicates with the

client regarding the feedback, if needed.
How to file a complaint This is best done via formal communication
(i.e., letter or email) describing the
transaction, person/s involved and
circumstances leading to the complaint.
How complaints are processed Complaints are immediately forwarded to
concerned division to resolve or address
issue. Due process is accorded to the
concerned employee, if applicable.
ARTA PCC: 8888
CCB: 0908-881-6565 (SMS)

Office of the Director, Rm. 412, 5-Storey Hotline Number:
Communication Office Bldg., BSP Complex, A. +632 8708 7701
Mabini St., loc. 2602
Malate, Manila
Office of the Deputy Director, Rm. 412, 5-Storey Hotline Number:
Information Development Bldg., BSP Complex, A. +632 8708 7701
Group Mabini St., loc. 2038
Malate, Manila
Office of the Deputy Director, Rm. 412, 5-Storey Hotline Number:
Media and Communication Bldg., BSP Complex, A. +632 8708 7701
Group Mabini St., loc. 2032
Malate, Manila
423
Cash Department
External Services
424
1. Cash and/or Check Payment from Clients of Various BSP
Departments (update)
Clients of various BSP Departments submit their payments to the Cash Department
(CD) for the various services/products of BSP being availed. An official receipt is issued
to the client upon completion of the transaction.
Office or Division: Cash Department

Type of
Transaction: Government to Citizen (G2C)/ Government to Business Entity
(G2B)/Government to Government (G2G)
Who may avail: All
1. Primary or Secondary Identification 1. Primary IDs –
Card (ID) – 1 original copy a. Department of Foreign Affairs (DFA)
b. Professional Regulations Commission (PRC)
c. Social Security System (SSS)
d. Government Service Insurance System (GSIS)
e. Land Transportation Office (LTO)
f. Overseas Workers Welfare Administration
(OWWA)
g. Maritime Industry Authority (MARINA)
h. Local Government Unit (LGU) - Senior Citizen
i. Firearms and Explosive Office (FEO)
j. Postal Office
k. Commission on Elections (COMELEC)
l. Bureau of Immigration (BI)
Secondary IDs –
a. Company ID
b. Bureau of Internal Revenue
c. LGU – Barangay
d. Home Development Mutual Fund (HDMF)
e. Philippine National Police
f. National Bureau of Investigation (NBI)
2. Non-BSP Identification Card (ID) -1 2. Security Services Department (SSD)

original copy
3. Order of Payment (OP) – 2 original 3. Particular BSP department which the client is
copies (1st copy for CD Accounting, transacting with.
and 2nd copy for client)
425
AGENCY FEES TO BE PROCESSING PERSON
CLIENT STEPS
ACTIONS PAID TIME RESPONSIBLE
1. Leave valid ID at 1. Issue in return Cost of 5 minutes Security Officer (SO)
the Reception an access securing SSD
Area of Bangko card/non-BSP ID from BSP- Manila
Sentral ng ID to enter other
Or
Pilipinas (BSP)- BSP-Manila governm
Manila and and QC ent SO
Quezon City (QC) premises. offices SSD
BSP- QC
2. Proceed to the 2. None None None None

Tellers’ Area of the
Cash Department
(CD), get a service
ticket number not
later than 2:00
p.m.
3. Once queuing 3.1 Receive and

number is called, stamp the OP
submit to the
Teller the signed 3.2 Count the
OP and payment cash payment
(cash and/or received
check*)
3.3 Determine the Teller
* Make sure that the acceptability of None 10 minutes Banking Services
check/s is/are check, and reckoned from Division I (BSD)
compatible with validate the the receipt of BSP - Manila
Check Image accuracy of the complete and
Clearing System information properly Or
contained in the accomplished
check documents Teller
BSD II
BSP - QC
3.4 Generate the
“Official Receipt:
Payments to BSP”
and release it to
the client.
426
How to send feedback  Feedback can be provided in the Feedback
Management System (FMS) through the use of a
Kiosk Emoticon Tablet
How feedbacks are  Upon e-mail receipt of negative feedback by the

processed authorized user of FMS, a response (which may
be action plan/s or action/s already taken) be
provided within two (2) working days onto the
said system.
 The response and its uploading to the FMS shall
be approved by the Director.
How to file a  Complaint can be submitted through the
complaint following:
 Letter to the Office of the Director (OD), CD
 E-mail to the bspmail.gov.ph
How complaints are  OD-CD shall look into the matter and
processed communicate to the complainant through
letter/email (as applicable) the action plan/s
and/or actions already taken.
Contact Information of ARTA : Contact no. 8988-4836
CCB, PCC, ARTA

Cash Department Mabini St. Malate, Manila 028-7087452
Cash Department BSP Security Plant 028-9884835
Complex, East Avenue,
Quezon City
427
2. Biometric Registration and Granting of Access to the Integrated Currency
Management System (ICMS) - Cash Services Portal (CSP) (update)
Client banks utilize the ICMS-CSP online facility, through encoding of required information,
to place withdrawal requests and pre-advise deposit. On the other hand, bank
representatives are screened as to their authority/identity through biometric scanning. Thus,
separate/distinct registrations of authorized users to the ICMS-CSP and the biometric data
are performed on an annual basis or as needed (i.e. new user registration and deactivation).

Type of Transaction: Government to Business Entity (G2B)
Who may avail: Banks registered with Philippine Payment and Settlement
System (PhilPaSS)
2. Notarized Secretary Certificate and/or Board 1. Client Bank
Resolution - 1 original copy
3. Virtual Private Network (VPN) Connectivity 2. CSD

Registration form – 1 original copy for the
Custodian Services Division (CSD), and
scanned copy for Information Technology
and Infrastructure Operations Department
(ITIOD)
4. CSP Client Location Registration / Update 3. CSD

Form – 1 original copy for the ICMS
Administration (Admin) Team
5. CSP User Access Registration / 4. CSD

Deactivation Form - 1 original copy for the
ICMS Admin Team
6. CSP Password Reset Form – 1 original 5. CSD

copy for the ICMS Admin Team
7. CSP Bank Representative Biometric 6. CSD

Registration Form - 1 original copy for CSD
8. CSP Bank Representative Biometric

Deactivation Form - 1 original copy for CSD
7. CSD
428
PROCES PERSON
AGENCY FEES TO
CLIENT STEPS SING RESPONSIB
ACTIONS BE PAID
TIME LE
1. Submit the following
accomplished
documents:
Bank Officer
1.1 Notarized Secretary 1.1 Receive the None 5 minutes
(BO) II
Certificate and/or document, CSD
Board Resolution authenticate
signatures Or
indicated
therein, and file Senior
the document Currency
inside the vault Specialist
(SCS)
CSD
1.2 Accomplished VPN 1.2.1. Receive None 5 minutes BO II

Connectivity the documents, CSD
Registration form to authenticate
CSD signatures Or
indicated
SCS
therein, scan a
CSD
copy of the
form, and
submit these to Director
the Office of CD
the Director
(OD), Cash,
CD for approval
1.2.2. Forward None 5 minutes BO II

scanned copy CSD
of CD-
approved Or
registration
SCS
form to the
CSD
ITIOD for
processing
429
1.2.3 Receive None 3–4 BO IV
the document, days* ITO
process the VPN
enrolment, and Or
provide
BO II
procedures to
ITO
the bank for the
VPN Or
configuration and
connectivity Information
testing. Systems
Analyst (ISA)/
Information
Systems
Researcher
(ISR) III
Or
ISA/ISR II
1.3 Accomplished CSP 1.3.1 Receive None 5 minutes BO II

Client Location the document, CSD
Registration / Update authenticate
Form to CSD signatures Or
indicated
SCS
therein, and CSD
submit to the
OD-CD for Director
approval CD
1.3.2 Forward None 5 minutes BO II

the CD- CSD
approved
registration Or
form to the
ICMS Admin SCS
Team for CSD
processing
1.3.3 Receive None 4 hours* SCS

ICMS Admin
the approved
Team
document,
check the Or
requested
*
Forms received 4:00 pm onwards are considered as next working day
430
client location Currency
for registration/ Assistant II
updating (if it (CA II)
already exists) ICMS Admin
in the system, Team
and process
registration of
new client
location /
updating of
existing client
location
SCS
1.3.4 Notify/info None 10 ICMS Admin
rm the client minutes Team
bank of the
processed Or
request via
registered CA II
email address, ICMS Admin
and file the Team
document in
the filing
cabinet

User Access the document, CSD
Registration / authenticate
Deactivation Form to signatures Or
CSD indicated
SCS
therein, and
CSD
submit to the
OD-CD for Director
approval CD
1.4.2 Forward None 5 minutes BO II

the CD- CSD
approved
registration Or
form to the
SCS
ICMS Admin
CSD
Team for
processing
431
SCS
1.4.3 Receive None 4 hours* ICMS Admin
the approved Team
document,
check the Or
requested web
CA II
user access for ICMS Admin
registration/ Team
deactivation in
the system,
and process
registration of
new web user /
deactivation of
existing web
user
SCS
1.4.4 Provide 1st None 10 ICMS Admin
half of the minutes Team
user’s
credentials in a Or
sealed
envelope, and CA II
forward to CSD ICMS Admin
for release to Team
Client Bank
SCS
1.4.5 Send an None 10
ICMS Admin
email which minutes Team
contains the 2nd
half of the Or
user’s
credentials to CA II
the email ICMS Admin
address Team
indicated in the
form, and file
the document
in the filing
cabinet

Password Reset the document, CSD
Form to CSD authenticate
*
432
signatures Or
indicated
therein, and SCS
submit to the CSD
OD-CD for
Director
approval
CD
1.5.2 Forward None 5 minutes
the CD- BO II
approved CSD
registration
form to the Or
ICMS Admin
Team for SCS
processing CSD
1.5.3 Receive None 4 hours*

SCS
the approved ICMS Admin
document, Team
check the
requested web Or
user account
for password CA II
reset/ ICMS Admin
extension of Team
password
expiration in
the system,
and process
the request
1.5.3.1.1 For None 10

password minutes SCS
reset: Update ICMS Admin
the password Team
of the portal
user, provide Or
1st half of the
CA II
user’s
ICMS Admin
credentials in a Team
sealed
envelope, and
forward to CSD
for release to
*
433
Client Bank
1.5.3.1.3 Send None 10

an email which minutes SCS
contains the 2nd ICMS Admin
Team
half of the
user’s Or
credentials to
the email CA II
address ICMS Admin
indicated in the Team
form, and file
the document
in the filing
cabinet
1.5.3.2 For None 10

password minutes SCS
ICMS Admin
expiration
Team
extension:
Extend the date Or
of password
expiration, CA II
notify/inform ICMS Admin
the client bank Team
of the
processed
request via
registered
email address,
and file the
document in
the filing
cabinet

Bank Representative the document, CSD
Biometric authenticate
Registration form to signatures Or
CSD indicated
SCS
therein, and
CSD
submit to the
OD-CD for Director
approval CD
434
1.6.2 File the None 1 minute BO II
document CSD
inside the vault
Or
once signed by
the CD Director SCS
CSD

Bank Representative the document, CSD
Biometric authenticate
Deactivation form to signatures Or
CSD indicated
SCS
therein, and
CSD
submit to the
OD-CD for Director
approval CD
1.7.2 File the None 1 minute BO II

document CSD
inside the vault
once signed by Or
the CD Director
SCS
CSD
2. Undergo fingerprint 1. Assist the None 10 BO II

scanning for registration client during minutes CSD
purposes the said
exercise and Or
determine if it
was SCS
successfully CSD
completed.
435
How to send feedback  Upon receipt of email alert on sad
emoticon/negative feedback, forward email alert
to concerned Division/Unit Head through email
for the appropriate action to be taken within two
(2) working days from receipt.
How feedbacks are  For daily incident report, FM unit access FMS
processed every end of the day to highlight the immediate
actionable concern of the P6 departments/
offices on the feedback gathered from the
external clients within the day.
 For weekly feedback report, FM unit access FMS
every Monday of the following week to recap the
feedback results of the week, what activities may
be planned for the week ahead, any issues that
need management’s immediate attention/action
and any notable achievements/accomplishments
of the P6 departments/offices.
 Upon receipt of instructions from the Division/Unit
Head, access FMS through feedback.bsp.gov.ph
to input the appropriate action/to be taken.
How to file a  Upon receipt of complaint forward email alert to
complaint concerned Division/Unit Head through email for
the appropriate action to be taken within 15
working days from receipt.
How complaints are  Upon receipt of instructions from the Division/Unit
processed Head, access FMS through feedback.bsp.gov.ph
to input the appropriate action/to be taken.
CCB, PCC, ARTA

Quezon City
436
3. Acceptance of Deposit and Conduct of Verification (update)
The Cash Department (CD) receives currency deposit (banknotes and/or coins) from banks.
For banknotes, these should be stored in clear plastic bags and at a standard quantity of
twenty (20) bundles per bag. For coins, deposit must be made in multiples of 50 bags per
denomination, series and fitness level.
Prior to actual deposit, the Authorized Agent Banks (AABs) shall pre-advise and register
their deposit thru the Integrated Currency Management System (ICMS) -Cash Services
Portal (CSP) facility.
Upon acceptance of deposit, a BSP Reception Automatic Report is issued and the full
amount of deposit is conditionally credited (i.e. immediately credited subject to subsequent
adjustment for discrepancies, if any) to the demand deposit account of the client. Charges
may be imposed based on the type of deposit.
Verification of these bags is conducted at a later date, and adjustment/s to the demand
deposit account may be effected based on the verification result (as shown in the BSP
counting deposit summary report issued to client bank).

Type of
Government to Business Entity (G2B)
Transaction:
Who may avail: Banks registered in Philippine Payment and Settlement System
(PhilPaSS) and enrolled in the ICMS-CSP
1. Letter of Authorization to transact/enter BSP 1. Client bank
premises – 3 original/ scanned371 copies [1st
copy for command post - SSD, 2nd copy for
the Custodian Services Division (CSD)- CD,
3rd copy for reception area – SSD]
2. Non-BSP Identification Card (ID) – 2 copies 2. Security Services Department (SSD)

[1st original/scanned copy for SSD, 2nd copy
for CD]
Please see below the documentary

requirements372 for the issuance of a Non-
BSP ID valid for one (1) year.
371
PDF, JPEG or any similar formats
372
Required documents to be submitted to CSD-CD for processing of Non-BSP ID:
a. Bank Representative – a) Endorsement from Applying Commercial Bank, b) Two (2) pcs. 1x1 or 2x2 ID pictures, c) NBI
Clearance.
437
3. Registered Delivery Report (RDR) – to be 3. Generated from PC of depositing bank
validated at CSD and duly-signed by bank through Cash Services Portal (CSP)
representatives – 1 original copy
4. Color-coded tag – 1 original copy with deposit 4. Generated from PC of depositing bank
label per banknote bag/coin pallet, which is through CSP
compliant with the prescribed specifications373
and bears the required information374
5. Banknotes and/or coins to be deposited 5. Capital, business operations and other

(For banknotes - in shrink-wrapped bundles375 possible sources of the client bank
stored in transparent plastic bags based on
the prescribed specifications376.
For coins – stored in canvass bags based on
the prescribed specifications377)
FEES
PROCESSIN PERSON
CLIENT STEPS AGENCY ACTIONS TO BE
G TIME RESPONSIBLE
PAID
DEPOSIT
Activities Prior to the
Day of Actual Deposit
1. Submit through e- 1. Verify a day before None 3 minutes Bank Officer (BO) II
mail on or before the actual date of CSD
3:00 p.m. a day deposit the letter of
before the actual authorization as to the Or
date (day 1) of the authenticity of affixed
Senior Currency
bulk deposit signature of the duly-
Specialist (SCS)
transaction a letter authorized officer of CSD
of authorization the bank, and affix
indicative of name of signature
b. Bank Driver – a) NBI Clearance, b) Endorsement letter from Applying Commercial Bank
The client shall bear the cost for processing of Non-BSP ID including all other costs as required (i.e. NBI Clearance, 2 pcs of
ID pictures, etc)
373
Pink tags for unfit notes, brown for fit notes and green for mixed notes regardless of the banknote denomination; green
for 10-piso coins, pink for 5-piso coins, and brown for 1-piso and lower denominations regardless of coin type
374
Name of bank, Deposit Date, Amount, Denomination, Type of Deposit
375
Consist of 10 wrappers per bundle
376
Plastic bag for Notes - Length - 47"; Width - L2.50"; and Height - 5.25," or as may be specified by RMASS as per Circular
No. 931, Series of 2016
377
Canvass Bags for Coins: 46cm x 31cm (approximately)
438
names of the bank verifier thru stamping
representative/s, of the letter of
driver/s and authorization
security BO II
personnel, and the 1.1 Once the signature None 3 minutes CSD
armored car plate has been
number/s, which authenticated, include Or
will serve as the the requesting bank in
bank’s Gate Pass the list of banks that SCS
CSD
on the actual day will enter the Bangko
(day 2) of deposit Sentral ng Pilipinas
(BSP)-Quezon City
*Make sure that the (QC) on a given day
letter of authorization (i.e., Request for Gate
was signed by Pass)
authorized officer of BO II
depositing client bank 1.2 Prepare the Request None 30 minutes CSD
for Gate Pass
(Request to Enter Or
BSP Premises by CD
to SSD) and forward SCS
the same, along with CSD
the authenticated
letters of Deputy Director
authorization, to the (DD)
CD
Deputy Director for
approval and
signature
BO II
1.3 Secure the signature None 15 minutes CSD
of the Deputy Director
Or
SCS
CSD
BO II
1.4 Retrieve the signed None 30 minutes CSD
copy of Request for
Gate Pass (Request Or
to Enter BSP
Premises by CD to SCS
CSD
SSD), and reproduce
2 copies and forward
these to the Security
Services Department
439
(SSD)
Activities on the Day
of Actual Deposit
1. Proceed and enter 1. Inspect driver/s, bank None 5 minutes Security

the BSP Security representatives, Officer (SO)
Plant Complex security personnel and SSD
(SPC) not later the armored vehicle/s
than 2:30 p.m. upon entry at BSP QC
upon premises. Check if
clearance/subjecti these personnel and
ng to security vehicles are included in
procedures the approved Request
for Gate Pass
* Make sure that (Request to Enter BSP
forbidden items such Premises by CD to
as firearms and SSD).
ammunitions are not
to be brought inside
the BSP Premises
2. Register in a 2. Receive service ticket N 1 minute BO II

logbook 378at the number and RDR from o CSD
Tellers’ Area and the bank n
get a service ticket representative. e Or
number thru the
SCS
kiosk CSD
2.1 Once the service 2.1 Receive the 5 minutes BO II

ticket number is documents and perform CSD
called, submit the the following:
documents for a. Validate bank N Or
checking representative’s o
authority to transact n SCS
with the CD by e CSD
subjecting the bank
representative to
biometric fingerprint
scanning.
b. Ascertain
completeness of
entries/data/pertinent
deposit information
378
Registration shall only be done once per day for both deposit and withdrawal transactions.
440
indicated on the RDR.
c. Once the authority of

the bank
representative to
transact at BSP has
been validated, affix
name of the
processor thru
stamping of RDR
d. Queue bank deposit
at ICMS and return
validated RDR to the
Authorized Bank
Representative
2.2 Instruct guard on duty None 1 minute Accountable
to call bank on queue to Officer (AO)
the assigned loading bay CD
SO
SSD
3. Proceed to None None None None

assigned loading
bay once service
ticket number has
been called
3.1 Submit the 3.1 Stamp the RDR thru New/Fit Banknotes: AO
validated RDR to the the use of the dater Note 20 bags and CD
AO; and unload in machine and check and Deposit below -
the assigned loading ensure that: – Within 30
bay the PHP100 minutes.
banknotes/coins to Banknotes: per For every 10
be deposited a. Clear plastic bags are bundle bags
sealed; and thereafter -
b. One (1) deposit bag Unfit additional 10
label is attached per Note minutes
bag; Deposit
– None
Coins:
Coins: Mixed Every 50
c. Canvas bags are tied Note bags - within
and sealed; and Deposit 30 minutes.
d. One deposit bag label –
is attached to each PHP120
441
palette composed of per
either 50 or 100 coin bundle
bags.
The above procedures

entail the following
substantial compliance
costs:
a. Banknotes:
Clear transparent plastic
bag for every 20 bundles,
shrink wrapping machine,
shrink wrapping film or
any transparent plastic to
shrink wrap every
bundle, rubber band,
sealer (tape and/or
plastic lock-wire), colored
tags, sticker paper,
inkjet/laser printer and
ink for printing Deposit
Bag Label, paper
wrapper, paper cost for
the Registered Delivery
Report (RDR)
b. Coins:
canvass bag, sealer
(tape or plastic lock
wire), colored tags,
sticker paper, inkjet/laser
printer, ink, colored tags,
sticker paper, inkjet/laser
printer and ink for
printing Deposit Bag
Label, paper wrapper,
paper cost for RDR;
c. Other substantial
costs like armored car,
bank
representative/Cash in
Transit company
services, pocket-less
442
uniform of bank
representatives in order
to transport their
deposits to CD and other
costs that may be
imposed by BSP in
relation to the services
being rendered by CD
None 10 minutes AO
3.2 Witness 3.2 Conduct bundle, CD
the inspection wrapper, and/or bag
and counting count, including the
by BSP of checking of denomination
banknote and classification (for
and/or coin banknotes only), with the
deposits assistance of Currency
Operations Crew (COC)
and compare the same
from the information
stated in the RDR.
None 1 minute AO
3.3 Once the deposit is CD
found to be in order,
release a signed BSP
Reception Automatic
Report to the authorized
bank representative.
AO
None 1 minute
4. Validate the accuracy CD
and completeness of
4. Record deposits the following:
at the Summary of
Banks Daily a. Name of Bank
Deposits and affix b. Amount Received per
signature Type of Deposit
(Authorized Bank c. Time-In (refer to Item
Representative/s 3.1)
who underwent d. Time-Out (refer to
fingerprint BSP Reception
scanning) Automatic Report)
e. Signature
443
VERIFICATION
Activities on the day
prior to actual
verification
1. None 1. Notify the bank via e- None 2 minutes AO

mail of its verification CD
schedule
1.1 Prepare BSP None 2 minutes Secretary

Security Entry Permit of Office of
bank representative/s the
who confirmed their Director
attendance to witness (OD)
thru Closed Circuit CD
Television (CCTV)
monitors actual Or
verification Secretary
Office of
the Deputy
Director
1.2 Approve BSP entry None 2 minutes (ODD)
permit request CD
Director
CD
Or
Deputy
Director
(DD)
CD
Activities on the
actual day of
verification
1. Proceed to the 1. Transfer note/coin Fit Note 20 minutes AO

Viewing Room and deposits from the vault Deposit CD
witness the to the verification room. mixed
verification of its with unfit
currency deposit. 1.1 Conduct bag notes 10 minutes Verification
bundle/wrapper count upon Team
with the assistance of verificati Head
Currency Operations on – Currency
Crew, and compare total PHP100 Operations
444
number of bags, per Crew CD
denomination and bundle
classification against the or a
Deposit bag label and fraction
Container Transfer thereof
details.
1.2 Perform verification Unfit 6 1/2 hours

of note through (1) Note a day Verification
Automated Banknote Deposit Team and
Processing Machine mixed Currency
[which involves the use with fit Operations
of Process Control notes Crew CD
Document (PCDs)], or (2) upon
banknote counting verificati
machine and/or coin on –
counting machine. PHP20
per
bundle
or a
fraction
thereof
1.3 Encode the counting 20 minutes

information in ICMS and after each
generate reports (as batch Verification
listed in the preceding Team
column). Head
CD
1.4 Submit to the AO By 3:30 PM
reports for review and
signature and forward the
same to Accounting Verification
Division. Team
Head
1.5 Provide result of The CD
verification to client bank following
(BSP Counting Deposit day after
Summary Report) verification
Accounting
Division,
CD
445

said system.
CCB, PCC, ARTA

Cash Department BSP Security 028-9884835
Plant Complex,
East Avenue,
Quezon City
446
4. Over-the-Counter Acceptance of Deposits (update)
The Cash Department (CD) receives currency banknote deposits in bundles, wrappers and
pieces from client banks, which should not exceed four (4) bundles / one (1) coin bag per
day per client bank based on the schedule determined by CD. Charges may be imposed
based on the type of deposit. The deposited banknotes and/or coins shall be verified
outright and credited to the demand deposit account of client bank, with “Bank Deposit
(Over the Counter)” report to be issued upon consummation of transaction.

Type of
Transaction:
Who may avail: Banks
1. Letter of Authorization to transact/enter 1. Client Banks
BSP premises, 3 original copies [1st
original/scanned379 copy for command
post - SSD, 2nd copy for the Custodian
Services Division (CSD)- CD, and 3rd
copy for reception area – SSD]
2. Non-BSP Identification Card (ID), 2 2. Security Services Department (SSD)

copies [1st original/scanned copy for
SSD, and 2nd copy for CD]

requirements380 for the issuance of a
Non-BSP ID valid for one (1) year.
3. Cash Deposit Slip (CDS), 4 original 3. Client bank

copies (1st and 2nd copies for CD
Accounting Division, 3rd copy for Teller,
and 4th copy for client bank)
379
380
c. Bank Representative – a) Endorsement from Applying Commercial Bank, b) Two (2) pcs. 1x1 or 2x2 ID pictures, c) NBI
Clearance.
d. Bank Driver – a) NBI Clearance, b) Endorsement letter from Applying Commercial Bank
ID pictures, etc)
447
4. Banknotes to be deposited (in 4. Capital, business operations and other
bundles/wrappers/pieces) possible sources of the client bank

CLIENT STEPS

Day of Actual Deposit
1. Submit through e- 1. Verify a day None 3 minutes Bank Officer (BO) II

mail on or before before the CSD
3:00 p.m. a day actual date of
before the actual deposit the letter Or
date (day 1) of of authorization
deposit transaction as to the Senior Currency
Specialist (SCS)
a letter of authenticity of
CSD
authorization affixed signature
indicative of names of the duly-
of the bank authorized
representative/s, officer of the
driver/s and bank, and affix
security personnel, name of
and the armored signature verifier
car plate number/s, thru stamping of
which will serve as the letter of
the bank’s Gate authorization
Pass on the actual
day (day 2) of 1.1 Once the
deposit. signature has been
authenticated, None 3 minutes BO II
*Make sure that the include the CSD
letter of requesting bank in
authorization was the list of banks that Or
signed by will enter the
SCS
authorized officer Bangko Sentral ng CSD
of depositing client Pilipinas (BSP)-
bank Quezon City (QC)
on a given day (i.e.,
Request for Gate
Pass).
1.2 Prepare the

Request for Gate
Pass (Request to
448
Enter BSP None 30 minutes BO II
Premises by CD to CSD
SSD) and forward
the same, along Or
with the
SCS
authenticated
CSD
letters of
authorization, to the Deputy Director
Deputy Director for CD
approval and
signature.
1.4 Retrieve the None 30 minutes BO II

signed copy of CSD
Request for Gate
Or
Pass (Request to
Enter BSP SCS
Premises by CD to CSD
SSD), and
reproduce 2 copies
and forward these
to the SSD
449
of Actual Deposit
1. Proceed and enter 1. Inspect driver/s, None 5 minutes Security Officer (SO)
the BSP - QC bank SSD
within the representatives,
operating hours of security
9:00am to 2:00 personnel and
p.m. upon the armored
clearance/subjecti vehicle/s upon
ng to security entry at BSP-
procedures QC premises.
Check if these
* Make sure that personnel and
forbidden items such vehicles are
as firearms and included in the
ammunitions are not approved
to be brought inside Request for
the BSP Premises. Gate Pass
(Request to
Enter BSP
Premises by CD
to SSD).
2. Register in a 2. None None None None

logbook at the
Tellers’ Area and
get a service ticket
number thru the
kiosk.
3. Once the queuing 3.1 Accept New/Fit
number is called, currency note/coin Note
submit four (4) deposits and time Deposit –
copies of CDS stamp the CDS. PHP100 per
along with the bundle
currency items for 3.2 Conduct piece- 40 minutes Teller
deposit [maximum by-piece manual Unfit Note reckoned from BSD
of four (4) bundles verification of Deposit – the receipt of
for fit and/or unfit currency items, No complete and
banknotes; and and compare the Processing properly
one (1) bag for items to the bank Fee accomplished
coins per day]. deposit information documents
on CDS. Cost of
shrink
3.3 Once the wrapping
450
currency items machine,
have been verified film or any
and found to be in transparen
order, sign and t plastic to
release validated/ shrink
signed CDS to the wrap
client along with bundle,
the generated rubber
Bank Deposit band,
(Over the Counter) paper
report. wrapper


said system.
CCB, PCC, ARTA

Quezon City
451
5. Over-the-Counter Acceptance of Check Deposits (update)
The Cash Department (CD) receives check deposits from client banks and issues “Bank
Deposit (Over the Counter)” report. The demand deposit account of the client is credited
once the check has been cleared by the Philippine Clearing House Corporation.

Type of
Transaction:
b. Professional Regulations Commission
(PRC)
d. Government Service Insurance System
(GSIS)
f. Overseas Workers Welfare Administration
(OWWA)
h. Local Government Unit (LGU) - Senior
Citizen
j. Postal Office
Secondary IDs –
a. Company ID
c. LGU – Barangay
2. Non-BSP ID – 1 original copy 2. Security Services Department (SSD)
3. Check Deposit Slip (ChDS) – 4 original 3. Banking Services Division (BSD) I and/or II
copies (1st and 2nd copies for CD
Accounting, 3rd copy for Teller, and 4th
copy for client bank,)
452
4. Check/s 4. Capital, business operations and other
possible sources of the client bank

CLIENT STEPS
1. Leave valid ID at 1. Issue in return Cost of 5 minutes Security Officer
the Reception an access securing ID (SO)
Area of Bangko card/non-BSP from other SSD
Sentral ng ID to enter government BSP-Manila
Pilipinas (BSP)- BSP-Manila offices
Or
Manila and and QC
Quezon City (QC) premises. SO
SSD
BSP-QC
2. Proceed to the None None None None

Tellers’ Area of
the Cash
Department (CD),
and get a service
ticket number not
later than 12:00
nn and 2:00 p.m.
for BSP QC and
Manila,
respectively
3. Once service 3.1 Determine the None 5 minutes Teller
ticket number is acceptability of reckoned from BSD I
called, submit to check, and the receipt of BSP-Manila
the Teller the validate the accomplished
accuracy of the /complete Or
check and
accomplished information documents
Teller
form. contained in the from the client BSD II
check and BSP-QC
* Make sure that the accomplished
check/s is/are form.
compatible with
Check Image 3.2 Encode in the None Teller
Clearing System Integrated BSD I
Currency BSP-Manila
Management
System (ICMS) Or
the depositing
Teller
bank and check
BSD II
details, and
453
generate the Bank BSP-QC
Deposit (Over the
Counter) report for
signature by the
issuing Teller
3.3 Release the None

Teller
Bank Deposit
BSD I
(Over the BSP-Manila
Counter) report to
the client bank Or
Teller
BSD II
BSP-QC
454

said system.
CCB, PCC, ARTA

Quezon City
Cash Department A. Mabini Street, Malate 028-7087452
Manila, Manila
455
6. Redemption of Notes and Coins (Simple and Highly Technical Cases) (update)
The Cash Department (CD) receives mutilated currency deposits (banknotes and/or coins)
from all possible sources. For simple case of mutilation, this is to be examined outright and
the client shall be paid for banknotes/coins found to be with redemption value.
For highly technical cases of mutilation, no-value banknotes and/or items suspected to be
counterfeit, these shall be referred to the CIIO for examination. Once examination has been
completed and redemption value is established, client shall be paid accordingly. A Currency
Action Sheet (CAS)/Certification381 containing the result of the examination shall be provided
to the client. Any counterfeit items shall be retained by the Currency Issue and Integrity
Office (CIIO).

Classification: Simple (for cases that do not need referral to CIIO) or Highly
Technical (for cases requiring referral to CIIO)
Type of Government to Business Entity (G2B)382/ Government to Government
Transaction: (G2G)
Who may avail: Authorized Agent Banks (AABs), Representatives from Government
including Law Enforcement Agencies (LEA)
b. Professional Regulations Commission
(PRC)
d. Government Service Insurance System
(GSIS)
f. Overseas Workers Welfare
Administration (OWWA)
h. Local Government Unit (LGU) - Senior
Citizen
j. Postal Office
381For Law Enforcement Agencies (LEA), a certification is issued. Otherwise, a CAS is provided.
382 Prior to the COVID19 pandemic, citizens/individual clients were allowed to directly submit to the BSP their
currency claims for examination. However, given this existing health predicament, this practice was discontinued.
Rather, request for exchange/examination by individual and business clients shall all be coursed through
Authorized Agent Banks (AAB). Currency with simple case of mutilation and found to be with redemption value
shall be exchanged outright. The AABs shall only forward to the BSP the currency with highly technical mutilation
or doubtful in nature. Once examination of the claim has been completed, BSP shall credit to the account of the
AABs the redemption value. The AABs shall then pay the claimant.
456
Secondary IDs –
a. Company ID
c. LGU – Barangay
2. Non-BSP ID -1 original 2. Security Services Department (SSD)
3. Application for Examination of 3. Banking Services Division (BSD) I (BSP

Mutilated/Doubtful Currencies (AEC) - Manila) and II, (BSP Quezon City)
3 copies [1st copy for the CIIO-
Currency Integrity Staff (CIS), 2nd copy
for CD-BSD I/II and 3rd copy
(photocopy) for client.
4. Banknotes/Coins to be examined* 4. Various manners of acquisition of client (e.g.

employment, business, receipt of gift, winning
* Make sure that the subject currency and inheritance)
notes and/or coins were prepared in
accordance with the “Guidelines on the
Submission of Mutilated/Doubtful
Currencies for Examination” prior to the
submission to BSP.

CLIENT STEPS
1. Leave valid ID at 1. Issue in return Cost of 5 minutes Security Officer
the Reception an access securing ID (SO) SSD
Area of Bangko card/non-BSP from other BSP- Manila
Sentral ng ID to enter government
Or
Pilipinas (BSP)- BSP-Manila offices
Manila and and QC SO
Quezon City (QC) premises. SSD
BSP- QC
2. Proceed to the 2. None None None None
Tellers’ Area of
the CD, get a
service ticket
within the
operating hours of
457
9:00 a.m. to 2:00
p.m., and then fill
up the AEC form
3. Once service 3. For simple Cost of Simple: Teller
ticket number is cases: Confirm paper and 15 minutes for BSD I
called, submit the the initial transparent every 3 pieces BSP – Manila
AEC and currency assessment of adhesive
Or
notes and/or coins client on the tape to be
for examination submitted used for Teller
claims; mounting BSD II
* Make sure that the mutilated BSP – QC
subject currency currency
notes and/or coins
were prepared by in 3.1 For highly
accordance with the technical cases,
“Guidelines on the doubtful/
Submission of counterfeit, and
Mutilated/Doubtful no-value
Currencies for banknotes: None 5 minutes Teller
Examination” prior to BSD I
the submission to a. Inform the BSP – Manila
BSP. client if referral
shall be made to Or
CIS. None Highly
Teller
Technical: 30
BSD II
b. Forward the minutes BSP – QC
AEC and sealed (forwarding at
claims to the the end of the
Currency Issue day to CIS of
and Integrity Staff consolidated/
(CIS) -Analysis batched
Division (AD) of claims)
the Currency
Issue and
Integrity Office
(CIIO) for
examination*
* CIS shall
examine the
claims within 17
days from its date
of receipt
458
4. Receive the report 4. For Non-LEA
on the result on clients (without
examination redemption
value and/or
with counterfeit
items) and LEA
clients
(with/without
redemption
value/with
counterfeit
items:
Release None 15 minutes Senior Currency

CAS/certificatio Specialist (SCS)
n to the client CIS
and retain the CIIO
possession of
examined
currency
5. Accept payment if 5. For Non-LEA

submitted currency (AABs or
items are Government)
determined to have which submitted
redemption value. currencies were
determined to
have redemption
value:
5.1. For simple None 15 minutes per

Teller
cases: Release client
BSD I
the CAS and BSP – Manila
credit the account
of client Or
Teller
BSD II
BSP – QC
459
5.2 For highly
technical cases:
a. Receive the None 10 minutes per

CAS from client
CIS-AD-CIIO
containing the Teller
result of BSD I
examination BSP – Manila
and count the
currency items Or
Teller
BSD II
b. Endorse to None 10 minutes per
BSP – QC
the CD- client
Accounting
Division (AcD)
for the
crediting of the
client’s
account
c. Credit the None 15 minutes per Accounting

account of the client Specialist
client CD AcD
Or
BO II
CD AcD
Total Fees/Processing Time BSP: None Simple Case: 35 minutes383 (with

3 pieces of currencies for
Including examination or less)
substantial
compliance Highly Technical: 20 days
cost as (inclusive of examination time of
stated above CIIO)
383 The total processing time varies with the number of pieces of currencies submitted for examination.
460

provided within five (5) working days onto the
said system.
processed communicate, within 15 days from receipt of
complaint, to the client through letter/email (as
applicable) the action plan/s and/or actions
already taken.
CCB, PCC, ARTA

Quezon City
461
7. Sale of Commemorative Notes and Coins (update)
The Cash Department (CD) has commemorative notes and coins (CNCs) available for sale to the
general public. Upon presentation of payment, CD releases the item/s to be purchased and issues
an official receipt (OR).

Type of
Transaction: Government to Citizen (G2C)/ Government to Business Entity
(G2B)/Government to Government (G2G)
Who may avail: All
b. Professional Regulations
Commission (PRC)
d. Government Service Insurance
System (GSIS)
g. Maritime Industry Authority
(MARINA)
h. Local Government Unit (LGU) -
Senior Citizen
j. Postal Office
k. Commission on Elections
(COMELEC)
Secondary IDs –
a. Company ID
2. Non-BSP ID (1 original copy) c. LGU – Barangay
3. List of Available Demonetized/ d. Home Development Mutual Fund (HDMF)
Commemorative Notes and Coins (CNC) e. Philippine National Police
(1 original copy) or Confirmation Letter for f. National Bureau of Investigation (NBI)
email request
4. Payment for CNCs to be purchased 2. Security Services Department (SSD)
3. Banking Services Division (BSD) I and II, CD/
Client
5. For on-line/email request from abroad
5.1 List of items to be purchased
462
5.2 Authorization letter to take out of the
country legal tender CNC if exceeding the 4. Various manners of acquisition of client (e.g.
allowable maximum amount employment, business, receipt of gift, winning
5.3Transaction ticket for wire transfer and inheritance)
payment 5.
6. Authorization Letter and valid ID (original 5.1. Banking Services Division (BSD) I and II, CD
or photocopy with signature) for 5.2. International Operations Department (IOD)
5.3 Financial Market Operations Sub-Sector
6. Client
1. Leave valid ID at 1. Issue in return an Cost of 5 minutes Security Officer
the Reception access card/non- securing ID (SO) SSD
Area of Bangko BSP ID to enter from other BSP- Manila
Sentral ng BSP-Manila and government
Or
Pilipinas (BSP)- QC premises. offices
Manila and SO
Quezon City (QC) SSD
BSP- QC
2. Proceed to the 2. None None 10 minutes None
Tellers’ Area of both in Manila
the Cash and in QC
Department (CD),
number not later
within the
operating hours of
9:00 pm than 2:00
p.m., and then fill
up the form “List
of Available
Demonetized/Com
memorative Notes
and Coins”
3. Once queuing 3.1 Receive and time Cost of Per

number is called, stamp the printer, transaction,
submit to the form/confirmation ink and within ten (10)
Teller the letter paper for minutes for Teller
accomplished printing every ten (10) BSD I
BSP-Manila
form or printed of pieces of CNC
confirmation letter 3.2 Determine the confirma items to be Or
availability of tion bought,
463
requested CNC letter reckoned from
items; and the receipt of Teller
None complete and BSD II
3.3 Check the properly BSP- QC
accuracy of indicated accomplished
information (i.e., documents.
number of pieces to
be purchased and None
the amount to be
paid) on the form.
3.4 If needed, the Teller

Teller will then BSD I
request from BSP-Manila
Accountable Officer
(AO) the CNC items None Or
to be purchased that
are not in the Teller
possession of the BSD II
former. BSP- QC
4. Pay and receive 4. Receive and None 10 minutes Teller

the CNC items count the BSD I
purchased. payment BSP-Manila
tendered. If
*Make sure to check payment is found Or
and count the items to be in order,
Teller
against the OR to teller will prepare BSD II
determine and release the BSP- QC
correct/complete CNC items to
fulfillment of order, client with the
and keep the OR corresponding
BSP OR signed
by the former.
464

said system.
CCB, PCC, ARTA

Cash Department Mabini St. Malate, Manila 028-7087452
Quezon City
465
8. Servicing of Withdrawal Requests (update)
The Cash Department (CD) provides the local currency requirements (banknotes and/or
coins) of banks. Prior to release of currency, the AABs shall create their orders through the
Cash Services Portal (CSP) facility. Likewise, the order should be confirmed by BSP
personnel and funded before actual withdrawal by bank. Upon completion of transaction,
the client receives the currency withdrawn.

Type of
Transaction:
Who may avail: Banks registered in Philippine Payment and Settlement System
(PhilPaSS) and enrolled in the ICMS-CSP
1. Letter of Authorization to transact/enter 1. Client bank
BSP premises – 3 original/ scanned384
copies [1st copy for command post -
SSD, 2nd copy for the Custodian
Services Division (CSD)- CD, and 3rd
copy for reception area – SSD]
2. Non-BSP Identification Card (ID) - 2 2. Security Services Department (SSD)

copies [1st original/scanned copy for
SSD, 2nd copy for CD]

requirements385 for the issuance of a
Non-BSP ID valid for one (1) year.
3. Cash Order Slip (COS) duly signed by 3. CSP

authorized approving officers - 1
original copy and 1 photocopy
384
385
e. Bank Representative – a) Endorsement from Applying Commercial Bank, b) Two (2) pcs. 1x1 or 2x2 ID pictures, c) NBI
Clearance.
f. Bank Driver – a) NBI Clearance, b) Endorsement letter from Applying Commercial Bank
ID pictures, etc)
466
AGENCY FEES TO BE PROCESSI PERSON
CLIENT STEPS
ACTIONS PAID NG TIME RESPONSIBLE
Day of Actual
Withdrawal
1. Request currency 1.1 Check None 5 minutes COS Processor

for withdrawal availability of per bank Banking Services
through CSP not requested Division (BSD)
later than 12:00 nn currency.
at least a day
before the actual
date of
withdrawal386
1.2 If currency is None 5 minutes Accountable
*Make sure to available, assign per bank Officer (AO)
confirm in ICMS the order BSD
modification to of bank for
withdrawal. Or
order if such was
made COS Processor
BSD
1.3 If requested None AO

currencies are BSD
unavailable, may
offer to substitute Or
other
denominations. If COS Processor
the bank is BSD
amenable to the
substitution,
modify and assign
the order in ICMS.
386
Emergency withdrawals are an exemption as they may be filed on the actual day of withdrawal upon approval by the
Group Head of the Cash Department (CD).
467
2. Once order is None None 5 minutes None
assigned in ICMS per bank
by the AO, print a
copy of the COS in
CSP for signature
of their respective
Authorized
Approving
Signatories and
Bank
Representatives
3. Submit through e- 3. Verify a day

mail on or before before the
3:00 p.m. a day actual date of
before the actual withdrawal the
date (day 1) of the letter of
withdrawal authorization
transaction a letter as to the
of authorization authenticity of
indicative of names affixed
of the bank signature of the
representative/s, duly-authorized Bank Officer (BO)
driver/s and officer of the II CSD
security personnel, bank; and
and the armored None 3 minutes Or
car plate number/s, Affix name of
Senior Currency
which will serve as signature
Specialist (SCS)
the bank’s Gate verifier thru CSD
Pass on the actual stamping of the
day (day 2) of letter of
withdrawal. authorization
*Make sure that the

letter of authorization 3.1 Once the None 30 minutes BO II
was signed by signature has CSD
authorized officer of been
withdrawing client authenticated, Or
bank include the
SCS
requesting bank in CSD
the list of banks
that will enter the
Bangko Sentral ng
Pilipinas (BSP)-
Quezon City (QC)
468
on a given day
(i.e., Request for
Gate Pass).
3.2 Prepare the None 15 minutes BO II

Request for Gate CSD
Pass (Request to
Enter BSP Or
Premises by CD
SCS
to SSD) and CSD
forward the same,
along with the
authenticated Deputy Director
letters of CD
authorization, to
the Deputy
Director for
approval and
signature.
BO II
3.3 Retrieve the None 30 minutes CSD
signed copy of
Request for Gate Or
Pass (Request to
Enter BSP SCS
Premises by CD CSD
to SSD), and
reproduce 2
copies and
forward these to
the SSD
of Actual Withdrawal
1. Proceed and enter 1. Inspect bank None 5 minutes Security Officer

representatives, (SO) SSD
the BSP Security
Plant Complex driver/s, security
(SPC) not earlier personnel and the
than 9:00 a.m. but armored vehicle/s
not later than 3:30 upon entry at BSP
p.m. upon QC premises.
clearance/ Check if these
subjecting to personnel and
security vehicles are
procedures included in the
Request for Gate
469
* Make sure that Pass.
forbidden items such
as firearms and
ammunitions are not
to be brought inside
the BSP Premises.
None 1.1 Once the None 1 minute BO II

PhilPaSS notice CSD
has been received
from PSO, inform Or
the bank
SCS
representatives to
CSD
get service ticket
number from
kiosk.
5. Register in a None None 1 minute None

logbook387 at the
guardhouse of the
Tellers’ Area and
number.
5.1 Once the 5.1 Ask the bank Cost of 4 minutes388 BO II

service ticket to sign the printer, per COS CSD
number is called, PhilPaSS Settled ink, and
submit the Withdrawal and paper for Or
documents for proceed with the printing
SCS
checking. checking of of the
CSD
documents as to: required
a. completeness/ docume
accuracy of nts
information;
b. authenticity of
affixed
signatures;
387
Registration shall only be done once per day for both deposit and withdrawal transactions.
388
Process time is reckoned from the time of receipt of complete and properly-accomplished documents.
470
c. authority of the
signatories as
to the amount
to be
withdrawn; and
d. funding of the
withdrawal
request (i.e., as
evidenced by
the PhilPass
Settled
Withdrawal)
5.2 If found in BO II
order, sign the CSD
COS; and
Or
25 minutes
Route the COS SCS
along with the CSD
PhilPaSS Settled
Withdrawal, for None
approval of/ DD
signature by the CD
Deputy Director
and then deliver to
the assigned AO.
6. Proceed to the 6. Release Cost of 30 mins per AO

assigned loading currency to bank armored car/ bank BSD
bay and receive representatives Cash In
the currency upon the conduct Transit
requested to be by the latter of company
withdrawn upon box/bag-count: services, and
performance of pocket-less
required 6.1 Sign the COS uniform of
procedures on to evidence the bank
currency checking receipt representative
and documentation s
6.1 Retain the
* Only one (1) COS COS signed by AO
per bank per day is the bank along BSD
allowed with the signed
PhilPass Settled
Withdrawal None
471

said system.
CCB, PCC, ARTA

Quezon City
472
Mint and Refinery Operations Department
External Services
473
Gold Buying Program (update)
Purchase of Gold from the General Public (BSP-SPC)
Office or Division: Gold Buying Station, BSP-SPC

Type of G2B – Government to Business Entity / G2C – Government to Citizen
Transaction:
Who may avail: General Public
Two (2) Government Issued IDs
Tax Identification Number
Bank Account (passbook or ATM card with
account number)
Two (2) 1 ½” x 1 ½” pictures
Certified copy of a valid and effective or
pending application for SSM Contract
issued by PMRB/DENR-MGB
Letter of Authorization (LOA) Sent electronically
Customer Information Packet Sent electronically
Authority to Release Information Sent electronically
Letter of Delivery and Sale (LDS) Gold Buying Station
Risk Assessment Checklist for the source Gold Buying Station
of origin
Risk Assessment Checklist for Sellers Gold Buying Station
Bureau of Internal Revenue (BIR) forms Gold Buying Station
Routing Slip Gold Buying Station
Weighing Sheet Gold Buying Station
Request for Preliminary Analysis Gold Buying Station
Customer Satisfaction Survey Gold Buying Station
CLIENT STEPS
1. Apply for BSP 1.1 Receives the None Temporary Assistant Materials
Certificate for documents for Certificate for Control Manager /
Registered SSMs BSP Registered BSP-QC Gold
or BSP Certificate Certification SSMs= 95 Buying Station
of Accreditation for and mins. Head, Materials
Traders for Tax Accreditation Regular Control
Exemption (based Process Certificate for
on RA 11256) 1.2 Issues Registered
Temporary/ SSMs = 1-2
Regular days
Certificate
1.3 Issues Temporary
Temporary/ Accreditation
474
Regular = 120 min.
Accreditation Regular
Accreditation
= 3-6 months
2. Enrolment to BSP 2.1 Receives the None 15 mins. BO IV, FSG
checkless details of the
payment process seller’s bank
(for first time account for
seller/ if changes enrolment
are made in the
amount to be
credited)
3. 3.Inputs updated None 5 min BO IV, FSG
gold rate on the
Gold Purchasing
and Payment
System (GPPS)
4. Secure and 4.1 Provides the None 10 mins Assistant Materials
accomplish LDS, seller the (depends on Control Manager /
LOA, CIP, Risk necessary the quantity BSP-QC Gold
Assessment forms and Buying Station
Checklist for the packaging of Head, Materials
Source of Origin, gold) Control
Authority to
Release
Information, and
BIR forms
5. Submit the 5.1 Receives the None 0.5 to 2 hrs a. Assistant
accomplished accomplished (depends on Materials Control
LDS, CIP, and LDS form, quantity of Manager / BSP-
BIR forms stamps gold being QC Gold Buying
together with the time/date, and sold) Station Head,
gold log information Materials Control
into the
logbook
5.2 Receives/
evaluates the
accomplished
Customer
Information
Packet,
5.3 Conducts Risk

Assessment
475
Checklist for
Sellers and
Risk b. Senior Materials
Assessment Controller,
Checklist for Materials Control
Source of
Origin
5.4 Receives the

gold
5.5 Conducts
weighing of
gold
6. Submit the .5.1 Receives the None 10 mins Assistant Materials
accomplished .accomplished Control Manager /
LOA, Authority to .LOA, Authority BSP-QC Gold
Release to Release Buying Station
Information, and Information, and Head, Materials
BIR forms BIR .forms Control
7. Generates the None 10 mins Assistant Materials
Reception Note Control Manager /
(RN) and BSP-QC Gold
issues to the Buying Station
client for Head, Materials
signature Control
8. Sign the RN and None 5 mins Assistant Materials
receive the client’s Control Manager /
copy of the BSP-QC Gold
completed RN and Buying Station
LDS Head, Materials
Control
9. Performs None 10-15 mins Laboratory
preliminary Manager,
Assay on Laboratory and
received gold Research Division
9.1 Computes/ Minimum 30 mins. a. Asst. MC
prepares the of Manager / BSP-
advance PhP1,600 QC Gold Buying
payment per lot Station Head,
based on Materials Control
9.2 Approves Metal b. BO IV, FSG
Advance Recovery c. Approving
Payment Factor MROD Officers
Calculation
Sheet (ACPS), 1 lot=
476
advises FSG 10kgs
and credit the max
payment to the
gold seller’s
(client) bank
account
10. Accomplish the None 5 minutes Assistant Materials
Customer Control Manager /
Satisfaction BSP-QC Gold
Survey Buying Station
Head, Materials
Control
11. Receive advance None 2-3 banking FSG Officer
payment (99% of days
gold sale value)
12.1 Performs final None 4-13 banking a. Assay Officer,
assaying on days Gold Operations
the gold Section
received b. Asst. MC
Manager / BSP-
12.2 Prepares QC Gold Buying
Final Analysis Station Head,
and Outturn Materials Control
report
12.3 Approves c. BO IV, FSG

Final d. Approving
Settlement MROD Officers
Calculation
Sheet (FSCS),
advises FSG
and Credit the
payment to the
gold seller’s
(client) bank
account
13. Receive final None BO IV, FSG
payment (1% of
actual sale value)
477
How to send feedback  Answer the Customer Satisfaction Survey at the Gold
Buying Station or email mrod@bsp.gov.ph, or;
 Call the Feedback Management Unit (FMU) at 8-306-

2339 / 8-306-3006 or email at fmu@bsp.gov.ph
How feedbacks are processed Feedbacks are processed within 1 business day by the
Compliance Officer and if there are queries, the client will
be informed via email or phone call. Compliance officer
submits an action report to the FMU.
How to file a complaint Sellers are given 5 business days to file a complaint from
the date of final payment with the following information:
- Full Name of seller
- Narrative of complaint
- Evidences
Send all complaints addressed to the Director of MROD

via email at mrod@bsp.gov.ph
How complaints are processed Upon receipt of the complaint, the MROD shall investigate
and provide a reply to the client within three (3) working
days from receipt of the complaint.
Contact Information of ARTA, ARTA: 8-478-5093 / complaints@arta.gov.ph
PCC, CCB
PCC: 8888 / pcc@malacanang.gov.ph
CCB: 09088816565/ email@contactcenterngbayan.gov.ph

Mint and Refinery Operations BSP-SPC, East Avenue, mrod@bsp.gov.ph
Department Quezon City
Gold Buying Station – Quezon BSP-SPC, East Avenue, 8-988-4564
City Quezon City
Material Control Division – Gold BSP-SPC, East Avenue, 8-988-4657
Refinery Quezon City
478
Currency Issue and Integrity Office
External Services
479
1. Examination of Mutilated/Doubtful Currencies Classified as Highly
Technical or with Severe Mutilation (update)
The Currency Integrity Staff-Analysis Division, Currency Issue and Integrity Office (CIS-AD,
CIIO) receives doubtful/severely mutilated currencies from banks, business establishments,
law enforcement agencies and the general public for examination as to the genuineness and/or
redemption value, through the Cash Department (CD) and Regional Offices and Branches
(ROBs).
Office or Division: Currency Integrity Staff - Analysis Division

Classification: Highly Technical389
Type of Government to Business Entity390 (G2B)/Government to Government
Transaction: (G2G)
Who may avail: Banks and Representatives from Government including Law
Enforcement Agencies
Card (ID) – 1 original copy a. Department of Foreign Affairs
(DFA)
b. Professional Regulations
Commission (PRC)
d. Government Service Insurance
System (GSIS)
g. Maritime Industry Authority
(MARINA)
h. Local Government Unit (LGU) -
389
- Claims that “require the use of technical knowledge, specialized skills and/or training in the processing and/or
evaluation thereof” (Republic Act No. 11032, series of 2018). Examples: (a) counterfeit currencies; (b) currency notes with
defects.
- Claims involving Philippine currency notes and coins that are severely mutilated rendering piece-by-piece counting,
segregation and/or identification of genuineness, denomination, serial number and/or size extremely difficult. Examples: (a)
banknotes that are torn into small and multiple parts like a puzzle; charred or brittle due to burning; fragile and stuck
together due to prolonged exposure to moisture/flood water; and (b) coins that exhibit signs of filing, clipping or
perforations; are corroded/melted such that denomination and genuineness cannot be easily distinguished.
390
Prior to the COVID19 pandemic, citizens/individual clients were allowed to directly submit to the BSP their currency
claims for examination. However, given this existing health predicament, this practice was discontinued. Rather, request
for exchange/examination by individual and business clients shall all be coursed through Authorized Agent Banks (AAB).
Currency with simple case of mutilation and found to be with redemption value shall be exchanged outright. The AABs shall
only forward to the BSP the currency with highly technical mutilation or doubtful in nature. Once examination of the claim
has been completed, BSP shall credit to the account of the AABs the redemption value. The AABs shall then pay the
claimant.
480
Senior Citizen
i. Firearms and Explosive Office
(FEO)
j. Postal Office
k. Commission on Elections
(COMELEC)
Secondary IDs –
a. Company ID
c. LGU – Barangay
2. Non-BSP ID -1 original d. Home Development Mutual Fund (HDMF)
3. Application for Examination of f. National Bureau of Investigation (NBI)
Mutilated/Doubtful Currencies (AEC)
and/or Letter Request if currencies are 2. Security Services Department (SSD)
subject to Issuance of Certification –
3 copies [1st copy for the CIIO- 3.
Currency Integrity Staff (CIS), 2nd copy
for Cash Department (CD)-BSD I/II and a. For AEC:
3rd copy (photocopy) for client. i. Banking Services Division (BSD) I
(BSP Manila) and II, (BSP Quezon
City),
ii. BSP Regional Offices and Branches
4. Banknotes/Coins to be examined* (ROBs)
* Make sure that the subject currency b. For Letter Request: Client
accordance with the “Guidelines on the 4. Various manners of acquisition of client (e.g.
Submission of Mutilated/Doubtful employment, business, receipt of gift, winning
Currencies for Examination” prior to the and inheritance)
submission to BSP.
481
CLIENT STEPS AGENCY FEES TO PROCESSING PERSON
1. Submit Highly 1. Receive from Administrative
Technical Claims to CD (BSDI/BSDll)/ Services Officer III
CIIO through ID/ROBs and Office of Director
CD/ID391/ROBs. forward to CIS-AD (OD)
CIIO
the highly
technical claim or
consisting of
mutilated/doubtful Senior Executive
currencies and Assistant
relevant OD
documents. CIIO
Or
½ day392
for Messenger
None CD/ID and OD
CIIO
ROBs393
1.1. Receive from
OD, CCIO the Senior Currency
sealed claims for Specialist, (SCS)
examination and CIS-AD
validate accuracy CIIO
and completeness
of actual contents
versus claim
details in the
system.
None 2. Conduct None 9 days SCS
examination of minimum CIS-AD
mutilated/doubtful requirement CIIO
currencies and
Or
encode findings in
the system Bank Officer (BO)
II
CIS-AD
CIIO
391
Currency Integrity Staff – Investigation Division
392
Claims are consolidated and transferred at the end of the day to CIS-AD.
393
For claims coming from ROBs, the one-time extension for the same period (20 days) shall be automatically availed given
the need for transportation of subject currencies.
482
None 3. Review and None 3 days BO IV
check findings CIS-AD
CIIO
Or
BO II
CIS-AD
CIIO
None 4. Approve None 2 days BO V

findings CIS-AD
CIIO
Or
Deputy Director
CIS
CIIO
Or
Director
CIIO
Or
Managing Director
Office of the
Governor
None 5. Reclassify None ½ day SCS

currencies in the CIS-AD
system to the CIIO
appropriate
Or
classification (e.g.
counterfeit, BO II
genuine) CIS-AD
CIIO
None 6. Finalize None ½ day BO II

payment method CIS-AD
in the system. CIIO
Or
BO lV
483
CIS-AD
CIIO
Or
BO V
CIS-AD
CIIO
None 7. Generate None ½ day SCS

results of CIS-AD
examination CIIO
(Certification or
Or
Currency Action
Sheet, CAS). BO II
CIS-AD
CIIO
None 8. Manage None SCS

processed claims: CIS-AD
CIIO
Or
BO ll
CIS-AD
CIIO
8.1 For claims None SCS

with redemption CIS-AD
value: Dispatch to CIIO
BSD II the
redeemable ½ day or
currencies and
BO II
CAS for
CIS
redemption via CIIO
crediting of
demand deposit
account and inter-
office account.
8.2 For None

genuine SCS
currencies to be CIS
CIIO
484
returned to the
client as Or
requested,
release the CAS BO II
and the related CIS
CIIO
currencies to
client/ROBs.

without CIS
redemption value: CIIO
Transfer to CIS-
AD Accountable Or
Officer the non-
redeemable
currencies and BO II
CIS
release the
CIIO
corresponding
CAS to client.

subject of court CIS-AD
cases: Transfer CIIO
currencies to the
Evidence Or
Custodian, CIS-ID
and the BO ll
CIS-AD
corresponding
CIIO
Certification to
client.
2. Receive result 9. Release None SCS

of examination as result of findings CIS-AD
follows: as follows: CIIO
CD clients: 9.1 For CD None

SCS
Receive from CIS-AD clients, issue CIS-AD
original copy of CAS original CAS with CIIO
with the returned the returned
genuine currencies, if genuine ½ day
applicable. currencies, if
applicable.
ID clients: 9.2 Release to None SCS

485
Receive from CIS-ID CIS-ID original CIS-AD
original copy of copy of CIIO
Certification. Certification and
transfer later the
counterfeit
currency to
Evidence
Custodian
ROB clients: 9.3 Send to None SCS

Receive from ROB via pouch CIS-AD
corresponding ROB, or email CIIO
the original copy of whichever is
certification/ CAS with applicable, the
the returned genuine original copy of
currencies, if certification
applicable. /CAS with the
returned
genuine
currencies, if
any.
Total Processing Time for the Service For CD claims -

17 Working
days
For ROB claims

- 17 Working
Days394
394
For receipts from ROBs - Given the need to transport currency that entails a long period of time, the BSP inherently
needs to avail of the one-time period extension for the processing of claims coming from BSP branches located in
geographical regions of the country outside of Metro Manila.
486
How to send feedback  Feedback can be provided to CD/ROBs
personnel assigned in the receipt of claims.
How feedbacks are  CD/ROBs shall coordinate with CIIO on the

processed feedback provided, with the former reverting to
the client on the result of assessment/action to
be taken. This process shall be completed within
five (5) days from receipt of feedback
How to file a  Complaints shall be filed with CD/ROBs
complaint personnel in charge of receipt of claims.
How complaints are  CD/ROBs shall coordinate with CIIO on the

processed complaints provided, with the former reverting to
the client on the result of assessment/action to be
taken. This process shall be completed within 15
days from date of receipt of complaint.
CCB, PCC, ARTA

Currency Issue and BSP Security Plant 02-89884834
Integrity Office Complex, East Avenue,
Quezon City
487
2. Issuance of Permit to Reproduce or Use of Facsimiles of Legal Tender
Philippine Notes and Coins (update)
Evaluation of letter request together with the layout/design and/or storyboard sent by the public
prior to the issuance of permit/approval to reproduce or use facsimiles of legal tender Philippine
notes and coins
Office or Division: Currency Integrity Staff - Investigation Division (CIS-ID), Currency Issue
and Integrity Office (CIIO)
Type of G2B – Government to Business Entity / G2C – Government to Citizen /
Transaction: G2G – Government to Government
Who may avail: All
1. One (1) original, scanned or emailed 1. Requesting party/commercial establishment
copy of the Letter-request indicating
the requesting party and/or contact
person, contact numbers, email, fax,
etc.
2. One (1) Original scanned or 2. Requesting party/commercial establishment

emailedcopy of the
layout/storyboard/Compact Discs/ flash
drives
FEES
CLIENT STEPS TO BE
ACTIONS TIME RESPONSIBLE
PAID
1. Submit letter- 1. Receive the None 15 minutes Currency Specialist (CS)
request with letter-request and CIS-ID
attached the attached CIIO
layout/design layout/design or
Or
depicting the storyboard.
Philippine currency Bank Officer II (BO II)
notes and/or coins CIS-ID
(print ads); or CIIO
storyboard showing
the scene where the
Philippine currency
notes and/or coins
will appear (TV
commercial).
2. None 2. Generate None 15 minutes CS

corresponding CIS-ID
reference/ CIIO
488
tracking number Or
from CIS-ID
logbook and BO II
Document CIS-ID
Tracking System CIIO
(DTS), for
document
tracking
purposes.
3. None 3. Review and None 2 hours CS
evaluate the CIS-ID
attached CIIO
layout/design or
Or
storyboard if
compliant with
BO II
the guidelines CIS-ID
outlined in BSP CIIO
Circular No. 829,
Series of 2014.
4. None 4. In case revision None 1 hour CS

of the CIS-ID
layout/design or CIIO
storyboard is
Or
needed, inform
the requesting
BO II
party to make the CIS-ID
necessary CIIO
changes or
revision to make
it compliant with
the guidelines.
5. In case revision is 5. Review and None 2 hours CS
required, evaluate the CIS-ID
implement the original, scanned CIIO
necessary or emailed copy
Or
revision/changes of the revised
on the version of the BO II
layout/design or layout/design or CIS-ID
storyboard. Send storyboard if CIIO
back the revised compliant with
version (1 copy of the guidelines
original, scanned outlined in BSP
or emailed Circular No. 829,
material) of the Series of 2014.
layout/design or
489
storyboard to CIS-
ID, CIIO.
6. None 6. Draft letter of None 1 hour CS

approval or CIS-ID
denial. CIIO
Or
BO II
CIS-ID
CIIO
7. None 7. Secure the initial None 2 days Deputy Director
of the Manager, CIS
CIS-ID, CIIO and CIIO
the signature of
the Deputy Or
Director, CIS,
Manager
CIIO. CIS-ID
CIIO
8. None 8. Send/email the None 3 hours CS
letter-reply to the CIS-ID
requesting party. CIIO
Or
BO II
CIS-ID
CIIO
Total Duration 57.5 hours
490
How to send feedback Send email/letter to the CIS-ID,
CIIO’sgroup email
currencyinvestigation@bsp.gov.ph
How feedbacks are processed Upon receipt of instructions from the
CIIO OIC/Director and/or Division/Unit
Head, concerned CIS-ID, CIIO
personnel to undertake appropriate
action within five (5) days.
How to file a complaint Send email/letter to the OIC/Director
of the CIIO
How complaints are processed Upon receipt of instructions from the
CIIO OIC/Director and/or Division/Unit
Head, concerned CIS-ID, CIIO
personnel to undertake appropriate
action within 15 working days.
Contact Information of CCB, PCC, ARTA : Contact no. 8988-4836
ARTA PCC : 8888
CCB: 0908-8816565 (SMS)

Currency Integrity Staff- 3rd Floor, Building D- (02) 8926-5092
Investigation Division, Annex, Security Plant Or
Currency Issue and Complex, BangkoSentral (02) 8988-4800 loc. 4833
Integrity Office ng Pilipinas, East Avenue,
Diliman, Quezon City
491
Department of General Services
External Services
492
SPC Gallery Tour (update)
The Bangko Sentral ng Pilipinas (BSP) offers scheduled, guide gallery tours lasting about 1 1/2 hours,
featuring the various phases of currency production. The maximum number of persons allowed per tour
group is 50, including tour coordinators.
Office or Division: Customer Relations & Services Division,

Type of Transaction: G2B; G2C; G2G
Who may avail: Individuals no less than 13 years old or in the 7th Grade (or equivalent).
Letter request containing confirmed schedule, Template available on the BSP website.
number of tour guests/participants. (Only
original, no copy needed. If sent via email,
scanned copy or photo accepted.)
Tour Permit To be issued to client upon approval of tour request.
Government-issued ID (for security screening )

CLIENT STEPS
1. Call or email to 1. Confirm None 5-10 minutes Designated Tour

make a temporary availability of Guide or Tour
booking preferred tour Applications
schedule. If not Processor
available, offer
schedules that Customer Relations &
are still open. Services Division
2. Book the
request
3. Inform client of
requirements
2. Within seven days 4. Evaluate 5-10 minutes
from making the request
tentative booking 4.1. If not compliant 10-15 minutes
send a letter with
request to the email requirements
address indicated in (e.g., schedule,
the BSP website or number and
provided above age of
(Agency’s step 3, participants),
signed by the advise
493
approving authority customer to
of the organization.) revise request.
This shall confirm 4.2. If compliant, 1 day
the booking. approve
request
5. Issue client a
Tour Clearance
3. Come to SPC not 6. Perform security 1-3 minutes Security Officer
later than 15 screen
minutes before tour Security Services
schedule and Department
present Tour Permit
7. Give the guests 1 ½ to 2 hours Designated Tour
and ID(s) to the
the tour Guide
Receptionist
Customer Relations &
Services Division
494
Sale of Silver/Gold Grains/Sheets (update)
The Bangko Sentral ng Pilipinas may sell gold grains/pellets and sheets to local jewelry manufacturers
and other industrial users upon application, or to banks exclusively for resale to jewelry
manufacturers/industrial users. The gold grains and sheets are packaged into 50 and 100 grams, and
may be purchased at the Department of General Services (DGS), Bangko Sentral ng Pilipinas, Security
Plant Complex, East Avenue, Quezon City. Payment may be in cash or Manager’s/Cashier’s Check.
Office or Division: Customer Relations & Services Division,

Classification: Simple for Gold; Complex for Silver
Type of Transaction: G2B
Who may avail: Local jewelry manufacturers and other industrial users
1. Application to Buy Gold or Silver for May be downloaded from the BSP Website
Jewelry Manufacturing and Industrial
Purposes
2. Authorization to buy gold or silver from May be downloaded from the BSP Website
BSP
3. Proof that client is qualified to buy
gold/silver from BSP
3.1. For members of the Meycauayan
Jewelry Industry Association, Inc. and
the Guild of Philippine Jewellers, Inc.
– present proof of active membership
in these organizations
3.2. For non-members of the above-cited
organizations: business registration,
permits and latest Income Tax Return
4. Government-issued ID of the person
authorized to make the purchase
CLIENT STEPS
1. Call or email CRSD 1. Inform client of 12% VAT 10-15 minutes Gold/Silver Custodian
to place an order in the availability and
advance. of order and Customer Relations &
give the 5% Services Division
prevailing Creditable
selling rate for Withholdin
gold/silver. g Tax
2. Send an advance 2. Prepare the For gold:
copy of the documents and
document merchandise 1 hour
requirements (1 to 3 needed for the
495
above) via fax or sale. If payment
email. If payment is is by Manager’s
by Manager’s Check, call For silver, see
Check, send also a issuing bank to note below.
copy of the check. verify check.
3. Submit the originals 3. Process the 1 hour
of requirements 1 & application for
2 and present an ID purchase and
issue the client
an Order of
Payment
4. Present the Order of 4. Receive 10-30 minutes Teller
Payment and remit payment and
payment to the teller issue Cash Department
at BSP Cash corresponding
Department and Official Receipt
collect the
corresponding
Official Receipt
5. Present the Official 5. Verify the 15-20 minutes Gold/Silver Custodian
Receipt to the correctness of
Gold/Silver payment made Customer Relations &
Custodian and make Services Division
copies of the
transaction
documents.
6. Issue the items
6. Receive the items purchased
purchased and sign 7. Provide the
the client a copy of
acknowledgment the relevant
form. transaction
documents
NOTE: DGS does not maintain stocks of silver. It withdraws from MROD the exact amount to be
purchased on a per transaction basis. The time it takes to issue the silver to DGS is dependent on
MROD.
496
Safe Work Permit: Hot Work Permit/ Confined Space Entry Permit/ Demolition Permit (update)
Service Information
Office or Division: Department of General Services
Customer Relations and Compliance Group, Compliance Staff
Type of Transaction: G2B - Government to Business Entity
G2G - Government to Government Employee/Agency
Who may avail: Contractors with Valid Contracts with BSP;
BSP Maintenance Personnel
Hot Work Permit BSP Project-in-Charge (Access SPC QMS Actual
Confined Space Entry Permit Forms)
Demolition Permit
CLIENT STEPS
1. Secure, accomplish, Accept, review, and None 1-3 Working BSP Designated
and submit form to the approve/disapprove Days Safety Officer/
Compliance Staff, application Compliance Staff
CRCG-DGS
497
How to send feedback Through Feedback Management
Kiosk at the DGS Office 4th Floor and
BSP Quezon City Reception Area or
thru web based feedback of the BSP
http://fms.bsp.gov.ph/ekiosk/feedback
How feedbacks are processed  Generated quarterly reports are
sent to Office of the Director for
information.
 Comments not related to the
DGS Operations/Services are
transferred to appropriate
departments or offices.
How to file a complaint Through Feedback Management
Kiosk at the DGS Office 4th Floor and
BSP Quezon City Reception Area or
thru web based feedback of the BSP
How complaints are processed Negative feedbacks related to DGS
Operations/Services are addressed
through the Feedback Management
kiosk or thru web based feedback of
the BSP
Contact Information of CCB,
PCC, ARTA

Department of General 4th Floor Building A 02-89884562
Services Bangko Sentral ng dgs.spc@bsp.gov.ph
Pilipinas Security Plant
Complex East Avenue
Diliman Quezon City
498
Regional Operations Sub-sector
External Services
499
1. Redemption of Mutilated Currencies and Referral to Currency Issue
and Integrity Office (CIIO) (update)
BSP replaces or redeems mutilated notes and coins pursuant to R.A. No. 7653 and
Circular No. 829, series of 2014. Mutilated notes/coins classified as simple shall be
redeemed on the spot. Mutilated notes/coins classified as highly technical shall be
referred to CIIO for further examination. Once redemption value has been established,
client shall be paid accordingly.
Office or Division: Currency Operations Division - BSP Regional Office/Branch

Currency Issue and Integrity Office – BSP Quezon City
Classification: Simple (for cases that do not require referral to CIIO) or
Highly Technical (for cases that require referral to CIIO)
Type of G2C, G2B, G2G
Transaction:
Who may avail: All
Application for Examination of BSP Regional Office/Branch – Teller’s Area
Mutilated/Doubtful Currencies
(2 original, 1 photocopy)
Valid ID (1 original) Department of Foreign Affairs (DFA),
Land Transportation Office (LTO)
Professional Regulation Commission (PRC)
Social Security System (SSS)
Government Service Insurance System (GSIS)
Overseas Workers Welfare Administration
(OWWA)
Local Government Unit (LGU) - Senior Citizen
Post Office
Commission on Elections (COMELEC)
Bureau of Internal Revenue (BIR
Home Development Mutual Fund (HDMF)
Company ID
School ID
Banknotes/Coins to be examined* Brought by the client
* Make sure that the subject currency

accordance with the “Guidelines on the
Submission of Mutilated/Doubtful
Currencies for Examination” prior to the
submission to BSP.
500
CLIENT STEPS
1. Register in the 1. Request the None For simple Security guard on
logbook and client to case of duty
present valid ID to register in the mutilation, Security Division
the security guard logbook and counterfeit,
of the BSP issue access demonetized,
Regional card/BSP specimen
Office/Branch Visitor’s ID and/or no
2. Proceed to the 2. Provide the value: Within Paying Teller
Teller’s Area and application one (1) hour Currency Operations
receive the forms for each from receipt of Division
application forms of the accomplished
following: application
peso notes, forms by the
peso coins, for Paying Teller
every type of until the
foreign release of the
currency and client’s copy of
for every the application
source form and/or
location temporary
3. Submit the 3. Receive the certification (if Paying Teller
accomplished currency notes applicable) Currency Operations
application forms and/or coins Division
and the currency and the For highly
notes and/or coins application technical case
for examination forms of mutilation:
3.1 Check Final results
* Make sure that the completeness shall be
subject currency and accuracy available
notes and/or coins of details within twenty
were prepared in provided in the (20) working
accordance with the application days from
“Guidelines on the forms receipt of
Submission of 3.2 Acknowledge accomplished
Mutilated/Doubtful receipt of the application
Currencies for currency notes forms by the
Examination.” and/or coins Paying
and the Teller395
application For currency
forms by notes and/or
395Given the need to transport the currency notes and/or coins to the CIIO, BSP Quezon City, processing shall be extended for an additional
twenty (20) working days.
501
CLIENT STEPS
affixing name, coins that are
signature, date for further
and time examination
received in the by the BSP
application Regional
forms Office/Branch:
3.3 Assign Within three
reference (3) working
number and days from
record details receipt of
in the logbook accomplished
3.4 Examine application
currency notes forms by the
and/or coins Paying Teller
and classify until the
into type of release of the
claim: simple client’s copy of
case or highly application
technical case form indicating
3.5 Indicate the the results of
result of the the
examination in examination.
the back of the
application
forms
3.6 Affix name and
signature in the
back of the
application
forms
3.7 Forward
currency notes
and/or coins
and application
forms to the
Assistant
Manager/
Manager for
verification and
approval
3.8 Validate the Assistant Manager
results of the Currency Operations
examination Division
3.9 Affix name and
502
CLIENT STEPS
initial/signature and
in the back of
the application
forms Manager
Currency Operations
3.10 Forward
Division
currency notes
and/or coins
and application
forms to the
Paying Teller to
perform the
approved
action/s to be
taken
4. For spot 4. For spot Paying Teller
redemption, redemption, Currency Operations
submit request the Division
accomplished client to
Currency accomplish
Exchange Slip Currency
and receive cash Exchange Slip
and client’s copy 4.2 Disburse
of the application amount
form approved for
spot
redemption
4.3 Furnish client
with a copy of
the application
form
4.4 Request client
to
acknowledge
receipt and
indicate date
and time
received in the
BSP’s copy of
the application
form
5. For counterfeit, 5. If currency Paying Teller
demonetized, notes and/or Currency Operations
specimen and/or coins are Division
no value, receive counterfeit,
503
CLIENT STEPS
client’s copy of the demonetized,
application form specimen
and temporary and/or no
certification (if value, furnish
applicable) client with a
copy of the
application
form
5.1 If the
counterfeit
currency/ies
is/are subject
of a court case,
prepare a
temporary
certificate and
secure
signatures of
the Manager
and Deputy
Director in the
certificate
5.2 Furnish client
with a copy of
the application
form and
temporary
certificate (if
applicable)
5.3 Request client
to acknowledge
receipt and
indicate date
and time
received in the
BSP’s copy of
the application
form and
temporary
certificate
6. For currency 6. If currency Paying Teller
notes and/or coins notes and/or Currency Operations
that are subject to coins are for Division
further further
504
CLIENT STEPS
examination by examination by
the CIIO, receive the CIIO,
client’s copy of the furnish client
application form with a copy of
the application
form
6.1 Request client
to acknowledge
receipt and
indicate date
and time
received in the
BSP’s copy of
the application
form
6.2 Refer currency
notes and/or
coins to CIIO
for final
evaluation
6.3 Once the final
examination
from CIIO has
been received,
inform the
client through
his/her contact
number or
email address
as to the
results of the
examination
6.4 If for spot

redemption,
advise the
client to come
to the BSP
Regional
Office/Branch
and disburse
the amount
approved
7. For currency 7. If currency Paying Teller
505
CLIENT STEPS
notes and/or coins notes and/or Currency Operations
that are subject to coins are for Division
further further
examination by examination by
the BSP Regional the BSP
Office/Branch*, Regional
receive client’s Office/Branch,
copy of the advise the
application form client that the
BSP Regional
* mutilated notes Office/Branch
classified as simple shall inform
case that are more him/her of the
than 500 pieces results of the
and/or mutilated coins examination
classified as simple once it is
case that are more completed
than 100 pieces 7.1 Once the
examination
has been
completed,
indicate the
result of the
examination in
the application
forms
7.2 Secure the
initial/signature
of the Assistant
Manager and
Manager in the
application
forms
7.3 Inform the
client through
his/her contact
number or
email address
as to the
results of the
examination
7.4 If for spot
redemption,
advise the
506
CLIENT STEPS
client to come
to the BSP
Regional
Office/Branch
and disburse
the amount
approved
7.5 Otherwise,
refer currency
notes and/or
coins to CIIO
for final
evaluation
7.6 Furnish the
client with a
copy of the
application
form
7.7 Request client
to acknowledge
receipt and
indicate date
and time
received in the
BSP’s copy of
the application
form

How to send feedback Client inputs feedback through the
electronic kiosk located in the lobby of
the BSP Regional Offices/Branches.
How feedbacks are processed  The designated staff in the BSP
Regional Office/Branch views and
monitors feedbacks received
through the Feedback
Management System (FMS).
 The designated staff encodes in
the system’s response dashboard
the action/s taken/to be taken to
507
address/resolve the negative
feedback
 The designated staff submits
action report to the Feedback
Management Unit.
How to file a complaint Complaints can be filed through email
or letter addressed to the Head of the
BSP Regional Office/Branch
concerned.
How complaints are processed Upon receipt of the complaint, the
BSP Regional Office/Branch shall
investigate and provide a reply to the
client within three (3) working days
from receipt of the complaint.
ARTA 1-ARTA (2782)
PCC: 8888
CCB: 0908-881-6565 (SMS)

BSP La Union Regional Quezon Ave., San (072) 888-2083
Office Fernando City, La (072) 242-5632
Union
BSP Cebu Regional Osmeña Blvd. & P. (032) 254-0973
Office del Rosario Sts., Cebu
City
BSP Davao Regional Quirino Avenue, (082) 227-9051
Office Davao City
BSP Bacolod Branch Lacson & Luzuriaga Sts., (034) 434-7755
Bacolod City (034) 435-4623
BSP Batac Branch National Highway, (077) 792-2103
Quiling Norte, Batac City (077) 792-2101 to 04
BSP Butuan Branch J.C. Ave., Brgy. Libertad, (085) 815-1502 to 03
Butuan City
BSP Cabanatuan Branch Del Pilar & Paco Roman (044) 463-1735 to 36
Sts.Cabanatuan City
BSP Cagayan de Oro National Highway &. (088) 857-4179 to 81
Branch Velez Sts.,
Cagayan de Oro City
BSP Cotabato Branch Quezon & Sinsuat Ave., (064) 421-7370
Cotabato City
BSP Dagupan Branch Tondaligan, Bonoan (075) 653-1026
Guesset, Dagupan City (075) 653-0032
508
BSP Dumaguete Branch North Road, Daro, (035) 422-9326
Dumaguete City (035) 225-4426
BSP General Santos Pendatun and Daproza (083) 552-1905
Branch Sts., General Santos City (083) 552-8865
BSP lloilo Branch BSP Bldg., Solis St., (033) 337-6635
Iloilo City
BSP Legazpi Branch Barangay 18 (052) 480-5314/5433
Rizal St.,
Cabagñan, Legazpi City
BSP Lucena Branch Quezon Avenue, Lucena (042) 373-7323
City
BSP Naga Branch Roxas Avenue, Diversion (054) 472-5641
Road, Barangay
Triangulo, Naga City
BSP Ozamiz Branch Circumferential Road, (088) 521-2677 to 78
Ozamiz City
BSP Roxas Branch Arnaldo Boulevard, (036) 621-7823

Barangay Baybay, Roxas (036) 621-7812
City
BSP San Fernando Greenfields Subd., (045) 455-4014

Branch MacArthur Highway,
Sindalan, San Fernando
City
BSP Tacloban Branch Airport Road, San Jose, (053) 888-0676
Tacloban City
BSP Tuguegarao Branch Regional Government (078) 304-4755
Center, Tuguegarao City (078) 304-7815
BSP Zamboanga Branch N. S. Valderosa St.,Pettit (062) 991-2151

Barracks,
Zamboanga City
509
2. Integrated Regional Information System (IRIS) User Registration and
Recertification (update)
IRIS registration enables client banks to engage in currency transactions with the BSP
regional offices and branches. IRIS user registration pertains to enrolment/updating of
Participating Bank (PB) personnel in IRIS to their corresponding IRIS roles.
Recertification involves renewal of existing IRIS ID of PB users.
Office or Division: Office of the Director/Deputy Director - BSP Regional Office/Branch

Special Services Division – Regional Operations Sub-sector
Type of G2B
Transaction:
IRIS Participating Bank (PB) User BSP Regional Office/Branch
Registration Form (1 original)
Proof of Entitlement to Lotus Notes (LN) IBM

license - for newly enrolled banks
(1 photocopy)

CLIENT STEPS
1. Secure and 1. Provide the None Three (3) IRIS administrator
accomplish IRIS IRIS PB user working days BSP Regional
PB user registration from receipt of Office/Branch
registration form form the complete
IRIS PB user
2. Submit the 2. Check IRIS administrator
registration
accomplished completeness BSP Regional
form by the Office/Branch
IRIS PB user and accuracy BSP until the
registration form of details transmittal of
and proof of provided in the the PB user ID
entitlement (if form and default
applicable) 2.1 If incomplete/ password to
inaccurate, the bank
* Banks with changes return the form
in their authorized to the client
branch signatories indicating the
shall submit the IRIS reason for
PB user registration return.
form, together with 2.2 If in order,
the updated signature acknowledge
510
CLIENT STEPS
cards to their receipt of the
respective Head form through
Office. The Bank’s time stamp
Head Office shall machine and
endorse the affix name and
documents to the initial
Regional Operations 2.3 Log and assign
Sub-sector for reference
processing number
2.4 Forward the
form to the
Head of BSP
Regional
Office/Branch
for approval
2.5 Approve the Director/
registration Deputy Director
form BSP Regional
Office/Branch
2.6 Forward form IRIS administrator
and proof of BSP Regional
entitlement (if Office/Branch
applicable) to
IRIS
administrator,
Regional
Operations
Sub-sector for
processing
2.7 For IRIS PB IRIS administrator
user Special Services
registration Division
form and proof Regional Operations
of entitlement Sub-sector
(if applicable)
received from
the bank’s
Head Office,
check
completeness
and accuracy
of details
provided in the
form
511
CLIENT STEPS
2.8 If incomplete/ IRIS administrator
inaccurate, Special Services
return the form Division
to the bank Regional Operations
Sub-sector
indicating the
reason for
return.
2.9 If in order,
acknowledge
receipt of the
form through
time stamp
machine and
affix name and
initial
2.10 Log and
assign
reference
number
2.11 Process IRIS administrator
the received Special Services
IRIS PB user Division
registration Regional Operations
Sub-sector
form
2.12 Submit IRIS administrator
request to the Special Services
Information Division
Technology Regional Operations
Office (ITO) for Sub-sector
creation of new
LN account/s,
modification/
recertification
of existing LN
account/s
512
CLIENT STEPS
2.13 Provide the Designated staff
requested LN IT Infrastructure and
ID file/s and Operations
default LN Department
password (if
applicable) to
the IRIS
administrator,
Regional
Operations
Sub-sector
2.14 Upon receipt IRIS administrator
of the LN ID Special Services
file/s from ITO, Division
perform Regional Operations
Sub-sector
registration of
bank IRIS
user/s
2.15 Forward the
LN ID file/s
and default LN
password (if
applicable) to
BSP Regional
Office/Branch
3. Receive LN ID 3. Forward the LN IRIS administrator
file/s and default ID file/s and BSP Regional
password (if default LN Office/Branch
applicable) password (if
applicable)
513
feedback
Management Unit.
Regional Operations Sub-sector
and/or BSP Regional Office/Branch
concerned.
Regional Operations Sub-sector/BSP
Regional Office/Branch shall
ARTA 1-ARTA (2782)
PCC: 8888
CCB: 0908-881-6565 (SMS)
514
Regional Operations A. Mabini St., (02) 8708-7701
Sub-sector Malate, Manila
Union
City
Office Davao City
Butuan City
Sts.Cabanatuan City
Branch Velez Sts.,
Cagayan de Oro City
Cotabato City
Iloilo City
Rizal St.,
City
Road, Barangay
Ozamiz City
City
515
City
Tacloban City

Barracks,
Zamboanga City
516
3. Servicing and Verification of Deposits of Client Banks (update)
BSP receives and takes custody of subject-to-verification (SV) currency banknote and
coin deposits of client banks which are then credited to their demand deposit account.
Deposit transactions must have been entered in IRIS by client banks prior to actual
deposit of currencies to BSP.
Currency deposits shall be packed in sealed plastic bags (for banknotes) and/or
canvass bags (for coins) with deposit tags placed inside and attached outside the
plastic/canvass bags in accordance with BSP Circular No. 931, Series of 2016.
BSP subsequently verifies the SV currency banknote and coin deposits of client banks
to ensure completeness. Any shortages, overages and insertions of other denomination,
as well as counterfeit, demonetized and no-value currencies found during verification,
will be debited/credited to the demand deposit account of the client bank concerned.
Office or Division: Currency Operations Division – BSP Regional Office/Branch

Classification: Simple (for servicing of deposits)
Highly Technical (for verification of deposits)
Who may avail: Banks registered with Integrated Regional Information System (IRIS)
Servicing of Cash Deposit
BSP Security Pass ID (1 original) Administrative Division – BSP Regional Office/Branch
Cash Deposit Slip (2 original) Generated thru IRIS
Color coded deposit tags (3 original) Prepared by client bank
White tag – for fit note deposits
Blue tag – for unfit note deposits
Green tag – for coin deposits
Banknote deposits packed in sealed plastic Brought by client bank
bags and/or coin deposits packed in sealed
canvass bags with deposit tags placed inside
and attached outside the plastic/canvass bags
CLIENT STEPS
SERVICING OF DEPOSITS
1. Proceed to Main 1. Check validity of P100.00 Within one (1) Security Guard on
Gate then present BSP Security per bundle hour from the duty at the Main Gate
BSP Security Pass Pass ID and or receipt of Security Division
ID and register in request bank P2,000.00 complete
the Bank representative to per deposit deposit
Representative register in the bag documents by
Logbook Bank (For SV-fit the Receiving
Representative banknote Teller until the
Logbook deposits receipt of client
2. Proceed to the 2. Receive deposit only) bank’s copy of Receiving Teller
Tellers’ Area or documents: deposit Currency Operations
517
CLIENT STEPS
COD Receiving/ documents by Division
Releasing Area and a. Check the bank
submit complete completeness representative
deposit documents of submitted
to Receiving Teller documents
b. Determine if the
color of deposit
tags
corresponds to
the
classification of
currency
deposits:
White tag – for

fit note deposits
Blue tag – for
unfit note
deposits
Green tag – for
coin deposits
c. Reconcile
submitted
deposit tags
against details
in the Cash
Deposit Slip
d. Validate deposit
documents
against deposit
transaction
entered in IRIS
e. Acknowledge
receipt of
complete
deposit
documents by
indicating date
and time
through time
stamp machine
and affixing
signature over
stamped name
on the Cash
Deposit Slip
518
CLIENT STEPS
3. Proceed to the 3. Inspect Receiving Teller
designated room in currency Currency Operations
the COD Receiving/ deposits: Division
Releasing Area and
turnover banknote a. Conduct
and/or coin deposits bundle/wrapper
to Receiving Teller count of
for inspection banknote
deposits and/or
bag count of
coin deposits
b. Reconcile count
against
submitted
deposit tags
c. Match
submitted
deposit tags
against deposit
tags attached to
the
plastic/canvass
bags (for
banknote and
coin deposits)
and placed
inside the
plastic bags (for
banknote
deposits only)
If deposit is Receiving Teller
acceptable Currency Operations
Division
3.1 Confirm
completeness
of currency
deposits:
a. Request bank
representative
to sign in the
“Deposited by”
portion of
submitted
deposit tags
and deposit
tags attached to
519
CLIENT STEPS
the
plastic/canvass
bags
b. Sign in the
“Checked by”
portion of
submitted
deposit tags
and deposit
tags attached to
the
plastic/canvass
bags
c. Forward deposit
documents to
SV Recipient
3.2 Counter-check Manager /

currency Assistant Manager /
deposit: Senior Currency
Operations Officer
a. Check Currency Operations
completeness Division
of submitted
documents
b. Determine if the
color of deposit
tags
corresponds to
the
classification of
currency
deposits
c. Reconcile
submitted
deposit tags
against details
in the Cash
Deposit Slip
d. Conduct
bundle/wrapper
count of
banknote
deposits and/or
bag count of
coin deposits
e. Reconcile count
520
CLIENT STEPS
against
submitted
deposit tags
f. Sign in the
“Checked by”
portion of
submitted
deposit tags
and deposit
tags attached to
the plastic bags
g. Return deposit
documents to
Receiving Teller
If deposit is not Receiving Teller
Division
3.3 Reject currency
deposit:
a. Generate two
(2) copies of
Currency
Refusal Slip
b. Indicate the
reason for non-
acceptance of
currency
deposits
c. Sign in the
“Recommended
by” portion of
the Currency
Refusal Slip
d. Secure
signature of the
COD Head and
BSP Regional
Office/Branch
Head in the
“Approved by”
and “Noted by”
portion of the
Currency
Refusal Slip
e. Request bank
representative
to sign in the
521
CLIENT STEPS
“Received by”
portion of the
Currency
Refusal Slip
4. Receive client If deposit is Receiving Teller
bank’s copy of the acceptable Currency Operations
deposit documents Division
4. Submit client
bank’s copy of
the deposit
documents:
a. Stamp “Deposit
Received by
BSP” on the
Cash Deposit
Slip then
indicate date
and affix
signature over
stamped name
b. Furnish bank
representative
with the client
bank’s copy of
the Cash
Deposit Slip
and deposit
tags
c. Request bank
representative
to acknowledge
receipt and
indicate time
received on the
BSP’s copy of
the Cash
Deposit Slip
If deposit is not Receiving Teller
Division
4.1 Submit client
bank’s copy of
the deposit
documents:
a. Stamp
“Cancelled” on
522
CLIENT STEPS
the Cash
Deposit Slip
then indicate
date and affix
signature over
stamped name
b. Furnish bank
representative
with the client
bank’s copy of
the Cash
Deposit Slip and
Currency
Refusal Slip
together with
the submitted
deposit tags
c. Request bank
representative
to acknowledge
receipt and
indicate time
received on the
BSP’s copy of
the Cash
Deposit Slip
VERIFICATION OF DEPOSITS
Activities on the day prior to actual verification
1. Receive notification 1. Notify the bank None None Manager /
from BSP Regional via email of its Assistant Manager /
Office/Branch on scheduled Senior Currency
the scheduled date verification at Operations Officer
of verification least one day Currency Operations
before the actual Division
verification
Activities on the actual day of verification
1. Proceed to the 1. Transport Fit notes Within twenty Manager /
Viewing Room and note/coin inserted/ (20) working Assistant Manager /
witness the deposits from mixed in days from Senior Currency
verification of the the vault to the with unfit receipt of Operations Officer
currency deposit verification room note currency Currency Operations
* In case the bank deposits – deposit Division
523
CLIENT STEPS
representative is unable P100/
to appear on the bundle
appointed time, BSP
Regional Office/Branch
will proceed with the
actual verification as
scheduled.
1.1 Conduct bag Bank Officer II

count (for Currency Operations
coins), wrapper Division
and bundle
count (for
notes) and
reconcile
against deposit
tag/s and Cash
Transfer Slip
1.2 Distribute
notes/coins to
Currency
Assistant II for
verification
1.3 Conduct Currency Assistant II
verification of Currency Operations
notes/coins Division
1.4 Encode results Bank Officer II
of the verification Currency Operations
in IRIS and Division
generate
verification
report
2. Receive verification 2. Provide Bank Officer II
report verification Currency Operations
report to bank Division
representative or
thru email in
case the bank
did not send a
bank
representative to
witness the
verification
524
feedback
Management Unit.
concerned.
ARTA 1-ARTA (2782)
PCC: 8888
CCB: 0908-881-6565 (SMS)
525
Union
City
Office Davao City
Butuan City
Sts.Cabanatuan City
Branch Velez Sts.,
Cagayan de Oro City
Cotabato City
Iloilo City
Rizal St.,
City
Road, Barangay
Ozamiz City
526
City

City
Tacloban City

Barracks,
Zamboanga City
4. Servicing of Withdrawals of Client Banks (update)

BSP releases currency banknote and coin withdrawals of client banks which are then
debited from their demand deposit account. Withdrawal transactions must have been
entered in IRIS by client banks not later than 4:00 pm one (1) business day prior to
actual withdrawal of currencies from BSP.
Office or Division: Currency Operations Division – BSP Regional Office/Branch

Who may avail: Banks registered with Integrated Regional Information System (IRIS)
BSP Security Pass ID Administrative Division – BSP Regional Office/Branch
(1 original)
Authority to Debit Slip Generated thru IRIS
(2 original)
Authority to Withdraw Prepared by client bank
(2 original)
CLIENT STEPS
1. Proceed to Main 1. Check validity of None Within one (1) Security Guard on
Gate then BSP Security hour from the duty at the Main Gate
present BSP Pass ID and receipt of Security Division
Security Pass ID request bank complete
and register in representative to withdrawal
the Bank register in the documents by
Representative Bank the Paying
Logbook Representative Teller until the
Logbook acknowledge-
527
CLIENT STEPS
ment of receipt
2. Proceed to the 2. Receive of currency Paying Teller
Tellers’ Area or withdrawal withdrawal by Currency Operations
COD Receiving/ documents: the bank Division
Releasing Area and representative
submit complete a. Check in the Cash
withdrawal completeness Processing
documents to of submitted Sheet
Paying Teller documents
b. Determine if the
bank
representative
is authorized to
withdraw the
requested
currencies in
accordance
with the
withdrawal
documents
c. Acknowledge
receipt of
complete
withdrawal
documents by
indicating date
and time
through time
stamp machine
and affixing
signature over
stamped name
on the Authority
to Debit Slip
d. Stamp the
following on the
Authority to
Debit Slip:
 “Signatures
Similar on File”
and “Amount
Withdrawn is
Within the
Authorized
Limit”
 Names of the
528
CLIENT STEPS
COD Manager,
Assistant COD
Manager and
Deputy Director
under the
above stamp
e. Forward
withdrawal
documents to
COD Manager
2.1 Validate Manager

withdrawal Currency Operations
documents: Division
a. Check
completeness
of submitted
documents
b. Determine if the
bank
representative
is authorized to
withdraw the
requested
currencies in
accordance
with the
withdrawal
documents and
names encoded
in IRIS
c. Match the
signatures of
bank officials
against the
specimen
signature cards
and determine if
the amount
being
withdrawn does
not exceed their
authorized limit
d. Affix signature
and indicate
529
CLIENT STEPS
time under the
“Signatures
Similar on File”
and “Amount
Withdrawn is
Within the
Authorized
Limit” stamped
on the Authority
to Debit Slip
e. Process
withdrawal
transaction in
IRIS
f. Forward
withdrawal
documents to
COD Assistant
Manager
2.2 Validate Assistant Manager

documents: Division
a. Check
completeness
of submitted
documents
b. Determine if the
bank
representative
is authorized to
withdraw the
requested
currencies in
accordance
with the
withdrawal
documents and
names encoded
in IRIS
c. Match the
signatures of
bank officials
against the
specimen
signature cards
and determine if
530
CLIENT STEPS
the amount
being
withdrawn does
not exceed their
authorized limit
d. Affix signature
and indicate
time under the
"Signatures
Similar on File"
and "Amount
Withdrawn is
Within the
Authorized
Limit" stamped
on the Authority
to Debit Slip
e. Source
withdrawal
transaction in
IRIS
f. Forward
withdrawal
documents to
Deputy Director
2.3 Approve Deputy Director

withdrawal BSP Regional
transaction: Office/Branch
a. Check
completeness
of submitted
documents
b. Determine if the
bank
representative
is authorized to
withdraw the
requested
currencies in
accordance
with the
withdrawal
documents
c. Match the
signatures of
bank officials
531
CLIENT STEPS
against the
specimen
signature cards
and determine if
the amount
being
withdrawn does
not exceed their
authorized limit
d. Affix signature
and indicate
time under the
"Signatures
Similar on File"
and "Amount
Withdrawn is
Within the
Authorized
Limit" stamped
on the Authority
to Debit Slip
e. Forward
withdrawal
documents to
COD Manager
2.4 Forward Manager

transaction to Division
Payments and
Settlements
Office:
a. Forward
withdrawal
transaction in
IRIS to
Payments and
Settlements
Office for
approval
b. Forward
withdrawal
documents to
Paying Teller
2.5 Generate Paying Teller

532
CLIENT STEPS
forms: Division
a. Upon approval
by Payments
and
Settlements
Office, generate
the following
documents thru
IRIS:
 Cash
Processing
Sheet – one (1)
original copy
 Pass Out Slip –

two (2) original
copies
 Withdrawal
Certificate –two
(2) copies
b. Forward
withdrawal
documents to
COD Assistant
Manager
2.6 Sign withdrawal Assistant Manager

forms: Currency Operations
Division
a. Sign in the
“Signature
Verified by”
portion of the
Currency
Processing
Sheet and
indicate time of
validation of
signatures and
withdrawal limit
b. Affix initial in
the Withdrawal
Certificate
533
CLIENT STEPS
c. Forward
withdrawal
documents to
COD Manager
2.7 Sign withdrawal Manager

forms: Currency Operations
Division
a. Sign in the
“Signature
Verified by”
portion of the
Currency
Processing
Sheet and
indicate time of
validation of
signatures and
withdrawal limit
b. Sign in the
Withdrawal
Certificate
c. Forward
withdrawal
documents to
Deputy Director
2.8 Sign withdrawal Deputy Director

forms: BSP Regional
Office/Branch
a. Sign in the
“Approved by”
portion of the
Currency
Processing
Sheet and
indicate time of
validation of
signatures and
withdrawal limit
b. Sign in the
“Noted by”
portion of the
Withdrawal
Certificate
c. Forward
withdrawal
534
CLIENT STEPS
documents to
COD Assistant
Manager
2.9 Withdraw Manager,

currencies from Assistant Manager,
cash vault Senior Currency
Operations Officer
Currency Operations
Division
2.10 Turnover Assistant Manager,

currencies and Senior Currency
withdrawal Operations Officer
documents to Currency Operations
Paying Teller Division
3. Proceed to the 3. Release Paying Teller

designated room in currencies to Currency Operations
the COD bank Division
Receiving/Releasin representative:
g Area then inspect
currencies released a. Count
by the Paying Teller currencies
and acknowledge turned over by
receipt of currency COD Assistant
withdrawal Manager and
SV Recipient
then reconcile
count against
Authority to
Debit Slip, Cash
Processing
Sheet and Pass
Out Slip
b. Release
currencies and
witness
inspection by
bank
representative
c. Stamp
“Received
Payment by” on
the Authority to
Debit Slip
d. Sign in the
“Serviced by”
535
CLIENT STEPS
portion of the
Cash
Processing
Sheet
e. Sign in the
Pass Out Slip
f. Secure the
initial and
signature of the
COD Assistant
Manager and
COD Manager
in the Pass Out
Slip
g. Request bank
representative
to do the
following:
 Accomplish the
“Verification of
Currencies
Withdrawn”
portion of the
Currency
Processing
Sheet
 Sign then affix

right thumb
mark in the
“Confirmed and
Certified
Correct” portion
of the Currency
Processing
Sheet and
indicate time
currency
withdraw was
received
 Sign then affix

right thumb
mark in the
“Received
Payment by”
stamped on the
536
CLIENT STEPS
Authority to
Debit Slip
 Sign in the
Pass Out Slip
h. Secure the
signature of the
COD Head in
the “Confirmed
and Certified
Correct” portion
of the Cash
Processing
Sheet
i. Stamp “Paid”
on all
withdrawal
documents then
affix initial over
stamped name
4. Receive client 4. Submit client Paying Teller

bank’s copy of the bank’s copy of Currency Operations
withdrawal the withdrawal Division
documents documents:
a. Stamp
“Released” on
the Authority To
Debit Slip then
indicate date
and affix
signature over
stamped name
b. Furnish bank
representative
with the client
bank’s copy of
the Authority to
Debit Slip and
Authority to
Withdraw
together with
two (2) original
copies of Pass
Out Slip for
537
CLIENT STEPS
presentation to
Security Guard
assigned at the
Loading/Unload
ing Area

feedback
Management Unit.
concerned.
ARTA 1-ARTA (2782)
PCC: 8888
CCB: 0908-881-6565 (SMS)
538
Union
City
Office Davao City
Butuan City
Sts.Cabanatuan City
Branch Velez Sts.,
Cagayan de Oro City
Cotabato City
Iloilo City
Rizal St.,
City
Road, Barangay
Ozamiz City
City

539
City
Tacloban City

Barracks,
Zamboanga City
5. Purchase of Gold from the General Public (update)

The BSP purchases gold from the general public in accordance with the BSP
Responsible Gold Sourcing Policy and R.A No. 11256.
Office or Division: Gold Buying Station – BSP Davao Regional Office, BSP Naga
Branch, BSP Zamboanga Branch, Baguio Gold Buying Station
Type of G2C, G2B
Transaction:
Who may avail: Gold sellers/small-scale miners/traders/panners/general public
Two (2) Government Issued IDs Department of Foreign Affairs (DFA),
(2 original, 2 photocopy) Land Transportation Office (LTO)
(OWWA)
Post Office
Bureau of Internal Revenue (BIR)
Tax Identification Number (TIN) Bureau of Internal Revenue (BIR)
(1 original, 1 photocopy)
Two (2) ID pictures To be provided by the client
Gold to be submitted should meet the Brought by the client
following requirements:
1. Physical form
a. Should be in bar or disc (powder
540
and jewelry are not acceptable).
b. Should not contain mercury or
amalgam in any quantity.
c. Should be free of slag and other
foreign matter.
d. Should have no sign of metallic
segregation / layering or poured
shortness.
e. Should not be damp or wet.
2. Maximum Dimensions
a. Bar: 16.5 cm long x 8 cm wide x 4
cm thick
b. Disc: 10 cm diameter x 5 cm thick
3. Weight
a. Maximum weight of bar or disc: @ 5
kilograms
b. Maximum weight per lot: @ 10
kilograms
c. Minimum Preliminary Gold Assay –
30%
Letter of Delivery and Sale BSP Gold Buying Station
(5 original)
Customer Information Packet BSP Gold Buying Station
(1 original)
Supply Chain Assessment Form BSP Gold Buying Station
(1 original)
Notarized Authority to Release Information BSP Gold Buying Station
(2 original)
Letter of Authorization BSP Gold Buying Station
(1 original)
Business permit/business registration (for Local Government Unit
gold traders and companies)
(1 photocopy)
Additional requirements for registered
small-scale miners to avail of the tax
exemption:
1. Small-scale mining contract Provincial Mining Regulatory Board (PMRB)/
(1 original* and 1 certified true copy) Mines and Geosciences Bureau (MGB)
* Original must be presented for validation

2. BSP Certificate of registration BSP Regional Office/Branch
(1 original)
Additional requirements for accredited
traders to avail of the tax exemption:
1. Acknowledgement receipt/s from Small-scale miners
small-scale miners as proof of the
541
source of gold (1 original for each
gold transaction)
2. BSP Certificate of accreditation BSP Regional Office/Branch
(1 original)
Additional requirements for
companies/organizations:
1. Articles of incorporation/partnership To be provided by the client
(1 photocopy)
2. By-laws (1 photocopy) To be provided by the client
3. List of Directors/Partners To be provided by the client
(1 photocopy)
4. List of Principal Stockholders owning To be provided by the client
at least 2% of the capital stock
(1 photocopy)
5. List of beneficial owners, if any To be provided by the client
(1 photocopy)
6. Copy of the latest Annual Report To be provided by the client
(1 photocopy)
Additional requirements for gold
purchases with tax:
1. BIR Form No. 2200-M – Excise Tax Bureau of Internal Revenue (BIR)
Return for Mineral Products (3
original)
2. BIR Form No. 2299 – Excise Bureau of Internal Revenue (BIR)
Taxpayer’s Removal of Declaration (3
original)
Additional requirements for tax-exempt
gold purchases:
1. BIR Form No. 2299 – Excise Bureau of Internal Revenue (BIR)
Taxpayer’s Removal of Declaration (3
original)

CLIENT STEPS
Advance Payment
1. Register in the 1. Request For non-tax Advance Security guard on
logbook and the client to exempt gold: payment shall duty
present valid ID to register in 4% excise be paid within Security Division
the security guard the logbook tax and 1% one (1) hour
of the BSP and issue creditable and thirty (30)
Regional access withholding minutes from
Office/Branch or card/BSP tax receipt of
Baguio Gold Visitor’s ID accomplished
Buying Station For tax forms by the
542
CLIENT STEPS
2. Proceed to the 2. Provide the exempt gold: Head of Gold Assistant
Gold Buying following forms: zero tax Buying Station Manager/
Station area and a. Letter of until the Bank Officer II
receive the forms Delivery and release of the BSP Gold Buying
Station
Sale (LDS) BSP check to
b. Customer the client
Information
Packet
c. Supply Chain
Assessment
Form
d. Authority to
Release
Information
e. Letter of
Authorization
(if sale of gold
is through a
representative
3. Submit the 3. Check Assistant
accomplished forms completeness Manager/
together with the gold and accuracy Bank Officer II
of details BSP Gold Buying
Station
*Gold offered for sale provided in the
should be in forms
accordance with BSP 3.1 If in order,
prescribed acknowledge
requirements receipt of the
forms through
time stamp
machine and
affix initial
3.2 Assess supply Assistant
chain using the Manager/
Supply Chain Bank Officer II
Assessment Form BSP Gold Buying
Station
Director/
Deputy Director
BSP Regional
Office/Branch
4. Witness the 4. Clean, weigh, Sr. Security

cleaning, and mark gold Materials Control
Officer/Security
543
CLIENT STEPS
weighing, and materials Materials Control
marking of the Officer II
gold submitted BSP Gold Buying
Station
5. Sign the 5. Accomplish RN Sr. Security

Reception Note and request Materials Control
(RN) and receive client to sign Officer/ Security
client’s copy of the the RN Materials Control
Officer II
RN and LDS 5.1. Provide copies
BSP Gold Buying
of the RN and Station
LDS to the
client
5.2 Conduct Assayer
preliminary Office of the
assay on the Director/Deputy
gold Director
5.3 Compute the Sr. Accounting
advance Specialist/
payment Accounts
Specialist
Financial
Services Section
5.4 Review and Assistant
approve the Manager/
advance Bank Officer II
payment BSP Gold Buying
Station
computation
Director/
Deputy Director
BSP Regional
Office/Branch
Authorized
personnel
BSP La Union
Regional Office
(for Baguio Gold
Buying Station)
5.5 Prepare check Sr. Accounting
based on the Specialist/
payment Accounts
computation Specialist
Financial
and secure
Services Section
signatures of
544
CLIENT STEPS
authorized BSP
officials on the
check
5.6 Forward the
check and
copy of the
initial
computation to
the
Administrative
Division for
release to the
client (except
for Baguio
Gold Buying
Station)
6. Receive check for 6. Release the Designated Staff
advance payment signed check Administrative
and client’s copy and copy of the Division
of the initial initial payment
Sr. Accounting
payment computation to
Specialist
computation the seller Financial
Services Section
(for Baguio Gold
Buying Station)
7. Acknowledge 7. Request client Designated Staff
receipt of the to Administrative
check by signing acknowledge Division
in the logbook receipt and
Sr. Accounting
indicate time
Specialist
received in the Financial
logbook Services Section
(for Baguio Gold
Buying Station)
8. Proceed to the 8. Instruct client Designated Staff
BSP Paying to proceed to Administrative
Teller’s window for the BSP Division
encashment Paying Teller’s
window for Sr. Accounting
Specialist
For Baguio Gold encashment
Financial
Buying Station, Services Section
proceed to For Baguio (for Baguio Gold
Landbank- Baguio Gold Buying Buying Station)
545
CLIENT STEPS
branch for Station, instruct
encashment or client to
deposit check to proceed to
the client Landbank-
depository bank Baguio branch
for encashment
or deposit
check to the
client
depository
bank
9. Submit the 9. Accept the Paying Teller
following to the check and Currency
Paying Teller and disburse cash Operations
receive cash: Division
a. Check
b. Valid ID for
verification of
payee’s
identity
c. Letter of
Authorization,
if applicable
Final Payment
1. Register in the 1. Request the Processing Final payment Security guard on
logbook and client to costs, with a shall be paid duty
present valid ID to register in the minimum of within twenty Security Division
the security guard logbook and P1,600.00 (20) working
of the BSP issue access per lot, and days from
Regional card/BSP metal receipt of
Office/Branch or Visitor’s ID recovery accomplished
Baguio Gold factor shall forms and gold
Buying Station be applied by the Head of
2. Proceed to the 2. Prepare Assay based on Gold Buying Sr. Security
Gold Buying Outturn Report guidelines Station Materials Control
Station area and and request Officer/ Security
sign the Outturn client to sign in For non-tax Materials Control
Report the outturn exempt gold: Officer II
BSP Gold Buying
report 4% excise
Station
tax and 1% Sr. Accounting
2.1 Prepare final
creditable Specialist/
payment
withholding Accounts
computation
tax Specialist
sheet and final
For tax Financial
546
CLIENT STEPS
payment exempt gold: Services Section
report zero tax
2.2 Review and Assistant

approve final Manager/
payment Bank Officer II
computation BSP Gold Buying
Station
Director/
Deputy Director
BSP Regional
Office/Branch
Authorized
personnel
BSP La Union
Regional Office
(for Baguio Gold
Buying Station)
2.3 Prepare check Sr. Accounting
based on the Specialist/
payment Accounts
computation Specialist
Financial
and secure
Services Section
signatures of
authorized
BSP officials
on the check
2.4 Forward the
check and
copy of the
final payment
computation to
the
Administrative
Division for
release to the
client (except
for Baguio
Gold Buying
Station)
3. Receive check for 3. Release the Designated Staff
final payment and signed check Administrative
client’s copies of and copies of Division
547
CLIENT STEPS
the final payment the final Sr. Accounting
computation, and payment Specialist
outturn report computation, Financial
and outturn Services Section
(for
report to the
Baguio Gold
client Buying Station)
4. Acknowledge 4. Request client Designated Staff
receipt of the to Administrative
check by signing acknowledge Division
in the logbook receipt and
Sr. Accounting
indicate time
Specialist
received in the Financial
logbook Services Section
(for
Baguio Gold
Buying Station)
5. Proceed to the 5. Instruct client Designated Staff
BSP Paying to proceed to Administrative
Teller’s window for the BSP Division
encashment Paying Teller’s
Sr. Accounting
window for
Specialist
For Baguio Gold encashment
Financial
Buying Station, Services Section
proceed to For Baguio (for
Landbank- Baguio Gold Buying Baguio Gold
branch for Station, instruct Buying Station)
encashment or client to
deposit check to proceed to
the client Landbank-
depository bank Baguio branch
for encashment
or deposit
check to the
client
depository
bank
6. Submit the 6. Accept the Paying Teller

following to the check and Currency
Paying Teller and disburse cash Operations
receive cash: Division
a. Check
548
CLIENT STEPS
b. Valid ID for
verification of
payee’s
identity
c. Letter of
Authorization,
if applicable
549
feedback
Management Unit.
concerned.
ARTA 1-ARTA (2782)
PCC: 8888
CCB: 0908-881-6565 (SMS)

Office Davao City
Road, Barangay
Barracks,
Zamboanga City
Baguio Gold Buying 2/F RCBC Building, (074) 442-5236
Station Session Road, Baguio (074) 424-2391
City
550
6. Access to Economic and Financial Information, Library Resources and
Learning Services (update)
BSP provides the general public free access to current and/or historical economic and
financial data/information.
Office or Division: Office of the Deputy Director-BSP Regional Office/Branch

Type of G2C
Transaction:
Who may avail: All
(OWWA)
Post Office
Company ID
School ID
Letter Request (1 original) – for client with To be provided by the client
prior notice of appointment

CLIENT STEPS
1. Register in the 1. Request None Within the day Security guard on
logbook and the client to duty
present valid register in Security Division
ID to the the logbook
security guard and issue
of the BSP access
Regional card/BSP
Office/Branch Visitor’s ID
551
CLIENT STEPS
2. Proceed to EFLC 2. Request client Bank Officer II/
Information Area, to register in Sr. Research
register in the the EFLC Specialist
EFLC Visitor’s Visitor’s Office of the Deputy
Director
logbook, and Logbook and
submit letter secure letter Or
request (if request (if
applicable) applicable) Designated Staff
Administrative
Division
3. Consult BSP staff 3. Assist client in Bank Officer II/
regarding finding Sr. Research
information appropriate Specialist
service required information Office of the Deputy
resources Director
available in
Or
the library
Designated Staff
Administrative
Division
4. Submit USB flash 4. Scan flash Bank Officer II/
drive to save drive for PC Sr. Research
downloads virus and save Specialist
file/s Office of the Deputy
Director
downloaded
by the client Or
Designated Staff
Administrative
Division
5. Log-out in the 5. Request client Bank Officer II/
EFLC Visitor’s to log-out in Sr. Research
logbook the EFLC Specialist
Visitor’s Office of the Deputy
logbook Director
Or
Designated Staff
Administrative
Division
6. Surrender BSP 6. Return the Security guard on

Visitor’s ID to the valid ID in duty
552
CLIENT STEPS
security guard and exchange for Security Division
log-out in the BSP Visitor’s
Visitor’s logbook ID

feedback
Management Unit.
concerned.
ARTA 1-ARTA (2782)
PCC: 8888
CCB: 0908-881-6565 (SMS)
553
Union
City
Office Davao City
Butuan City
Sts.Cabanatuan City
Branch Velez Sts.,
Cagayan de Oro City
Cotabato City
Iloilo City
Rizal St.,
City
Road, Barangay
Ozamiz City
City

554
City
Tacloban City

Barracks,
Zamboanga City
555
7. Extend Initial Assistance to Clients with Complaints/Inquiry on the
Financial Products and/or Services of BSP Supervised Financial
Institutions (BSFIs) (update)
BSP Regional Offices and Branches assist the general public on their complaints and
inquiries on BSP Supervised Financial Institutions through referral to the Center for
Learning and Inclusion Advocacy (CLIA) at BSP Head Office for appropriate resolution.
Office or Division: Office of the Deputy Director - BSP Regional Office/Branch
Type of G2C
Transaction:
Who may avail: All
(OWWA)
Post Office
Company ID
Letter with the following relevant information: To be provided by the client
(1 original)
a. Complete name
b. Mailing address and contact information
c. Name of BSFI involved
d. Details of transaction/incident being
complained of
e. Desired assistance/remedy
Complaint Letter duly received by the BSFI, To be provided by the client
together with the BSFI’s reply, if any
(1 photocopy)
Documents that support the complaint To be provided by the client
(1 photocopy)
Complaint/Inquiry Request Form BSP Regional Office/Branch
(1 original)
556
1. Register in the 1. Request the None Complaints are Security guard on
logbook and client to register referred to the duty
present valid ID to in the logbook concerned BSP Security Division
the security guard and issue access department/
of the BSP card/BSP office within
Regional Visitor’s ID one (1) day
Office/Branch after receipt of
the complaint
2. Secure and 2. Provide the Bank Officer II/
accomplish Complaint/ Sr. Research
Complaint/Inquiry Inquiry Request Specialist/
Request (CIR) (CIR) Form and Office of the Deputy
Director
Form guide the client
in filling out the
or
form
Designed Staff
Administrative
Division
3. Submit 3. Check Bank Officer II/
accomplished CIR completeness of Sr. Research
form and documents Specialist/
complaint letter 3.1 Acknowledge Office of the Deputy
Director
with photocopies receipt of the
of relevant documents
Or
documents, if any. through time
stamp machine Designed Staff
and affix initial Administrative
Division
4. Receive copy of 4. Return client’s Bank Officer II/
the complaint copy of the Sr. Research
letter duly complaint form Specialist/
stamped received 4.1 Inform client that Office of the Deputy
and signed the Consumer Director
Empowerment Or
Group (CEG)
shall directly Designed Staff
respond to the Administrative
client, and that Division
CEG will refer
the complaint to
the BSFI
involved with a
request that the
BSFI
557
communicate
directly with the
consumer within
seven (7)
banking days
from receipt of
the referral.
4.3 Advise client
that he/she may
follow up directly
to CLIA through
hotline number
(02) 8708-7087
4.4 Forward CIR to Director/Deputy

the Consumer Director
Empowerment BSP Regional
Group (CEG) at Office/Branch
consumeraffairs
@bsp.gov.ph
copy furnished
the CEG Director
558
feedback
Management Unit.
concerned.
ARTA 1-ARTA (2782)
PCC: 8888
CCB: 0908-881-6565 (SMS)
559
Union
City
Office Davao City
Butuan City
Sts.Cabanatuan City
Branch Velez Sts.,
Cagayan de Oro City
Cotabato City
Iloilo City
Rizal St.,
City
Road, Barangay
Ozamiz City
City
560
City
Tacloban City

Barracks,
Zamboanga City
561
ASSET MANAGEMENT DEPARTMENT
External Services
562
1. Sale of Real Properties / Assets Acquired by the BSP (update)
The Asset Management Department is primarily tasked to administer, preserve and dispose
of the assets acquired by the Bangko Sentral ng Pilipinas (BSP).
Office or Division: Asset Management Department (AMD)

Type of G2C – Government to Citizen; G2B – Government to Business; G2G –
Transaction: Government to Government
Who may avail: All
Individual
1. Buyer’s Information Sheet ( 1 original) 1. AMD-Reception Window

2. BSP Website
(http://www.bsp.gov.ph/loans/asset_various.asp)
2. Negotiated Offer to Purchase Form 1. AMD-Reception Window
(1 original) 2. BSP Website
3. Signed Negotiated Rules and Procedures 1. AMD-Reception Window
4. Employment Documents
a. Certificate of Employment (1 original) a. Buyer’s Employer

b. Pay slip for the last three months or current b. Buyer’s Employer
employment contract
(1 original)
c. Proof/s of other income or source of funds
(not all inclusive listed below)
c.1 Bank Statements (1 photocopy) c. 1. Bank
c.2 Schedule of Remittances (1 photocopy) c.2. Bank; Remittance Center/Agents
c.3 Schedule of Monthly Pension (1 photocopy) c.3. GSIS or SSS
5. Government Issued ID (1 photocopy) * Not all inclusive listed below

1. Department of Foreign Affairs (DFA)
2. Land Transportation Office (LTO)
3. Government Services Insurance System (GSIS)
4. Social Security System (SSS)
5. Philippine Statistics Authority (PSA)
6. Philippine Post-Office
7. Comelec
8. Pag-Ibig
9. Philhealth
10. Office of the Senior Citizen Affairs
11. Philippine Employment Overseas Agency (POEA)
12. Philippine Overseas Labor and Office (POLO)
563
6. BIR TIN (1 photocopy) BIR
7. Notarized Special Power of Attorney if Principal
representing another individual (1 original)
8. DTI registration (1 photocopy) DTI – Registration Division
9. Mayor’s business permit for the current Mayor’s Office – Business Permit and Licensing
year (1 photocopy) Division
10.1 Income Tax Return for the last three
years (1 photocopy); or 10.1 Buyer’s Employer
10.2 Financial statements for the last two 10.2 Buyer
years if with comparative period or three
years if without comparative period (1
photocopy)
11. Proof/s of other income or source of funds
a. Bank Guarantee (1 original) a. Buyer’s Bank
b. Credit Line (1 original) b. Buyer’s Bank
12. Notarized acknowledgment regarding the AMD-Reception Window
related pending court case (1 original)
13. Authority to Credit Bank Account (1 AMD-Reception Window
original), with the following documentary
requirements:
a. Business Registration with DTI (1 a. DTI

photocopy)
b. BIR Certificate of Registration-BIR Form b. BIR
No. 2303 (1 photocopy)
c. Tax Exemption Certificate/Ruling from BIR, c. BIR
if any (1 photocopy)
d. Certification of Service Provider Not d. Buyer
Engaged in Business (1 original)
e. Sworn Declaration that gross income does e. BIR
not exceed P720,000 for the current year,
stamped “received” by the BIR (1
photocopy)
f. Passbook or ATM showing the Account f. Buyer’s Bank
Name and Account Number (1 photocopy)
14. Authorization Letter for BSP to verify Buyer

employment and sources of funds (1
original)
15. Undertaking relative to transfer of TCT and Buyer
Tax Declaration (1 original)
16. Order of Payment (At least 20% of the Offer AMD-Reception Window
Price) (1 original)
17. Deposit (Cash/Check) Payment of at least Cash Department-Teller, Ground Floor, Multi-
20% of the Offer Price Storey Building, BSP Complex
Corporation/Partnership/Single
Proprietorship
564
1. Buyer’s Information Sheet ( 1 original) 1. AMD-Reception Window
2. BSP Website
2. Negotiated Offer to Purchase Form 1. AMD-Reception Window
3. Signed Negotiated Rules and Procedures 1. AMD-Reception Window
4. Securities & Exchange Commission SEC
registration (1 photocopy)
5. Mayor’s business permit for the current Mayor’s Office – Business Permit and Licensing
6. Articles of Partnership or Incorporation (1 Buyer
photocopy)
7. Latest income/corporate tax return (1 Buyer
photocopy)
8. Audited financial statements for the last two Buyer
years if with comparative period or three
years if without comparative period (1
photocopy)
9. Proof/s of other income or source of funds

a. Bank Guarantee (1 original) a. Buyer’s Bank
b. Credit Line (1 original) b. Buyer’s Bank
10. Secretary’s Certificate or its equivalent on Buyer’s Corporate Secretary
Authority to Purchase (1 original)
11. Secretary’s Certificate or its equivalent on Buyer’s Corporate Secretary
Authorized Signatory (1 original)
requirements:
a. Business Registration with SEC (1 a. SEC

photocopy)
d. Passbook or ATM showing the Account d. Buyer’s Bank
13. Notarized Acknowledgement regarding the AMD-Reception Window

pending court case (1 original)
14. ID of authorized signatory (1 photocopy) Not all inclusive listed below
565
7. Comelec
8. Pag-Ibig
9. Philhealth
15. Authorization Letter for BSP to validate Buyer

documents for sources of funds (1 original)
16. Undertaking relative to transfer of TCT and Buyer
Tax Declaration (1 original)
17. Order of Payment (At least 20% of the Offer AMD-Reception Window
Price) (1 original)
18. Deposit (Cash/Check) Payment of at least Cash Department-Teller, Ground Floor, Multi-
20% of the Offer Price Storey Building, BSP Complex
FEES
CLIENT STEPS TO BE TIME
ACTIONS RESPONSIBLE
PAID
Submission of Offer to Purchase and Pre-Evaluation Process
1. Submit offer to 1. Receive offer to None 5 Days AMD Account
purchase with purchase with Officer (AO)396
complete corresponding
documentary documentary
requirements requirements and
conduct initial
evaluation as to
completeness of
documentary
requirements,
and stamp
“received”.
2. Get an Order of 2. Issue OP None AO

Payment (OP) for the
required deposit
3. Proceed to the Cash 3. Accept payment At least Cash Department
Department and pay and issue Official 20% of Teller
the required deposit Receipt the Offer
based on the amount Price
indicated in the OP.
4. Receive 4. Issue AO
acknowledgment Acknowledgment
letter to the buyer
396
Holding the position of either Senior Management Specialist, Bank Officer II or Bank Officer IV
566
letter (may be mailed
through the
registered
address of the
buyer) with DTS
reference
number.
Approval of Offer to Purchase
1. Receive advice on 1.1 Issue letter None 20 Days AO
the results of the advice to the
validation of buyer
submitted
documents with 1.2 Start processing/ AO/ Manager/
counterparties (e.g., evaluation/ Deputy Director/
Certificate of analysis of Offer Director
Employment, Pay to Purchase,
slip, Bank buyer’s capacity
Certification, etc.) to pay and
financial
documents/
reports in
accordance with
prescribed
guidelines
1.3 Approval by the

Committee on Additional
Disposal of Real 20 Days AO/ Manager/
Properties Deputy Director/
(CDRP) Director
1.4 For offers to

purchase
properties with
selling prices
beyond the
authority of the
CDRP, prepare
memorandum to
the Monetary
Board (MB) for
review of CDRP
members
1.5 Approval by the

MB
567
2. Receive Notice of 2. Issue Notice of AO/ Manager/
Approval and sale Approval and Deputy Director/
documents Sale documents Director
TOTAL: At least 20/40 Days

20% of
the Offer
Price
Sale of Real Properties / Assets Acquired by the BSP – Under Multi-Stage Processing
2. Lease out BSP-Acquired Real Properties (update)

The BSP offers real properties not yet disposed of for lease to the public.
Office or Division: Asset Management Department (AMD)

Type of G2C – Government to Citizen; G2B – Government to Business; G2G –
Transaction: Government to Government
Who may avail: All
Individual
1. Lessee’s Information Sheet (1 original) 1. AMD-Reception Window

2. BSP Website
2. Government Issued ID (1 photocopy) * Not all inclusive listed below
7. Comelec
8. Pag-Ibig
9. Philhealth
3. BIR TIN (1 photocopy) BIR

4. Employment Documents
568
a. Certificate of Employment (1 original) a. Buyer’s Employer
b. Pay slip for the last three months or current b. Buyer’s Employer
employment contract
(1 original)
c. Proof/s of other income or source of funds
c.1 Bank Statements (1 photocopy) c.1 Buyer’s Bank
c.2 Schedule of Remittances (1 photocopy) c.2 Buyer’s Bank
c.3 Schedule of Monthly Pension (1 c.3 GSIS or SSS
photocopy)
5.1 Income Tax Return for the last three years 5.1 Lessee’s Employer
(1 photocopy); or
5.2 Financial statements for the last two years 5.2 Lessee
if with comparative period or three years if
without comparative period (1 photocopy)
6. Bank Accounts Documents
a. Bank Certification (1 original) a. Lessee’s Bank

b. Passbook (1 photocopy) b. Lessee’s Bank

requirements:
a. Business Registration with DTI (1 a. DTI

photocopy)
d. Certification of Service Provider Not d. Buyer
Engaged in Business (1 original)
e. Sworn Declaration that gross income does e. BIR
not exceed P720,000 for the current year,
stamped “received” by the BIR (1
photocopy)
f. Passbook or ATM showing the Account f. Lessee’s Bank
8. Authorization Letter for BSP to verify Buyer

employment and sources of funds (1
original)
Corporation/Sole Proprietorship
1. Department of Trade and Industry DTI-Registration Division

2. Securities and Exchange Commission SEC-Registration Division
569
3. Mayor’s Business Permit for the current Mayor’s Office – Business Permit and Licensing
4. Articles of Partnership or Incorporation, as Lessee
the case may be (1 photocopy)
5. Latest Income/Corporate Tax Return (1 Lessee
photocopy)
6. Audited Financial Statements for the last Lessee
two years if with comparative period or
three years if without comparative period
and proof/s of other income or source of
funds, if any (1 photocopy)
7. Secretary’s Certificate or its equivalent on Lessee’s Corporate Secretary

authority to lease (1 original)
8. Secretary’s Certificate or its equivalent on Lessee’s Corporate Secretary
authorized signatory (1 original)
9. ID of authorized signatory (1 photocopy) * Not all inclusive listed below
7. Comelec
8. Pag-Ibig
9. Philhealth
10. Bank Accounts Documents
a. Bank Certification (1 original) a. Lessee’s Bank

b. Passbook (1 photocopy) b. Lessee’s Bank

requirements:
a. Business Registration with DTI/SEC (1 a. DTI/SEC-Registration Division

photocopy)
d. Passbook or ATM showing the Account d. Lessee’s Bank
12. Authorization Letter for BSP to validate Lessee

570
documents for sources of funds (1 original)
FEES
CLIENT STEPS TO BE TIME
ACTIONS RESPONSIBLE
PAID
Submission of Intent To Lease
1. Submit Letter of 1. Receive Letter of None 3 Days AO
Intent to Lease Intent to Lease
and stamp
“received”
2. Receive 2. Issue AO/Manager/Deput

Acknowledgment Acknowledgment y Director
Letter Letter (may be
mailed through
the registered
address of the
lessee) with DTS
reference
number
3.
Conduct of Lease Survey and Pre-Evaluation Process
1. Conduct lease None 7 Days AO/ Manager/
survey, and Deputy
prepare the Director/Director
terms and
conditions of the
lease
1. Receive letter advice 2. Issue letter

on the terms and advice on the
conditions of the terms and
lease condition of the
lease (may be
mailed through
the registered
address of the
lessee)
Approval of Lease
1. Submit Letter of 1.1 Receive Letter of None 20 Days AO
Acceptance of the Acceptance with
terms and conditions complete
of the lease and documentary
documentary AO/Manager/
571
requirements 1.2 Start processing/ Deputy Director/
evaluation/ Director
analysis of
lessee’s capacity
to pay and
financial
documents/
reports in
accordance with
prescribed
guidelines
1.3 Approve lease by

the Managing
Director,
Management
Services Sub-
Sector or MB
2. Receive Notice of 2. Issue Notice of 2 AO/Manager/

Approval of Lease approval of months Deputy Director/
Lease security Director
deposit
and one
month
advance
rent
TOTAL: 2 20 Days
months
security
deposit
and one
month
advance
rent
Lease out BSP-Acquired Properties – Under Multi-Stage Processing
572
How to send feedback Utilize the Feedback
Management System
tool/kiosk located at the
reception area of AMD or send
feedbacks through the official
email address of AMD at
acquiredassets@bsp.gov.ph
or at telephone no. (02) 5306-
3073.
How feedbacks are processed Feedbacks received are
generated through the
FMS/official AMD email
address.
Negative feedbacks received

are immediately escalated and
reported to the appropriate
personnel for immediate
resolution.
Feedbacks received are

periodically reported during
Management Committee
meeting every month to
monitor the performance of the
Department in the delivery of
its services.
How to file a complaint Complaints may be filed in
writing through the following:
Email:
acquiredassets@bsp.gov.ph
Letter: Addressed to the

Director, Asset Management
Department, Room 211, 5-
573
storey Building, BSP Complex,
Malate, Manila
Complaints can also be filed

via telephone and to provide
the following information:
- Name of person subject of

complaint
- Incident
- Evidence
Telephone No. (02) 5306-

3073
How complaints are processed Complaints are evaluated

whether they pertain to AMD.
If so, conduct investigation as
to the root cause of complaint
and implement corrective
action.
If complaint does not pertain to

AMD, the same is referred to
the concerned
Department/Office.
Responses/Explanation of the
Department on the complaint
is appropriately relayed to the
person filing the complaint
through the contact
number/address provided.
AMD Management
continuously reviews and
identifies necessary
improvements on its business
processes and operations to
574
provide fast, efficient and
quality service to BSP clients.
Contact Information of CCB, ARTA:
PCC, ARTA complaints@arta.gov.ph
1-ARTA (2782)
PCC: 8888
CCB: 0908-881-6565 (SMS
Office Address Contact

Information
Asset Management Room 211, 5-Storey 8708-7701 local
Department Building, BSP 3073
Complex, Malate
Manila
575
Financial Accounting Department
External Services
576
1. Creation, Transfer and Closure of a Bank’s DDA (update)
Creation and transfer of DDA due to change in banks’ status resulting from mergers,
consolidation, dissolution, upgrading/downgrading of category and closure due to placement of
banks under receivership.
Office or Division: Financial Accounting Department – ACRD I

Type of G2B, G2G
Transaction:
Who may avail: Banks/Non-Banks/PDIC
Original Letter of Authority Originating from Bank
Original Circular Letter from the Office of the ODG-FSS
Deputy Governor-Financial Supervision
Sector (ODG-FSS).
Original Memorandum from the Department of DSA
Supervisory Analytics (DSA))
Email instruction from PSO requesting DDA PSO
closure of Philpass-member banks
Send original Letter 1. Acknowledge receipt None ACRG CRA Staff,
of Authority to of the documents/ ACRD I Processor
ACRG-FAD thru email and encode in
courier, if possible. the Document Tracking
Otherwise send System (DTS).
scanned copies of
documents to ACRG
-FIS@bsp.gov.ph.
For ODG-FSS, DSA
and PSO send
scanned copies of
the documents to 3 days
ACRG -
FIS@bsp.gov.ph
2. Verify documentary
requirements and ACRD I and II
check outstanding Processor
DDA balance
3. Prepare request to ACRD I Processor,

GAFRAG- FAD and Assistant Manager,
review/approve Manager, Deputy
electronically the Director
request for the
creation/deactivation of
bank’s account.
577
4. GAFRAG-FAD Assistant Manager,
executes action GAFRAG
depending upon the
request.
Receive notification 5. ACRD I to process ACRD I Processor

the request
578
2.Transfer of Funds – Demand Deposit Account (DDA) (update)
Transfer of funds of banks/non-banks relative to the DDA maintained with the Bangko Sentral
ng Pilipinas such as (a) withdrawal of excess reserves by non-PhilPaSS member (b)
remittance of outstanding DDA balance of a closed bank to Philippine Deposit Insurance
Corporation (PDIC), and (c) transactions pertaining to Philippine International Convention
Center (PICC) and Bureau of the Treasury (BTr).
Office or Division: Financial Accounting Department – ACRD I

Type of G2B-Government to Businesses; G2G-Government to Government
Transaction:
Who may avail: Non-PhilPass member Banks/Non-Banks/PDIC/PICC/BTr
Original Letter of Authority with two
(2) authorized signatories Originating from non-Philpass Banks/Non-Banks
Original Notarized Secretary Certificate/Board
Resolution
Original Letter of Authority Originating from PDIC and BTr
Original Letter of Authority from PICC and Originating from the General Accounts and Financial
ticket Reporting Analysis Group (GARFRAG), FAD
Send original Letter of 1. Acknowledge None ACRG CRA Staff,
Authority with receipt of the ACRD I Processor
supporting documents documents/email and
to the ACRG- FAD encode in the
thru-courier, if possible. Document Tracking
Otherwise, send System (DTS).
scanned copies of the
documents to ACRG- 2 days
FIS@bsp.gov.ph
2. Verify ACRD I Processor
documentary
requirements and
check outstanding
DDA balance
3. Book the Fund ACRD I Processor,

Transfer and send for Supervisor, Manager,
review and approval Deputy Director
thru email.
4. Draft SWIFT ACRD I Processor
message to the bank
informing of the
successful transfer
579
and send to the
Payments and
Settlements Office
(PSO) for sending to
the depository bank.
Receive e-mail Send e-mail to

BTr/PDIC and other
parties concerned
informing the
transaction.
Receive SWIFT 5. Send SWIFT Payments and

message message to Settlements Office
depository bank.
580
3. Confirmation of DDA, Accounts Payable (AP) and Accounts Receivable (AR) (update)
Confirmation of the outstanding balances of DDA, AR and AP upon request of banks/non-
banks and external auditors.
Office or Division: Financial Accounting Department – ACRD I and ACRD II

Type of G2B, G2G and G2C (Government to Citizen)
Transaction:
Who may avail: Banks and Other External Stakeholders
Confirmation Letter Originating from Bank/Auditor/External Stakeholders
Send scanned copy 1. Acknowledge None ACRG CRA Staff,
of Bank Confirmation receipt of the email, ACRD I Processor
Letter thru email to print the document and
ACRG - encode in the
FIS@bsp.gov.ph Document Tracking
System (DTS).
2. Check outstanding ACRD I and II

DDA, AR and AP Processor
balance for the
requested period.
5 days
3. Prepare letter/reply ACRD I and II
and referral memos to Processor, Assistant
concerned Manager, Manager,
departments (if any), Deputy Director
and review and sign
electronically the
letter/reply.
Receive confirmation 4. Send copy of the ACRD I and II
letter/reply letter/reply via email Processor
581
4. Issuance of Order of Payment (update)
Issuance of Order of Payment (OP) for refund of unused cash advance, payment of rentals,
utilities and other expenses advanced by the BSP.

Type of G2B, G2G and G2C
Transaction:
Who may avail: BSP personnel, banks and other external stakeholders
Billing Requesting bank/office
Send request for OP 1. Acknowledge receipt None ACRG CRA Staff,
thru email to of the email and ACRD I Processor
ACRG-DIV encode the details in
2_FAD@bsp.gov.ph ACRG Receiving File
2. Verify outstanding ACRD I Processor

accounts for payment
by the requestor Within 1 hour
3. Prepare and ACRD II Processor

generate OP. Send
thru email to the
approver
4. Review and approve Assistant Manager,

the OP thru email Manager
Present OP to Cash 5. Release OP to the ACRD I Processor

Department for requestor via email
Payment or pay
through Union Bank
582
5. Issuance of Acknowledgement Advice (AA), Tax Certificates (TC) (update)
Issuance of Acknowledgement Advices to Bangko Sentral ng Pilipinas (BSP) suppliers of
goods and services (e.g. individuals, partnerships, corporations), BSP retirees/heirs as proof of
payment and BIR Tax certificates Forms Nos. 2306 and 2307 where withholding taxes were
deducted from income payments.
Office or Division:Financial Accounting Department – Disbursement Division
Type of Transaction:
G2B and G2G
Who may avail: Sole Proprietors Legal Heirs of BSP Employees
Individual Professionals Non-Stock Non-Profit Organizations
Partnerships Joint Venture
Corporations Buyer of BSP Acquired Assets
Government Agencies Gold Trader/Panner
BSP Retirees Cooperatives
Original copy of Official Receipt, Collection/ Originating from Client
Acknowledgement Receipt issued by the
payee (evidence of receipt of BSP payment)
Letter of Authorization for Payee’s
representative
ID of Payee’s representative
CLIENT STEPS
1. Request for an 1. Personnel in- None 1 day PIC
appointment to pick-up charge (PIC) shall Disbursement Division
the AA and TC by email the Financial Accounting
emailing the following appointment Department
email address: schedule.
msangkayaz@bsp.gov.ph
halligec@bsp.gov.ph
2. Present Letter of 2. Verify details of 30 minutes CRA Staff
Authorization for the OR issued (Outsourced
payee’s representative. against the details Personnel)
Provide CRA Staff on the AA. Disbursement Division
original copy of Official Financial Accounting
Receipt (OR). Department
3. Receive original 3. CRA staff to
copy of the AA and TC, staple/attach the
if applicable, by OR to the receiving
submitting the pre-filled- copy of the AA and
out AA’s receiving copy file in designated
and on the Demand folder.
Deposit Account (DDA)
Register.
583
How to send feedback 1. From the BSP Website Home
Page, click the Feedback Corner
Tab.
2. Enter the transaction code
provided by the department.
3. Accomplish the questionnaire.
4. Click the ‘Submit’ button
How feedbacks are processed The responses are viewed in the

(FMS) module through the Intranet
within Bangko Sentral ng Pilipinas
(BSP).
How to file a complaint Same process on how to send

feedback.
How complaints are processed Same process on how feedbacks are

processed.
Contact Information Email Address: fmu@bsp.gov.ph

Information
Financial Accounting 4th Floor, EDPC 8708-7701 loc. 2691
Department Building, BSP
Complex, Malate
Manila
584
Payments and Settlements Office
External Services
585
1.Participation in the Philippine Payment and Settlement System (PhilPaSS) (update)
The PhilPaSS is a payment and settlement system and participation thereto will
ensure prompt, final, efficient payments and settlements of banks/non-banks/other
government agencies transactions with high degree of security and operational
reliability. Participating banks/non-banks are required to register with PhilPaSS.
Office or Payments and Settlements Office

Division:
Type of G2B – Government to Banks and Non-Banks
Transaction:
Who may avail: Banks and Non-Banks
BSP Website
1. Application Form (1 Original)
-do-
2. VPN Form (1 Original)
-do-
3. Signed Participation Agreement
(1 Original) -do-
4. Notarized list of Authorized Officers
Applicant Bank
with specimen signatures (1 Original)
5. Certificate of good standing from the
Bankers Association of the Philippines (BAP),
bankers’ association to which the Chamber of Thrift Banks (CTB), Rural Bankers
Association of the Philippines (RBAP),
applicant is a member (1 Original)
Philippine Finance Association (PFA)
6. Approved SWIFT Business Identifier
Code (BIC) [1 Original]
SWIFT Website
FEES
PROCESSING PERSON
TIME RESPONSIBLE
PAID
1. Submit 1.1 Check and receive None 1 Administrative Staff
application required documents Office of the Director
form and
other 1.2 Evaluate/process 1 RTGS Operator
RTGS Operations
required application
Unit
documents
1.3 Transmit VPN -do-
connectivity form to
Information 1
Technology Office
(ITO)
586
2. Coordinate Evaluate / configure / 9 Network Operation
with ITO on conduct VPN Staff
the conduct testing ITO
of VPN
testing
RTGS Operator
3. Confirm the 3.1 Schedule user training 3 RTGS Operations
schedule of after receipt of notice Unit
user training of successful testing
of VPN connectivity
3.2 Create participant 1 -do-

organization
-do-
4. Attend the
user training Conduct user training 1
-do-
5. Confirm Activation of PhilPaSS 3
PhilPaSS Acccount
account
activation as
advised by
PSO 20 Working
Days
587
2. PhilPaSS Participant Browser User Registration (update)
The PhilPaSS Participant Browser (PPB) requires the proper registration of the PhilPaSS
participant banks’ authorized users to allow them access to PhilPaSS for their effective
monitoring and control of their daily RTGS transactions on a real time basis. PPB User
Registration Forms are available at the BSP website.

Division:
Transaction:
Who may avail: PhilPaSS Member Banks and Non-Banks
PhilPaSS Participant Browser (PPB) User BSP Website
Registration Form (1 Original)
FEES
PROCESSING PERSON
TIME RESPONSIBLE
PAID
1. Submit 1.1 Receive and check Administrative Staff
PhilPaSS PPB User None 3 Working Office of the
Participant Registration Form(s) Days Director
Browser (PPB)
user 1.2 Evaluate/process
RTGS Operator
registration PPB User
RTGS Operations
form(s) registration form(s) Unit
1.3 Register user

profile(s) in CAS i.e. -do-
Add/Delete/Change/
Reset, as applicable
1.4 Authorize action Deputy Director

taken by RTGS RTGS Operations
Unit
operators
1.5 Approve/sign PPB Director

User Registration Payments and
Form(s) / User Settlements Office
Profile(s)
Notify user(s) through RTGS Operator

588
2. Registered phone call / email on RTGS Operations
User(s) the availability of user Unit
receive call / profile(s) / reset
email password(s)
notification for
availability of
user profile(s) /
reset
password(s)
3. PhilPaSS Smart Card User Registration (update)

The Smart Card is issued to PhilPaSS users with “authorizer” function. The smart card is used
to implement the BSP’s Public Key Infrastructure (PKI) technology which provides additional
security control via multifactor authentication on transactions settled in PhilPaSS. The PSO
issues the Smart Card only when the Bank User has submitted the complete documentary
requirements.

Division:
Transaction:
Who may avail: PhilPaSS Member Banks and Non-Banks
PhilPaSS Participant Browser (PPB) User BSP Website
Registration Form /Smart Card Renewal
Form (1 original)
FEES
PROCESSING PERSON
TIME RESPONSIBLE
PAID
1. Submit 1.1 Receive and check P1,200 3 Working RTGS Operator
PhilPaSS the processed PPB per Days RTGS Operations
Participant User Registration Smart Unit
Browser Form(s) / Smart Card Card Kit and
(PPB) User Renewal Form(s) Administrative Staff
Office of the Director
Registration
Form(s) / System Administrator
Smart Card 1.2 Configure smart card Office of the Director
Renewal
Form (s)
1.3 Initially approve

589
Smart Card Renewal Deputy Director
form(s) RTGS Operations
Unit
1.4 Approve Smart Card Director

Renewal Forms Payments and
Settlements Office
2. Receive the Notify Bank through
RTGS Operator
email /call phone call / email on the RTGS Operations
notification availability of configured Unit and
call on the Smart Cards Administrative Staff
availability of Office of the Director
configured
Smart Cards
590
How to send feedback The clients may utilize the Feedback
Management System tool/kiosk
located at the reception area of PSO
or they may send their feedbacks
using Customer Satisfaction Survey
sent annually to the participants.
How feedbacks are processed Feedbacks received pertaining to the
operations of the Department are
discussed during the annual PhilPaSS
Forum. Feedbacks received which
are considered urgent and/or critical
are immediately acted upon for
immediate resolution.
How to file a complaint Complaints may be filed through the
following:
Email:
PhilPaSS_Helpdesk@bsp.gov.ph
Telephone: (02) 8400-7024, 8400-

7073, 8400-7071, 8708-7694, 8708-
7697, 8708-7540
Letter: Addressed to The Director,

Payments and Settlements Office,
Room 101, 5-storey Building, BSP
Complex, Malate, Manila
How complaints are processed Complaints are evaluated and
investigated as to their root cause and
the corresponding corrective actions
are implemented.
Respond to the Client Bank/Non-bank

accordingly. If complaint does not
pertain to PhilPaSS operation, the
same is referred to the Department /
Office concerned.
.
Contact Information of BSP-Payments Telephone: (02) 8400-7024, 8400-
and Settlements Office 7073, 8400-7071, 8708-7694, 8708-
7697, 8708-7540
Email: Payments_Unit@bsp.gov.ph
591
Payments and Room 101, 5-Storey 8400-70-71, 8400-7024,
Settlements Office Building, BSP Complex, 8400-70-73, 8708-7694,
Malate Manila 8708-7697, 8708-7540
592
BANGKO SENTRAL NG PILIPINAS INSTITUTE
External Services
593
1. Request for Observation tour/ bench-marking/ briefing/ info session (update)
Service Information
Office or Division: Bangko Sentral ng Pilipinas Institute
Classification: Highly technical
Type of Transaction: External Services
Who may avail: G2G, G2B
Request letter/e-mail addressed to the BSP Respective Agency

Governor:
- Institution/agency name
- Purpose of activity
- Guest details
- Contact information
CLIENT STEPS
Send request letter to Receive and None 12 working Agency

the Governor, Bangko evaluate request. days
Sentral ng Pilipinas
Wait for BSP feedback Contact person-in- none 1-2 hours Appropriate
charge of the department
activity/request (BSPI, etc.)
TOTAL 12 days

How to send feedback Answer the feedback form on
the last day of observation tour/
bench-marking/info session
How feedbacks are processed The Evaluation and Data
Management Division compiles,
processes and verifies the
feedback. The feedback is then
used for improvements in the
594
conduct of observation tour/
bench-marking/ briefing / info-
session
How to file a complaint Any complaint will be picked up
from the feedback form
How complaints are processed Complaints are verified,
evaluated, investigated and
reported to appropriate
individuals/offices
Contact Information of BSPI BSPI: local 3035
: 8708-7291
BSPI@bsp.gov.ph
2. Request to conduct presentation of programs (update)

Service Information
Who may avail: G2B
Request letter/e-mail addressed to the BSP Respective Agency

Institute:
- Institution/agency name
- Purpose of program presentation
- Guest details
CLIENT STEPS
Send request letter to Receive and None 7 working days Agency

the Director, Bangko evaluate request.
Sentral ng Pilipinas
Institute
595
Wait for BSPI feedback Contact person-in- none 1-2 hours Office of the
charge of the Director, BSPI
activity/request
TOTAL 7 days

How to send feedback Feedback may be given verbally,
after the session or via e-mail
How feedbacks are processed Feedback is discussed during
operations or management team
meetings
How to file a complaint Complaints may be sent via
email or submitted hardcopy
document
individuals/offices
: 8708-7291
BSPI@bsp.gov.ph
3. Request for certifications for previously conducted courses (update)

Service Information
Who may avail: G2B
596
Request letter/e-mail addressed to the BSP Previous BSP employee

Institute:
- Name
- Course details (date, title, purpose)
CLIENT STEPS
Send request letter to Process request None 3 working days Evaluation and
the Director, Bangko Data
Sentral ng Pilipinas Management
Institute Division, BSPI
Wait for call/ e-mail Contact person-in- none 1-2 hours Evaluation and
charge of the Data
activity/request Management
Division, BSPI
Personally pick-up Print certification none 10 minutes Evaluation and

certification and sign and have the Data
logbook individual sign the Management
logbook Division, BSPI
TOTAL 3 days

How to send feedback Send e-mail or call the BSP
Institute
How feedbacks are processed The Office of the Director shall
process and verify feedback
received
document
597
individuals/offices
: 8708-7291
BSPI@bsp.gov.ph
4. Evaluation and Processing Training Invitations (update)

Service Information
Who may avail: G2B; G2G
Invitation letter/e-mail addressed to the BSP Agency/Institution

Institute:
- Agency/Institution Name
- Course details (date, title, venue,
learning objectives, target participants,
requirements, organizer)
CLIENT STEPS
Send invitation letter/ e- Evaluate and None 1 working day Capacity

mail to the Director, process invitation Building Group,
Bangko Sentral ng based on applicable BSPI
Pilipinas Institute policies, guidelines
and criteria.
Interested employees 1. Prepare none 1 hour Capacity

shall seek approval to memorandum Building Group,
appropriate authorities and disseminate BSPI
training invitation
to proper
sector/office/
department.
2. Assess nominees
eligibility based
on policies, 18 working
598
Wait for guidelines and days
recommendation/ result criteria and
of assessment prepare
recommendation
3. Submit
recommendation/
results of
evaluation to
appropriate
sector/
department/office
4. For foreign
training, submit
memo-proposal
to Foreign Travel
Committee for 1 working day
approval
Attend to /prepare Coordinate with none 1 day Capacity

requirements for participant Building Group,
training/event BSPI
Coordinate with
1 hour
Agency/Institution
as necessary
TOTAL 20 days

How to send feedback Send e-mail to the BSP Institute
either via the group mail or via
the Director’s e-mail
How feedbacks are processed The Office of the Director shall
process and verify feedback
received
from the BSP Institute e-mail or
submitted hardcopy document
599
individuals/offices
: 8708-7291
BSPI@bsp.gov.ph
600
Financial Accounting Department
Internal Services
601
1. Certification of Outstanding Payables for Payment (update)
Certify the existence of payables to claimants
Office or Division: Financial Accounting Department – ACRD II

Type of G2G, G2B and G2C
Transaction:
Who may avail: FAD-Disbursement Division (DD)
Duly signed Disbursement Voucher Originating from end-user departments
Send email to 1. Acknowledge receipt None CRA Staff
ACRG-DIV of the email and FAD
2_FAD@bsp.gov.ph encode the details in
ACRG Receiving File
2. Generate and print ACRD II Processor
the subsidiary ledger
for AP of the claimant.
3. Check in the 2 hours ACRD II Processor
individual SL for AP
the existence of
outstanding balance of
the claimant.
4. Stamp the ACRD II Processor
Certification on the DV
and indicate the
outstanding balance
for AP as of date of the
claimant.
5. Review and sign the Assistant Manager,
certification. Manager
Receive the DV for a. Release the DV to CRA Staff
payment the requestor (FAD- FAD
DD) for payment.
602
2. Grant of Cash Advance – BSP Personnel (update)
Cash advance (CA) granted to BSP Personnel for official travel local and other purposes.
Office or Division: Financial Accounting Department (FAD)– ACRD I and ACRD II

Type of
G2C
Transaction:
Who may avail: BSP Personnel
Approved Disbursement Voucher (DV) that
indicates the amount of CA; Originating Concerned Department
Approved Travel Assignment Order (TAO) and
other supporting documents Originating Concerned Department
FEES
PROCESSING PERSON
TIME RESPONSIBLE
PAID
Send scanned copies 1. Verify the attached ACRD I/ACRD II
of DV with supporting documentary None Processor,
documents to the requirements, ACRG CRA Staff
ACRG-DIV I acknowledge receipt
_FAD@bsp.gov.ph of email and encode
the details of the CA in
ACRG Receiving File
2. Check outstanding ACRD I/ACRD II
CA and request for Processor
approval on the
certification of DV
1 day
3. Review and ACRD I/ ACRD II
approve the Head
certification via email
4. Transmit thru email ACRD I/ACRD II
the DVs, including Processor
supporting documents
to :
a. BAdm-FAD for
funding; or
b. Disbursement
Division – DV for
cash advance for
Imprest Fund
5. Update the ACRG CRA Staff
monitoring tool for
actions taken.
603
3. Issuance of Clearance Certificate (update)
Certify balances of Accounts Receivable, Accounts Payable and Cash Advance in relation to
the clearances for travel, prolonged leave (e.g. maternity leave) and leaving personnel (e.g.
resignation and retirement) and issue clearance certificate.

Type of G2C
Transaction:
Originating from Human Resource Management
Department/Sectoral Operations Management
Email request Department
Submit request for 1. Generate and print None ACRD II Processor
clearance certificate the individual SL for
thru e-mail AR, AP and CA of the
accountee requestor/
payee/ employee.
2. Verify the ACRD II Processor

outstanding balances 1 day
reflected in the SL
3. There should be no ACRD II Processor
outstanding balances
for Cash Advance and
Accounts Receivable
accounts. Otherwise
appropriate action
must be taken before
certification.
4. Prepare clearance ACRD II Processor

certificate.
5. Review and Assistant Manager,
electronically sign the Manager, Deputy
Clearance Certificate. Director
Receive the 6. Release thru email CRA Staff
Clearance Certificate the Clearance FAD
certificate to requestor
604
4. Issuance of Order of Payment (update)
Issuance of Order of Payment (OP) for refund of unused cash advance, imprest
fund and other amount due to BSP.

Type of G2B, G2G and G2C
Transaction:
Who may avail: BSP personnel, banks and other internal stakeholders
Disbursement Voucher Personnel/Department concerned
Send request for OP 1. Acknowledge receipt None ACRG CRA Staff,
to ACRG-DIV of the email and ACRG Processor
1_FAD@bsp.gov.ph encode the details in
and ACRG-DIV ACRG Receiving File
2_FAD@bsp.govlph
2. Verify outstanding ACRG Processor
accounts for payment
by the requestor
3. Prepare and Within 1 hour ACRG Processor
generate OP
4. Review and approve Assistant Manager,

electronically the OP Manager
Present OP to Cash 5. Release OP to the ACRG Processor
Department for requestor via email
Payment or pay
through Union Bank
605
5. Payment of Reimbursement Claim (update)
Reimburse the expenses incurred by BSP personnel during official foreign, domestic and other
travel/mission purposes.

Type of Transaction:
G2C
Disbursement Voucher (DV) that indicates the Originating from BSP and Non-BSP Personnel
amount to be reimbursed;
TAO / Certificate of Completion/Attendance Originating Concerned Department
Other supporting documents as required Originating Concerned Department
Send scanned copies 1. Acknowledge None ACRG CRA Staff
of DV for receipt of the email. ACRG Processor
reimbursement with Verify the attached
supporting documents documentary
to the ACRG-DIV requirements, and
1_FAD@bsp.gov.ph encode the details of
and ACRG-DIV reimbursement in
2_FAD@bsp.gov.ph ACRG Receiving File
2. Check if there is ACRG Processor
CA granted for the
subject
reimbursement and 1 day
request for approval
on the certification of
DV
3. Review and ACRG Head
approve the
certification via email
4. Transmit thru email ACRG Processor
the DVs, including
supporting documents
to BAdm-FAD for
funding
5. Update the ACRG CRA Staff
monitoring tool for
actions taken.
606
6. Certify Budget Availability for Purchase Requisition, Availability of Funds for BAC Resolution
Approving the Award or Request for Authority to Purchase, Claims, Cash Advances,
Reimbursement of Various Expenses and Liquidation of Cash Advances (update)
Office or Division: Financial Accounting Department (FAD)– Budget Administration

Division
Classification: Simple/Complex
Type of G2G-Government to Government
Transaction:
Who may avail: Various BSP Departments, Regional Offices and Branches and BSP
Employees
SECURE
CoSS Form No. 02-010-00 Certification of Budget Availability
CoSS Form No. 02-001-00 Checklist of Required Documentation for
Replenishment of Imprest Fund
Cash Advance – Travel Assignment Orders
Cash Advance for Foreign Travel
Cash Advance for Seminar Registration Fee
Other Cash Advance
Reimbursement of Travel Expenses (Within 50-km Radius)
Reimbursement of Travel Expenses (Outside 50-km Radius)
CoSS Form No. 02-004-03 Checklist of Requirements for
Reimbursement of Foreign Travel Expenses BANGKO
CoSS Form No. 02-004-04 Checklist of Requirements for SENTRAL
Reimbursement of Seminar Registration Fee NG PILIPINAS
CoSS Form No. 02-004-05 Checklist of Required Documentation for IKNOW
Reimbursement of Other Expenses PORTAL
CoSS Form No. 02-005-01 Checklist of Requirements for Bills/ (See Attached
Contracts Annexes for the
Copy of Forms)
infrastructure Projects
Liquidation of Travel Assignment Orders (Outside 50-km Radius)
Liquidation of Cash Advances-Foreign Travel
CoSS Form No. 02-003-03 Checklist of Requirements for Liquidation of
Cash Advances – Seminar Registration Fee
607
Liquidation of Other Cash Advances
CLIENT STEPS AGENCY PERSON
FEES TO BE PROCESSING
ACTIONS RESPONSI
PAID TIME
BLE
Submit scanned 1. Receive None Within one day BAdm
copies of required scanned from receipt of Receiving/
documents for documents (i.e., the scanned Releasing
Certification of Purchase documents Staff
Budget/Funds Requisition,
Availability before BAC Resolution/
Procurement RAP, Claims,
Process/Payment Cash Advance,
Reimbursement
and Liquidation
Statement)
2. Review None First in-first out BAdm

scanned basis, subject to Processor
documents and queuing397.
Record the
Earmarking of  Simple –
Funds/Certificati Within five (5)
on of funds in working days
BECS (Budget from receipt of
and Expense input scanned
Control System) document
before the cut-
off time of
2:00pm398;
 Complex –
Within ten (10)
working days
from receipt of
scanned
documents
before the cut-
off time of
397 Exceptfor claims/documents requiring immediate attention/additional review/pertaining to emergency cases

as approved by MD-CoSS.
398
Claims, Cash Advances and Reimbursements received after the cut off time will be value dated the following
working day
608
2:00pm2
 For Liquidation
of Cash
Advances -
Within ten (10)
working days1
from receipt of
scanned
documents
3. Tag-out None Within one day BAdm

documents for Receiving/
release in BECS Releasing
after approval Staff
by authorized
FAD officers to
be emailed to
concerned
department,
office or
personnel
representative
7. Grant Budget and Expense Control System (BECS) Read-and

Print Access (update)
Office or Division: Financial Accounting Department (FAD)– Budget Administration

Division
Type of G2G-Government to Government
Transaction:
Who may avail: Various BSP Departments, Regional Offices and Branches and BSP
Employees
SECURE
CoSS Form No. 02-0008-00 Read and Print Access to BECS Reports BANGKO
Registration Form SENTRAL
Email from End-User Department for the ISeries User ID from ITO NG PILIPINAS
IKNOW
PORTAL
609
CLIENT STEPS AGENCY PERSON
FEES TO BE PROCESSING
ACTIONS RESPONSI
PAID TIME
BLE
Submit scanned Receive request None Within one day Bank Officer
copy of duly filled up for BECS from receipt of II
Read and Print Access via the request
Access to BECS email at
Reports Registration Funding_FAD@
Form. bsp.gov.ph
Email the ISeries Bank Officer II Bank Officer

User ID to effect grant of IV and
access in Manager
(End-user
BECS.
Department to
submit User Account
Request – ISeries
610
Form to ITO to Bank Officer IV
secure user ID for to certify and
the A400 – BECS Manager to
application via approve grant of
email) access in
BECS.
8. Payment of Salaries, Allowances, Reimbursements, Cash Advances to BSP

employees (update)
Office or Division: Financial Accounting Department – Disbursement Division

Type of Transaction: G2G – Government to Government
Who may avail: BSP Departments, BSP Employees
1. Approved and Funded Disbursement
Voucher (DV) (COSS Form 04-001-01)
2. Complete supporting documents stated in
the following checklists:
a. CoSS Form No. 02-001-00 Forms downloadable from iKnow Portal
Checklist of Required Supporting documents from end-user departments
Documentation for and BSP employees
Replenishment of Imprest Fund
b. CoSS Form No. 02-002-03
Checklist of Required
Documentation for Cash Advance
for Seminar Registration Fee
c. CoSS Form No. 02-002-04
Checklist of Required
Documentation for Other Cash
Advance

CLIENT STEPS
1. Send electronic 1. PIC None Salaries and Disbursement
copies of funded DV acknowledges other Supervisor
with complete and valid receipt of email. allowances –
supporting documents to Up to five (5)
FAD Disbursement working days
Division group email or immediately
Payments_FAD@bsp.g to implement
ov.ph
credit on the
2. Electronic copies Disbursement
611
of DVs and date specified Supervisor
supporting by HRMD
documents are
emailed to the
assigned claims
Medical
processor.
Reimbursemen
3. Review the ts, Travel- Disbursement
completeness and Related Cash Processor
validity of electronic Advances and
copies of DVs and Other
supporting Reimbursemen
documents. ts – Up to five
(5) working
4. Encode days from
accounting entries receipt of
in cFAS electronic
copies of
5. Review and approved AP Disbursement
approve the ticket and Approver
correctness of the Prooflist. Cut-
accounting entries off time of
and validity of
11:00am.
supporting
documents.
Other non-
digitalized
reimbursement
s – Up to five
(5) working
days from
receipt of
electronic
copies of
approved AP
ticket and
Prooflist. Cut-
off time of
3:00pm.
6. Generate
tickets
7. Execute
transfer of funds
thru PNB
612
9. Payments to Suppliers, Service Providers and other BSP Creditors (update)
Office or Division: Financial Accounting Department – Disbursement Division

Classification: Simple/Complex
Type of Transaction: G2G – Government to Government
Who may avail: BSP Departments
1. Approved and Funded Disbursement
Voucher (DV) (COSS Form 04-001-01)
2. Complete supporting documents stated
in the following checklists:
2. CoSS Form No. 02-005-01 Checklist of Forms downloadable from iKnow Portal
Requirements for Bills/ Contracts Supporting documents from end-user departments
3. CoSS Form No. 02-005-02 Checklist of and suppliers/service providers/creditors
Required Documentation for
infrastructure Projects

1. Send electronic 1. PIC None First in-first out Disbursement
copies of funded DV acknowledges receipt basis, subject Supervisor
with complete and valid of email. to queuing399.
supporting documents to .
FAD Disbursement
Division group email  Simple – Up
Payments_FAD@bsp.g to five (5)
ov.ph working
2. Electronic copies days from Disbursement
of DVs and receipt of Supervisor
supporting scanned
documents are copies of
emailed to the DV with
assigned claims complete
processor. and valid
supporting
3. Verify the documents. Disbursement
following in the Cut off time Processor
electronic copies of is 3:00pm;
documents received:
 Complex –
399 Exceptfor claims/documents requiring immediate attention/additional review/pertaining to emergency cases

as approved by MD-CoSS.
613
a. Funds Up to ten
Certification (10)
b. Validity of the working
DV signatories days from
c. Correctness of receipt of
mathematical scanned
computation copies of
d. Correctness of DV with
Account complete
Classification and valid
e. Compliance supporting
with applicable documents.
Procurement Cut-off time
Law, Tax Code, of 3:00pm400
COA Guidelines
and BSP
policies
f. Completeness
and validity of
supporting
documents
4. Encode
accounting entries in
cFAS
5. Review and Disbursement
approve the Approver
correctness of the
accounting entries
and completeness
and validity of
supporting
documents.
6. Generate tickets,
credit/acknowledgem
ent advice, tax
certificates, as
applicable
7. Execute transfer
of funds thru
PhilPASS
400
Claims received after the cut off time will be value dated the following working day
614
10. core Financial Accounting System (cFAS) Administration, Accountee
and Bank Account Registration (update)
The System Administrator provides daily services in the creation /enabling/disabling of

cFAS User-IDs; creation/modification of Transaction Types/Transaction IDs etc.;
maintenance of BSP Accountee File; registration of payees bank accounts;
activation/deactivation of banks and accountees; and the creation/ maintenance of the
General and Subsidiary ledgers (GL/SL) in the BSP Chart of Accounts.
Office or Division: Financial Accounting Department - General Accounts, Financial

Reports and Analysis Group
Type of Transaction: G2C – Government to Citizen
Who may avail: All
For Activation/Deactivation of Banks -
Memorandum stating the current status of bank/s
For cFAS User-ID Request Form - attach Office
Order if necessary
For Accountee - DTI/SEC Cert, BIR Registration, Originating Concerned Department
and other supporting documents, as necessary
For Bank Account Registration - BARF Checklist
For Creation/Modification of Trans Type/ID -
supporting documents, as necessary
For Creation/maintenance of GL/SL - supporting
documents, as necessary
FEES
PROCESSING PERSON
TIME RESPONSIBLE
PAID
Submit original/scanned 1. Upon receipt of Administrative
copy (thru email) of original/scanned copy Service Officer III
accomplished Request of documents encode
Forms with attachments in the Data Tracking
System (DTS) of NONE 1 day
(FAD) and distribute
the request to cFAS
Administrator or
processor.
2. Verify the cFAS

completeness and Administrator /
accuracy of the Processor
submitted documents
and input the data in
cFAS, then print the
corresponding report
and sign.
615
For request for
creation of GL/SL, the Manager
account shall be
created in FAS before
it will be created in
cFAS
3. Review and Manager

approve the generated Deputy Director
report. Director-FAD
Managing
Director-CoSS
4. Update the Administrative

monitoring tool for Service Officer III
actions taken and
return to
processor/system
administrator
5. Prepare e-mail/reply cFAS

to concerned Administrator /
departments. Processor
616
How to send feedback 5. From the BSP Website Home
Page, click the Feedback Corner
Tab.
6. Enter the transaction code
provided by the department.
7. Accomplish the questionnaire.
8. Click the ‘Submit’ button
How feedbacks are processed The responses are viewed in the

(FMS) module through the Intranet
within Bangko Sentral ng Pilipinas
(BSP).
How to file a complaint Same process on how to send

feedback.
How complaints are processed Same process on how feedbacks are

processed.
Contact Information Email Address: fmu@bsp.gov.ph

Information
Financial Accounting 4th Floor, EDPC 8708-7701 loc. 2691
Complex, Malate
Manila
617
Budget Planning and Special Studies Group
Internal Services
618
1. Submission of the Approved Request for Budget Adjustments (update)
Submission of the approved request for budget adjustments for posting in BECS
Office or Budget Planning and Special Studies Group, Office of the Managing
Division: Director – Comptrollership Sub-Sector
(BPSSG, OMD-CoSS)
Classificatio Simple
n:
Type of Internal Services to BSP Budget Units
Transaction: 1. Approved Fund Transfer from one Budget Unit to Another
2. Approved Fund Transfer from One Account to Another within the
Budget Unit
3. Approved Sub-allocation
Who may 1. All Budget Units in the BSP for items 1 and 2 above
avail: 2. HRMD and HWD for item 3 above
Original copy of the approved BSP iKnow portal>>Forms and
request for budget adjustment using Templates>>Budget and Accounting
the prescribed form
 Fund Transfer from one Budget Unit to
Another (CoSS Form No. 01-002-09)
 Fund Transfer from One Account to
Another within the Budget Unit (CoSS Form
No. 01-002-02)
 Sub-allocation (CoSS Form No. 01-002-10)
CLIENT FEES TO BE PROCESSING PERSON
AGENCY ACTIONS
STEPS PAID TIME RESPONSIBLE
619
1. Download
the
applicable
form in the
iKnow
portal
2. Fill out the
form and
submit to
the
respective
approver
None
3. Submit to
the BPSSG 3.1 Post in the
the Budgetary and
approved 3 Days Atleast Bank
Expense Control
request for Officer IV,
System (BECS)
posting in BPSSG for the
the approved
the BECS posting in BECS
budget adjustment
3.2 Notify the Budget
Unit that the Administrative
approved budget Services Officer,
has already been BPSSG for the
posted in the notification to the
BECS Budget Unit
3.3 Provide copy of
the BECS edit list
to the Budget
Administration and
Monitoring Group,
Financial
Accounting
Department
(BADM,FAD)
TOTAL: None 3 Days
620
2. Submission of request for fund transfer from the Provision for Contingency
(update)
Office or BPSSG, OMD-CoSS

Division:
Classification Complex
:
Transaction:  Request for Fund Transfer from the Provision for Contingency
Account
Who may All Budget Units in the BSP
avail:
 Checklist of minimum BSP iKnow portal>>Forms and

requirements for request for Templates>>Budget and Accounting
budget adjustment
 Request for Fund Transfer for the Provision
 Request for budget adjustment for Contingency
using the prescribed form - (CoSS Form No. 01-002-05 for request up to
P1.0 million)
 Cost estimates and basis - (CoSS Form No. 01-002-05 and CoSS Form No.
01-002-04 for request in the amount of more
than P1.0 million up to P5.0 million)
CLIENT AGENCY FEES TO BE PROCESSING PERSON
STEPS ACTIONS PAID TIME RESPONSIBLE
621
1. Download
the
applicable
form in the
iKnow portal
2. Fill out the
form and
seek
endorsement
from the
respective
Sub-Sector
Head, if
applicable,
and Sector 7 Days from
Heads submission of Respective
3. Submit to complete Account Officer,
the BPSSG documents BPSSG for the
the original evaluation of
copy of request
For request up to None
request as
P1.0million
endorsed by
the Sub- 3.1 Evaluate the 3 Days Atleast Bank
Sector Head, request for Officer IV,
if applicable, budget BPSSG for the
and Sector adjustment posting in BECS
Head, once approved
together with 3.2 Submit to the
the checklist Head,CoSS for
for minimum approval
Administrative
requirements 3.3 Post in the BECS Services Officer,
and the approved BPSSG for the
supporting budget notification to the
documents adjustment Budget Unit
3.4 Notify the Budget

Unit that the
approved budget
has already been
posted in the
BECS
3.5 Provide copy of
the BECS edit list Respective
to the Account Officer,
BADM,FAD BPSSG for the
622
evaluation of
request
For more than P1.0
million up to P5.0
million
3.1 Evaluate the
request for
budget
adjustment
3.2 Submit to the
Head,CoSS for 7 Days from
endorsement submission of
3.3 Notify the Budget complete
Unit that the documents
For request in the
request has
amount of more
already been
than P1.0 million
signed by the
up to P5.0 Head,CoSS
million)
4. Submit the
request to
the Governor
for approval
5. Submit the
approved Atleast Bank
request to Officer IV,
the BPSSG BPSSG for the
for posting in posting in BECS
the BECS once approved
5.1 Post in the

Administrative
BECS the
Services Officer,
approved budget
BPSSG for the
adjustment
notification to the
5.2 Notify the Budget Budget Unit
Unit that the
3 Days
approved budget
has already been
posted in the
BECS
5.3 Provide copy of
623
the BECS edit
list to the
BADM,FAD
TOTAL: None 10 Days
624
3. Submission of request for Budget Reallocation (update)
Office or BPSSG, OMD-CoSS

Division:
Classification Complex
:
Transaction:  Request for Budget Reallocation
Who may All Budget Units in the BSP
avail:
 Checklist of minimum requirements BSP iKnow portal>>Forms and

for request for budget adjustment Templates>>Budget and Accounting
 Request for budget adjustment using  Request for Budget Reallocation (CoSS
the prescribed form Form No. 01-002-08)
 Cost estimates and basis

CLIENT FEES TO PROCESSING PERSON
AGENCY ACTIONS
STEPS BE PAID TIME RESPONSIBLE
1. Download the
form in the
iKnow portal
2. Fill out the
form and seek
endorsement
from the
respective
Sub-Sector
Head, if
applicable
3. Submit to the
BPSSG the
original copy
of request as 7 days from
endorsed by submission of
the Sub- 3.1 Evaluate the request complete
Sector Head, for budget adjustment documents
together with None Respective
the checklist 3.2 Submit to the 3 days Account Officer,
Head,CoSS for BPSSG for the
625
for minimum endorsement to the evaluation of
requirements Sector Head request
and supporting
documents 3.3 Notify the Budget Unit
that the request for
4. Submit the budget reallocation
request to the has already been
Sector Head signed by the
for approval, Head,CoSS
upon
recommendati
on of the
Head,CoSS
5. Forward the
approved
budget
adjustment to
the BPSSG
5.1 Post in the BECS the Atleast Bank

approved budget Officer IV,
adjustment BPSSG for the
posting in BECS
5.2 Notify the Budget Unit once approved
that the approved
budget has already Administrative
been posted in the Services Officer,
BECS BPSSG for the
notification to the
5.3 Provide copy of the Budget Unit
BECS edit list to the
BADM,FAD
TOTAL: None 10 Days
626
FEEDBACK AND COMPLAINTS MECHANISMS
How to send feedback Budget Units may contact the respective
Account Officer through email or call the
telephone numbers indicated below.
How feedbacks are processed Feedback requiring answers are forwarded
to the corresponding Departments/Offices, if
applicable. Upon receipt of
replies/comments from the concerned
Departments/Offices, the account officer of
BPSSG shall then communicate adequate
reply to the Budget Unit through e-mail or
telephone call.
For inquiries and follow-ups, Budget Units

may contact the telephone numbers
indicated below.
How to file a complaint Budget Units should issue a memorandum
address to the Head,CoSS indicating the
following:
- Name of person being complained
- Short Narrative of the complaint
- Evidence
For inquiries and follow-ups, Budget Units may
contact the telephone numbers indicated below.
How complaints are processed Upon receipt of the memo, the BPSSG will
evaluate the validity of the complaint and
issue a memo-reply to the Budget Unit or
schedule a meeting for further discussion of
the complaint.
Contact Information of BPSSG,CoSS (02) 5306 – 2710/2119/2118/2113
627
Information
Budget Planning and 4th Floor, EDPC 8708-7701 loc. 2710
Special Studies Group Building, BSP
Complex, Malate
Manila
628
Bangko Sentral ng Pilipinas Institute
Internal Services
629
1. Conduct In-house Course Offering (update)
Service Information
Type of Transaction: Internal Services
Who may avail: G2G

Approved Nomination Form BSP iKnow portal

CLIENT STEPS
Refer to Individual None None 5 minutes Employee

Development Plan
Secure approval from Approve (or None 3h – 8h Supervisor and

supervisor disapprove) Head of
nomination Department/Offic
e
Submit required Start processing None 1 day SOMD/BSPI

document to SOMD or request and slot account officer
BSPI reservation
Wait for e-mail Prepare and issue None 1 day SOMD/BSPI

confirmation from confirmation e-mail account officer
SOMD/BSPI to employee
Attend In-house Have the employee None various Capacity

Training Course sign the attendance Building Group,
sheet BSPI
TOTAL 3 days
630
How to send feedback Answer the feedback from
during the last day of course
offering
How feedbacks are processed The Evaluation and Data
Management Division compiles
processes and verifies (as
needed) the feedback. The
feedback is then used for
improvements of in-house
courses
from the feedback form or from
the BSP Institute e-mail
individuals/offices
: 8708-7291
BSPI@bsp.gov.ph
631
Administrative Services Department
Internal Services
632
1. Issuance of Clearance from Records and Property Accountability (update)
Office or Division: Administrative Services Department (ASD)

Type of Transaction: Internal Services
Who may avail: BSP Employees
1. Request via electronic mail Leave and Retirement Division,

(for separation from service e.g.
retirement/resignation/death/dropped from the rolls) Human Resource Management Department
(HRMD)
2. Request via electronic mail Administrative Unit/Division,

(for sick/travel/study/maternity leave)
BSP Department/Office

Submit email request for For ASD-Property Control Division None 1 day PCD Personnel
issuance of property (PCD):
ASD-PCD
clearance certificate:
a. Upon receipt of request, log on to

1. HRMD (for Integrated Property, Supplies and
retirement/resignation/ Materials Management System.
separation of
personnel from the b. Type the employee number of
bank)
the requesting personnel in the
Property and Supply Officer (PSO)
2. Administrative field to display the list of property
Unit/Division of accountability.
concerned BSP
Department/Office of
 If with outstanding
the requesting
accountability, advice the
employee (for leave
requesting employee thru Lotus
application for thirty
Notes (LN) to settle
(30) days)
accountability.
 If none, log the following

details in the PCD Clearance
633
Monitoring tool at
H:\@Permanent-PCD\Clearance
Certificate\Clearance list.
 Date of e-mail
 Name
 Position
 Job Level
 Department
 Employee Number
 Reason for Certification
 Effectivity Date
c. Prepare certification with the name

of approving officer, as follows:
 Head of ASD, if the requesting

personnel is a Director or higher
rank.
 Deputy Director if the requesting

employee is Deputy Director or
lower rank.
d. Print two (2) copies.
e. Prepare Document Tracking

Sheet (DTS) and write the DTS
Number in the Certification.
f. Affix initial below the name of

PCD head then secure the
signature of PCD head on the
second copy of the certification.
g. Forward certification to Records

Management Division (RMD).
h. Request RMD Personnel to sign

in the PCD Logbook.
634
For RMD: RMD Personnel
ASD-RMD
a. Log the following details in the
RMD Logbook
 Date Certification was received

 DTS Number
 Name and department of the
requesting employee
 Date of Clearance
 Reason
b. Check Files Request (FR) Box for

any outstanding FR under the
name of requesting employee.
 If with outstanding FR, advise

the requesting employee thru
LN to settle accountability.
 If none, affix initial below the

name of RMD head then secure
the signature of RMD head on
the second copy of the
certification.
c. Forward certification to Property

and Supply Management Division
(PSMD), if the requesting
personnel is PSO, if not, to the
Office of Deputy Director (ODD).
d. Request PSMD/ODD Personnel

to sign in the RMD Logbook.
For PSMD:
a. Acknowledge receipt from RMD’s

logbook.
635
PSMD
Personnel
b. Check H:\@Permanent-PSMD\IR
monitoring for any outstanding IR ASD-PSMD
for signature under the name of
requesting employee.
 If with outstanding IR for

signature, advise the requesting
employee thru LN to submit to
ASD the signed IR.
 If none, affix initial below the

name of PSMD head, then
secure the signature of PSMD
head on the second copy of the
certification.
c. Update DTS and forward to ODD.
For ODD:
a. Log the following details in the

ODD Logbook: ODD Personnel
ASD-ODD
 DTS Number
 Name and Department of
requesting employee
 Date of Clearance
b. Check the completeness of

signatures and initials.
c. Request the signature(S)/initial (I)

of the DD on the certification, as
follows:
 S- for Non-PSO
 I- For PSO
636
d. Forward certification to Office
of Director (OD).
e. Request the Office of the Director

(OD) personnel to sign on the
ODD logbook.
For OD:
a. Check the completeness of OD Personnel

signature and initials.
ASD-OD
b. Request the signature of the ASD

head for personnel with rank of
director or higher.
c. Release/Issue property clearance

certificate.
d. Secure initial of receiving

personnel in the second copy of
the certification.
TOTAL: None 1 day

How to send feedback Send written client feedback to the Office of the
Director, Administrative Services Department (ASD).
How feedbacks are processed Feedback requiring response is forwarded to ASD-

Property Control Division, Records Management
Division or Property and Supply Management
Division for appropriate response within three (3)
days from receipt of feedback.
For inquiries and follow-up, client may contact Tel.

637
No. 5306-3135.
How to file a complaint Send written client complaint to the Office of the
Director, ASD. Make sure to provide the following
information:
- Name of person (subject of complain)
- Contact Information
- Incident
- Evidence
For inquiries and follow-up, client may contact Tel.

No. 5306-3135
How complaints are processed Upon receipt, the complaint shall be forwarded to the
relevant division for their investigation/report
preparation.
The Division shall submit the report to the Office of

the Director, ASD.
The Office of the Director, ASD gives feedback to

the client.

Information
Administrative Ground Floor, 5-Storey 8708-7701
Services Group Building, BSP
Complex, Malate
Manila
638
Health and Wellness Division
Internal Services
639
1. Pre-employment Medical Examination Process (update)
Service Information
Office or Division: Health and Wellness Department (HWD)

Classification: Internal Process
Type of Issuance of Fitness to Work
Transaction:
Who may avail: BSP Applicant

Referral of Client to HWD Requesting Department, Sectoral Operations

Management Department or BSP Branch

Report to HWD Receive request for None Within the 1st Nurse
medical evaluation and day
prepare required forms
Submit him/herself Get initial health None Within the 1st Nurse
to medical measurement day
evaluation
Evaluate Applicant None Within the 1st Medical Officer

day
Carry out Physician’s order None Within the 1st Nurse
day
Hold application pending None Within 3-5 Nurse

referral results/Receive working days
results* and evaluate again
Or
Ensure appropriateness
and completeness of
documents
640
Forward medical None Within the 4th - Secretary/Deputy
evaluation forms to Office 6th working day Director
of the Deputy Director
Forward medical None Within the 4th - Head, HWD

evaluation forms to Office 6th working day
of the Director for approval
Prepare documents None Within the 7th - Secretary, Office of

8th working day the Head/Health
Policies and
Wellness Programs
Division
Transmit to HRMD and None Within the 7th - Office of the Head
copy furnish the concerned 8th working day
department
*-shall incur expenses for the basic laboratory requirements
641
How to send feedback Feedback may be given verbally
or via e-mail
How feedbacks are processed Feedback is discussed during
operations or management team
meetings
document
individuals/offices

Information
Health and Wellness Ground Floor, 5-storey 8708-7701 loc. 3093
Complex, Malate
Manila
642

B SP Citizens Charter

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B SP Citizens Charter

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CITIZEN’S CHARTER

2020 (1st Edition)

1. Assistance desks located in our offices;

MONETARY AND ECONOMICS Page

Approval of public sector foreign/foreign currency loans/borrowings – IOD (update) 2

Approval of publicly-guaranteed private sector

foreign/foreign currency loans/borrowings – IOD (update) 5

Registration of publicly-guaranteed private sector

foreign/foreign currency loans/borrowings – IOD (update) 8

Notification of private sector foreign loans/borrowings

that are not publicly-guaranteed – IOD (update) 11

Registration of private sector foreign loans/borrowings

that are not publicly-guaranteed – IOD (update) 13

Registration of Inward Foreign Investments – IOD (update) 17

Rediscounting Facility – DLC (update) 24

Processing of Requests for Monetary Board (MB) Opinion

on Proposed Domestic Borrowings of Government Entities – DER 39

Application for Authority to Establish and Operate as

Non-Bank Credit Card Issuer (update) 49

Application for Authority to Establish and Operate as

Money Service Business (MSB) (update) 92

Application for Grant of Authority to Establish a

New Foreign Bank Branch (update) 197

Application for Grant of Authority to Establish a Representative Office (RO) or

Offshore Banking Unit (OBU) (update) 264

Application for Authority to Establish a Standalone Trust Corporation (update) 288

Issuance of License/Authority to Operate as Electronic Money Issuer (EMI) and Virtual

Application for Authority to Establish and Operate a Stand-Alone Non-Bank Financial

Access to the BSP’s Monetary Operations System (MOS)- DMOD 405

Registration of the Monetary Operations System (MOS)

User Account and Smart Card – DMOD 407

Updating of the Monetary Operations System (MOS) User Account

and Smart Card - DMOD 408

Manual Submission of Bids/Placements to the BSP Facilities - DMOD 410

Request for Sponsorship/Support/Donation – CO (update) 419

Attend to phone inquiries – CO (update) 421

Biometric Registration and Granting of Access to the Integrated Currency

Acceptance of Deposit and Conduct of Verification – CD (update) 437

Over-the-Counter Acceptance of Deposits – CD (update) 447

Over-the-Counter Acceptance of Check Deposits – CD (update) 452

Redemption of Notes and Coins (Simple and

Highly Technical Cases) – CD (update) 456

Sale of Commemorative Notes and Coins - CD (update) 462

Servicing of Withdrawal Requests – CD (update) 466

Gold Buying Program – MROD (update) 474

Examination of Mutilated/Doubtful Currencies Classified as Highly

Technical or with Severe Mutilation – CIIO (update) 480

Issuance of Permit to Reproduce or Use of Facsimiles

of Legal Tender Philippine Notes and Coins – CIIO (update) 488

Security Plant Complex (SPC) Gallery Tour – DGS (update) 493

Sale of Silver/Gold Grains/Sheets – DGS (update) 495

Safe Work Permit: Hot Work Permit/Confined Space Entry Permit/

Demolition Permit – DGS (update) 497

Redemption of Mutilated Currencies and Referral to CIIO (update) 500

IRIS User Registration and Recertification (update) 510

Servicing and Verification of Deposits of Client Banks (update) 517

Servicing of Withdrawals of Client Banks (update) 527

Purchase of Gold from the General Public (update) 540

Access to Economic and Financial Information, Library Resources

and Learning Services (update) 551

Extend Initial Assistance to Clients with Complaints Inquiry

on Financial Products and/or Services of BSFIs (update) 556

CORPORATE SERVICES SECTOR