Revised Guidelines for OFCS Submission: Enhancing Financial Reporting in the Philippines

The Insurance Commission (IC) of the Philippines has issued revised guidelines for the submission of quarterly and annual reports for the Other Financial Corporations Survey (OFCS), effective from Q1 2025, as outlined in Advisory No. RS-2025-011. These updates, mandated by Circular Letter No. 2017-40, apply to all life, non-life, reinsurance, and pre-need companies authorized to operate in the country. The revisions aim to align with the Philippine Statistics Authority’s (PSA) Statistical Survey Review and Clearance System (SSRCS), enhancing data quality and survey efficiency.

 

The cornerstone of the revised guidelines is the adoption of updated Standard Structured Templates (SSTs), comprising Form 1 for life and non-life insurance companies and Form 2 for pre-need companies. These templates integrate reporting guidelines to assist entities in accurate completion, incorporating validation checks to minimize errors. The SSTs feature a multi-level numbering system for balance sheets and statements of comprehensive income, renamed from income statements to reflect updated accounting standards. Notable changes include modified account names, such as “Cash in banks” to “Cash in banks (savings/time deposits)” and “Impairment loss” to “Expected credit losses,” ensuring clarity and compliance with the IC’s Financial Reporting Framework.

 

Submissions must be emailed to stat@insurance.gov.ph, with a copy to ofcs@bsp.gov.ph, following specific naming conventions. Deadlines are set for May 31 (Q1), August 31 (Q2), November 30 (Q3), February 25 (Q4 unaudited), and April 30 (Q4 audited). Non-compliance incurs a penalty of PHP 5,000 per day of delay and PHP 500 per incorrect data entry, emphasizing the importance of timely and accurate reporting.

 

The Bangko Sentral ng Pilipinas (BSP) has introduced enhancements like PSA clearance numbers printed on SSTs, confidentiality notices, and quick-check features to identify data inconsistencies. These changes streamline interactions between respondents and the BSP, reducing inquiries and improving data reliability. The revised guidelines underscore the IC and BSP’s commitment to robust financial oversight, ensuring that the OFCS provides accurate data for economic statistics and policy-making in the Philippines’ financial sector.