Central Bank of the Philippines sets phased migration for non-bank supervised institutions to PRIME API XML prudential reporting

The Central Bank of the Philippines (BSP) issued a memorandum to trust corporations, non-stock savings and loan associations, and money service businesses setting out how covered non-bank BSP-supervised financial institutions should migrate prudential report submissions to the Prudential Reporting Innovation and Monitoring Engine (PRIME), an API-based submission channel that prefers Extensible Markup Language (XML) reporting. Migration will be implemented in phases based on institutions’ readiness. Under the approach, institutions will map each report to a BSP-provided XML Schema Definition (XSD) that replaces Excel data entry templates, generate an XSD-compliant XML version of the report, and submit it through the API using Public Key Infrastructure (PKI) digital certificates for authentication. PRIME can also accept other prescribed file formats, but XML is positioned as the format that enables consolidation and streamlining of reporting; validation results will be returned electronically, with API-based retrieval of results in XML, PDF, and Excel formats envisaged once available. Covered institutions are expected to complete minimum technical and skills requirements within one year after the BSP releases the XSD for the first covered report in a separate issuance, which will also signal the start of internal API integration and system preparation activities. For a defined period, institutions not yet capable of API-based submission may submit XML reports through the BSP Relationship Management System (BRMS), while a further issuance will provide the implementation schedule and frequency and specify the list of covered reports.