The Bangko Sentral ng Pilipinas (BSP), the Central Bank of the Philippines, has ordered local banks to submit credit card business activity reports (CCBAR) to find out risks involved in growing usage of plastic money in the country.
According to the central bank, from February 2014, banks will have to submit CCBARs once in every quarter.
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BSP was quoted by Inquirer as saying that banks would have to submit a CCBAR as of the quarter ending March 2013 on 7 February 2014.
"The CCBAR for the quarter ending June 2013 is due on Feb. 21; for September 2013, the deadline was set at March 5; and for the period ending December 2013, the deadline was set at March 19," the central bank said.
The central bank also ordered the banks to disclose the number of cards issued on per network or brand, types of cards, approved applications and number of cards issued based on credit limits.
Additionally, banks were also asked to disclose their total receivables, gross payments, general profiles on cardholders and the type of payments.
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