The Monetary Board approved in its meeting held on 8 January 2009 the extension of the parallel run of the Financial Reporting Package for Trust Institutions (FRPTI) from the end September 2008 report to the end December 2008 report, which effectively moves the live implementation of said report to end March 2009.
The extension was granted to give trust institutions more time to adjust their systems in view of the amendments to the report template as a result of the comments received during the parallel run period. Accordingly, the submission deadlines for the end September 2008 and the end December 2008 reports were moved to 7 February 2009 and 6 March 2009, respectively.
In the same meeting, the Monetary Board likewise allowed trust institutions who have already migrated to the FRPTI, to opt for its early adoption starting with end December 2008 report, provided they shall submit the same within 20 banking days from the end of the reference quarter, provided further that they shall be subject to the penalties for late and erroneous submission of the FRPTI starting with the end December 2008 report.
The FRPTI was issued under Circular No. 609 dated 26 May 2008. It is designed to align the Manual of Accounts for trust institutions and the corresponding BSP reportorial requirements with the provisions of the Philippine Financial Reporting Standards/Philippine Accounting Standards and the Financial Reporting Package for banks.