The Bangko Sentral ng Pilipinas (BSP) launched today the Foreign Loan Approval and Registration System or FLAReS. The new system is part of the Bangko Sentral’s continuing efforts to further enhance operational efficiency and delivery of services, using latest available technology.
Currently, applications for approval and registration of foreign and FCDU loans are filed by clients in hard copies with the International Operations Department of the Bangko Sentral. Exchange of communications between BSP and clients likewise involve hard copy documents, aside from telephone inquires and electronic messages. Moreover, payment of the related processing fee has to be done within BSP premises.
With FLAReS, which is a web-based system, clients can now file applications, monitor the status of their requests, and communicate with the BSP from the comfort of their offices using the internet. Security of data transmission through the system is achieved through user account ID, digital certificate, and private identification number to be given to borrowers enrolled under FLAReS.
A system-generated order of payment may also be printed anytime from clients’ authorized workstations for presentation to participating banks to settle fees due. Payments through banks will initially involve over-the-counter transactions but use of banks’ electronic payment facilities will subsequently be offered as the banks’ own systems become fully ready.
It is envisioned that the new system will not only improve efficiency but also increase transparency in the processing of applications, and provide clients greater convenience in transacting with the Bangko Sentral.
The participating banks initially consist of Banco De Oro Unibank, Bank of the Philippine Islands, Land Bank of the Philippines, and Philippine National Bank.