The Bangko Sentral ng Pilipinas (BSP) has prolonged the testing phase for its new forex reporting system, the International Transactions Reporting System (ITRS), with full implementation now anticipated on 1 June 2026. This adjustment pushes the rollout back by a year from previous timelines.

The central bank announced in a memorandum that the revised testing period will run from June 2025 to May 2026. This extension aims to provide banks and the project team with adequate time to resolve any technical and reporting issues that emerge during the test phase, ensuring a smoother transition to full operation.

The ITRS is a data collection mechanism that gathers information from banks on both local currency and foreign exchange transactions. This includes transactions between residents and non-residents, as well as domestic interbank transactions that involve the banking system.

The BSP’s objective for the ITRS is to modernise the reporting of foreign exchange transactions, thereby streamlining data collection and enhancing the quality of macroeconomic surveillance.

During this extended testing phase, banks have the option to submit their trial reports to the BSP using either the sandbox or production portals of the ITRS.

The central bank encourages financial institutions to continue configuring their internal systems and conduct thorough testing to ensure they are fully prepared for when the system becomes mandatory. From 1 June 2026, banks must submit their reports exclusively through the ITRS production portal.

Until the ITRS is fully operational, banks must continue to submit their existing forex Form 1/1A reports in line with current policy. The BSP has indicated that this requirement will remain in effect until further notice. The central bank has affirmed its commitment to collaborating closely with the banking sector throughout this transition.

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