foreign loan approval and registration system (flares) · foreign loan approval and registration...
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Foreign Loan Approval and Registration System (FLAReS)
Rationale
The Bangko Sentral ng Pilipinas (BSP) is mandated by the
Philippine Constitution to regulate foreign borrowings to
keep outstanding debt at manageable levels and within
the country’s capacity to service. Toward this end, it
employs debt management tools which include the
approval and registration process for borrowings of
public and private sector entities from foreign creditors,
offshore banking units and foreign currency deposit units
(FCDU) of banks. Applications for approval and
registration of loans are filed with the BSP through the
International Operations Department (IOD).
Capitalizing on advancements in information technology
and payment systems, and in line with Republic Act No.
8792 (Electronic Commerce Act), the Foreign Loan
Approval and Registration System (also known as
FLAReS) was conceptualized.
Objective
The new system aims to provide stakeholders greater
convenience in transacting with the BSP with respect to
loan applications; promote transparency; and enhance
delivery of services using latest available technology.
What is FLAReS?
The FLAReS is an internet-based system with the
following features:
� On-line submission to BSP of applications for
approval/registration of foreign/FCDU loans
Clients fill out downloadable templates and upload
these to a web-based application form for
submission to the BSP through the system. Upon
successful submission, a system-generated
acknowledgement will be posted in the system.
� Secured access and data transmission
FLAReS may be accessed by clients with
BSP-registered user accounts from their designated
workstations, where digital certificates issued by BSP
have been installed. A unique Private Identification
Number (PIN) given by BSP will enable clients to
view applications submitted and their status.
The system allows clients to download various
forms, such as User Account Registration Form (for
managing user accounts), Annex File Template (for
attachment to the application) and Application
Withdrawal Request Form (for withdrawal of
submitted application).
� Automated generation and printing of order of
payment for processing fees due to BSP; payment
of fees through participating banks
The system automatically computes the processing
fee payable by the client and generates the order of
payment (OP). The OP shall be presented to
participating banks to settle the fee within the
validity of the OP (one banking day from the date of
generation).
Fees collected will be remitted by the banks to the
BSP though the Philippine Payments and
Settlements System (PhilPaSS).
� Online Data Control and Validation
FLAReS adopts a two-layer authority level for
conduct of transactions: the Maker (first level) fills
out the online application form and submits it to the
Approver (second level) who is authorized to submit
the final application to the BSP. A preliminary
screening of each application is done by FLAReS to
determine completeness of information submitted.
• Online tracking of applications
The system enables representatives duly designated
and authorized by clients to verify at any time the
status of their applications. The FLAReS checklist of
requirements shows the status of client’s compliance
therewith.
� Electronic inquiry and other correspondence
between the BSP and clients
The system provides a dedicated message board to
facilitate exchange of communications between
clients and the BSP to hasten the resolution of
pending issues about the application, including
submission of required information/clarifications.
How can borrowers enroll in FLAReS?
All public and private sector entities that will apply for
BSP approval and/or registration of loans need to
enroll/register in the FLAReS. Clients shall accomplish
and submit to IOD a hardcopy of the FLAReS User
Account Registration Form which can be downloaded
from the BSP website. The User Account Registration
Form shall contain basic client information and names
and designation of authorized users for FLAReS. The BSP
will subsequently send a unique user account assigned to
FLAReS users as designated by the client.
Minimum System Requirements
The system is best viewed with Internet Explorer version
7.0 or higher, at 1024 x 768 screen resolution or larger.
Use of the system will also require Adobe Acrobat Reader
for viewing and printing of application forms,
acknowledgement letters, order of payment and other
BSP notices.
Contact Persons
BSP Trunkline: (02) 708-7701 to 59
International Operations Department (IOD)
For policy and operational matters:
Email address: [email protected]
Patria B. Angeles
Director
(02) 708-7107 (Direct Line); 3060 (Local)
Cynthia Rita C. Cabbab
Deputy Director
International Operations Group I
(02) 708-7102 (Direct Line); 2520 (Local)
Ma. Isabel B. Cornejo
Deputy Director
International Operations Group III
(02) 708-7684 (Direct Line); 2870 (Local)
Rosalina L. Tan
Acting Deputy Director
International Operations Group II
(02) 708-7095 (Direct Line); 2226 (Local)
For system and technical matters:
Email address: [email protected]
Geronimo B. Reyes
Deputy Director
Standards and Data Control Group
(02) 708-7104 (Direct Line); 2532 (Local)
International Operations International Operations International Operations International Operations
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