Financial Reporting Package (FRP) is a web-based application used by Land Bank of the Philippines (LBP) for submission of monthly, quarterly and annually consolidated financial reports to the Bangko Sentral ng Pilipinas (BSP).
It has two phases which support the report requirement of BSP for combined financial statements of LANDBANK and its subsidiaries.
The application gathers financial balances via a mainframe interface for the bank’s FMS GL balances and requires minimal data entry from LBP branches all over the country. The data is verified through several validation standards which ensure that the financial balances kept are accurate. Any discrepancy found after branch level validation is displayed so that the assigned personnel can immediately correct the entries before submitting to LBP’s head office for bank-wide validation, adjustment and consolidation of balances.