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Interagency body seeks to boost supervision over financial sector
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IMF Executive Board Concludes Financial System Stability Assessment with Philippines
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IMF Executive Board Concludes Financial System Stability Assessment with Philippines HTML File
IMF Executive Board Concludes Financial System Stability Assessment with Philippines
April 9, 2021
Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Financial System Stability Assessment
[1] with the Philippines on March 5, 2021.
The work of the Financial Sector Assessment Program (FSAP) was conducted during the COVID-19 outbreak, with the virtual missions concluding on October 20, 2020, and adapted to include the immediate risks and vulnerabilities brought up by the pandemic.
The economy faces both COVID-related and structural risks. Real GDP contracted by 9.5 percent in 2020-a much steeper decline than during the Asian Financial Crisis. However, it is now recovering, and macroeconomic fundamentals at the onset of the COVID-19 were stronger than in the late 1990s. In addition, the Financial Action Task Force (FATF) may put the country on the
Published January 11, 2021, 7:00 AM
The central bank’s scrutiny of domestic systemically important banks (D-SIBs) – these are large financial institutions deemed too big to fail – are heightened by enhanced D-SIBs metrics in response to rising pandemic-induced systemic threats to the financial system.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said it is crucial to determine the true condition of D-SIBs and its impact on the Philippine banking system (PBS), the banking industry as a whole, and on the economy currently in recession.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno (MB file)
Diokno said measures on how they monitor, assess and review the capital health of D-SIBs have been improved to “ensure that the BSP will be able to determine the true status or health of the financial system and individual banks.”