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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

United statesBangko sentralKeiko utsunomiyaFinancial sector assessment programCommunications departmentFinancial action task forceBoard of the international monetary fundPhilippine deposit insurance corporationExecutive boardInternational monetary fundFinancial system stability assessmentAsian financialAnti money launderingCounter financingBasel core principlesஒன்றுபட்டது மாநிலங்களில்