Philippines
Philippines

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-04-09

Total Pages: 71

ISBN-13: 1513576763

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GDP contracted by 91⁄2 percent in 2020—a much steeper decline than during the Asian Financial Crisis (AFC)—but it is now recovering with the easing of containment measures and economic policy support. Banks are closely connected to the corporate sector through high credit exposures and conglomerate ownership linkages. The Financial Action Task Force (FATF) may list the Philippines as a jurisdiction with serious Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) deficiencies in 2021. The country is also vulnerable to climate change (physical) risks, especially the destruction of physical capital from typhoons.

Philippines: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools
Philippines: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools

Author: International Monetary

Publisher: International Monetary Fund

Published: 2022-06-07

Total Pages: 40

ISBN-13:

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The Bangko Sentral Ng Pilipinas (BSP), together with the other financial sector regulators and the Department of Finance (DoF), made significant progress in developing a framework for macroprudential supervision. The BSP plays a central role as the bank and payment system supervisor, as well as macroprudential authority with with its financial stability mandate obtained in 2019, and the chair of inter-agency coordination mechanisms (Financial Stability Coordination Council, FSCC). The FSCC was established in 2011 as a voluntary interagency body (without decision-making powers) to coordinate macroprudential policies and crisis management and include the BSP, Securities Exchange Commission (SEC), Insurance Commission (IC), Philippine Deposit Insurance Commission (PDIC) and the DoF. Within the BSP, a financial stability “unit” (OSRM, established in 2017) works on macroprudential analysis and policy preparation. BSP’s Financial Stability Policy Committee (FSPC), a Monetary Board (MB) subcommittee established in 2020, decides on macroprudential issues, while policy decision making on monetary policy and financial sector supervision takes place in the MB.

Philippines: Financial Sector Assessment Program-Technical Note on Risk Assessment of Banks, Non-Financial Corporates, and Macro-Financial Linkages
Philippines: Financial Sector Assessment Program-Technical Note on Risk Assessment of Banks, Non-Financial Corporates, and Macro-Financial Linkages

Author: International Monetary

Publisher: International Monetary Fund

Published: 2022-06-07

Total Pages: 92

ISBN-13:

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The Philippines is a dynamic economy with a relatively smaller financial system than other Asian emerging market economies, dominated by banks. The total assets of the system amount to 126 percent of GDP. However, bank credit is just over 50 percent of GDP and mostly goes to nonfinancial corporates (NFCs). Banks are also tightly interlinked with NFCs through conglomerate ownerships. Access to finance for individuals is significantly lower than comparator systems, with only a third of adults having formal accounts. Non-bank financial institutions and capital markets—especially bond markets—are substantially less developed than banks. The Fintech ecosystem is nascent.

Financial Sector Crisis and Restructuring
Financial Sector Crisis and Restructuring

Author: Carl-Johan Lindgren

Publisher:

Published: 1999

Total Pages: 103

ISBN-13: 9781557758712

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An IMF paper reviewing the policy responses of Indonesia, Korea and Thailand to the 1997 Asian crisis, comparing the actions of these three countries with those of Malaysia and the Philippines. Although all judgements are still tentative, important lessons can be learned from the experiences of the last two years.

Philippines: Financial System Stability Assessment Update
Philippines: Financial System Stability Assessment Update

Author: International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Published: 2010-04-07

Total Pages: 43

ISBN-13: 9781455203833

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1. Banking dominates the Philippine financial system. After a significant consolidation following the Asian financial crisis of the 1990s, the Philippine banking system today (June 2009) comprises 804 deposit-taking institutions, including universal and commercial banks, as well as thrift, rural, and cooperative banks. Their assets total almost P6 trillion, some 75 percent of GDP or about two-thirds of total financial institutions' assets, an increase of almost 60 percent since 2003 (Table 2). Universal and commercial banks-mostly domestic private banks-account for 88 percent of total banking assets, with the ten largest accounting for about two-thirds.2

Managing Elevated Risk
Managing Elevated Risk

Author: Iwan J. Azis

Publisher: Springer

Published: 2014-12-11

Total Pages: 129

ISBN-13: 9812872841

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This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.