IMF Staff Country Reports

Philippines: Report on Observance of Standards and Codes—Payment Systems

Publication Date:

January 24, 2005

Electronic Access:

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Summary:

This Report evaluates the Observance of Standards and Codes on the Payment Systems for the Philippines. The assessment confirms that the infrastructure for effective supervision has improved considerably in recent years. Although important gaps exist, compliance is overall quite high. The weaknesses that exist are, however, critical and derive in part from a supervisory structure and its enforcement capacities being out of line with key challenges. Among these are the needs to reorient the framework away from forbearance and liquidity support to one that is based on early problem identification, prompt corrective action, and resolution.

Series:

Country Report No. 2005/022

Subject:

Banking Basel Core Principles Core Principles for Systemically Important Payment Systems Financial markets Financial regulation and supervision Payment systems