Philippines: Financial Sector Assessment Program-Detailed Assessment of Observance—Basel Core Principles for Effective Banking Supervision

November 10, 2020

Preview Citation

Format: Chicago

Philippines: Financial Sector Assessment Program-Detailed Assessment of Observance—Basel Core Principles for Effective Banking Supervision, (USA: International Monetary Fund, 2020) accessed November 21, 2024

Summary

The BSP’s regulatory framework is broadly effective for the size and complexity of the Philippine banking system, but legislative gaps continue to hinder effective supervision of banks. The BSP has a well-resourced, experienced and highly committed staffing complement, but there is an ongoing need to develop and maintain adequate expertise in certain complex areas (e.g., risk modelling). Since the FSAP in 2002, and the assessment update in 2010, the BSP has made significant progress in enhancing the regulatory framework in a number of areas. But significant weaknesses in the legislative framework, arising notably from the bank secrecy laws and the lack of power for the BSP to supervise the parent companies and their affiliates of banking groups, present a material hindrance to effective supervision.

Subject: Basel Core Principles, Commercial banks, Credit, Credit risk, Financial institutions, Financial regulation and supervision, Market risk, Money, Operational risk

Keywords: Banking group, Basel Core Principles, Central bank, Commercial banks, CR, Credit, Credit risk, Credit risk, Global, ISCR, Market risk, Risk management, Risk profile, Senior management

Publication Details

Pages:

204
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/296
Stock No:

1PHLEA2020003
ISBN:

9781513560786
ISSN:

1934-7685

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