IMF Staff Country Reports

Philippines: Financial System Stability Assessment-Press Release and Statement by the Executive Director for the Philippines

Publication Date:

April 9, 2021

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

GDP contracted by 9½ 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.

Series:

Country Report No. 2021/074

Subject:

Anti-money laundering and combating the financing of terrorism (AML/CFT) Crime Financial institutions Financial regulation and supervision Financial Sector Assessment Program Financial sector policy and analysis Financial sector stability International organization Loans Monetary policy

Frequency:

regular