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

Author/Editor:

International Monetary Fund. Monetary and Capital Markets Department

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

Frequency:

regular

English

Publication Date:

April 9, 2021

ISBN/ISSN:

9781513576763/1934-7685

Stock No:

1PHLEA2021001

Format:

Paper

Pages:

71

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