Philippines: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools
IMF Staff Country Reports, June 7, 2022
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Bibliographic details
- Published: June 7, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400210679.002
Institutional and regulatory framework
- 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,
- macroprudential authority with with its financial stability mandate obtained in 2019,
- 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 includes the BSP, Securities Exchange Commission (SEC), Insurance Commission (IC), Philippine Deposit Insurance Commission (PDIC) and the DoF.
BSP organizational arrangements and governance
- 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.
- Policy decision making on monetary policy and financial sector supervision takes place in the MB.
Summary findings
- Significant progress has been made in developing a macroprudential supervision framework, with clear centrality of the BSP in supervision and macroprudential authority.
- Inter-agency coordination is institutionalized through the FSCC, although it is voluntary and without decision-making powers.
Publication metadata and key statistics
- Publication date: June 7, 2022
- Pages: 40
- Volume: 2022
- Issue: 156
- Series: Country Report No. 2022/156
- DOI: https://doi.org/10.5089/9798400210679.002
- Stock No: 1PHLEA2022003
- ISBN: 9798400210679
- ISSN: 1934-7685
- Subjects: Financial regulation and supervision, Financial sector policy and analysis, Financial sector stability, International organization, Macroprudential policy, Monetary policy, Stress testing, Systemic risk
- Keywords: E. Macroprudential aspect, Financial sector stability, Global, I. MACROPRUDENTIAL policy toolkit, IMF-World Bank Financial Sector Assessment Program, Macroprudential policy, MACROPRUDENTIAL policy framework, Stress testing, Systemic risk, thrift bank
Philippines: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools (IMF Staff Country Reports, June 7, 2022).
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