## 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

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### 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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_Source: https://www.imf.org/en/publications/cr/issues/2022/06/02/philippines-financial-sector-assessment-program-technical-note-on-macroprudential-policy-518572_