The Philippines Detailed Assessment of Observance : Basel Core Principles for Effective Banking Supervision
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...
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| Format: | Report |
| Language: | English |
| Published: |
World Bank and International Monetary Fund, Washington, DC
2020
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| Online Access: | http://documents.worldbank.org/curated/en/882011605105560686/Philippines-Detailed-Assessment-of-Observance-Basel-Core-Principles-for-Effective-Banking-Supervision http://hdl.handle.net/10986/34781 |
| 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. |
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