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Philippine Financial System Resilient Amid Global Headwinds

The FSCC highlights the ongoing resilience of the financial system despite global adversities.

Philippine Financial System Resilient Amid Global Headwinds

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The country’s financial system continued to be resilient and stable despite global headwinds driven by geopolitical tensions and policy shifts, the Financial Stability Coordination Council (FSCC) said.

The FSCC is an inter-agency council composed of the Bangko Sentral ng Pilipinas (BSP), the Department of Finance (DOF), the Insurance Commission (IC), the Philippine Deposit Insurance Corporation (PDIC), and the Securities and Exchange Commission (SEC).

In its 2024 Financial Stability Report (FSR) released on Thursday, the FSC said factors that contributed to the stability include declining inflation, robust output growth, and ample international reserves.

The report noted that banks have high capital buffers and ample liquidity, which would allow the financial system to absorb potential losses and or support economic activity.

It added that financial markets also exhibited no signs of asset price misalignments, while enjoying strong domestic investor participation.

“In a year full of change, the Philippine financial system demonstrated strength, backed by an improved understanding of market dynamics and lessons from the past,” said FSCC Chair and Bangko Sentral ng Pilipinas Governor Eli Remolona Jr.

The report however said that while the financial system remains resilient, it faces moderate risks that must be closely monitored.

“The propagation of global uncertainties, including heightened geopolitical tensions, evolving monetary policies in major economies, and potential shifts in the United States (US) following the outcome of the presidential elections could impact the Philippine economy,” the report said.

To further bolster financial stability, the FSR outlined strategic measures such as deepening the bond market, enhancing reporting frameworks, and developing macroprudential tools. (PNA)