The History of Philippine Financial System
BSP Releases Report on the Philippine Financial System for the First Semester of 2011
11.03.2011
The Bangko Sentral ng Pilipinas (BSP) recently released the Status Report on the Philippine Financial System for the first semester of 2011. The report provides an account of the performance of the banking system and other financial institutions such as non-banks with quasi-banking functions, non-stock savings and loan associations, offshore banks, and trust entities under BSP supervision. Also included in the report are box articles on the upgrading of banking system’s compliance with international standards on financial reporting and bank capital and recent regulatory issuances on the phased lifting of branching restriction and the general governance principles and standards for banks and their related NGOs/foundations engaged in retail microfinance.
The report is submitted to the President and the Congress, in compliance with Section 39 (c), Article V of the New Central Bank Act (R.A. No. 7653).
Following are the highlights of the report.
Overall Assessment
The seeds of earlier reforms nurtured by the currently improving macroeconomic environment and global investor sentiment to the Philippine sovereign continue to bear fruit as the Philippine financial system sustained its growth spurt for the first semester of 2011 amidst global economic slowdown.
Key performance indicators for the first half of 2011 showed the sustained strength of banks’ core balance sheet accounts: steady asset expansion, double-digit credit growth, stable funding base, ample liquidity, continuing improvement in overall asset quality and above standard solvency ratios and healthy bottom lines.
Other Bangko Sentral ng Pilipinas (BSP) supervised financial institutions followed the same growth trajectory on fertile operating environment.
Moving forward, policymakers and market players have to continue in tilling closely together to keep the soil rich with financial reforms and
11.03.2011
The Bangko Sentral ng Pilipinas (BSP) recently released the Status Report on the Philippine Financial System for the first semester of 2011. The report provides an account of the performance of the banking system and other financial institutions such as non-banks with quasi-banking functions, non-stock savings and loan associations, offshore banks, and trust entities under BSP supervision. Also included in the report are box articles on the upgrading of banking system’s compliance with international standards on financial reporting and bank capital and recent regulatory issuances on the phased lifting of branching restriction and the general governance principles and standards for banks and their related NGOs/foundations engaged in retail microfinance.
The report is submitted to the President and the Congress, in compliance with Section 39 (c), Article V of the New Central Bank Act (R.A. No. 7653).
Following are the highlights of the report.
Overall Assessment
The seeds of earlier reforms nurtured by the currently improving macroeconomic environment and global investor sentiment to the Philippine sovereign continue to bear fruit as the Philippine financial system sustained its growth spurt for the first semester of 2011 amidst global economic slowdown.
Key performance indicators for the first half of 2011 showed the sustained strength of banks’ core balance sheet accounts: steady asset expansion, double-digit credit growth, stable funding base, ample liquidity, continuing improvement in overall asset quality and above standard solvency ratios and healthy bottom lines.
Other Bangko Sentral ng Pilipinas (BSP) supervised financial institutions followed the same growth trajectory on fertile operating environment.
Moving forward, policymakers and market players have to continue in tilling closely together to keep the soil rich with financial reforms and