Philippines: Report on Observance of Standards and Codes—Payment Systems
IMF Staff Country Reports, January 24, 2005
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- Philippines: Report on Observance of Standards and Codes—Payment Systems
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Bibliographic details
- Published: January 24, 2005
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451831337.002
Summary findings
- The Report evaluates the Observance of Standards and Codes on the Payment Systems for the Philippines.
- The assessment confirms that the infrastructure for effective supervision has improved considerably in recent years.
- Although important gaps exist, compliance is overall quite high.
- The weaknesses that exist are critical and derive in part from a supervisory structure and its enforcement capacities being out of line with key challenges.
- Key challenges include the need to reorient the framework away from forbearance and liquidity support to one based on early problem identification, prompt corrective action, and resolution.
Major themes and recommendations
- Reorientation of supervisory framework:
- Move away from forbearance and liquidity support.
- Emphasize early problem identification.
- Implement prompt corrective action.
- Establish credible resolution mechanisms.
- Strengthening supervision and enforcement capacities:
- Close important gaps in infrastructure and processes despite overall high compliance.
- Align supervisory structure with the scale and nature of systemic payment-system challenges.
- Payment systems and core standards:
- Assessment covers Basel Core Principles and Core Principles for Systemically Important Payment Systems.
- Focus areas include clearing, interbank payment systems, cheque and cheque clearing transactions, consumer payment space, and roles of system participants, system policy, and system specialists.
Publication metadata and key statistics
- Pages: 9
- Volume: 2005
- Issue: 022
- Series: Country Report No. 2005/022
- DOI: https://doi.org/10.5089/9781451831337.002
- Stock No: 1PHLEA2005001
- ISBN: 9781451831337
- ISSN: 1934-7685
- Publication date on landing page: January 24, 2005
- Subject tags: Banking, Basel Core Principles, Core Principles for Systemically Important Payment Systems, Financial markets, Financial regulation and supervision, Payment systems
- Keywords: Basel Core Principles, cheque, cheque clearing transaction, clearing, consumer payment space, Core Principles for Systemically Important Payment Systems, CR, interbank payment system, ISCR, payment, Payment systems, system participant, system policy, system specialist, transaction
International Monetary Fund. "Philippines: Report on Observance of Standards and Codes—Payment Systems", IMF Staff Country Reports 2005, 022 (2005).
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- Philippines: Report on Observance of Standards and Codes—Payment Systems