Philippines: Report on Observance of Standards and Codes

Philippines: Report on Observance of Standards and Codes—Payment Systems

January 24, 2005

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Philippines: Report on Observance of Standards and Codes—Payment Systems, (USA: International Monetary Fund, 2005) accessed November 21, 2024

Summary

This 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, however, critical and derive in part from a supervisory structure and its enforcement capacities being out of line with key challenges. Among these are the needs to reorient the framework away from forbearance and liquidity support to one that is based on early problem identification, prompt corrective action, and resolution.

Subject: 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

Publication Details

Pages:

9
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2005/022
Stock No:

1PHLEA2005001
ISBN:

9781451831337
ISSN:

1934-7685

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