Philippines: Financial System Stability Assessment-Press Release and Statement by the Executive Director for the Philippines

April 9, 2021

Preview Citation

Format: Chicago

Philippines: Financial System Stability Assessment-Press Release and Statement by the Executive Director for the Philippines, (USA: International Monetary Fund, 2021) accessed November 21, 2024

Summary

GDP contracted by 9½ percent in 2020—a much steeper decline than during the Asian Financial Crisis (AFC)—but it is now recovering with the easing of containment measures and economic policy support. Banks are closely connected to the corporate sector through high credit exposures and conglomerate ownership linkages. The Financial Action Task Force (FATF) may list the Philippines as a jurisdiction with serious Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) deficiencies in 2021. The country is also vulnerable to climate change (physical) risks, especially the destruction of physical capital from typhoons.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Financial institutions, Financial regulation and supervision, Financial Sector Assessment Program, Financial sector policy and analysis, Financial sector stability, International organization, Loans, Monetary policy

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Asia and Pacific, Bank secrecy law, Bridge bank authority, BSP charter, Financial Sector Assessment Program, Financial sector stability, Global, Government financial institutions, Loans, Secrecy law

Publication Details

Pages:

71
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2021/074
Stock No:

1PHLEA2021001
ISBN:

9781513576763
ISSN:

1934-7685

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