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

Author: International Monetary Fund. Monetary and Capital Markets Department

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

Volume/Issue: Volume 2021 Issue 074

Publication date: April 2021

ISBN: 9781513576763

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Topics covered in this book

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Banks and Banking , Finance , Money and Monetary Policy , International - Economics , Business and Financial , bank secrecy law , BSP charter , bridge bank authority , secrecy law , government financial institutions , Financial sector stability , Loans , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Financial Sector Assessment Program , Global , Asia and Pacific

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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.