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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
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2021: Issue 074
Language:
English
Publication Date:
09 Apr 2021
DOI:
https://doi.org/10.5089/9781513576763.002
ISBN:
9781513576763
ISSN:
1934-7685
Pages:
71
Keywords:
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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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.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund