The regulator approved the changes to the guidelines on recovery plans.
The Bangko Sentral ng Pilipinas gave the green light on the changes to the guidelines on the submission of banks’ recovery plans and other “prudential measures” to prevent a bank’s collapse. BSP Circular No. 1158 or the “Guidelines on Recovery Plans of Banks” outlines the revised the rules on the Internal Capital Adequacy Assessment Process (ICAAP) and the supervisory review process. The revised circular applies to all banks while foreign bank branches may utilize their parent banks’ recovery planning strategies which should match to the scale of their domestic operations.
