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September 24, 2023

Gov. Felipe Medalla leads first Financial Stability Coordination Council meeting

The Bankero is the new chair of the FSCC.

Bangko Sentral ng Pilipinas Governor, economist and Bankero Felipe M. Medalla recently convened the Financial Stability Coordination Council (FSCC) as its new Chairman.

Governor Medalla, during the meeting, emphasized the challenging global market environment, inflation, high interest rate and rising oil prices. He underscored that the forefront work now is to be prepared for global spillovers, while reassuring that the country has gained momentum in terms of economic growth.

The FSCC met and convened under the stewardship of Governor Medalla, and acknowledged that the tests to financial stability are wide-ranging and underscored the need for coordinated efforts.


Three rural banks merge to enhance financial stability

Three rural banks have successfully merged in a move aimed at bolstering their financial stability, as confirmed by the Bangko Sentral ng Pilipinas (BSP). The merger officially took effect on July 13, following the necessary regulatory approvals, as detailed in a circular letter signed by Bankero and BSP Deputy Governor Chuchi G. Fonacier on September 15.

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