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April 12, 2024

Philippine financial watchdogs renew pact, streamline data sharing

The Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corporation (PDIC) have inked a revised agreement to boost cooperation and enhance their ability to monitor and safeguard the country’s financial system.

BSP Governor Eli M. Remolona Jr. said the central bank and its co-regulator PDIC have transitioned from a rigid, prescriptive examination and supervision approach to a more adaptive, risk-based methodology focused on principles.

“We do not tell banks specifically what to do. We tell banks to take risks seriously, and that is the reason for all these regulatory standards,” he said.

PDIC president and CEO Roberto B. Tan, a former National Treasurer and finance undersecretary, stressed the necessity of transparent communication between BSP and the deposit insurer.

Tan added that this collaborative effort will aid in safeguarding the public from increasingly sophisticated fraudulent activities and scams.

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