[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108988-en":3,"doc-seo-108988-105":31,"detail-sidebar-cat-0-en-105":93},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},108988,687197207919,"Theodora","https://ap-avatar.wpscdn.com/avatar/a000253d6f5f7c60be?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779446848396160552",8,"Research & Report","Philippines - Financial Sector Assessment - March 2021 - Main Findings and Policy Recommendations","Financial Sector Assessment of the Philippines published in March 2021 summarizes the main findings from World Bank and IMF teams for the Financial Sector Assessment Program (FSAP). The update covers June 2019 to October 2020, including in-person 2019 visits and 2020 virtual missions. The report presents systemic risk assessment, stress tests, climate and COVID-19 risk considerations, and evaluates resilience, integrity, oversight, bank, capital markets, insurance, and financial safety net arrangements. It concludes with policy recommendations for strengthening financial stability.","Public Disclosure Authorized Public Disclosure Authorized  \nFOR OFFICIAL USE ONLY  \nPHILIPPINES  \nFINANCIAL SECTOR ASSESSMENT  \nMarch 2021  \nPrepared By  \nFinance, Competitiveness, and Innovation Global Practice and  \nMonetary and Capital Markets Department, IMF  \nDuring the period June 2019 to October 2020 the World Bank (WB) and International Monetary Fund (IMF) teams updated the findings of the Financial Sector Assessment Program (FSAP) conducted in 2010. While the WB and IMF teams were able to visit the Philippines in 2019 in person, the 2020 missions were conducted virtually.1 This report summarizes the main findings of the mission, and provides policy recommendations.  \n1 This was a two-step full FSAP with the WB mission and the joint IMF-WB Basel Core Principles (BCP) for Effective Banking Supervision assessment mission taking place prior to the IMF missions. In addition, the WB mission and the joint IMF-WB BCP assessment mission predated the outbreak of the global COVID-19 pandemic. While the WB Technical Notes and the BCP Detailed Assessment of Observance have not been updated, this FSA does reflect the relevant policy reforms undertaken since the WB mission, and the findings and recommendations remain pertinent in light of the COVID-19 developments. The team was led by Ilias Skamnelos (WB) and Hiroko Oura (IMF), and included Valeriya Goffe (WB) and Dirk Jan Grolleman (IMF) as Deputy Mission Chiefs, Serap Oguz Gonulal, Karol Karpinski, Keith Alan Ligon, Nilima Chhabilal Ramteke, Martijn Gert Jan Regelink, and Luz Maria Salamina (WB staff), Alan Ball, Eddy Rodriguez Cespedes and Yavar Moini (WB experts), Paola Acevedo Morales, Peter Lohmus, Minsuk Kim, Jiri Podpiera, and Jonathan Pampolina (IMF staff), Geraldine Low, Adhi Nur, and Irman Robinson (IMF experts) .  \nCONTENTS PAGE  \nGLOSSARY___________________________________________________________________________________________ 3  \nEXECUTIVE SUMMARY ______________________________________________________________________________ 5  \nMACROFINANCIAL SETTING ________________________________________________________________________ 12  \n Financial System Structure _______________________________________________________________________ 12  \n Macrofinancial Developments ____________________________________________________________________ 13  \nSYSTEMIC RISK ASSESSMENT_______________________________________________________________________ 15  \n Stress Tests ______________________________________________________________________________________ 15  \n Climate Change Risk Analysis____________________________________________________________________ 19  \n Managing Risks From COVID-19_________________________________________________________________ 21  \nADDRESSING RESILIENCE, INTEGRITY, AND EFFECTIVENESS________________________________________21  \n Macroprudential Framework and Oversight _______________________________________________________ 21  \n Regulatory and Supervisory Framework___________________________________________________________ 23  \nBank Supervision ______________________________________________________________________________ 23  \nCapital Markets Supervision____________________________________________________________________ 23  \nInsurance Supervision __________________________________________________________________________ 26  \n Climate Change, Environment Risks, and Supervision _____________________________________________ 28  \n Financial Safety Net, Bank Resolution, and Crisis Management ____________________________________ 29  \n Financial Integrity________________________________________________________________________________ 30  \n Financial Market Infrastructure____________________________________________________________________ 30  \nBROADENING AND DEEPENING MARKETS AND SERVICES ___________________________________________33  \n Financial Markets ________________________________________________________________________________ 33  \nCapital Markets ____________________","cbCaik7Qa4bmDafj","https://ap.wps.com/l/cbCaik7Qa4bmDafj","pdf",1110961,6,1,52,"English","en",105,"# Executive Summary\n# Macrofinancial Setting\n## Financial System Structure\n## Macrofinancial Developments\n# Systemic Risk Assessment\n## Stress Tests\n## Climate Change Risk Analysis\n## Managing Risks From COVID-19\n# Addressing Resilience, Integrity, and Effectiveness\n## Macroprudential Framework and Oversight\n## Regulatory and Supervisory Framework\n## Bank Supervision\n## Capital Markets Supervision\n## Insurance Supervision\n## Climate Change, Environment Risks, and Supervision\n## Financial Safety Net, Bank Resolution, and Crisis Management\n## Financial Integrity\n## Financial Market Infrastructure\n# Broadening and Deepening Markets and Services\n## Financial Markets\n## Capital Markets\n## Insurance Sector\n## Green Inclusive Growth Markets\n## Financial Infrastructure\n## Retail Payments\n## Credit Reporting","[{\"question\":\"What period does the Philippines Financial Sector Assessment cover?\",\"answer\":\"It covers the period from June 2019 to October 2020, updating findings from the FSAP conducted in 2010.\"},{\"question\":\"How were the 2019 and 2020 assessment missions conducted?\",\"answer\":\"The 2019 mission included in-person visits to the Philippines, while the 2020 missions were conducted virtually.\"},{\"question\":\"Which risk areas are assessed in the report?\",\"answer\":\"The report includes systemic risk assessment with stress tests, climate change risk analysis, and managing risks from COVID-19.\"}]","Philippines - 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