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Monday, February 14, 2005
BSP pushes stronger financial system to stabilize economy
By Jenny Molbog-Mendoza
THE Bangko Sentral ng Pilipinas (BSP) reported that stronger and more stable financial system coupled with improved domestic capital market and microfinance development should be adopted by the national government if they are to achieve economic stability and prosperity.
BSP deputy governor Amando Tetangco said during the Yearend Economic Briefing held last week in Davao City that the main concern for the country to gain a more stable financial system is to facilitate recovery of financially distressed enterprises and resolution of indebtedness.
Based on the policy directions in banking of BSP, these could be attained through: raising regulatory standards based on international best practices; strengthening supervisors' enforcement powers and enhancing legal protection; building up institutional capability; pushing for the passage of legislative measures such as amendments to the BSP charter; and promoting stronger coordination with domestic and international regulators.
Progression in domestic capital market and microfinance development, on the other hand, could be realized through: establishing orderly and efficient securities trading by setting up basic market infrastructure; bringing transparency and accountability standards a par with international best practices; utilizing Financial Stability Forum to coordinate and harmonize supervisory and regulatory practices across financial services; strengthening credit cooperative sector; and supporting the enactment of legislative measures such as the Revised Investment Act.
With these measures in banking policy, Tetangco said, last year's achievements (e.g. total resources of the banking system reached P4.1 trillion at the end of October 2004) will likewise be attained this year.
For Bisaya stories from Davao. Click here.
(February 14, 2005 issue)
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