Macroprudential frameworks, implementation, and communication strategies – The Philippines

Diwa C Guinigundo
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Diwa C Guinigundo: Bank for International Settlements

A chapter in Macroprudential frameworks, implementation and relationship with other policies, 2017, vol. 94, pp 277-288 from Bank for International Settlements

Abstract: The Bangko Sentral ng Pilipinas (BSP) plays a key role in maintaining the financial system stability of the Philippines. While its primary objective is price stability, the BSP’s clear monetary policy and financial stability frameworks have ensured that interactions between the two will remain complementary. The paper underscores that the use of macroprudential policy as well as various surveillance and analytical tools to promote financial stability has allowed the BSP to keep monetary policy focused on its primary objective of maintaining price stability. Furthermore, the paper emphasises that maintaining financial stability is not the sole task of the BSP, but is a shared responsibility by relevant segments of the financial system. As such, apart from establishing an internal Financial Stability Committee (FSC), the BSP has initiated the creation of an inter-agency body, the Financial Stability Coordination Council (FSCC), which involves the regulators of insurance companies and non-financial corporates, as well as the finance department and deposit insurance agency. Moreover, the paper highlights the importance of having a sound communication strategy, not only for monetary policy, but also for financial stability.

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:bis:bisbpc:94-21

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