Council stays vigilant against potential risks to financial market

 

 

By Rose de la Cruz

 

The Financial Stability Coordination Council (FSCC) recently held its quarterly meeting to assess and review potential risks to the continued stability of the Philippine financial market.

 

Launched in February 2014, the FSCC is composed of five government institutions tasked to foster a strong and resilient financial system that supports market innovation and mitigates any build-up of systemic risks. These institutions are the Insurance Commission; National Treasury (for the Department of Finance); Bangko Sentral which chairs the FSCC; Securities and Exchange Commission and the Philippine Deposit Insurance System.

 

The members of the council collaborate and coordinate to identify, manage, and address external and internal risks to financial stability to protect financial consumers and our economy.

 

The latest systemic risk review highlighted the country’s strong economic performance on several fronts.

 

This has been driven primarily by local sources of growth, specifically by increased consumption from individuals fueled by more disposable income and by government expenditures.

 

This positions the Philippines well in the ASEAN and global context where the latest forecasts from the International Monetary Fund shows continued growth over the next few years.

 

Various risks that could potentially dampen further growth momentum were discussed by the FSCC.

 

Global issues flagged by third-party institutions as well as local challenges were reviewed as to their likelihood and impact. The availability of additional market liquidity to support the government’s infrastructure development program and the uptrend in market prices (global interest rates and benchmark currencies) were primarily considered in the light of the technical models which have been designed by the FSCC Technical team.

 

Since “financial stability” has a forward-looking in perspective and pre-emptive in nature, the FSCC highlighted the necessity for continued vigilance in the surveillance of unfolding market developments and in systemic risk monitoring.

 

The council likewise looked towards strengthening its communication initiatives across various stakeholders.  Sitting on the Council’s Executive Committee are the principals and senior officials of the five agencies, including the Bureau of the Treasury. The Council is chaired by BSP Governor Nestor A. Espenilla Jr.

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