The Bangko Sentral ng Pilipinas (BSP) is committed to future-proofing the Philippine banking system, ensuring its resilience and stability in the face of evolving challenges. The central bank is implementing various reforms and initiatives to promote institutional stability, innovation, and sustainability within the banking sector.
These measures include strengthening cyber resilience, adopting a risk-based anti-money laundering framework, and enhancing credit risk management standards. The BSP is also championing sustainability in the financial system, promoting responsible lending practices and environmental stewardship.
The Philippine banking sector has shown strong growth, with assets expanding by 8.7 percent to P24.7 trillion in the first nine months of 2023. However, return on assets is expected to peak this year due to declining net interest margins.
Despite these challenges, the BSP remains confident in the Philippine banking sector’s ability to support economic growth and financial stability. The central bank’s ongoing efforts to future-proof the system will ensure its continued success in the years to come.
Source: PhilNews24 | December 4, 2023
