March 15, 2019
Newly installed central bank Governor Benjamin Diokno has committed to continue the objectives of the Financial Stability Coordination Council (FSCC), which he now heads following the passing of Nestor Espenilla Jr..
In a statement on Thursday, the Bangko Sentral ng Pilipinas (BSP) said that the FSCC welcomed Diokno as its new chairman during its quarterly meeting.
The FSCC is an inter-agency council composed of the BSP, Department of Finance, Insurance Commission, Philippine Deposit Insurance Corporation and the Securities and Exchange Commission.
“The new BSP Governor said that he will continue to build on the progress made by the FSCC as the venue for financial market authorities to identify, monitor, manage, and mitigate the build up of systemic risk in the Philippine financial system,” the central bank said.
It reported that meeting included an assessment of the impact of slowing global growth on the Philippines as well as the changing economic landscape in the United States and China.
“Global markets were turbulent when we closed 2018 and there are new developments at the start of 2019 that could affect financial markets,” Diokno was quoted as saying during the meeting.
He added that “we need to consider the possible scenarios and steer our financial system so that we can effectively manage these possibilities and continue with our economic growth agenda.”
Local market conditions were also reviewed including the state of the banking industry and the corporate sector, the BSP continued.
The council’s analysis will be shared publicly with the release of the 2018 Financial Stability Report in the second quarter of this year, it added.
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