Transcription of The Philippine financial system
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The Philippine financial system
BIS Papers No 28 295 The Philippine financial system : issues and challenges1 Diwa C Guinigundo 1. Introduction Driven by aggressive economic policy and structural changes in the 1980s and 1990s, the complexity of the Philippine financial system has gradually increased. The sustained thrust of the reform process in the 1990s facilitated the rapid expansion and eventual integration of the local financial system with the rest of the world. The structural reforms that allowed freer entry of foreign capital paved the way for healthy competition and increased efficiency with the introduction of new technology, greater transparency and broader opportunities for growth. Notwithstanding these gains, increased financial integration has also heightened the country s vulnerability to external shocks and exposure to risks. The 1997 Asian financial crisis exposed the country s vulnerability to shocks. While a number of policy measures were put in place to address these weaknesses, the emergence of new risk would require constant recalibration of such measures and the evolution of new ones.
In the last ten years, the financial sector has benefited from a number of liberalization and deregulation initiatives as globalization has taken root more strongly in the Philippines. As a result, the Philippine financial system’s underlying fundamentals have posted steady progress since 2000. As of
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