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.
banking system doubled, from 6.2 percent at end-1995 to 13.8 percent at end-2004. Deposits and loans continue to grow The banking system’s deposit liabilities expanded by 124.2 percent as of end-July 2005 to P2.849 trillion, compared to the 1996 level of only P1.271 trillion. Savings deposits still comprised more than
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