The Bangko Sentral ng Pilipinas (BSP) recently released the Status Report on the Philippine Financial System for the first semester of 2012. The report provides an account of the performance of the banking system and other financial institutions under BSP supervision such as non-banks with quasi-banking functions, trust entities, and non-stock savings and loan associations. Also included in the report are box articles on BSP’s various policy initiatives and regulatory issuances on capital standards under Basel III, on corporate governance, and on consumer education through the implementation of the Truth in Lending Act or Republic Act No. 3765.
The report is submitted to the President and the Congress, in compliance with Section 39 (c), Article V of the New Central Bank Act (Republic Act No. 7653).
Following are the highlights of the report:
Banking System Developments
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The article was lifted from the Bangko Sentral ng Pilipinas website.