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BSP Cites Reforms Toward Good Corporate Governance

11.11.2005

Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. (left) in his address before the 3rd Asian Accounting Firms Conference in Manila said the Philippine banking sector is adopting global accounting standards beginning 2005 and following the new reportorial requirements of the BSP toward full transparency, a key element of good corporate governance. He said the amount of information generated from the new reporting structure also enhances BSP’s off-site supervision capabilities. The Governor said the Philippine transition to international financing reporting standards is a consultative process involving the regulators, industry players and external auditors.

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