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Strengthening the Financial Sector through Harmonized Standards and Procedures

08.12.2009

 

Financial regulators today signed agreements to strengthen the financial sector further through harmonized standards and procedures covering bank mergers and consolidations, as well as the accreditation and supervision of external auditors. The Memorandum of Agreement signed by Bangko Sentral ng Pilipinas Governor Amando Tetangco, Jr. (second from left) and Philippine Deposit Insurance Corporation President Jose Nograles (third from left) sets out uniform requirements and procedures to facilitate evaluation of mergers and consolidations among banks. Also in photo are (left) BSP Deputy Governor Nestor Espenilla, Jr. and (right) PDIC Executive Vice President Cristina Orbeta.   On the other hand, the signatories to the MOA setting standards for the accreditation and stronger supervision of external auditors were BSP Governor Tetangco, Securities and Exchange Commission officer-in-charge Ma. Juanita Cueto,  Insurance Commissioner Eduardo Malinis and the Philippine Regulatory Commission's Board of Accountancy Chairman Eugene Mateo.

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