The Bangko Sentral ng Pilipinas (BSP), Department of Finance (DOF), Insurance Commission (IC), Philippine Deposit Insurance Corporation (PDIC), and Securities and Exchange Commission (SEC) signed a Memorandum of Agreement (MOA) with the Housing and Land Use Regulatory Board (HLURB) to foster financial stability in the country. The BSP, DOF, IC, PDIC, and SEC are members of the Financial Stability Coordination Council (FSCC).
The MOA will facilitate information sharing among the agencies as a proactive initiative of the Council to better understand the interconnectedness and to mitigate the buildup of systemic risks in the financial system. The agreement was signed on 30 September at the BSP Complex with the principals of the agencies in attendance.
Consistent with the overall objective of fostering financial stability, the FSCC collaborates among its members and with other industry sectors on a broad array of developments and issues in the financial system.
“The institutions represented here publicly recognize that financial stability matters. Our vision does not stop with a functioning financial system. It cuts across industries and must be a collaborative agenda whose ultimate objectives are to improve and to protect the economic and financial well-being of the public,” said FSCC chairman and BSP Governor Amando M. Tetangco, Jr.
Cognizant of the social agenda of providing shelter as a basic need of the Filipinos, the FSCC and HLURB are partners in supporting the development of well-planned and sustainable communities in the country. The FSCC recognizes the continuing growth of the real estate industry in line with national demographic factors.
BSP Governor Tetangco, DoF Secretary Carlos G. Dominguez, SEC Chairperson Teresita J. Herbosa, PDIC President Cristina Q. Orbeta, and IC Commissioner Emmanuel F. Dooc together with HLURB Chief Executive Officer and Commissioner Antonio M. Bernardo signed the MOA in behalf of their institutions. The six agencies reiterated their commitment towards achieving financial stability.
In January 2014, the BSP, DOF, IC, PDIC, and SEC signed a MOA formalizing the creation of the FSCC. The FSCC is a voluntary interagency council whose key objective is to identify, manage and mitigate the buildup of systemic risks. This is consistent with the overall prudential objective of financial stability.