The International Monetary Fund (IMF) and The World Bank jointly conducted the Financial Sector Assessment Program (FSAP) review for the Philippines in November 2009 following the last FSAP mission conducted in 2002. The FSAP involves an assessment of the strengths and weaknesses of the financial sector. The results of the FSAP review are reflected in the Technical Notes on “Focused Update of the Basel Core Principles for Effective Banking Supervision (BCP)” and “Access to Finance”, which are posted on the website of The World Bank.
The Technical Note on “Focused Update of the BCP” contains an assessment on the BSP’s compliance with the standards for sound prudential regulation and supervision of banks. Said Technical Note recognizes the improvements in the regulatory and the supervisory framework for banks since the last FSAP mission. The Technical Note on Access to Finance, on the other hand, speaks of the progress made by the BSP in strengthening the regulatory framework for advancing microfinance and mobile financial services.