BSP MONITORS FINANCIAL SYSTEM PRESSURE POINTS

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IN line with its objective of promoting greater financial stability, the central bank said it continues to closely monitor potential pressure points in the country’s financial system to maintain its solid performance. In a statement on Tuesday, the Bangko Sentral ng Pilipinas (BSP) said that the country’s financial system registered a solid performance in 2013. “The system’s performance has been improving steadily since the 1997 Asian Financial Crisis,” it stated. The BSP said that the system increased its resilience to adverse shocks by strengthening its capital position and funding structure, a route toward financial stability reinforced by the implementation of the Basel III capital framework effective this year. The central bank said that the total assets of banks, which represent 81.3 percent of the total resources of the financial system, grew 23.7 percent year-on-year to P10 trillion at the end of 2013.

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