THE Philippines is now one of fewer than 50 jurisdictions worldwide that report cross-border banking statistics to the Bank for International Settlements (BIS), the Bangko Sentral ng Pilipinas (BSP) said.
“After months of testing and validation, cross-border banking data maintained by the BSP has been judged as meeting the rigorous BIS standards for completeness and quality,” the central bank said in a statement.
“The BIS will formally add the Philippines as a reporting country for the locational IBS (international banking statistics) and start including Philippine data in the global aggregates” starting January, BIS General Manager Agustin Carstens was quoted as to have informed Bangko Sentral Governor Nestor Espenilla Jr.
Carstens said the country’s participation in the IBS is significant, because it confirms the international importance of the Philippine banking system.
“Our inclusion in the elite group provides us with more granular cross-border banking data that would be very critical in formulating well-informed policies when and how they may be needed. The value to regulators of having such a view cannot be overemphasized in today’s market,” Espenilla said.
The BSP chief also said “the benefits accrue the other way, as well, because our ability to provide high-quality data can only enhance the transparency of global transactions and funding flows.”
The central bank is only too happy to contribute significantly to such an endeavor, he added.
Highlighting the Bangko Sentral’s longstanding direction, Espenilla recognized that “the BSP has been working diligently on instilling high-quality banking data and our inclusion as a BIS-reporting jurisdiction validates our efforts in meeting the international standards.”