BANGKO Sentral ng Pilipinas Governor Felipe M. Medalla convened the Financial Stability Coordination Council as the new Chairman of the Council.
A statement from the BSP said Medalla highlighted the challenging global market environment, driven by oil volatility, inflation, and rising interest rates. He noted that the task now is to best prepare for the onshore effects of the global spillovers, reassured that the country has a favorable growth momentum and strong employment numbers.
The Council acknowledged that the challenges to financial stability are broad and reiterated its continuing coordinated efforts. The FSCC is an inter-agency council where the principals from the BSP, the Department of Finance, the Securities and Exchange Commission, the Insurance Commission, and the Philippine Deposit Insurance Corporation convene quarterly. These meetings provide the venue to assess possible systemic risks and to decide appropriate macroprudential policy interventions.
The National Treasurer is, likewise, an active participant in the discussions of the FSCC and is a Special Member of the Executive Committee. The FSCC, which was convened on October 4, 2011, and then formalized on January 29, 2014, through the signing of a Memorandum of Agreement, is chaired by the BSP Governor.
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