July 26, 2017 3:12 PM ET

Diversified Financial Services

Company Overview of Bangko Sentral Ng Pilipinas

Company Overview

The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. The bank provides liquidity management, currency issue, lender of last resort, financial supervision, management of foreign currency reserves, determination of exchange rate policy, and micro financing services. Additionally, it develops and formulates guidelines and regulations, monetary policies, and inflation targets. BSP was founded in 1993 and is based in Manila, Philippines.

A Mabini St cor P Ocampo Street

Malate

Manila,  1004

Philippines

Founded in 1993

Phone:

63 2 524 7011

Fax:

63 2 523 6210

Key Executives for Bangko Sentral Ng Pilipinas

Managing Director of Comptrollership Sub-Sector
Deputy Governor and Head of Supervision & Examination Sector
Compensation as of Fiscal Year 2017.

Bangko Sentral Ng Pilipinas Key Developments

Philippines Central Bank Announces Management Changes

The Philippines central bank's monetary board has approved the appointment of Chuchi Fonacier as deputy governor and head of the central bank's Supervision and Examination Sector (SES). The unit is responsible for the regulation of banks and other BSP-supervised financial institutions (BSFI). The new appointment will fill the post vacated by governor Nestor Espenilla Jr. after he was promoted to the top post at the bank.

Bangko Sentral Ng Pilipinas Reports Unaudited Revenue Results for the Year 2016

Bangko Sentral Ng Pilipinas reported unaudited revenue results for the year 2016. For the period, the company reported total revenues reached PHP 69.21 billion, which increased by 22.1% from the PHP 56.67 billion haul in 2015.

Bangko Sentral Ng Pilipinas Revises Bank Rules on Liquidity

The Bangko Sentral Ng Pilipinas will lift existing liquidity rules imposed on big banks in exchange for International standards set under the Basel framework by next year. In a statement over the weekend, the central bank said it will replace three liquidity-related standards imposed on universal and commercial banks with the Liquidity Coverage Ratio (LCR) that should be in place by January 1, 2018. In March last year, the company announced phased-in implementation of the LCR, which requires big banks operating in the Philippines to hold high- quality, easily convertible assets to cover total net cash outflows for a 30-day period. Such buffers are designed to enable lenders to stay liquid at a time of funding crunch. With the new prudential measure, the company announced it can do away with its present requirements for banks to keep liquid assets equivalent to at least half of their government deposits and other liabilities, as well as foreign currency-denominated liquid assets that match the amount of foreign currency deposit units (FCDUs) held by the lenders. Banks had been required to hold foreign currency denominated assets equivalent to 70% of FCDUs in the same currency as such liabilities. The company announced introducing the LCR will cover these buffers in one go. The central bank had designated an observation period for the new liquidity rule from July 2016 until end-2017, wherein banks start reporting their LCRs. By January 2018, banks' asset coverage must account for at least 90% of their total cash outflows, and reach 100% by January 1, 2019. The LCR forms part of a package of reforms under the Basel 3 regime, which was crafted by international policy makers to promote risk management and prevent a repeat of the 2008 Global Financial Crisis. The Basel Committee defines the LCR as a way to promote short-term resilience to ensure that banks remain liquid even in times of stress. Apart from the LCR, the central bank had earlier adopted other Basel 3 components such as the 10% capital adequacy ratio, the framework for domestic systemically important banks, and the 5% leverage ratio, among others. The rollout of the Net Stable Funding Ratio - which tracks liquidity positions over a year - has been pushed back to this year, with the BSP citing the need for more consultations with banks to refine the details of the measure.

Recent Private Companies Transactions

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