, Philippines

PH establishes supervisory college for financial conglomerate supervision

Financial sector regulators recently signed an MOU.

The financial sector regulators of the Philippines, under the auspices of the Financial Sector Forum (FSF), signed a memorandum of understanding (MOU) to establish a supervisory college for financial conglomerate supervision.

The MOU is the financial sector’s response to the recommendation of the International Monetary Fund to implement a multilateral agreement amongst FSF member agencies to establish a supervisory college to agree on the approach of group-level risk assessment for financial conglomerates.

Along with Bangko Sentral ng Pilipinas (BSP) Governor and Chairman of the FSF, Governor Benjamin E. Diokno, the MOU virtual signing ceremony was also attended by Securities and Exchange Commission (SEC) Chairperson Emilio B. Aquino, Insurance Commission (IC) Commissioner Dennis B. Funa, and Philippine Deposit Insurance Corporation (PDIC) Senior Vice President Sandra A. Diaz. Joining the ceremony as witnesses in the signing of the MOU were BSP Deputy Governor Chuchi G. Fonacier, SEC Commissioner Ephyro Luis B. Amatong, IC Deputy Insurance Commissioner Ferdinand George A. Florendo, and PDIC OIC-Examination and Resolution Sector Eden J. Dizon. ​

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