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Financial Services Integration and Consolidated Supervision: Some Issues to Consider for the Philippines

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  • Milo, Melanie S.
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    Abstract

    This paper examines the trends in Philippine banking regulation in the past 25 years. In particular, it notes that the Philippines has followed a policy of despecialization in the banking sector by widening the range of permissible activities and products of banks to enhance competition and efficiency, beginning with the introduction of universal banking in 1980. However, there has been no corresponding adjustment or change in the regulatory structure until very recently. Expectedly, financial services integration or convergence has affected the effectiveness and efficiency of financial sector regulation. Thus, the paper raises the issue of the proper institutional structure for financial sector regulation. The structural aspects of regulation are presented encompassing the reasons for recent interest in the subject, pros and cons of single versus multiple regulators, the international experience and the developing countries’ perspective. The paper then discusses the issues for consideration for the Philippines.

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    File URL: http://serp-p.pids.gov.ph/serp-p/download.php?d=2207&s=3
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    Bibliographic Info

    Paper provided by Philippine Institute for Development Studies in its series Discussion Papers with number DP 2002-22.

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    Length: 46
    Date of creation: 2002
    Date of revision:
    Handle: RePEc:phd:dpaper:dp_2002-22

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    Web page: http://www.pids.gov.ph/
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    Related research

    Keywords: financial reform; banking regulation; financial services integration; regulatory structure; consolidated financial sector supervision;

    References

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    1. S. Baranzoni & P. Bianchi & L. Lambertini, 2000. "Market Structure," Working Papers 368, Dipartimento Scienze Economiche, Universita' di Bologna.
    2. Sayuri Shirai, 2001. "Searching for New Regulatory Frameworks for the Intermediate Financial Structure in Post-Crisis Asia," Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania 01-28, Wharton School Center for Financial Institutions, University of Pennsylvania.
    3. Lamberte, Mario B. & Yap, Josef T. & Zingapan, Socorro & Untalan, Teodoro S., 1990. "Central Bank Policies and the Behavior of the Money Market," Working Papers, Philippine Institute for Development Studies WP 1990-24, Philippine Institute for Development Studies.
    4. Kenneth Spong, 2000. "Banking regulation : its purposes, implementation, and effects," Monograph, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, number 2000bria, December.
    5. Giorgio Di Giorgio & Carmine Di Noia, 2001. "Financial Regulation and Supervision in the Euro Area: A Four-Peak Proposal," Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania 01-02, Wharton School Center for Financial Institutions, University of Pennsylvania.
    6. Cho, Y-J. & Khatkhate, D., 1989. "Lessons Of Financial Liberalization In Asia - A Comparative Study," World Bank - Discussion Papers, World Bank 50, World Bank.
    7. Eli M. Remolona & Mario B. Lamberte, 1986. "Financial Reforms and the Balance-of-Payments Crisis: The Case of the Philippines: 1980-83," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 23(1&2), pages 101-141, March & J.
    8. Bautista, Ernesto D., 1992. "A Study of Philippine Monetary and Banking Policies," Working Papers, Philippine Institute for Development Studies WP 1992-11, Philippine Institute for Development Studies.
    9. Richard K. Abrams & Michael Taylor, 2000. "Issues in the Unification of Financial Sector Supervision," IMF Working Papers 00/213, International Monetary Fund.
    10. Galeotti,Gianluigi & Salmon,Pierre & Wintrobe,Ronald (ed.), 2000. "Competition and Structure," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521771337.
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    Citations

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    Cited by:
    1. Milo, Melanie S., 2007. "Integrated Financial Supervision: an Institutional Perspective for the Philippines," Discussion Papers, Philippine Institute for Development Studies DP 2007-17, Philippine Institute for Development Studies.
    2. Lamberte, Mario B., 2002. "Central Banking in the Philippines: Then, Now and the Future," Discussion Papers, Philippine Institute for Development Studies DP 2002-10, Philippine Institute for Development Studies.
    3. Melanie S. Milo, 2007. "Integrated Financial Supervision : An Institutional Perspective for the Philippines," Finance Working Papers 22667, East Asian Bureau of Economic Research.

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