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Macroprudential frameworks, implementation, and communication strategies – The Philippines

In: Macroprudential policy frameworks, implementation and relationships with other policies

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  • Diwa C Guinigundo

    (Bank for International Settlements)

Abstract

The Bangko Sentral ng Pilipinas (BSP) plays a key role in maintaining the financial system stability of the Philippines. While its primary objective is price stability, the BSP’s clear monetary policy and financial stability frameworks have ensured that interactions between the two will remain complementary. The paper underscores that the use of macroprudential policy as well as various surveillance and analytical tools to promote financial stability has allowed the BSP to keep monetary policy focused on its primary objective of maintaining price stability. Furthermore, the paper emphasises that maintaining financial stability is not the sole task of the BSP, but is a shared responsibility by relevant segments of the financial system. As such, apart from establishing an internal Financial Stability Committee (FSC), the BSP has initiated the creation of an inter-agency body, the Financial Stability Coordination Council (FSCC), which involves the regulators of insurance companies and non-financial corporates, as well as the finance department and deposit insurance agency. Moreover, the paper highlights the importance of having a sound communication strategy, not only for monetary policy, but also for financial stability.

Suggested Citation

  • Diwa C Guinigundo, 2017. "Macroprudential frameworks, implementation, and communication strategies – The Philippines," BIS Papers chapters, in: Bank for International Settlements (ed.), Macroprudential policy frameworks, implementation and relationships with other policies, volume 94, pages 277-288, Bank for International Settlements.
    • Handle: RePEc:bis:bisbpc:94-21
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    References listed on IDEAS

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    1. Masahiro Kawai & Peter J. Morgan, 2012. "Central Banking for Financial Stability in Asia," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 8(3), pages 215-246, August.
    2. Benjamin Born & Michael Ehrmann & Marcel Fratzscher, 2014. "Central Bank Communication on Financial Stability," Economic Journal, Royal Economic Society, vol. 124(577), pages 701-734, June.
    3. Ianthi Vayid, 2013. "Central Bank Communications Before, During and After the Crisis: From Open-Market Operations to Open-Mouth Policy," Staff Working Papers 13-41, Bank of Canada.
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    Cited by:

    1. Jean Christine A. Armas, 2021. "Is the Bank Lending Channel of Monetary Policy Evident in the Philippines? A Dynamic Panel Data Approach," Asian Economic Journal, East Asian Economic Association, vol. 35(3), pages 246-269, September.

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