The Bangko Sentral ng Pilipinas (BSP), the International Monetary Fund (IMF), and other central banks in Asia are working to improve regional systemic risk management amid current global challenges, especially to financial stability. | ManilaBulletin
BSP Governor Felipe M. Medalla said on Monday, May 15, that systemic risk management and discussions to prepare Asian central banks for any emerging external threats to financial systems in the region is crucial at this point.
Medalla also said that financial regulators must continue to juggle between ensuring banks or financial institutions are strong and resilient while encouraging innovation.“It’s finding the middle [where] there’s enough creativity [encouraged] but without thinking in terms of the public cost of mistakes,” said Medalla.
The BSP said this year’s conference theme “The New Frontier of Financial Stability: Global Problems, Global Solutions, Local Challenges,” center around the reality that “global developments invariably spillover to various jurisdictions.” The conference, he noted, will be able to assess how systemic risks are managed so far in the region.
For the IMF, the “rapid rise in interest rates and anticipated slowing of economic activity to put inflation on a downward path have, together with supervisory and regulatory gaps and the materialization of bank-specific risks, contributed to stresses in parts of the financial system, raising financial stability concerns.”
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