• Bangko Sentral ng Pilipinas (BSP) has served as a guardian of financial stability during the COVID-19 crisis
• BSP implemented appropriate strategies to address the increasing demand for digital channels
• The country’s credit growth remained sustained and the banking system operated fundamentally sound and stable 

Bangko Sentral ng Pilipinas (BSP) was recognised as  Best Systemic and Prudential Regulator in Asia Pacific in 2020 under The Asian Banker Regulation & Supervision Awards at The Asian Banker Leadership Achievement Award Virtual Ceremony 2020.

Bangko Sentral ng Pilipinas (BSP) has served as a guardian of financial stability during the COVID-19 crisis

BSP has focused on prudent oversight of financial institutions to ensure financial stability amid increased uncertainty. The prudential measures aim to enable the financial system to assist micro, small and medium enterprises (SMEs) and large enterprises to carry on businesses during the COVID-19 crisis and hasten recovery and sustainability of their operations. 

It has served as a guardian of financial stability during the COVID-19 crisis and implemented prudential relief measures to assist BSP supervised financial institutions (BSFIs) and support households and business enterprises. The measures serve to complement the BSP’s existing regulatory relief policies and set a uniform and systematic approach in granting regulatory relief for banks.

BSP implemented appropriate strategies to address the increasing demand for digital channels

BSP set policies to ensure access to formal financing channels by retail clients and the use of information technology in financial transactions were highly used and promoted during the pandemic. BSP also relaxed know-your-customer (KYC) rules to facilitate access to formal financing channels. It urged BSFIs to waive fees and charges on the use of online banking or e-money and implemented appropriate strategies to address the increasing demand for digital channels, which effectively managed the increasing financial crimes and cyber-attacks.

The country’s credit growth remained sustained and the banking system operated fundamentally sound and stable 

Credit growth remains sustained and the banking system sound and stable. Its proactive and decisive actions in pursuing timely and calibrated supervisory responses ensure the provision of safe, sound and efficient financial services. As of end-April 2020, the banking system’s total loan portfolio (TLP) posted a sustained growth of 7.8% year-on-year, compared to end-April 2019’s 12.2%. Nonetheless, TLP accounts for 58.8% of total assets, and 56.1% share of nominal gross domestic product (GDP). 

BSP Governor Benjamin Diokno in his acceptance speech said: “The BSP continues to be front and centre of the Philippines’ COVID-19 economic response by ensuring ample liquidity in the financial system, providing regulatory relief to banks and implementing policies to assist Filipino businesses and households weather and recover from the crisis.”

For video of the Leadership Dialogue and Leadership Achievement Awards Virtual Ceremony, please click here.

About Regulation and Supervision Awards

The Asian Banker Regulation & Supervision Awards is a programme designed to determine and award the best practices and outstanding achievements of the top regulators in the Asia Pacific, Middle East and Africa regions. The Asian Banker evaluates regulators according to three basic functions of regulatory oversight that they may perform - macroeconomic regulation, systemic and prudential regulation and conduct of business oversight and their effectiveness in fulfilling these roles. We have developed our scorecards to capture the essence of the role of regulators, their effectiveness and the benchmarks they need to achieve. The evaluation process is rigorous and transparent, and constantly improved to incorporate the latest challenges and industry changes. 

To learn more about Regulation and Supervision Awards click here

To see the full list of winners click here