BSP 29th Anniversary Special Issue: Building the Nation's Road to Recovery Despite the challenges from the COVID-19 crisis, the country’s financial system remained sound and stable, with more-than-ample liquidity, sufficient capitalization, and satisfact-
and satisfactory loan and asset quality. Three years of close supervision, sustained reforms, and timely pre-emptive measures by the Bangko Sentral ng Pilipinas spelled resilience and robustness for the banking sector and the entire financial system.At the core of this resilience is prudent regulations. During the crisis, the banking industry served as a pillar of strength for the economy, guided by the BSP’s forward-looking and risk-based supervision.
The enactment of the Financial Institutions Strategic Transfer or FIST Act has further supported resilience of banks to the crisis. The law allowed banks to sell non-performing assets to asset management companies, so called FIST corporations, to keep their exposure to bad assets manageable. In addition, the liquidity coverage ratio of 200.3 percent on solo basis at end-February 2022 indicated strong liquidity position to support short-term funding requirements.The BSP ensured that the banking industry and other BSP-supervised financial institutions remained supportive of the country and the Filipinos’ financial needs, especially amid challenging times.
Likewise, the BSP inked a memorandum of understanding with the Accounting and Auditing Organization for Islamic Financial Institutions as part of the BSP’s initiatives to develop Islamic banking and finance in the country.
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