{"id":159438,"date":"2018-04-10T01:44:40","date_gmt":"2018-04-10T05:44:40","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=159438"},"modified":"2018-04-10T01:44:40","modified_gmt":"2018-04-10T05:44:40","slug":"bsp-introducing-3d-reform-agenda","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/04\/10\/bsp-introducing-3d-reform-agenda\/","title":{"rendered":"BSP introducing 3D reform agenda"},"content":{"rendered":"
\"The<\/a>
The central bank official the adoption of a three-pronged approach was aimed at \u201csustain(ing) a more sound, stable and inclusive banking system in the future.\u201d (Photo: Bangko Sentral ng Pilipinas\/Facebook<\/a>)<\/figcaption><\/figure>\n

MANILA<\/strong>\u00a0— The Bangko Sentral ng Pilipinas (BSP) has adopted a three-pronged reform to ensure that domestic banks are ready for technological innovations to fully cater to their clients. BSP Deputy Governor Chuchi Fonacier said the domestic banking sector is \u201ccurrently in a position of strength.\u201d<\/p>\n

\u201cThis is largely due to BSP\u2019s sustained implementation of pro-active and meaningful reforms for the banking sector and banks\u2019 commitment to these reforms as manifested through their prudent risk-taking behavior,\u201d she said.<\/p>\n

The central bank official the adoption of a three-pronged approach was aimed at \u201csustain(ing) a more sound, stable and inclusive banking system in the future.\u201d<\/p>\n

\u201cSpecifically, we will pursue reforms that are geared towards achieving a more dynamic banking system that is ready to embrace the digital transformation of the system and responsive to the developmental needs of our economy,\u201d she said.<\/p>\n

Fonacier said these reforms lean on the words dynamic, digital, and developmental. She said the central bank needs to be dynamic to be attuned to the developments on how financial services are being delivered to date.<\/p>\n

She said there was also a need for the central bank to \u201ccontinue to craft meaningful and pro-active reforms that are aligned with best practices and international standards, (and) at the same time sensitive to local conditions.\u201d<\/p>\n

Among the priority reforms are the continuing review of existing processes to promote efficiency or streamline processes such as current licensing framework of banks, implementation of remaining Basel III liquidity standards on intraday liquidity risks report of banks and net stable funding ration.<\/p>\n

\u201cThe enhancement of the banking system\u2019s compliance with the Basel Accord through the implementation of other Basel III reform standards governing interest rates in the banking book, risk-based pricing for consumer loans, reforms in banks\u2019 over-the-counter derivatives transactions shall similarly be pursued to make the domestic banking system more dynamic in responding to the demands and challenges of a rapidly evolving global financial services industry,\u201d Fonacier added.\u00a0<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0— The Bangko Sentral ng Pilipinas (BSP) has adopted a three-pronged reform to ensure that domestic banks are ready for …<\/p>\n","protected":false},"author":33,"featured_media":135062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[49486,1216,1215,40138],"class_list":["post-159438","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-3d-reform-agenda","tag-bangko-sentral-ng-pilipinas","tag-bsp","tag-chuchi-fonacier","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/159438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=159438"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/159438\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/135062"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=159438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=159438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=159438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}