The Financial Sector Forum (FSF) vowed to intensify efforts to build a resilient, sustainable and inclusive financial system through its ongoing work in financial conglomerate supervision, sustainable finance, information exchange, financial technology and consumer protection and education.
“The work of the FSF is highly relevant and responsive to the emerging trends and changing environment,” Bangko Sentral ng Pilipinas (BSP) Governor and FSF chairman Eli Remolona Jr. said.
Remolona said the FSF serves as an important platform for taking a holistic approach in introducing reforms in the financial sector.
The FSF, a voluntary inter-agency body composed of the BSP, Securities and Exchange Commission (SEC), Insurance Commission (IC) and the Philippine Deposit Insurance Corp. (PDIC), provides an institutionalized framework for consultation, coordination and exchange of information relative to the supervision and regulation of the financial system.
The meeting on Sept. 29, 2023 is the first FSF meeting attended by Remolona since he assumed office in July 2023.
The FSF said it is now on the third financial conglomerate subject to inter-agency cross-sectoral review following the signing of the memorandum of understanding on the Establishment of Supervisory College for Financial Conglomerate Supervision on Jan. 25, 2022.
Its cross-sectoral review is aimed at enhancing risk surveillance and monitoring to promote stability and soundness of the financial system.
It also recently released for comments the local sustainable finance taxonomy, which covers climate change mitigation and adaptation objectives. The taxonomy will serve as a tool to assess whether an economic activity is environmentally or socially sustainable.
The document gave particular focus to micro small and medium enterprises in line with the thrust to promote inclusive green finance. The comment period will end on Oct. 6, 2023.
The Personal Finance 101 for college students was formally launched in June 2023 through the signing of a memorandum of agreement among the FSF-member agencies, Commission on Higher Education, National Economic and Development Authority and BPI Foundation.
The FSF said it is also ramping up efforts to engage industry associations to promote customer-centricity in the delivery of financial services as part of its consumer protection and education initiatives.
