The Financial Stability Coordination Council (FSCC), the interagency mechanism for monitoring systemic risk, is developing an enhanced monitoring framework for non-bank financial institutions (NBFIs) to help maintain the stability of the country’s financial system.
The envisioned framework promotes a more coordinated regulatory approach in response to NBFIs’ increasing interconnectedness with the financial system.
Aligned with global best practice, it is designed to complement the Bangko Sentral ng Pilipinas’ (BSP) existing oversight of banks and to strengthen safeguards against systemic risks.
Examples of NBFIs include investment houses, financing companies, money service businesses, pawnshops, insurance companies and pre-need companies.
“With the FSCC’s holistic and nuanced understanding of market conditions, we can better anticipate risks and respond more decisively,” FSCC chair and BSP Governor Eli Remolona Jr. said.
The development of a monitoring framework for NBFIs was agreed upon during the 42nd meeting of the FSCC at the BSP Head Office on Aug. 20, 2025.
The FSCC is composed of the BSP, Department of Finance, Insurance Commission, Philippine Deposit Insurance Corp. and Securities and Exchange Commission.
During the same meeting, the FSCC also launched its curated database to support stronger oversight of NBFIs and the entire financial system.
The curated database is an online platform that allows member-regulators to share information, data, and metrics related to systemic risks. This will help enhance collective supervision.
The FSCC said the Philippine financial system remains in a position of strength and reiterated its commitment to maintaining financial stability through responsive regulations.
 in the Philippines is developing a new framework to enhance monitoring of non-bank financial institutions and strengthen safeguards against systemic risks.){kind=link}