Manila—(PHStocks)—The Bangko Sentral ng Pilipinas (BSP), Department of Finance (DOF), Insurance Commission (IC), Philippine Deposit Insurance Corporation (PDIC), and Securities and Exchange Commission (SEC) signed a Memorandum of Agreement (MOA) formalizing the creation of the Financial Stability Coordination Council (FSCC).
The MOA was signed on January 29 at the BSP Complex with the principals of the agencies in attendance.
The FSCC is a voluntary interagency council whose key objective is to identify, manage and mitigate the buildup of systemic risks. This is consistent with the overall prudential objective of financial stability. The FSCC, as a collaborative effort, expects to execute its agreements through its member agencies.
BSP Governor Amando M. Tetangco, Jr., National Treasurer Rosalia V. De Leon (DOF-Bureau of Treasury), SEC Chairperson Teresita J. Herbosa, PDIC President Valentin A. Araneta, and IC Commissioner Emmanuel F. Dooc signed the MOA in behalf of their institutions. The five agencies reiterated their commitment towards achieving financial stability.
Organizationally, the FSCC structure has an Executive Committee, a Steering Committee and five Working Groups. Sitting in the policy-making Executive Committee are the five principals and a designated senior official from each of the member agencies.
On the other hand, the Steering Committee, consisting of senior officers of the five agencies, is tasked to design the strategic direction of the council while the Working Groups, also composed of senior officials of the five agencies, look at critical issues that may be a factor in generating systemic risks.