Philippines : Financial System Stability Assessment-Press Release and Statement by the Executive Director for the Philippines
Author/Editor:
International Monetary Fund. Monetary and Capital Markets Department
Publication Date:
April 9, 2021
Electronic Access:
Free Download. Use the free Adobe Acrobat Reader to view this PDF file
Summary:
GDP contracted by 9½ percent in 2020—a much steeper decline than during the Asian Financial Crisis (AFC)—but it is now recovering with the easing of containment measures and economic policy support. Banks are closely connected to the corporate sector through high credit exposures and conglomerate ownership linkages. The Financial Action Task Force (FATF) may list the Philippines as a jurisdiction with serious Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) deficiencies in 2021. The country is also vulnerable to climate change (physical) risks, especially the destruction of physical capital from typhoons.
Series:
Country Report No. 2021/074
Frequency:
regular
English
Publication Date:
April 9, 2021
ISBN/ISSN:
9781513576763/1934-7685
Stock No:
1PHLEA2021001
Format:
Paper
Pages:
71
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