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FSSC 2020-06: Macroprudential Policy Strategy Framework: The Case of the Philippines

The pursuit of financial stability has become the de facto standard for financial market oversight, with many jurisdictions formally introducing a de jure basis. While the objective of “financial stability” is itself not new, Haldane (2017) points out that the Global Financial Crisis (GFC) instigated a “complete rethink of financial stability and [of the] policies for achieving it.” The current focus of financial stability is very specific to addressing systemic risks, introducing a new area of regulatory intervention referred to as macroprudential policy. It is the scope and approach of macroprudential policy that differentiates it from monetary policy and banking supervision, respectively. Since the latter two policy objectives have established approaches, there is a need to communicate to a broad audience how the authorities envision the financial stability agenda, particularly the design and deployment of macroprudential policies. This document has been prepared for that purpose.

Bangko Sentral ng Pilipinas
Authors Keywords
BSP Office of System Risk Management; financial stability; macroprudential policy;
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