The Philippines has joined a select group of countries whose banking statistics now form part of a global database on lending systems and how best such may be managed.
According to the Bangko Sentral ng Pilipinas (BSP), particular details on banking operations in the Philippines would be regularly forwarded to the Bank for International Settlements (BIS) from this point forward.
In a statement issued over the weekend, the BSP said Manila would form part of only a handful of countries worldwide that report cross-border banking statistics to the BIS.
“After months of testing and validation, cross-border banking data maintained by the Bangko Sentral ng Pilipinas has been judged as meeting the rigorous BIS standards for completeness and quality,” the BSP said.
The BIS welcomed this development, saying the participation of the Philippines as part of less than 50 jurisdictions worldwide that reports to the BIS is a “significant milestone because it confirms the international importance of the Philippine banking system,” BIS General Manager Agustin Carstens said.
BSP Governor Nestor A. Espenilla Jr. said the country’s inclusion in an elite group of reporting countries provides the BSP with more granular cross-border banking data that would be “very critical in formulating well-informed policies when and how they may be needed.”
“The value to regulators of having such a view cannot be overemphasized in today’s market,” he said.
The BSP also highlighted its longstanding direction of working diligently on instilling high-quality banking data, saying the inclusion of the Philippines as a BIS-reporting jurisdiction validates their efforts in meeting international standards.