Financial system regulators comprising the Financial Stability Coordination Council (FSCC) recently signed a Memorandum of Agreement (MoA) to bolster its ability to manage risks to the country’s Financial Stability. Representing FSCC member-agencies during the signing rites are (from left) Commissioner Ephyro Luis B. Amatong of the Securities and Exchange Commission; Department of Finance Secretary Carlos G. Dominguez III; Bangko Sentral ng Pilipinas Governor Nestor A. Espenilla, Jr.; Philippine Deposit Insurance Corporation President Roberto B. Tan; and Insurance Commission Technical Service Group OIC Ma. Victoria Y. Peralta. The MoA enhances the FSCC arrangements by designating one senior official from each member-agency to join the agency heads in the executive committee; streamlining the FSCC working groups; and creating a communications and capacity-building unit. Created on 29 January 2014, the FSCC is an interagency council established by agreement of the members. Its key objective is to identify, manage and mitigate the buildup of systemic risks.
Source: Bangko Sentral ng Pilipinas (BSP)