overnor Nestor A. Espenilla, Jr. and Governor Veerathai Santiprabhob of the Bank of Thailand signed on 17 December 2017 in Bangkok, Thailand a Memorandum of Understanding (MOU) on Banking Supervision. The MOU serves as a solid foundation for effective supervision of banking institutions operating in both countries in accordance with the principles set out in the Basel Core Principles for Effective Banking Supervision.

The MOU sets out in greater detail the two authorities' commitment to fostering greater information exchange and cooperation in the areas of licensing, on-site examinations, supervisory colleges, and crisis management.

Source: Bangko Sentral ng Pilipinas (BSP)