A PIDS study notes that the Philippines has significantly lagged behind other member-states in the ASEAN region, particularly Malaysia and Thailand, in terms of financial deepening, access, and efficiency. Its banking system, however, fared better with respect to financial stability. In fact, the Philippines’ banking sector has proven to be resilient in the face of global financial crises, supported by a strong regulatory and supervisory framework. The study recommends drawing up a comprehensive and detailed strategic plan that would help identify the needed reforms, such as a review of the domestic regulations affecting trade and investment in financial services. Know more about the study titled “Financial sector development: A review” here: https://www.pids.gov.ph/publications/6836
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