“The BSP has also advocated for financial reforms to enhance inclusivity, such as the creation of branch-lite banking units in 2017. This move has effectively brought banking services to underserved areas, making it easier for more people to participate in financial activities.”
Such is demonstrated by banks and other financial institutions that can effectively meet the service requirements—such as savings, payments, fund transfers, and investments—of individuals, businesses, government institutions, and other stakeholders. In 2006, the Philippines adopted the Basel II framework and provided guidelines for the use of derivatives in 2008. This framework encouraged banks to boost their risk management practices and strengthen their capital bases, which prepared them for the Global Financial Crisis of 2008.In 2013, relative to the Basel III framework, the BSP introduced guidelines for a risk-based capital adequacy framework that included maintaining specific ratios and a capital conservation buffer.
Digital platforms—supported by a regulatory environment that ensures responsible innovation and cyber resilience—play an important role in making financial products and services more accessible to underserved markets. Toward this end, the BSP has developed a framework for digital banks that serve their customers via online channels with no physical branches.
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