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Bangko Sentral ng Pilipinas Central Bank’s Regulatory Role over NBFIs: The Philippine Experience Mr. Ricardo

Bangko Sentral ng Pilipinas

Central Bank’s Regulatory Role over NBFIs:

The Philippine Experience

Mr. Ricardo P. Lirio Managing Director, SE II

FINANCIAL INSTITUTIONS UNDER BSP SUPERVISION/REGULATION

As of March 31, 2002

 

Type of Financial Institution

Total

Head Office

Other Offices

I. Banks

 

7,587

925

6,662

 

Commercial Banks

4,326

44

4,282

 

Thrift Banks

1,342

100

1,242

 

Rural and Cooperative Banks

1,919

781

1,138

II. Non-Bank Financial Institutions

9,687

5,243

4,444

 

A.

With Quasi-Banking Functions

31

12

19

 

Investment Houses

17

7

10

 

Financing Companies

14

5

9

 

B.

9,656

5,231

4,425

 

Without Quasi-Banking Functions Investment Houses

30

26

4

 

Financing Companies

50

40

10

 

9

9

 
 

Investment Companies Securities Dealers/Brokers

26

26

 
 

9

9

 
 

Lending Investors Government NBFIs

2

2

 
 

9

9

 
 

Venture Capital Corporations Non-Stock Savings and Loan

117

85

32

Associations

Pawnshops *

9,397

5,018

4,379

 

Credit Card Companies

7

7

 

III.

Offshore Banking Units

12

11

1

*As of December 31, 2001

Bangko Sentral ng Pilipinas Banks with NBFI Subsidiaries/Affiliates   with QB   without QB  

Bangko Sentral ng Pilipinas

Banks with NBFI Subsidiaries/Affiliates

 

with QB

 

without QB

 

Name of Bank

Invest.

Financing

Inv.

Financing

Securities

Credit

Venture

Invest.

House

Company

House

Company

Dealers

Card

Capital

Company

Bank of the Philippine Islands

 

1 2

2

3

2

     

Metrobank

2 1

2

1

1

1

Equitable-PCIBank

1

2

2

1

1

1

PhilippineNationalBank

1

1

1

1

RCBC

1 1

1

1

1

Bangko Sentral ng Pilipinas REGULATORY and SUPERVISORY AUTHORITY RA 7653 RA 8791 The New Central

Bangko Sentral ng Pilipinas

REGULATORY and SUPERVISORY AUTHORITY

RA 7653
RA
7653
RA 8791
RA
8791

The New Central Bank Act

Supervision and examination of banks and quasi-banks including their subsidiaries and affiliates engaged in allied activities

The General Banking Act 2000

Regulation of the organization and operations of banks, trust entities and for other purposes

Bangko Sentral ng Pilipinas Banks NBFIs Demand Deposits/ Savings Promisso ry Notes Checking Deposits Repurchas

Bangko Sentral ng Pilipinas

Banks

NBFIs

Demand Deposits/ Savings Promisso ry Notes Checking Deposits Repurchas Accounts (Passboo e k) Agreement Time
Demand
Deposits/
Savings
Promisso
ry Notes
Checking
Deposits
Repurchas
Accounts
(Passboo
e
k)
Agreement
Time
Certificat
e of
Deposits
Certificates
s
of
Participatio
n/Assignme
nt

Deposit

Instruments

Deposit-Substitute

Instruments

Bangko Sentral ng Pilipinas Non-Bank Financial Institutions With Quasi-Banking Function Without Quasi-Banking Function

Bangko Sentral ng Pilipinas

Non-Bank Financial Institutions

Bangko Sentral ng Pilipinas Non-Bank Financial Institutions With Quasi-Banking Function Without Quasi-Banking Function

With

Quasi-Banking

Function

Non-Bank Financial Institutions With Quasi-Banking Function Without Quasi-Banking Function Entity is borrowing from 20

Without

Quasi-Banking

Function

Entity is borrowing from 20 or more persons or entities

Bangko Sentral ng Pilipinas Issuance of deposit substitutes or borrowing instruments by an NBFI to

Bangko Sentral ng Pilipinas

Issuance of deposit substitutes or borrowing instruments by an NBFI to 20 or more persons or entities irrespective of outstanding amounts is considered borrowing from PUBLIC

by an NBFI to 20 or more persons or entities irrespective of outstanding amounts is considered
Bangko Sentral ng Pilipinas NBFIs Regulatory Framework 1970s Development and growth of NBFIS REQUIRED GOVERNMENT

Bangko Sentral ng Pilipinas

NBFIs Regulatory Framework

1970s
1970s

Development and growth of NBFIS

Regulatory Framework 1970s Development and growth of NBFIS REQUIRED GOVERNMENT INTERVENTION 1971 Formation of Joint

REQUIRED GOVERNMENT INTERVENTION

1971
1971

Formation of Joint Central Bank of the Philippines & IMF Banking Survey Commission

Bank of the Philippines & IMF Banking Survey Commission NBFIs should be under the authority of

NBFIs should be under the authority of the Central Bank for effective administration of credit

Bangko Sentral ng Pilipinas 1972 to 1974 Central Bank of the Philippines required all NBFIs

Bangko Sentral ng Pilipinas

1972 to 1974
1972
to
1974

Central Bank of the Philippines required all NBFIs to register

1973
1973

PAWNSHOPS placed under regulatory authority of CBP

PD 114 Pawnshop Regulation Act PD 129 Investment Houses Law
PD 114 Pawnshop
Regulation Act
PD 129
Investment
Houses Law

granted exclusive authority to all INVESTMENT HOUSES to underwrite SECURITIES

Bangko Sentral ng Pilipinas NBFIs Regulatory Framework 1982 1980s Rules governing operations of NBFIs were

Bangko Sentral ng Pilipinas

NBFIs Regulatory Framework

1982
1982
1980s
1980s

Rules governing operations of NBFIs were consolidated as Book IV of the Manual of Regulations

Intensified competition among financial institutions

Increased availability of long term funds through direct and indirect financing to increase stability of the financial system

Bangko Sentral ng Pilipinas 1991 1990s Foreign Investments Act Greater leeway and fewer restrictions for

Bangko Sentral ng Pilipinas

1991
1991

1990s

Foreign Investments Act

Greater leeway and fewer restrictions for foreign investors

Full liberalization of foreign exchange

1992
1992

Unification of 2 Stock Exchanges

Bangko Sentral ng Pilipinas 1990s 1993 Entry of foreign banks 1993 Entry of foreign insurance

Bangko Sentral ng Pilipinas

Bangko Sentral ng Pilipinas 1990s 1993 Entry of foreign banks 1993 Entry of foreign insurance firms

1990s

1993
1993

Entry of foreign banks

1993
1993

Entry of foreign insurance firms

Bangko Sentral ng Pilipinas 1990s 1993 Entry of foreign banks 1993 Entry of foreign insurance firms
Bangko Sentral ng Pilipinas 1997 RA 8366 1990s Increased foreign equity participation and minimum capitalization

Bangko Sentral ng Pilipinas

1997
1997

RA 8366

1990s

Increased foreign equity participation and minimum capitalization for IHs
Increased
foreign equity
participation
and minimum
capitalization
for IHs

RA 8367

NSSLA ACT
NSSLA ACT
Bangko Sentral ng Pilipinas 1997 INCREASED CAPITALIZATION Aids in ensuring strong solvency positions and automatically

Bangko Sentral ng Pilipinas

1997
1997
Bangko Sentral ng Pilipinas 1997 INCREASED CAPITALIZATION Aids in ensuring strong solvency positions and automatically

INCREASED

CAPITALIZATION

Aids in ensuring strong solvency positions and automatically weeds out weak players in the industry

Bangko Sentral ng Pilipinas 1998 1990s RA 8556 “FINANCING COMPANY ACT OF 1998” An Act

Bangko Sentral ng Pilipinas

1998
1998

1990s

RA 8556 “FINANCING COMPANY ACT OF 1998”

An Act amending RA 5980, as Amended Otherwise Known as the Financing Company Act (1969)

Bangko Sentral ng Pilipinas 2000 Anti-Money Laundering Bill Issuance of Circulars providing rules and regulations

Bangko Sentral ng Pilipinas

2000

Bangko Sentral ng Pilipinas 2000 Anti-Money Laundering Bill Issuance of Circulars providing rules and regulations to

Anti-Money Laundering Bill

Issuance of Circulars providing rules and regulations to combat money-laundering

Bangko Sentral ng Pilipinas NBFI GoverningLaw Quasi-Banks RA 8791 - The General Banking Law RA

Bangko Sentral ng Pilipinas

NBFI

GoverningLaw

Quasi-Banks

RA 8791 - The General Banking Law RA 7653 - The NewCentral Bank Act

InvestmentHouse

FinancingCompany

 

TrustEntities

InvestmentHouse

FinancingCompany

OtherTrustEntities

Bangko Sentral ng Pilipinas NBFI GoverningLaw Subsidiaries/Affiliates of a Bank/QB Investment House w/o QB

Bangko Sentral ng Pilipinas

NBFI

GoverningLaw

Subsidiaries/Affiliates of a Bank/QB Investment House w/o QB Financing Company w/o QB Investment Companies Securities Dealers/Brokers Lending Investors Venture Capital Corporation Enterprise Wholly or Majority Owned by a Bank Non-Financial Allied Undertaking Non-Stock Savings and Loan Associations Pawnshops TIDCOR SBGFC

RA 8791 - The General Banking Law RA 7653 - The New Central Bank Act

Bangko Sentral ng Pilipinas NBFI Governing Law Investment House PD 129 The Investment Houses Law

Bangko Sentral ng Pilipinas

NBFI

Governing Law

Investment House

PD 129 The Investment Houses Law

Financing Company

RA 8556 Financing Company Act of 1988

Non-Stock Savings and Loan Associations

RA 8367 Revised NSSLA Act of 1997

Pawnshops

PD 114 Pawnshop Regulation Act

TIDCOR

RA 8494 An act further amending Presidential Decree #1080, as amended, by reorganizing and renaming the Philippine Export and Foreign Loan Guarantee Corporation, expanding its primary purpose

SBGFC

RA 6977 Magna Carta for SMEs

Bangko Sentral ng Pilipinas

Bangko Sentral ng Pilipinas

Bangko Sentral ng Pilipinas
Bangko Sentral ng Pilipinas Central Bank’s Regulatory Role over NBFIs: The Philippine Experience Mr. Ricardo

Bangko Sentral ng Pilipinas

Central Bank’s Regulatory Role over NBFIs:

The Philippine Experience

Mr. Ricardo P. Lirio Managing Director, SE II