In a statement on Friday, the BSP said Bangko Sentral Governor Benjamin Diokno co-chaired the Regional Consultative Group for Asia (RCGA) virtual meeting of the Financial Stability Board (FSB). The FSB was created in 2009 as a global venue for organizing the reform of the financial system in light of the call to pursue the objective of financial stability after the global financial crisis. The RCGA discussions focused on the damages caused by the economic fallout from the coronavirus pandemic as well as the steps taken by the financial authorities. "What is clear is that there remain systemic risks, both risks to the financial system and risks by the financial system itself," Diokno said. According to Diokno, authorities are at "that crucial stage where actions today will more so define the market landscape of the future."

Source: Manila Times May 21, 2021 17:37 UTC