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BSP vows to implement fin’l reforms aggressively |
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The Manila Bulletin 08/24/2005
Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said yesterday that while the ground works for central bank and financial sector reforms are already in place, monetary officials need to be more aggressive in making sure these reforms are enforced and implemented. "We have done much of the groundwork (and) what we need now is a decisive follow through," Tetangco told members of the Investment House Association of the Philippines. "I must admit, we have encountered some resistance and minor setbacks along the way but as Chinese industrialist Yin Mingshan puts it, — the purest gold fears no fire." Tetangco said this mantra "also speaks for BSP intentions to make the capital market work." He delivered his speech during the induction ceremony of the 2005-2006 officers of IHAP. Tetangco said that although the central bank have made some milestones with the passage of the securitization law, the Special Purpose Vehicle law and the elimination of documentary stamp tax in secondary trading, there are remaining measures in the BSP legislative agenda that need to be pursued. These are the amendment of the BSP charter, corporate recovery act, personal equity and retirement account or PERA bill, revised investment company act or RICA, credit information system act, revised corporation code of the Philippines, insurance code of the Philippines and pre-need code of the Philippines. "These pieces of legislation are central to capital market reform and IHAP’s support can strengthen our stand against the grueling legislative mill," said Tetangco. (LCC) Again Tetangco emphasized the importance of a growing economy, such as ours, which "requires a steady flow of financing from both local and foreign sources and in sustaining this development, the economy needs a healthy financial system and a fully-functioning capital market." He said a domestic capital market can "stimulate domestic savings and provide investment opportunities." Compared to other Asian countries such as Malaysia and Thailand, the Philippines have a smaller savings-to-GDP ratio at 21 percent. "Cognizant of this challenge, the BSP has laid down a broad range of financial system reforms to complement and accelerate the development of the capital market," said Tetangco. These include the asset clean-up of banks to restore the credit supply to the economy. For the first semester of 2005, the nonperforming loan ratio of universal and commercial banks was back to a singledigit level at 9.2 percent, a reversal from a peak of 18.8 percent in October 2001 due to asset dispositions under the SPV law. (LCC) |
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