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Philippines: Financial System Stability Assessment, Including Reports on the Observance of Standards and Codes on the Following Topics: Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, and Pa...

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1. The global financial turmoil has impacted most emerging market countries, including the Philippines. Spillovers were particularly prominent for countries with financial systems with high foreign bank participation, large exposures to ailing global financial institutions and structured products, and high external liabilities, including through wholesale funding. Fortunat 1. The global financial turmoil has impacted most emerging market countries, including the Philippines. Spillovers were particularly prominent for countries with financial systems with high foreign bank participation, large exposures to ailing global financial institutions and structured products, and high external liabilities, including through wholesale funding. Fortunately, none of these characteristics were salient in the case of the Philippines. However, the Philippine financial system is exposed to both external and domestic channels of risk. This chapter tries to identify the main channels of risk and discuss policies to counter any further fallout from the global financial crisis.


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1. The global financial turmoil has impacted most emerging market countries, including the Philippines. Spillovers were particularly prominent for countries with financial systems with high foreign bank participation, large exposures to ailing global financial institutions and structured products, and high external liabilities, including through wholesale funding. Fortunat 1. The global financial turmoil has impacted most emerging market countries, including the Philippines. Spillovers were particularly prominent for countries with financial systems with high foreign bank participation, large exposures to ailing global financial institutions and structured products, and high external liabilities, including through wholesale funding. Fortunately, none of these characteristics were salient in the case of the Philippines. However, the Philippine financial system is exposed to both external and domestic channels of risk. This chapter tries to identify the main channels of risk and discuss policies to counter any further fallout from the global financial crisis.

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