BSP and IFC Sign MOU to Strengthen Governance in Banking Sector

Manila—(PHStocks)—The Bangko Sentral ng Pilipinas (BSP) and International Finance Corporation (IFC), a member of the World Bank Group, signed a Memorandum of Understanding (MOU) on 26 May 2017 to promote and support capacity building of BSP, its supervised institutions and stakeholders in the adoption of good Environmental and Social Governance (ESG) and Corporate Governance (CG) practices in banking operations.

The signatories were BSP Deputy Governor Nestor A. Espenilla, Jr; BSP Governor Amando M. Tetangco, Jr.; IFC Philippines Country Manager Yuan (Jane) Xu; and World Bank IBRD Program Leader and Lead Economist Birgit Hansl.

Under the MOU, IFC will support the BSP in improving its assessment tools to uphold good governance and effective risk management in the banking system. IFC will also contribute to the capacity building initiatives of the BSP particularly in applying a proportionate legal and regulatory framework.