Micro Insurance Philippines | BSP Governor Medalla assumes leadership of the FSCC | Governor Felipe M. Medalla of the Bangko Sentral ng Pilipinas (BSP) called a meeting of the Financial Stability Coordination Council (FSCC) as the new FSCC Chairman.
Governor Medalla brought attention to the council the difficult climate of the world market, contributed by the fluctuation in the price of oil, growing inflation, and an increase in interest rates. He stated that the work at hand is to effectively prepare for the domestic repercussions of the global spillovers while assuring that the nation has a positive development momentum and good employment statistics. He added that the country has a solid employment figure.
The Council recognized that the threats to financial stability come from a wide variety of sources and reaffirmed its commitment to maintaining coordinated measures.
Felipe Medalla is a respected economist and professor whose career spans four presidential administrations and more than four decades. Currently, he is also the Governor of the Bangko Sentral ng Pilipinas, completing the term of his predecessor Benjamin E. Diokno, who was appointed Finance Secretary of the Philippines.
The FSCC is an inter-agency council with representatives from the BSP, the Department of Finance, the Securities and Exchange Commission, the Insurance Commission, and the Philippine Deposit Insurance Corporation. The council hold quarterly meetings to assess potential systemic risks and decide on relevant macroprudential policy responses.
In the photo above, FSCC Chairman and BSP Governor Felipe M. Medalla (third from left) is pictured with other members of the FSCC Executive Committee– (from left to right) Finance Undersecretary Zeno Ronald Abenoja representing Finance Secretary Benjamin E. Diokno; Philippine Deposit Insurance Corporation President Roberto B. Tan; (from right to left) FSCC Technical Secretariat Head and BSP Senior Assistant Governor, Dr. Johnny Noe E. Ravalo; Insurance Commission Commissioner Dennis B. Funa; and Securities and Exchange Commission Chairperson Emilio B. Aquino.