The Central Bank of the Philippines has published a book reviewing the major financial crises that shaped the Philippine financial system from the 1980s to the 2020s and drawing lessons for macroeconomic and financial stability. Titled Risk and Resilience in the Philippine Financial System: How Much Has Changed, the publication examines how risks built up before past shocks, how the system responded afterward, and how resilience evolved over time. The book draws on experience since the 1970s and covers episodes including the Dewey Dee default in 1981, the Lost Decade of the 1980s, the Asian Financial Crisis, the Global Financial Crisis and the COVID-19 pandemic. At the launch, Governor Eli M. Remolona Jr. said understanding how earlier crises unfolded can help policymakers question optimistic narratives, detect risks sooner and respond more effectively to future shocks. BSP consultant and co-editor Ramon Moreno said the Philippines had strengthened resilience by lowering national and external debt, building foreign reserves and reinforcing the financial sector, but added that recent stress episodes had eroded part of that progress and that further fiscal consolidation and stronger growth efforts would be needed.
Central Bank of the Philippines2026-07-09
Central Bank of the Philippines releases book on past financial crises and lessons for resilience
The Central Bank of the Philippines has released a book on the major crises that shaped the Philippine financial system and the lessons they offer for resilience and stability. It reviews how risks accumulated and how the system responded across episodes from the 1980s to the COVID-19 period. Launch remarks also highlighted that some resilience gains have recently been eroded, pointing to a need for further fiscal consolidation and stronger growth.