The Philippines Insurance Commission published an update on the Financial Stability Coordination Council (FSCC) agreeing to develop an enhanced monitoring framework for non-bank financial institutions (NBFIs) as part of its systemic risk surveillance, alongside the launch of a curated database to support interagency oversight. The framework is intended to promote a more coordinated regulatory approach in response to NBFIs’ increasing interconnectedness with the financial system, align with global best practice, complement the Bangko Sentral ng Pilipinas’ existing oversight of banks, and strengthen safeguards against systemic risks. NBFIs cited include investment houses, financing companies, money service businesses, pawnshops, insurance companies, and pre-need companies. The database is an online platform designed to allow FSCC member-regulators to share information, data, and metrics related to systemic risks to enhance collective supervision. Both initiatives were agreed and launched during the FSCC’s 42nd meeting at the Bangko Sentral ng Pilipinas Head Office on 20 August 2025.
Philippines Insurance Commission 2025-09-11
Philippines Insurance Commission updates on FSCC work to enhance monitoring of non-bank financial institutions and launch shared systemic risk database
The Philippines Insurance Commission announced the Financial Stability Coordination Council's plan to develop an enhanced monitoring framework for non-bank financial institutions (NBFIs) and launch a curated database for interagency oversight. These initiatives aim to improve regulatory coordination, align with global best practices, and strengthen systemic risk safeguards. The framework and database were launched during the FSCC’s 42nd meeting at Bangko Sentral ng Pilipinas.