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Executive Order No. 144 (2021)
in recognition of the importance of financial stability to the overall health of the country's financial system, there is a need to formalize the creation of an inter-agency body on financial stability in order to institutionalize its powers and functions, and strengthen the ability of the Government to collectively address systemic risks, which may arise in different segments of the financial market;
Section 1.
Policy of Financial Stability. —Consistent with the objective of the National Government to safeguard the welfare of Filipinos through a well functioning financial system, the government hereby reiterates its policy of enhancing the stability of the financial system by mitigating systematic risks through timely policy interventions.
Section 2.
Institutionalizing the Financial Stability Coordination Council. —The financial Stability Coordination Council (FSCC) is hereby institutionalized as an inter-agency council composed of the BSP, DOF, SEC, IC and PDIC, as its member agencies. ℒαwρhi৷
Section 3.
Purpose and Objectives. —The FSCC shall enhance the stability of the financial system by mitigating systematic risks through timely macroprudential policy interventions. Towards this end, the FSCC shall formulate a Macroprudential Policy Strategy Framework, which shall guide its policy interventions. The Macroprudential Policy Strategy Framework shall be made publicly available and shall be uploaded periodically, as may be warranted.
Section 4.
Powers and Functions of the FSCC. —To the extent consistent with the respective mandates of the member agencies, the FSCC shall have the following powers and functions:
a. Issue directives or policy regulations in the pursuit of its objective of financial stability;
b. Align various policies, regulations, supervisory frameworks, programs and initiatives on financial stability;
c. Coordinate with foreign regulators on financial stability and macroprudential policy;
d. Collaborate with public and private organizations for data collection and research to facilitate informed policy recommendations; and
e. Formulate and adopt its governance and operational guidelines, as may be necessary.
Section 5.
Executive Committee (ExeComm). —The affairs of the FSCC shall be governed by an ExeComm which shall be composed of:
a. The BSP Governor - Chairperson;
b. The Secretary of Finance - Member;
c. The Insurance Commissioner - Member;
d. The President of the PDIC - Member;
e. The SEC Chairman - Member;
f. One senior official from each of the five (5) member agencies, as formally designated by the head of the agency, shall serve as non-voting members.
The ExeComm shall promulgate rules for the conduct of its internal procedures, issue Resolutions relating to the implementation of its functions, and create Technical Working Groups and/or Sub-Committees, as necessary. ℒαwρhi৷
The National Treasurer may be invited to the meetings of the ExeComm as a special non-voting member.
Section 6.
FSCC Secretariat. —In performing its purpose and objectives, the FSCC and its ExeComm shall be assisted by a Secretariat. Unless the FSCC declares otherwise, the Office of systematic Risk Management of the BSP shall serve as the Technical secretariat to the FSCC.
Section 7.
Meetings. —The FSCC Execomm shall meet periodically, without prejudice to the discretion of the Chairperson to call meetings, as may be necessary.
Section 8.
Funding. —The funding requirements for the operation of the FSCC shall be charged against the budget of the BSP.
Section 9.
Repeal. —All other issuances, orders, rules and regulations inconsistent with this Order are hereby repealed or modified accordingly.
Section 10.
Separability. —If any provision of this Order is declared invalid or unconstitutional, the remaining provisions not affected thereby shall continue to be in full force and effect.