The Financial Stability Coordination Council (FSCC), in its quarterly meeting, welcomed its new chairman, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno, who replaced the late BSP Governor and FSCC Chairman Nestor A. Espenilla Jr., who passed away last month.
The new BSP Governor said in a statement on Thursday that he will continue to build on the progress made by the FSCC as the venue for financial market authorities to identify, monitor, manage, and mitigate the buildup of systemic risk in the Philippine financial system.
For his maiden meeting, Diokno led the assessment on the impact of the slowing global growth on the Philippines, as well as the changing economic landscape in both the US and China.
“Global markets were turbulent when we closed 2018 and there are new developments at the start of 2019 that could affect financial markets,” Diokno said. He added that “we need to consider the possible scenarios and steer our financial system so that we can effectively manage these possibilities, and continue with our economic growth agenda.”