BSP, IMF publish systemic risk dialogue conference report

The Bangko Sentral ng Pilipinas (BSP) has released the official proceedings of the 2024 Systemic Risk Dialogue, a high-level international conference co-organized with the International Monetary Fund (IMF) and Bank Indonesia.

Held on November 19–20, 2024, in Mactan, Cebu, the event tackled two interconnected themes central to financial stability—non-bank finance and digitalization.

What distinguished the dialogue was its regional focus, framing the global issues of digital and non-bank finance through the lens of Asia’s unique financial landscape.

The published proceedings compile the insights of expert panelists and the robust exchange of views among participants over the two-day event.

This document serves as a reference point for regulators, financial institutions, corporations, and the public, providing key takeaways and suggested actions.

BSP Governor Eli M. Remolona Jr. acknowledged the institution’s ongoing partnership with the IMF, recalling the inaugural dialogue hosted in 2019.

He noted the rising complexity of financial markets since then, emphasizing the deepening links between traditional banks and non-bank financial institutions.

“These changing interlinkages, its opportunities and risks, should be of great interest to regulators and practitioners,” the Governor said.

He also drew attention to the transformative impact of technology—particularly generative artificial intelligence (GenAI)—on financial systems.

Governor Remolona remarked that GenAI “is an enabler for the non-bank financial market … something that banks have embraced … [and] is redefining the demands of the consumer.”

The report goes beyond event documentation, offering actionable steps that align with the BSP’s commitment to proactive and forward-looking financial oversight.

Participants in the dialogue included senior officials, regulators, market leaders, and representatives from regional and global multilateral institutions.

According to the BSP, the conference served as a vital forum for exploring financial system challenges and opportunities shaped by evolving market dynamics.

The full publication, titled BSP-IMF Systemic Risk Dialogue Proceedings, is available for download on the BSP’s official website.