BSP to launch crisis-tested financial reforms book

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The Bangko Sentral ng Pilipinas (BSP) will release a new book in 2026 titled “Risk and Resilience in the Philippine Financial System: How Much Has Changed?” which chronicles the country’s experiences with major financial crises and the reforms they prompted.

The publication will cover systemic shocks including the 1997 Asian Financial Crisis, the 2008–2009 Global Financial Crisis, and the Covid-19 pandemic, along with the policy responses that reinforced the financial system’s institutional resilience.

The BSP marked the completion of the book’s development with a closing conference on Nov. 4, 2025, at its head office in Manila.

The event featured discussions from key policymakers who guided the financial system through periods of economic uncertainty.

BSP Governor Eli M. Remolona, Jr. said the book’s firsthand accounts will provide valuable guidance for future crises.

“The narrative from the people who were on the ground during those difficult times will help us understand past crises and respond better to the next one,” Remolona said.

Former BSP Governor Amando M. Tetangco, Jr., who led the central bank from 2005 to 2017, stressed the system’s capacity to evolve through adversity.

“Every crisis pushed us to reflect, reform, and rebuild the foundations of our financial system,” Tetangco said.

The book outlines major milestones in the BSP’s reform agenda, beginning with the 1993 passage of the New Central Bank Act, which clarified the BSP’s mandates for price and banking stability.

Subsequent amendments added an explicit financial stability mandate that allowed the central bank to take a more proactive approach to systemic oversight.

Further institutional strengthening included the BSP’s shift to risk-based supervision aligned with global Basel standards and the establishment of the Financial Stability Coordination Council, a multi-agency body tasked with mitigating cross-sector vulnerabilities.

The conference gathered participants from across the financial sector, including current and former BSP officials, bank executives, and academic experts.

Attendees included Monetary Board Members Benjamin E. Diokno, Romeo L. Bernardo, Rosalia V. de Leon, Walter C. Wassmer, and Jose L. Querubin, as well as Deputy Governors Bernadette Romulo-Puyat and Lyn I. Javier.

The Book Project Team was led by Editors Ramon Moreno and Assistant Governor Veronica B. Bayangos, joined by Senior Assistant Governor Johnny Noe E. Ravalo; Managing Director Dennis D. Lapid; Principal Researchers Faith Christian Q. Cacnio, Benjamin E. Radoc, Jr., and Hazel C. Parcon-Santos; Deputy Director Elisha G. Lirios; and Research Associate Jose Adlai M. Tancangco.

Contributing scholars included University of the Philippines School of Economics Professor Maria Socorro Gochoco-Bautista; Professor Emeritus Dante B. Canlas; and Philippine Institute for Development Studies Emeritus Research Fellows Mario B. Lamberte and Josef T. Yap.

Representing the financial industry were Philippine Deposit Insurance Corporation President Roberto B. Tan; Bank of the Philippine Islands President Jose Teodoro K. Limcaoco; BDO Unibank, Inc. President Nestor V. Tan; Rizal Commercial Banking Corporation President Reginaldo Anthony B. Cariaso; and G-Xchange, Inc. President Oscar Enrico A. Reyes, Jr.

The forthcoming book is expected to serve as a comprehensive resource for understanding the evolution of the Philippine financial system and its ability to withstand future disruptions.