FSF wraps fourth oversight college for conglomerates

The Financial Sector Forum has concluded its Fourth Financial Conglomerate Supervisory College, reinforcing its commitment to unified oversight of the Philippines’ largest and most complex financial groups.

The college, which began in October 2024, culminated with a presentation of its results during the FSF Principals’ meeting held on May 30, 2025.

It aimed to improve risk monitoring and systemic stability through structured interagency supervision.

FSF is a voluntary interagency coordination body composed of the Bangko Sentral ng Pilipinas, Securities and Exchange Commission, Insurance Commission, and the Philippine Deposit Insurance Corp.

Together, these four agencies are responsible for supervising the country’s banking, securities, insurance, and deposit protection sectors.

“The supervisory college program demonstrates our commitment to effective oversight of financial conglomerates through collective action,” said BSP Governor and FSF Chair Eli M. Remolona Jr.

“Sustained collaboration enables us to advance a harmonized, cross-sectoral approach to managing conglomerate risks,” he added.

The supervisory college provides a platform for multi-agency risk assessments and joint planning.

Through months-long reviews, FSF members analyze each conglomerate’s risk profile, governance practices, and operational exposure.

They align supervisory frameworks using the Reference Guide for Risk Assessment, or RGRA, to ensure consistent and consolidated evaluations across sectors.

The college also produces a joint supervisory plan identifying critical subsidiaries, monitoring schedules, and agency-specific responsibilities to ensure accountability and focus on high-impact risks.

The fourth iteration built upon frameworks established in previous colleges, enhancing data consistency, policy alignment, and supervisory capacity.

It also laid groundwork for further adoption of standardized templates and shared reporting protocols.

A fifth supervisory college has been approved and will commence in the second half of 2025, according to FSF.

As financial conglomerates continue to operate across multiple sectors, the FSF’s ongoing initiative reflects global best practices in financial regulation—emphasizing coordinated supervision as a safeguard against systemic risks.