FSCC eyes enhanced monitoring of Non-Bank Financial Institutions

FSCC 42nd Meeting at the BSP. Bottom, from left: BSP Deputy Governor Lyn I. Javier, BSP Assistant Governor Veronica B. Bayangos, Treasurer of the Philippines Sharon P. Almanza, BSP Governor and FSCC Chairman Eli M. Remolona, Jr., SEC Chairperson and Chief Executive Officer Atty. Francisco Ed. Lim, and PDIC Senior Vice President Sandra A. Diaz.

​The Financial Stability Coordination Council (FSCC), the interagency mechanism for monitoring systemic risk, is developing an enhanced monitoring framework for non-bank financial institutions (NBFIs) to help maintain the stability of the country’s financial system

The envisioned framework promotes a more coordinated regulatory approach in response to NBFIs’ increasing interconnectedness with the financial system. Aligned with global best practice, it is designed to complement the Bangko Sentral ng Pilipinas’ (BSP) existing oversight of banks and to strengthen safeguards against systemic risks  

Examples of NBFIs include investment houses, financing companies, money service businesses, pawnshops, insurance companies, and pre-need companies, among others. 

“With the FSCC’s holistic and nuanced understanding of market conditions, we can better anticipate risks and respond more decisively,” FSCC Chair and BSP Governor Eli M. Remolona, Jr. said. 

The development of a monitoring framework for NBFIs was agreed upon during the 42nd meeting of the FSCC held at the BSP Head Office on 20 August 2025.

The FSCC is composed of the BSP, Department of Finance, Insurance Commission, Philippine Deposit Insurance Corporation, and Securities and Exchange Commission.

During the same meeting, the FSCC also launched its curated database,1 which will support stronger oversight of NBFIs and the entire financial system. 

The curated database is an online platform that allows member-regulators to share information, data, and metrics related to systemic risks. This will help enhance collective supervision.

The FSCC said the Philippine financial system remains to be in a position of strength and reiterated its commitment to maintaining financial stability through responsive regulations.