Philippine central bank introduces new supervisory framework for banks

The Philippine central bank adopted a new supervisory assessment framework for financial institutions, effective Jan. 1, the Philippine Daily Inquirer reported Jan. 8.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the new framework, dubbed SAFr, will help improve the stability of the country's banking system. SAFr replaces the central bank's previous rating systems for local banks and quasi-banks, and foreign bank branches in the country.

The central bank originally announced plans in March 2020 to adopt the framework in July of the same year but delayed it due to the COVID-19 pandemic.