2008 and the Philippine Policy Responses
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1 Financial Crisis of 2008 and the Philippine Policy Responses
2 Global Financial Crisis March Bear Stearns fails July Wall Street plunges FDIC bails out large US banks (IndyMac, Washington Mutual, Wachovia)
3 Global Financial Crisis Sept Lehman Brothers fails US government bails out Fannie Mae, Freddie Mac and AIG
4 Global Financial Crisis Oct Bailout of UK banks (Royal Bank of Scotland, HBOS and Lloyds TSB) Nov to Dec Germany, Denmark, Ireland, Sweden,Italy, Britain, Eurozone, Japan, Hongkong and the US in recession
5 Policy Responses to Global Crisis 1. Central Bank (Bangko Sentral ng Pilipinas Reclassification of Financial Assets from Held for Trading or Available for Sale to the Held-to- Maturity (HTM) or Liquidated Debt Securities classified as Loans categories. - Effective July 1.
6 Policy Responses to Global l Crisis i Price of ROPs* from June 08 to June 09 * Republic of the Philippines
7 Policy Responses to Global l Crisis i Price of ROPs* from June 08 to June 09 * Republic of the Philippines
8 Policy Responses to Global Crisis Amendment of PDIC Charter Oct Bills filed in House of representatives to Dec 2008 and Senate to increase the Maximum Deposit Insurance Coverage (MDIC)
9 Policy Responses to Global Crisis March 4, Congress approved joint version of PDIC Charter amendments April 29, Signed into law by the President of the Philippines June 1, Charter Amendments took effect
10 Policy Responses to Global Crisis Amendments to the PDIC Charter Increase in the Maximum Deposit Insurance Coverage (MDIC) from P250,000 to P500,000 Institutional Strengthening Measures 1. Explicit authority to determine insured deposits 2. Authority to conduct special bank examination 3. Authority to examine deposit accounts of ailing banks 4. Modified immunity from suit
11 Policy Responses to Global Crisis Amendments to the PDIC Charter Financial Strengthening g Measures for PDIC 1. Tax benefits for PDIC 2. Flexibility to adjust maximum deposit insurance coverage (MDIC) in case of systemic threats as determined by the Monetary Board. The adjustment in the MDIC is determined by a unanimous vote of the PDIC Board and subject to approval by the President of the Philippines 3. Capability to Issue Bonds with sovereign guarantee.
12 Philippine i Setting Dec Banks collectively known as Legacy Banks were placed under PDIC receivership - Total Amount of Deposits at P14.0B (approximately US $289.12M) 0.33% of total deposits in the system - Total No. of Deposit Accts. at 134, % of total number of Deposit Accts (32.76M) - Not related to Global Crisis - Problems of Legacy banks antedated Global Crisis
13 Responses to Domestic Challenge Dec PDIC fine tunes proposals to Charter onwards change to include institutional strengthening measures - Lawmakers included in the statement of policy that the State should strengthen the mandatory deposit insurance coverage system to generate, preserve, maintain faith and confidence in the country s banking system, and protect it from illegal schemes and machinations.
14 Responses to Domestic Challenge Jan House Committee on Banks starts inquiry on Legacy Banks in aid of legislation Feb Senate also conducts inquiries on Legacy Banks March Legacy Hearings continue Feb PDIC starts reengineering of onwards process and systems to address the unprecedented number of depositors of the closed Legacy Banks and sizeable amount of payouts
15
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