RP ranks high in fin’l systems standards
The Philippines placed 26th among 81 countries surveyed in terms of financial systems standards but was still at the bottom half of the list in the business indicator index, a recent report of eStandards Forum of the U.S. Financial Standards Foundation showed.
Based on the forum’s 12 Key Standards for Sound Financial Systems, the country’s compliance level was scored at 52.50 reflecting medium overall compliance, which brings the Philippines to the 26th place of 81 countries reviewed.
The 12 Key Standards for Sound Financial System are: Macroeconomic Policy & Data Transparency, data dissemination, transparency monitoring policy, transparent fiscal policy; Institutional Market Infrastructure, insolvency, accounting corporate governance, auditing antimony laundering, payment
systems; Finance Regulation Supervision, banking supervision, securities regulation, insurance supervision.
The eStandards Forum, which also reviews the Business Indicator Index, also reflects the country’s political, economic and business model versus an ideal best-practice benchmark.