The Bangko Sentral ng Pilipinas (BSP) released its new publication Risk and Resilience in the Philippine Financial System: How Much Has Changed on 3 July 2026, coinciding with the central bank’s 33rd anniversary celebrations at its Manila headquarters.
This 306-page book traces the country’s major financial stress episodes from the 1980s through the 2020s, analyzing both the buildup of risks and the outcomes of policy responses across key events: the 1980s “Lost Decade” debt crisis, the 1981 Dewey Dee default widely seen as the first systemic financial market shock, the 1997–1998 Asian Financial Crisis, the 2007–2009 Global Financial Crisis, and the economic disruptions brought by the COVID-19 pandemic from 2020 to 2023. Compiled by editors Ramon Moreno and Veronica Bayangos, the work draws on decades of experience to identify factors that strengthened or weakened the financial system over time, aiming to translate historical lessons into practical guidance for safeguarding future stability.
BSP Governor Eli M. Remolona, Jr. emphasized that studying past crises helps challenge overly optimistic assumptions, spot emerging risks sooner, and craft more effective responses to future shocks, noting that both hard data and the stories behind these events carry critical value. Co-editor and Assistant Governor Bayangos added that the publication frames crisis experiences as actionable policy takeaways, demonstrating that lasting resilience comes from continuous reform, fiscal discipline, and consistent learning. Co-editor Ramon Moreno, a BSP consultant, highlighted the country’s progress in building safety buffers—including lower debt levels, larger foreign reserves, and a more robust banking sector—but warned that recent strains have diminished some of these gains, making further fiscal consolidation and growth-focused measures essential moving forward.
The launch event gathered key contributors including former central bank officials, academic experts, and senior researchers, alongside Monetary Board members, leaders from the Financial Stability Coordination Council, Philippine Deposit Insurance Corporation and Securities and Exchange Commission heads, former BSP governors, industry executives, and other distinguished guests. A full digital version of the book is available for public access at https://www.bsp.gov.ph/Pages/FinancialStability/Risk-and-Resilience-in-the-Philippine-Financial-System/Main.aspx.
