MANILA, Philippines—The Philippine central bank’s strengthened rules governing the country’s savings and loan associations were expected to improve the soundness and stability of these financial institutions, several of which ran into risks associated with weak corporate governance.
At an online press briefing, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said these enhanced regulations promote the value of a strong board of trustees and board-level committees coupled with effective control functions, with the board expected to oversee the implementation of effective risk governance and management systems.
“Effective corporate governance is the foundation of safe an…
Keep on reading: BSP sees more stable savings, loan associations under tighter rules