The Bangko Sentral ng Pilipinas (BSP) will release a new book next year titled “Risk and Resilience in the Philippine Financial System: How Much Has Changed?”
The book will chronicle major financial crises that shaped the country’s financial system, the measures taken to address them, and lessons learned along the way.
Ahead of the release, the BSP held a closing conference at the BSP Head Office in Manila on 04 November 2025. The conference included discussions on major crises, including the 1997 Asian Financial Crisis, the 2008-2009 Global Financial Crisis, and the Covid-19 Pandemic, and other financial crisis episodes. These events, along with the major policies they inspired, will be featured in the book.
According to BSP Governor Eli M. Remolona, Jr., the narrative from the people who were on the ground during those difficult times will “help us understand past crises and respond better to the next one.”
Former BSP Governor Amando M. Tetangco, Jr., who served the BSP for over four decades, including as Governor from 2005 to 2017, added that “every crisis pushed us to reflect, reform, and rebuild the foundations of our financial system.”
These reforms included the passage of the New Central Bank Act of 1993, which gave the BSP a clear mandate for price and banking stability, its later amendments that provided the BSP with an explicit financial stability mandate, the BSP’s adoption of risk-based supervision under the Basel Accords, and the creation of the Financial Stability Coordination Council to manage systemic vulnerabilities.
The conference brought together leaders from the BSP, academia, financial sector including:
- Monetary Board Members Benjamin E. Diokno, Romeo L. Bernardo, Rosalia V. de Leon, Walter C. Wassmer, and Jose L. Querubin; and BSP Deputy Governors Bernadette Romulo-Puyat and Lyn I. Javier
- Book Project Team: Book Project Editors Ramon Moreno and Assistant Governor Veronica B. Bayangos; University of the Philippines School of Economics Professor Emeritus Dante B. Canlas; Former BSP Deputy Governor Diwa C. Guinigundo; Senior Assistant Governor Johnny Noe E. Ravalo; Managing Director Dennis D. Lapid; Principal Researchers Faith Christian Q. Cacnio, Benjamin E. Radoc, Jr., and Hazel C. Parcon-Santos; Deputy Director Elisha G. Lirios; and Research Associate II Jose Adlai M. Tancangco
- University of the Philippines School of Economics Professor Maria Socorro Gochoco-Bautista, and Philippine Institute for Development Studies Emeritus Research Fellows Mario B. Lamberte and Josef T. Yap
- Presidents, Roberto B. Tan, Jose Teodoro K. Limcaoco, Nestor V. Tan, Reginaldo Anthony B. Cariaso, and Oscar Enrico A. Reyes, Jr. of the Philippine Deposit Insurance Corporation, Bank of the Philippine Islands, BDO Unibank, Inc., Rizal Commercial Banking Corporation, and GXchange, Inc., respectively
Back row, from left: BSP Deputy Director Elisha G. Lirios, Principal Researchers Benjamin E. Radoc and Hazel Parcon-Santos, Research Associate Jose Adlai Tancangco, Philippine Institute for Development Studies Emeritus Research Fellow Mario B. Lamberte, University of the Philippines School of Economics Professor Emeritus Dante B. Canlas, Principal Researcher Faith Christian Q. Cacnio, BSP Book Project Co-Editor and Assistant Governor Veronica B. Bayangos, and Rizal Commercial Banking Corporation President Reginaldo Anthony B. Cariaso