The Philippines was featured in the four-nation Asian Country Showcase that highlighted current developments and future policy directions and initiatives in promoting the development of their financial services industries. The showcase was part of the 6th International Association of Deposit Insurers (IADI) Annual General Meeting and Conference program held recently in Westin Kuala Lumpur, Malaysia. Also featured in the showcase were Indonesia, Malaysia, and Vietnam.

The showcase is aimed at assisting policymakers, financial industry players, researchers and academe in understanding the respective participating countries' policies, initiatives and incentives as well as investment potentials of their financial sectors.

The Philippine presentation, delivered by Ms. Ma. Corazon J. Guerrero, Managing Director of Supervision and Examination II of the Bangko Sentral ng Pilipinas (BSP), highlighted investment opportunities in the Philippine financial system as well as the country's policy directions over the medium-term and priority projects. It also presented initiatives aimed at strengthening financial supervision and consumer protection in the country through the Financial Sector Forum, a high level interagency organization composed of the four financial regulators namely - BSP, PDIC, the Insurance Commission (IC), and the Securities and Exchange Commission (SEC). The PDIC is a founding member of the IADI while BSP is an associate member.

Ms. Guerrero underscored key developments in the Philippine financial system during the first half of 2007. She cited leaner physical network, improved profitability, steady asset growth, growing deposit base, sustained lending activities, improving asset quality, and stronger capitalization as improvements in the banking system.

She encouraged investors to explore options in the Philippine banking sector such as acquisition of up to 60 percent of the voting stock of a domestic bank by a foreign bank, or through the establishment of an offshore banking unit or a representative office.

Ms. Guerrero also reported that the Philippine government is pursuing the necessary key financial sector reforms to promote a dynamic banking system and efficient domestic capital market.

The showcase was attended by over a hundred delegates representing various deposit insurance agencies, the academe, and other members of the financial sector worldwide.