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This Report evaluates the Observance of Standards and Codes on the Payment Systems for the Philippines. The assessment confirms that the infrastructure for effective supervision has improved considerably in recent years. Although important gaps exist, compliance is overall quite high. The weaknesses that exist are, however, critical and derive in part from a supervisory structure and its enforcement capacities being out of line with key challenges. Among these are the needs to reorient the framework away from forbearance and liquidity support to one that is based on early problem identification, prompt corrective action, and resolution.

Banks and Banking --- Finance: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- General Financial Markets: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Finance --- Financial services law & regulation --- Banking --- Payment systems --- Core Principles for Systemically Important Payment Systems --- Financial markets --- Financial regulation and supervision --- Basel Core Principles --- Clearinghouses --- Banks and banking --- State supervision --- Philippines

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The Euro system maintains a high level of transparency in all aspects of operations, demonstrating a strong institutional commitment to openness and a high degree of observance of the code. Greater consistency in the disclosure practices of individual National Central Banks (NCBs) will ensure that the conduct of monetary policy, payment system oversight, and the development of financial markets proceed in a uniform basis. Executive Directors suggests that the European Central Bank (ECB) review its current practice of selective and informal public consultation on payment issues.

Banks and Banking --- Finance: General --- Foreign Exchange --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- General Financial Markets: Government Policy and Regulation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Monetary Policy --- Finance --- Financial services law & regulation --- Banking --- Monetary economics --- Currency --- Foreign exchange --- Payment systems --- Core Principles for Systemically Important Payment Systems --- Real time gross settlement systems --- Exchange rate policy --- Financial markets --- Financial regulation and supervision --- Large value payment systems --- Clearinghouses --- Banks and banking --- State supervision --- Monetary policy --- Credit --- Canada

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This paper focuses on a detailed assessment of observance of the Committee on Payment and Settlement Systems (CPSS) core principles for systemically important payment systems in Thailand. This assessment covers the Bank of Thailand Automated High-Value Transfer Network (BAHTNET), which is a real-time gross settlement (RTGS) system. The assessment reveals that there is no explicit legislation for payment systems in Thailand. However, the legal basis for BAHTNET and payment transfers executed in this system is defined by a set of laws, regulations, and contractual arrangements.

Accountability --- Finance and Financial Sector Development --- Financial Regulation and Supervision --- Financial Sector --- Financial Structures --- Insurance --- Macroprudential Policy --- Non Bank Financial Institutions --- Securities Markets Policy and Regulation --- Systemic Risk --- Banks and Banking --- Exports and Imports --- Finance: General --- Public Finance --- Empirical Studies of Trade --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- General Financial Markets: Government Policy and Regulation --- Taxation, Subsidies, and Revenue: General --- International economics --- Finance --- Financial services law & regulation --- Public finance & taxation --- Trade balance --- Payment systems --- Liquidity risk --- Core Principles for Systemically Important Payment Systems --- Legal support in revenue administration --- International trade --- Financial markets --- Financial regulation and supervision --- Revenue administration --- Balance of trade --- Clearinghouses --- Banking --- Financial risk management --- Banks and banking --- State supervision --- Revenue --- Thailand