The Bangko Sentral ng Pilipinas (BSP) and the International Monetary Fund (IMF) co-hosted the 2024 Systemic Risk Dialogue on Nov. 19-20, 2024, in Mactan, Cebu.
In his welcome remarks, BSP Governor Eli M. Remolona Jr. emphasized the event’s focus on the non-bank financial sector and emerging technological innovations.
Governor Remolona noted the diversity within the non-bank financial sector and its interlinkages with traditional banks.
He described technology as an enabler for the non-bank financial market, redefining consumer demands while being widely embraced by banks.
The Governor also highlighted communication as a critical aspect of addressing systemic risks, cautioning against “false narratives” and stressing the need for proper communication to prevent sharp stakeholder reactions and potential cliff effects.
Audio-visual presentations at the conference revealed that non-bank intermediation has grown significantly since the Global Financial Crisis.
Estimates indicated that non-bank intermediation is now as large as banking intermediation on a global scale.
The presentations also acknowledged the benefits of technology for financial consumers while urging financial authorities to revisit central bank functions in light of technological advancements.
The dialogue brought together senior financial authorities, corporate CEOs, market practitioners, analysts, bankers, economists, and officials from regional and global multilateral agencies.
Structured as a series of coffee-table discussions, the event also featured a keynote address by former Bank of Japan Governor Haruhiko Kuroda.
