Manila paves way for capital adequacy changes

The Philippines central bank said on Wednesday it would put in place a new credit rating mechanism for banks opting to increase capital through promissory notes instead of direct cash infusions from shareholders.

The central bank is due to shift to the Bank for International Settlements (BIS) approach to a risk-based capital adequacy framework for commercial banks, following the enactment of a new General Banking Act this year. "This means that banks can issue long term promissory notes to add

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