Philippines central bank joins financial stability council

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The Central Bank of the Philippines, along with the department of finance and three other domestic regulators, has signed up to the Financial Stability Co-ordination Council (FSCC), which will convene to "identify, manage and mitigate the build-up of systemic risks".

The FSCC was first mooted in January 2011 and today its members signed the memorandum of agreement that brings it into existence.

This new institution should not be confused with the central bank's Financial Stability Committee (FSC

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