As of end-September 2020, the capital adequacy ratio of universal and commercial banks was at 16.8 percent on a solo basis, and 17.2 percent on a consolidated basis. This is much higher than the BSP’s 10 percent standard and the Bank for International Settlement’s 8 percent standard.
The European Commission is preparing guidance on what might constitute equivalent supervision by third countries. In preparing this guidance, committees working under the auspices of the Commission convened a technical group comprised of member state supervisors to provide input on issues to be taken into account in verifying equivalence.