Thank you for joining the Financial Stability Coordination Council (FSCC) as we mark an important milestone. Today, the FSCC – composed of the Bangko Sentral ng Pilipinas (BSP), the Department of Finance (DoF), the Securities and Exchange Commission (SEC), the Insurance Commission (IC), the Philippine Deposit Insurance Corporation (PDIC),– is proud to issue the 2017 Financial Stability Report (FSR).
Last November, we asked the public about possible actions the Federal Reserve could take to support interbank settlement of faster payments.3 We received more than 350 comments on a Federal Reserve faster payment service, representing nearly 800 organizations. Fully 90 percent of these comments called for the Federal Reserve to operate a real-time service for faster payments.