In January last year, for instance, the Bangko Sentral adopted revised guidelines under Circular 749 and 757 to strengthen governance standards that have been largely patterned after the paper on “Principles for Enhancing Corporate Governance” by the Basel Committee on Banking Supervision (BCBS). The BSP also adopted rules under Circular 747 to strengthen banks’ compliance systems.
The SARB’s forecast as contained in the MPC statement released in July 2014 shows inflation peaking at an average rate of 6,6 per cent in the fourth quarter of this year and returning to within the target band during the second quarter of 2015. Inflation is expected to average 6,3 per cent in 2014 and 5,9 per cent in 2015.