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5 / ADB Asian Development Bank BAP Bankers Association of the Philippines BSP Bangko Sentral ng Pilipinas BTr Bureau of the Treasury DBP Development Bank of Philippines DOF Department of Finance DvP Delivery versus Payment EDGT Electronic Disclosure Generation Technology GSIS Government Service Insurance Systems IC Insurance Commission IHAP Investment House Association of Philippines IMF International Monetary Fund JBIC Japan Bank for International Cooperation MkSE Makati Stock Exchange MSME Micro, Small, and Medium Enterprises MSE Manila Stock Exchange PASBDI Philippine Association of Securities Brokers and Dealers Inc PCHC Philippine Clearing House Corporation PDDTS Philippine Domestic Dollar Transfer System PDEx Philippine Dealing and Exchange Corporation PDIC Philippine Deposit Insurance Corporation PDTC Philippine Depository and Trust Corporation PERA Personal Equity and Retirement Account PhilHealth Philippine Health Insurance Corporation PhilPaSS Philippine Payments and Settlements System PHP Philippine Peso PIRA Philippine Insurers and Reinsurers Association PLIA Philippine Life Insurance Association, Inc PSE Philippine Stock Exchange PSSC Philippine Securities Settlement Corporation iii
6 PvP Payment versus Payment RTGS Real Time Gross Settlement SBC Small Business Corporation SCCP Securities Clearing Corporation of the Philippines SEC Securities and Exchange Commission SME Small and Medium Enterprises SRO Self Regulatory Organization SSS Social Security Systems USD US Dollar NBQB Non-Bank Financial Intermediaries Performing Quasi-Banking Institution iv
7 700km ,000 1,000km 3,000km 5 1 (PST UTC+8) , CIA IMF 1
8 GDP % GDP , GDP (km) ( ) () ( ) ( ) ( ) GDP() ( GDP %) ( ) ( ) 5, , , , ,860, , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,435, , , , n.a. 377, ,498 54,911 43, IMF CIA 2013 Fitch S&P Moody s 2
9 1-03 (2013 ) AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ B B- AA A BBB BB B Moody's Fitch Aaa AAA Aa A Baa Ba B Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1 B2 B3 AA A BBB BB B AA+ AA AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ B B- Bloomberg P 2 P 100 JETRO (2010) 3
10 IMF 2012 GDP 2, , BSP Commission on Filipino Overseas (BSP Bangko Sentral ng Pilipinas) SEC Securities and Exchange Commission IC Insurance Commission 3 SEC BSP PDIC Philippine Deposit Insurance Corporation 4
11 (Financial Sector Forum) 2004 M&A MOU 2001 Anti-Money laundering Act BSP SEC IC Anti-Money laundering Council 1-06 SEC IC 1993 The New Central Bank Act Republic Act No.7653 CBP: Central Bank of Philippines Central Bank Act of BSP Monetary Board 67 (a member of the Cabinet) ,530 1,085Security Plant Complex 762 5,377 BSP BSP (1) (2)(3) 3 5
12 2008 PERA(Personal Equity Retirement Account)BSP 1-07 BSP BSP Securities Regulation Code Republic Act No.8799) ChairpersonCommissioner SEC 3 / //SEC (Financing Company Act of 1998: Republic Act No.8556) SEC SEC 6 Director Assistant Director
13 1-08 SEC SEC 1949 (Bureau of banking) 1949 Republic Act No.275 IC 8 Insurance Code Republic Act No.1460) SEC IC GSIS SSS IC 2009 Pre-need Code Republic Act No.9829Pre-need IC IC Commissioner 6 7
14 IC IC IC (The New Central Bank Act) (Securities Regulation Code) SEC Financing Company Act of 1998 (Insurance Code)Pre-need IC Pre-need Code 8
15 The New Central Bank Act (Republic Act No.7653) General Banking Law of 2000 (Republic Act No.8791) Thrift Banks Act Rural Banks ActCorporation Code of 1980 Basel III 1 Securities Regulation Code (SRC: Republic Act No.8799) (Asian Development Bank: ADB) 2000 SRC SRC 9
16 SEC SEC SEC SRC SRC SEC Investment House Law of 1997 : Republic Act No Financing Company Act of 1998 : Republic Act No.8556 SEC Implementing rules & regulations for OTC markets(2006) Insurance Code (Republic Act No.10607) (Presidential Decree No.612) / IC IC ,000 / / 25/20% IC IC IC 3 ( ) Pre-need Code (Republic Act No.9829) 2009 Pre-Need SEC IC IC Pre-Need Pre-Need 10
17 Pre-Need 2 20%Pre-Need IC IC Pre-Need IC IC 3 Philippine Postal Corporation Philippine Postal Savings Bank 100 SSS Union Bank 19.3 GSIS GSIS Family Bank Manila Standard 2006 GSIS Family Bank Letter of Credit: L/C
18 1-11 L/C BSP Philippine Financial System (%) UBS 2, Deutsche Bank AG CITIC Securities Co Ltd Macquarie Group Ltd Credit Suisse Maybank JP Morgan Standard Chartered Bank Citi Religare Capital Markets Bloomberg PSE PSE 12 PSE 12 12
![1-132013 10 PSE 158 [Foreign Investment Act] 40% 30 Investment House Association of](/docs-images/90/104387772/images/19-0.jpg "Philippines IHAP Philippine Association of Securities Brokers and Dealers Inc ( PASBDI ) 1-14")
19 PSE 158 [Foreign Investment Act] 40% 30 Investment House Association of Philippines IHAP Philippine Association of Securities Brokers and Dealers Inc ( PASBDI ) 1-14 PSE PSE 13
20 Republic Act No.1460) Pre-Need policy memorial 3 Pre-Need Insurance Code Pre-Need Code (Republic Act No. 9829) Pre-Need open-end 2035Philippine Life Insurance Association, Inc (PLIA) Pre-Need Philippine Federation of Pre-Need Plan Co. Inc(PRE-NEED) 69 Philippine Insurers and Reinsurers Association (PIRA) Philippine Daily Inquirer Self-Regulatory Organization status: SRO PIRA IC Emmanuel Que PIRA Philippine Payments and Settlements System (PhilPaSS) Real Time Gross Settlement (RTGS BSP PhilPaSS Logica SWIFT PhilPaSS ATM ATM Delivery versus Payment(DvP) Payment versus Payment(PvP) BSP Non-Bank Financial Intermediaries Performing Quasi-Banking Institution: NBQB(Bureau of the 14
21 Treasury:BTr) PDS PhilPaSS RTGS BSP PhilPaSS , PCHC BSP BTr PhilPaSS (RTGS) BSP PDS PDDTS PCHC Philippine Clearing House Corporation BTr Bureau of the Treasury PDDTS Philippine Domestic Dollar Transfer System BSP PSE SCCP(Securities Clearing Corporation of the Philippines) PDS Philippine Dealing System Holdings Corp. & Subsidiaries Philippine Dealing and Exchange Corporation (PDEx) PDS PDTC(Philippine Depository and Trust Corporation)PDS 15
22 (PSE) PDTC PSE SCCP(Securities Clearing Corporation of the Philippines) PDTC T+3 DvP 2000 PSE PSEtrade PSE PSEtradex EDGE Electronic Disclosure Generation Technology PSE PhilPaSS World Federation of Exchanges PDS 2005 DvP BSP PhilPaSS (BTr Registry)(PDTC ) 16
23 Computershare Technology Services PDS 8% 1-17 PDEx BTr PhilPaSS BTr PDEx BSP 17
24 Foreign Bank Liberalization Act 2000 BSP Circular No BSP PDIC PDIC BSP ,947 20,704 27, ,294 5, ,739 4, ,260 4, Non-stock savings and loan associations (NSSLAs) 71 1,702 1, ,048 2, ,931 2, ,044 9, ,254 11,597 17, ,123 11,456 17, ,267 11,660 17, BSP 18
25 , , BSP Banco de Oro (BDO) Metropolitan Bank and Trust (Metro Bank)1 230 Bank of Philippine Island BPI 8630 BDO 7 China Bank Shoemart SM 2 Metro bank 3 BPI 8 Rizal Commercial Bank RCBC 4 6 Land bank Development Bank of Philippines(DBP) 5 Philippine National Bank (PNB) 2007 ( ) UFJ 2 Citibank HSBC Standard Chartered Bank Deutsche Bank Banco de Oro Unibank 1, Metropolitan Bank and Trust Company 1, Bank of the Philippine Islands Land Bank of the Philippines Philippine National Bank Development Bank of the Philippines China Banking Corp Rizal Commercial Banking Corp Union Bank of the Philippines Security Bank Corp , , BSP 19
26 Gross ,2004 Net BSP BSP 20
27 BSP (Capital adequacy ratio : consolidated basis) BSP The Bankers Association of the Philippines: BAP 21
28 BSP Manila Stock Exchange: MSE 1927 MSE MSE Makati Stock Exchange: MkSE1993 Philippine Stock Exchange: PSE PSEi , PER 22
29 , PSE PSEi PSE 1 Main Board SME Board: Small, Medium, and Emerging Board PSE 1Main Board SME Board EBITDA Earnings Before Interest, Taxes, Depreciation and AmortizationInterest TaxDepreciation and Amortization PSE 23
30 1-28 PSE Philippine Long Distance Telephone Company SM Investments Corporation Ayala Land, Inc SM Prime Holdings, Inc Bank of the Philippine Islands JG Summit Holdings, Inc Ayala Corporation Aboitiz Equity Ventures, Inc Manila Electric Company Universal Robina Corporation Alliance Global Group Inc Aboitiz Power Corporation Banco de Oro Unibank, Inc Metropolitan Bank & Trust Co Globe Telecom, Inc LT Group Inc International Container Terminal Services Inc DMCI Holdings Inc Emperador Inc Jollibee Foods Corporation , PSE PSE delisting Backdoor listing IPO PSE ETF 2014 (Short selling) 2015 PSE PDS 24
31 PSE PDS SEC PSE (critical) 2015 PSE 1-29BP CLEARING FEE TRADING FEE SE 10 None SE None No data No data SE None SE None SE None SE None US$ PSE None SE 10 None No data No data No data SE No data No data SE None None SE None None 20 or SE None No data Rs per of trade depending on the value of the trade SEC ( ) 25
32 Pre-Need Pre-Need open-end N.A N.A N.A N.A N.A N.A Insurance Commission 1-31 Insurance Commission 26
33 ADB GIZ( German International Corporation) 2006 Insurance Memorandum Circular Mutual Benefit Association 1-32 (2012) Swiss Re Sigma No.3/2013 World Insurance in Sun life( 200 ) Pru Life ( 155 ) American Life( 153 ) AXA Life 123 BPI Philam Life ( 115 ) 2 27
34 (2012 ) IC Prudential( 27 ) 2008 Tokio Marine Malayan Insurance Malayan Insurance( 26 ) FEB BPI/MS Insurance ( 17 ) (2012 ) 2, , , , , , , , , , , IC UFJ Philippine National Bank: PNB 28
35 SMBC Banks & Financial Intermediaries JBIC Banco De Oro (BDO) Metropolitan Bank Rizal Commercial Banking Corporation (RCBC) Bank of the Philippine Islands (BPI) Land Bank of the Philippines JBIC JBIC BDO JBIC RCBC BPI JBIC 29
36 BDO JBIC DBP Tokio Marine Malayan Insurance 2008 Malayan Insurance ( 11 ) 1998 FEB BPI FGU BPI/MS Insurance Prudential Guarantee PGA Sompo Japan SSS(Social Security System) GSIS Government Service Insurance System SSS GSIS 1,438, SSS GSIS PhilHealth SSS 60 3, % 7.07% 3.33% GSIS % 12% 9% SSS (PhilHealth) 2, % 1.25% 1.25% NSO 30
37 1995 SSS GSIS Medicare Philippine Health Insurance Corporation : Philhealth 1.25% Social Security Net 401K PERA( Personal Equity Retirement Account ) BSP 31
38 2-01 ( ) ADB T-Bill T-Bond / PDS OTC DvP OTC
39 2-02(PDEx) 6,000 (10 ) 5,000 Dealer 4,000 3,000 Investor 4,313 2,723 2,945 3,175 2,000 1, ,564 1, , ,083 1,440 2,112 2,557 PDS 9 20 PSE Thomas Murray Overall Rating A BSP CAMEL Rating PDEx (2013 ) PDS 33
40 % 30% 2-04 PDEx 3,000 2, ,000 1,500 1, ,557 2,112 1,440 1, PDS PDS (Dealing and Exchange) PDEx (Securities Services) PDTC (Payment and Transfer Services) PSSC (Market Development) PDSA (PSE), 2-05 PSE PDS PSE PDS (PSE 20%) SCCP (PSE 100%) PDEx (PDS 100%) PSSC (PDS 100%) PDTC (PDS 97.7%) PDSA ( ) PSE PDEx 34
41 SEC (Listing) PSE PDS PSE PSE PDS Asset back PSE 2-06 PDS ( ) PDEx SEC Circular No.594 Circular No.688 SEC Implementing rules & regulations for OTC markets(2006) SEC 35
42 1 IC BSP BSP 1 5 BSP % / / 25/20% IC 25% SSS GSIS IC 2 1 SSS GSIS SSS Private Securities PSE ETF 3 (absolute target) 36
43 (turnover) Fixed Income SSS PDS PDS 10 4 Fixed Income 4 4 Fixed Income Buy & hold 3 2 GSIS Investment Policy Guideline President Board Meeting ETF 790 (2013 ) Social Insurance Fund General Insurance Fund Employee Cooperation Fund 40% ETF REIT GSIS Portfolio Management Office Financial management group Investment Committee Research Research Cross-Currency Swap Interest Rate Swap BSP PSE SEC PSE Index 37
44 8 1 GSIS BSP() 38
45 Ayala Corp Ayala Land 2 Bank of the Philippine Islands(BPI) SM Prime SM Banco de Oro(BDO) Fortune Tabacco Philippine Airlines: PAL2010 Fortune Tabacco Philip Morris _JETRO _ 1 25% 15% 39
46 4-01 Ayala Corporation Ayala Land Bank of the Philippine Islands Globe Telecom Manila Water Company Aboitiz & Company, Inc Union Bank of the Philippines Aboitiz Power Corp JG Summit Holdings Cebu Pacific Air Robinson's Bank Robinson's Land Corp Sun Cellular and Degital San Miguel Corp. San Miguel Brewery San Miguel Pure Foods Company SM Prime Holdings SM Department Banco de Oro China Banking Corp Rizal Commercial Banking Corp. Malayan Insurance Co., Inc. Great Pacific Life Assuarance Corp. Philip Morris Fortune Tobacco Philippine Airlines Philippine National Bank Security Bank St. Luke's Medical Center Lopez Holdings Corp. Maynilad Water System Meralco/Manila Electric ABS-CBN HP 40
47 PSE 10%2011 SEC 30% 2012_JETRO 10 Magna Carta (Republic Act No.9501) MSME Micro 3 Small 3 15 Medium Microfinance Small RCBC RCBC Micro 3 9 Small Medium Magna Carta 6 8 Micro Small 2 Medium BSP 50 MSME DTI(Department of Trade & Industry) SEC CDA Corporative Development Authority LGUs(Local Government Units) 3 Micro 2002 Barangay Micro Business Enterprise Act (Republic Act No.9178) 820, ,759 MSME 70 30MSME , , ,123 85, ,636 MSME 3,872,406 2,473, ,778,353 Micro ,642,495 Small ,561 Medium 41
48 MSME , , , Metro bank RCBC MSME MSME 8 9MSME 12 13MSME MSME DBP MSME MSME BSP 1991 Magna Carta MSME BSP MSME DBP 1 SBC DBP 10 42
49 MSME Small Business Guarantee and Finance Company The Guarantee Fund for small and medium Enterprise Small Business Corporation SBCSBC MSME MSME MSME
50 51, CIS n=1156 n=
51 ( ) ( ) BPO ( ) JETRO 45
52 n JETRO (2013) 46
53 1 GDP ,400 1 GDP 2, JBIC
54 48
55 JBIC WTO 4 Trade Policy Review Financial service BSP A SEC Insurance Commission SME SME SBC 3 49
56 Collective Investment Scheme SEC Circular No.594 (Index-based options) SEC PSE SEC ETF REIT SEC SEC SEC 2000 ( Securities Regulation Code) BSP 10 1 (BAP)2011 SEC 6 PSE SEC SEC 1991 Capital Market Development Council(CMDC) 5 2 SEC CMDC BSP, BAP, PSE, IC, PLIA, PIRA, PDS,PASBDI, 50
57 The Capital Market Development Plan (CMDP) SEC (An Institutionally strong and capacitated corporate regulator SSS GSIS Research SEC Learning Resource Center SEC FSA the Hong Kong Securities and Futures Commission Investor Education Center Intuition E SEC 1949 Insurance Commission Insurance Commission Pre-need Code Republic Act 9829 SEC (Insurance Code) 1 24 Manila Bulletin (The Department of Budget and Management) Emmanuel F. Dooc IUAP, PRE-NEED The Capital Market Development Plan (CMDP):Blueprint for Growth and Expanded Contributions of the Philippine Economy : Blueprint 51
58 IC 1 9 SRO PIRA IC PIRA SME MSME Magna Carta MSME MSME MSME MSME MSME MSME SME MSMEBSP DBP JICA SME MSME SBC SBC MSME MSME SBC 150 MSME 2 SBC Benel D. Lagua 52
59 DBP MSME EVP 53
60 54
61 Ben Fung, Jason George, Stefan Hohl, Guonan Ma 2004 Public asset management companies in East Asia Case studies BIS FSI paper World Trade Organization, Trade Policy Review: Philippines (20 and 22 March 2012) Capital Market Development Council, The Capital Market Development Plan International Monetary Fund, Financial System Stability Assessment 2010 IR
62 BSP IC SEC Development Bank of Philippines DBP Small Business Corporation SBC GSIS (Government Service Insurance System) SSS (Social Security System) Rizal Commercial Banking Corporation (RCBC) Metropolitan Bank & Trust Company (MBTC) Bank of Tokyo Mitsubishi UFJ BTMU BAP: Bankers Association of the Philippines (JCCI) PSE: Philippine Stock Exchange (PDEx: Philippine Dealing and Exchange Corporation ) Annex Digital Corporation Wings Collection Corporation JBIC
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