8/18/2019 The Recent Financial Crisis Has Demonstrated the Need to Improve the Effectiveness of Macro

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8/18/2019 The Recent Financial Crisis Has Demonstrated the Need to Improve the Effectiveness of Macro

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 The fnancial crisis and the way the governments chose to save the

banks by laying the burden on taxpayer shoulders while exercising austerity

policies, triggered a cycle o discussion over many crucial issues.

t is expedient to amend and consolidate orthwith the prevailinglegislation relating to banks and fnancial institutions and make it timely inorder to promote the trust o the general public in the overall banking andfnancial system o the country and protect and promote the rights andinterests o depositors, provide )uality and reliable banking and fnancialintermediary services to the general public through healthy competitionamong banks and fnancial institutions, minimi'e risks relating to the bankingand fnancial sector, boost and consolidate the economy o the "tate o *hilippines by liberali'ing the banking and fnancial sectors and makenecessary legal provisions relating to the establishment, operation,

management and regulation o banks and fnancial institutions.