MANILA - The Bangko Sentral ng Pilipinas said Monday Governor Nestor Espenilla Jr signed with his Thai counterpart a memorandum of understanding on banking supervision.
According to the agreement, the 2 Southeast Asian monetary authorities pledged their "commitment to fostering greater information exchange and cooperation in the areas of licensing, on-site examinations, supervisory colleges, and crisis management."
Espenilla and Bank of Thailand Governor Veerathai Santiprabhob signed the MOU in Bangkok last Sunday, the BSP said in a statement.
"The MOU serves as a solid foundation for effective supervision of banking institutions operating in both countries in accordance with the principles set out in the Basel core principles for effective banking supervision," the agreement read.
The said principles were set by the Bank of International Settlements, an international organization of 60 central banks.