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Philippine and Thai monetary authorities inked inked a memorandum of understanding (MOU) on banking supervision, which they said would provide a “solid foundation for effective supervision of banking institutions operating in both countries”.

 

“The MOU sets out in greater detail the two authorities’ commitment to fostering greater information exchange and cooperation in the areas of licensing, on-site examinations, supervisory colleges, and crisis management,” the Bangko Sentral ng Pilipinas (BSP) and the Bank of Thailand said in a joint statement.

 

BSP Governor Nestor Espenilla Jr. and Bank of Thailand Governor Veerathai Santiprabhob signed the understanding in Bangkok.

 

The Bangko Sentral earlier this year also signed a letter of intent with the Bank of Thailand to begin bilateral discussions in line with the Asean Banking Integration Framework.

 

The framework enjoins Association of Southeast Asian Nations (Asean)-5 countries to hammer out at least one bilateral agreement with another Asean-5 counterpart by 2018.

 

Asean-5 counts Indonesia, Malaysia, Philippines, Singapore and Thailand as members.

 

The framework also targets the conclusion or near conclusion of at least one bilateral agreement for each of the 10 Asean members by 2020.