Philippine financial regulators will begin a comprehensive mapping of corporate linkages across the economy next year, as regulators watch property prices and credit growth, the Financial Stability Coordination Council (FSCC) said.
The inter-agency body, chaired by central bank governor Eli Remolona, made the project a priority for 2026 after concluding that tighter connections among conglomerates, lenders and capital markets can amplify stress in a downturn.
The mapping is meant to identify contagion pathways and hidden concentrations of risk, the council said after its 43rd executive committee meeting in Manila recently.
Officials are also drafting a coordinated response protocol setting out how agencies share data and act jointly if systemic strains emerge, seeking to avoid fragmented decision-making during market disruptions.
The council did not give a timeline for publishing the mapping results.
In its latest stability assessment, the FSCC said the banking sector remains resilient, supported by strong capital buffers, healthy liquidity and loan-loss provisions.
Council stress tests showed lenders’ capital adequacy ratios would stay above regulatory minima even under adverse scenarios.
But the FSCC cautioned that risks are increasingly shaped outside the traditional banking perimeter.
It said ties between non-financial corporations and the financial system have deepened, reflecting corporate borrowing and cross-holdings that link banks, debt markets and large business groups.
Vulnerabilities tied to those connections are being influenced by housing-market trends and leverage in both corporate and household balance sheets.
As part of its capital-market push, the FSCC is working on a standardised bond pricing convention to improve price discovery and liquidity in the local debt market, and is refining open-market operations to make policy implementation more efficient.
The push follows earlier FSCC efforts to deepen corporate bond markets and close data gaps.
The FSCC brings together the Bangko Sentral ng Pilipinas, Department of Finance, Insurance Commission, Philippine Deposit Insurance Corp and Securities and Exchange Commission to monitor and manage systemic risks.
