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Philippine, Thailand regulators to cooperate

The central banks of the Philippines and Thailand have entered into a memorandum of understanding on banking supervision. The governors of Bangko Sentral ng Pilipinas and Bank of Thailand have signed the agreement pledging their commitment to fostering greater information exchange and cooperation in the areas of licensing, on-site examinations, supervisory colleges and crisis management. The two central banks said 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 said principles were set by the Bank of International Settlements, an international organization of 60 central banks.

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