01830cas a2200253 a 4500 AALejournalIMF021738 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513576763 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Monetary and Capital Markets Department. Philippines : Financial System Stability Assessment-Press Release and Statement by the Executive Director for the Philippines. Washington, D.C. : International Monetary Fund, 2021. 1 online resource (71 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students GDP contracted by 9 1\2 percent in 2020-a much steeper decline than during the Asian Financial Crisis (AFC)-but it is now recovering with the easing of containment measures and economic policy support. Banks are closely connected to the corporate sector through high credit exposures and conglomerate ownership linkages. The Financial Action Task Force (FATF) may list the Philippines as a jurisdiction with serious Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) deficiencies in 2021. The country is also vulnerable to climate change (physical) risks, especially the destruction of physical capital from typhoons. Mode of access: Internet Philippines imf IMF Staff Country Reports; Country Report ; No. 2021/074 Full text available on IMF http://elibrary.imf.org/view/journals/002/2021/074/002.2021.issue-074-en.xml IMF e-Library