Early adopter: Philippines set to introduce Basel III by start-2014
Despite most western countries not implementing the final stage of Basel III until 2019 the Philippines’ banking industry is gearing up to meet the full capital standards by the start of 2014. Banks are in a strong position to comply but challenges remain
Basel III was formulated as a direct response to prevent another financial crisis occurring within the global banking system. However, the last financial crisis in Asia occurred in 1997. Since then, governments in the region and their financial regulators have undertaken measures which have meant Asian banks have emerged from the last global financial crisis of 2007–08 relatively unscathed.
Basel III introduces a complex package of reforms designed to improve the ability of bank capital to
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