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$864,093.00 (Project budget includes all project-funded activities)
Last Updated Date
Jul 24, 2023
Project Estimated Start Date
May 19, 2022
Project Estimated End Date
Jun 30, 2024
Project Description
The Project will provide technical assistance to the Transition Group (TG) of the Open Finance Oversight Committee. This assistance will support this TG in defining operational rules, standards and guidelines for open finance arrangements in line with the framework laid out by the Bangko Sentral Ng Pilipinas in Circular 1122.
Development Results
The program will assist the Philippines industry in the development of their open finance arrangements in line with the BSP policy objectives of enhancing financial inclusion and sector innovation.
Indicator
Cumulative
Number of entities that implemented recommended changes
0
Number of recommended procedures/firm-level policies/practices/standards that were improved or eliminated
0
Number of entities receiving advisory services
0
Number of participants in workshops, training events, seminars, conferences, etc.
0
Number of procedures/firm-level policies/practices/standards recommended for improvement or elimination
0
Number of reports (assessments, surveys, manuals, Phase I/strategic option reports, research, analytical, evaluations, etc.) completed
0
Number of women participants in workshops, training events, seminars, conferences, etc.
0
Number of workshops, training events, seminars, conferences, etc.
0
E&S Risks / Impacts and Mitigation
Performance Standard
Description and Potential Impact
Mitigation
Performance Standard 1: Assessment and Management of Environmental and
Social Risks and Impacts
As part of its Due Diligence, and as mandated by IFC Sustainability
Policy, IFC team has screened this project to assess consistency with IFC's
Performance standards. Environmental and social risks will be further reviewed
throughout the life-cycle of the project.
IFC advice will be provided in a manner consistent with the principles
of the relevant Performance Standards. The IFC team will assist the client, as
final decision maker, in gaining a good understanding of IFC's Performance
Standards, and provide recommendations for appropriate mitigation measures
whenever warranted.
Press-Release
Additional Documents
Similar Projects
This Summary of Advisory Services Project Information (ASPI) is prepared by IFC to disclose a factual summary of the main elements of this advisory services project. It may also include findings and recommendations related to environmental and social considerations regarding this project. The purpose of the ASPI is to enhance the transparency of IFC's activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the client. IFC considers that this ASPI is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed within sixty days of project's approval and may be updated periodically afterwards. Total budget and start dates are estimates only. The following ASPI is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.
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