Manila, March 27 -- The country's financial system continued to be resilient and stable despite global headwinds driven by geopolitical tensions and policy shifts, the Financial Stability Coordination Council (FSCC) said.

The FSCC is an inter-agency council composed of the Bangko Sentral ng Pilipinas (BSP), the Department of Finance (DOF), the Insurance Commission (IC), the Philippine Deposit Insurance Corporation (PDIC), and the Securities and Exchange Commission (SEC).

In its 2024 Financial Stability Report (FSR) released on Thursday, the FSC said factors that contributed to the stability include declining inflation, robust output growth, and ample international reserves.

The report noted that banks have high capital buffers and ampl...