The government has reassured that the country has a favorable growth momentum and strong employment numbers.

"The task now is to best prepare for the onshore effects of the global spillovers," Bangko Sentral ng Pilipinas Governor Felipe Medalla said during the 31st Financial Stability Coordination Council meeting recently.

The governor highlighted the challenging global market environment, driven by oil volatility, inflation, and rising interest rates.

Moreover, the Council also acknowledged that the challenges to financial stability are broad and reiterated its continuing coordinated efforts.

Medalla convened the FSCC as the new council chairman.

Earlier, the FSCC touted the strength of the country's economic recovery while expressing wariness toward key external challenges.

The council said that the Philippine situation is significantly different from the rest of the world.

Moreover, it also said that growth in the country is driven by current consumer purchasing power and by economic investments for the future, and these place the Philippines in a position of strength in facing fast-evolving shocks in the global market.

The FSCC is an interagency council where principals from the BSP, Department of Finance, Securities and Exchange Commission,

Insurance Commission and the Philippine Deposit Insurance Corp. convene quarterly to assess possible systemic risks and to decide appropriate macroprudential policy interventions.

It is the venue for financial market authorities to identify, monitor, manage and mitigate the build-up of systemic risks in the Philippine financial system. The National Treasurer is also an active participant in FSCC discussions and is a special member of the executive committee.