Which Basel Accord requirements must be reflected in Philippine banking regulations?

The Basel III Framework very clearly summarizes the requirements for any bank that would like to take advantage of the best practices that the Basel committee sees as a mandatory requirement in order to continue doing banking in a safe and limited risk manner.

To quote from the framework:

"Basel III" is a comprehensive set of reform measures, developed by the Basel Committee on Banking Supervision, to strengthen the regulation, supervision and risk management of the banking sector. These measures aim to:

• improve the banking sector's ability to absorb shocks arising from financial and economic stress, whatever the source
• improve risk management and governance
• strengthen banks' transparency and disclosures.

The reforms target:

• bank-level, or microprudential, regulation, which will help raise the resilience of individual banking institutions to periods of stress.
• macroprudential, system wide risks that can build up across the banking sector as well as the procyclical amplification of these risks over time.

Source: International regulatory framework for banks (Basel III)

The laws that would need improving start with the paid-up capital requirements, and better risk control for the loan and deposit portfolios.

BSP's banking regulation department are the ones supervising the updates in the law, especially for more comprehensive reporting and disclosures.