This is to foster a deeper understanding of risks, gauge market conduct expectations 4/5  BIS central bankers' speeches  and inculcate appreciation for financial inclusion goals. I reiterate this today. On behalf of the BSP and the Monetary Board, I thank the organizers for the opportunity to share our initiatives with you today as we work toward a better Philippines. Mabuhay ang Pilipinas.
In the first quarter of 2007, small BHCs accounted for less than 10 percent of mortgage loan sales by bank holding companies. However, by the second quarter of 2012, these institutions had almost doubled their share, accounting for nearly 20 percent of sales. And, indeed, the net income from selling mortgage loans is attracting some new entrants.