From the five items I enumerated earlier, it is clear that financial stability crosses the three pillars of central banking. To close that “divide”, the FSComm is set at the highest level at the BSP, with the main committee manned by the three deputy governors and 3 of the most senior officers of the BSP… I have the pleasure of directly overseeing this committee.
Closing remarks: market conduct ensures reform success I have given you some of the guideposts, or mile markers on the road to financial stability – as we see it in the BSP. The BSP can put out regulations and create the enabling regulatory environment… but, after everything is said and done, it is the market that will execute transactions.