In their place, a new 1/4  BIS central bankers' speeches  standardised approach has been introduced, which combines simplicity and risk sensitivity. We agree with the Basel Committee on Banking Supervision and the EBA on the design of this approach – we recognise the benefit of including past losses in the new standardised approach to make it risk sensitive.
* * * On behalf of the members of the Monetary Board and my colleagues at the Bangko Sentral ng Pilipinas, I thank the heads and the representatives of the LGUs here in Metro Manila, our fellow workers in government, and other distinguished guests, for joining us today to launch our latest project under our National Strategy for Financial Inclusion.