For instance, the Financial Stability Forum, for instance, was created in the aftermath of the Asian financial crisis, comprising members as major countries, international financial institutions such as BIS and IMF and the international standard setters such as International Organisation of Securities Commissions (IOSCO) and International Association of Insurance Supervisors (IAIS).
The International Monetary Fund (IMF), World Bank (WB), and Asian Development Bank (ADB) share these expectations. In fact, all three forecast that the Philippine economy will grow by about 6.2 to 6.5 percent this year. The bold reforms and initiatives in the past three years have prompted the government to capitalize on and sustain these gains.