As regard the prudential regulatory framework for the banking system, we have come a long way from the administered interest rate regime to deregulated interest rates, from the system of Health Codes for an eight-fold, judgmental loan classification to the prudential asset classification based on objective criteria, from the concept of simple statutory minimum capital and capital-deposit ratio to the risk-sensitive capital adequacy norms – initially under Basel I framework and now under the Basel II regime.
And to all our Forum participants from overseas, I welcome all of you to our country on behalf of the Bangko Sentral ng Pilipinas and other Philippine institutions represented here today. Ladies and the gentlemen, this is the first time the Philippines is hosting this Forum on Asian Insolvency Reform, and we are privileged to do so.