I think it is fair to say that this approach, with the attendant governance and risk management frameworks that guide its implementation, has also been vindicated by events arising from the global financial crisis in that central banks have not suffered significant losses of capital despite the dramatic falls in value of many different classes of financial assets on world markets.
This can support the long-term financing requirements of corporates and the Government, particularly with the “Build, Build, Build” program roll out. As you know, the BSP, in collaboration with the SEC, DOF and the Bureau of the Treasury (BTr) is working on a package of initiatives to be rolled out in a sequenced approach to ensure smooth implementation.