The BSP, together with the other government agencies, are firmly committed to continue pursuing sound macroeconomic management and structural reforms to address the challenges ahead. To this end, let us be guided by our shared commitment to serve the general good and by our common desire to make better things happen for the Philippines. Thank you. BIS Review 108/2010  3
For example, the latitude banks had in the disclosure of non-performing assets enabled banks to withhold information, perfectly legally, on the full extent of their problems. As a result, market discipline could only play a limited role. At the same time, measures available to regulators and supervisors were rather limited.