Later on, Deputy Governor Diwa Guinigundo will have a power point presentation that will explain our liberalized guidelines. Please note that our rediscounting facility also covers microfinance loans, in accordance with our inclusive banking policy. In particular, I am pleased to report that as of September 2008, outstanding microfinance loans of over 220 banks to about 886,000 households have reached nearly P7 billion.
Raising the retirement age would significantly advance the sustainability of the system. The delay arisen is therefore regrettable. Financial stability hinges on international agreements and coordination. Major progress has been realised both globally and within Europe. Nonetheless, plenty of room for improvement remains. Authorities need wider powers to acquire or relaunch flailing institutions.