The MOA we have signed today underscores the continuing efforts of the PDIC and the BSP to enhance our respective regulatory and policy frameworks. Equally important, this amended MOA reflects our continuing cooperation to ensure that our joint working arrangements are responsive to the changes taking place in the operating environment of our supervised and regulated institutions.
By contrast, decreases in the manufacturing, construction, and transport, storage & communication sectors mitigated the upturn in the wholesale & retail trade and financial services sectors. The unfavorable development in manufacturing was due mainly to a drop in value added by the Isla refinery due to the prolonged shutdown of the refinery. Also, activities in the ship repair industry shrank.