The financial sector reform, which commenced in 2000, contributed to a sound and prudently managed financial system and aided economic growth. The sound and prudent management of our financial institutions is reflected by the high capital adequacy ratios, a liquid banking system, low level of non-performing loans, and funding of loans by the banking system from deposits rather than from borrowings from overseas.
In other words, ladies and gentlemen, through our collaboration, we have become agents of stability and of positive change – change that improves the system to be more accessible, safer, more equitable and more beneficial to every Filipino. Indeed, the Philippines has registered uninterrupted economic growth for 69 quarters now.