I mentioned briefly investment in financial intermediaries as an area where euro area investors have been particularly active. In fact, euro area banks and financial institutions have been the most important investors in the respective banking sectors, contributing to financial development in the region. Let me now turn my attention to the use of the euro in the region.
I share the recognition you are giving me today with my colleagues at the Bangko Sentral ng Pilipinas and the Monetary Board whose members include Finance Secretary Sonny Dominguez, former DBP Chairman and CEO Freddie Antonio, former Economic Planning Secretary and Economics Professor Phillip Medalla, former BSP Deputy Governor and General Counsel Andy Suratos, former BSP Deputy Governor and General Counsel Jun de Zuniga, and former PDIC President Val Araneta.