Second, I will give an overview of the Philippine macroeconomic developments, followed by a snapshot of the condition and performance of the Philippine banking system based on the latest available data. I will also discuss the evolving banking system landscape and reform agenda. Let me conclude this presentation with some key takeaways.
The creation of the European Systemic Risk Board (ESRB), nine years ago, was a milestone in this respect. In sum, First, financial stability is inherent to the mandate of central banks; Second, microprudential supervision is essential but not sufficient to safeguard financial stability.