When compared with other regional blocs or other countries in the world, ASEAN is well-documented to have a higher saving rate relative to GDP. Cross-border portfolio flows data confirm, however, that ASEAN minimally invests into ASEAN. Thus, an important opportunity of an integrated ASEAN market is the re-channeling of regional savings back into ASEAN. What do all of these mean for Philippine banks?
The integrity of directors and those who determine or co-determine policy at financial institutions has traditionally been verified by the integrity test. The trustworthiness of an enterprise’s top management should be beyond doubt. In 2007, DNB conducted integrity tests on 1578 persons responsible for determining policy. Not one of them failed the test, although 58 candidates withdrew their application.