1st issue: migration to Basel III What have we learnt? By far the most significant and broad based reforms at the global level has been the agreement on the Basel III package for bank regulation. This package, which was discussed for over two years, is an attempt to reform the capital, leverage and liquidity regulations on banks reflecting the lessons of the crisis.
Now, it is more exciting because-together with the government-we are promoting digital payments. Of course, the goal is that tax payments will be done digitally. And one vision that we have-that I share with [Finance] Secretary [Benjamin] Diokno-is when the Philippines imports goods, the customs duties are already computed properly while the ship is halfway to the Philippines. So, no more negotiations.