Another upside is that customers are getting more used to doing things digitally. This opens up opportunities for banks to introduce new products and to reduce costs. On the risk side, it is notable there were no major operational incidents during the pandemic. At the same time, operational and especially cyber risks have clearly increased.
Finally, on behalf of the Monetary Board and our co-workers at the Bangko Sentral ng Pilipinas, I wish all of you a fruitful, meaningful and a hugely successful new year! Marami pong salamat thank you all. BIS Review 3/2006  3