This basic point was manifest in three important deficiencies of the prevailing regime: the shortcomings of microprudential regulation, the "boundary" problem, and the relatively undeveloped nature of a macroprudential complement to conventional financial regulation.
* * * Ambassador Pruce, Secretary Dominguez thank you for inviting me to be part of this important occasion. Today, the Philippine financial agencies and our UK partners committed to cooperate on areas of mutual interest through this Memorandum of Understanding.