At present, the economy is at a critical juncture and could either start to grow again or, if it fails to gain momentum, start shrinking. Fortunately, the deceleration of overseas economies appears to have ended and exports are thus expected to start recovering soon.
In particular, the PDIC and the BSP signed the original MOA on Bank Examination on October 11, 2005… which created the overall framework for our institutions to supervise banks through, among others, … the conduct of on-site examinations, jointly or independently. While the original MOA has served us well, we recognized the need to align it with current supervisory procedures, practices and requirements.