Almost everywhere in the world, direct government intervention in R&D is regarded as a failure. There are two exceptions - Finland and Israel. The Office of the Chief Scientist in our country has been a success - even though it is necessary to continue investigating the factors that are responsible for our success and to draw inferences for possible changes in the future.
I refer in particular to the following circulars the Bangko Sentral ng Pilipinas issued this year:   Circular 678 on Housing Microfinance and Circular 680 on Micro-Agri Loan Products which address the needs of microfinance clients beyond enterprise loans. These circulars give banks the opportunity to expand the range of services they provide their clients, even as they maintain microfinance privileges.