I am glad therefore that BAIPHIL is up to this challenge. Under the leadership of its immediate past president Rhoneil Fajardo, BAIPHIL adopted for its theme “Building Capacity Towards Financial Inclusion and Integration.” This reflected the industry’s efforts in support of the BSP’s thrust to develop an inclusive financial system to promote inclusive growth and long-term stability. And you walked your talk.
Moreover, this conference comes at a most critical and opportune time. As you are aware, the current structure of regulatory bank capital standards is under the most intense scrutiny since the deliberations leading to the watershed Basle Accord of 1988 and the FDIC Improvement Act of 1991.