Meanwhile, Philippine banks continue to be well-capitalized. On both solo and consolidated bases, the capital adequacy ratio of our banks remains well-above the BSP’s standard of 10 percent  BIS central bankers’ speeches  1  and the BIS’s standard of 8 percent. Likewise the adoption of Basel 3 in 2014 is expected to strengthen further the financial system.
The point I would like to emphasise is that such a comprehensive assessment focusing on sustainability is clearly in the interests of the country concerned and not, as is sometimes portrayed, an arbitrary consideration, intended to make entry to the euro area more difficult.