Finally, on behalf of the Monetary Board and our co-workers at the Bangko Sentral ng Pilipinas, I wish all of you a fruitful, meaningful and a hugely successful new year! Marami pong salamat thank you all. BIS Review 3/2006  3
The plausible reasons for such a responsibility are the major elements contributing to financial stability, namely, the oversight of the financial infrastructure, in particular payments systems; regulation and supervision of financial institutions; crisis management and provision of liquidity; and macro financial stability encompassing monitoring not only the behaviour of all important players in the financial sector but also non-financial sector balance sheets as well as that of the governments.