Our intent in framing these guidelines was built around the idea of customer protection. To achieve, the framework has incorporated five core principles, namely Addressing regulatory arbitrage with the introduction of a lender agnostic and activity-based regulation so that all the regulated entities engaged in microfinance pursue the goal of customer protection within a well-calibrated and harmonized set-up.
To address this problem, the BSP has therefore had to constantly sharpen our market surveillance skills, enhance our forecasting models, and widen the breadth of our regional cooperation efforts. I hope the market is able to appreciate this fact and see that we have achieved some amount of success in all these fronts.