Moreover, when we looked at the loan-level data we saw a clear correlation between "low-doc" or "no-doc" lending and performance problems, particularly early payment defaults. That is why we have proposed to complement a broad requirement to assess repayment ability with a specific requirement to verify the income or assets a lender relies on to make a credit decision.
Benjamin E Diokno: Managing risks, sustaining momentum, improving lives Speech by Mr Benjamin E Diokno, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the Launch of Financial Stability Report for the 2nd Semester of 2021, Manila, 1 February 2022. * * * Ladies and gentlemen, friends from the media, good morning.