At this point, I will share a number of our initiatives at the Bangko Sentral. Over the years, we at the Bangko Sentral have been working on strengthening governance standards in banks. Among others, proposed directors of banks are subject to the confirmation requirements of the BSP.
*** Today's meeting falls at a tragic time. Our first thought goes to the Ukrainian people, forced to abandon their regular lives, their homes and their land, their families and friends. We grieve the tragic loss of life and massive human suffering that have accompanied Russian military aggression against Ukraine, which threatens the rulesbased international economic and financial system.