Fifth, the introduction of a stability and growth pact will safeguard the fiscal convergence that has been achieved during recent years, when EU Member States started to bring down fiscal deficits in order to meet the Maastricht criteria.
In addition, with BSP’s strengthened capability to supervise the financial system, we are also able to supervise money service businesses, credit granting businesses, and payment system operators. Moving forward, we will be even more proactive in promoting a regulatory environment that enables growth and innovation among banks but at the same time enhances their ability to manage risks—all with the Filipino people in mind.