On the whole, there are clear indications of continuity of key reforms under the new administration. As the economy recovers and gradually returns to normalcy, the BSP is mindful that the extraordinary measures will need to be scaled back.
These provide a framework for supervisors to assess the degree of risk transfer and mitigation under both normal and more stressed market liquidity conditions. •  Fourth, Basel II seeks to advance comprehensive stress testing frameworks and provides a clear benchmark for what stress testing is intended to achieve.