The process of private sector debt workout is also advancing. The ECB’s Comprehensive Assessment has accelerated the crucial step of acknowledging and provisioning for NPLs. What is now key is that, where necessary, those NPLs are further restructured through more efficient insolvency proceedings or removed from banks’ balance sheets altogether.
Amando M Tetangco, Jr: Infrastructure, inclusiveness, institutions – raising the Philippines to the next level Speech by Mr Amando M Tetangco, Jr, Governor of Bangko Sentral ng Pilipinas (the central bank of the Philippines), at the Philippine Economic Briefing, Manila, 30 September 2014.