Finally, and most importantly from a central banking perspective, stability-oriented macroeconomic policies have been pursued. However, many challenges remain. They can be found on each policy level I have touched upon: global, regional and domestic.
In particular, this may affect the credit and operational risk exposures of banks that would, in turn, translate into profitability and solvency concerns. We also recognize that the BSP has a role to play in the process. In line with this, we have rolled out a two-pronged approach in promoting environmental, social and governance (ESG) principles.