Benjamin E Diokno: Accounting as the language of business - some perspectives from the Bangko Sentral ng Pilipinas Speech by Mr Benjamin E Diokno, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the First National Summit of CPAs in Commerce and Industry (NSCCI), Manila, 30 January 2020.
While the more adverse of these scenarios in particular would be expected to result in significant losses, the system in aggregate has sufficient capital to absorb such losses and continue to support firms and households.