Benjamin E Diokno: Remarks of the Governor Remarks by Mr Benjamin E Diokno, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the Press Conference on Macroprudential Policy Direction and Public Release of the April 2020 FSR, Manila, 23 June 2020. * * * Colleagues, friends from the media, good morning.
In March 2008, we witnessed a significant domino fall in a chain of events that sparked the Global Financial Crisis (GFC) with the collapse and sale of Bear Stearns. March of the following year saw the nadir of the Dow Jones average—a 50% drop from just over a year earlier.