These risks notwithstanding, In June 2017, Moody’s affirmed its stable outlook on the Philippine banking system citing our: (1) robust real GDP growth; (2) broadly stable bank asset quality; (3) high capital buffers and loan-loss provisioning; (4) the banking system remaining fully deposit funded; and (5) high proportion of liquid assets held by banks. This is a good indication.
Increased regulatory compliance  In discussing the benefits of credit unions, I am mindful of the increasing need for regulatory compliance globally and we in the Pacific are no different. Ladies and gentlemen, I know you will agree with me that credit unions have evolved over time.