Confident of the benefits of prudent borrowing and lending we those in this room – the PFAI the Bangko Sentral ng Pilipinas and other players in the industry, laud the practices’ crucial and indispensable role in national development.
In regard to current macroeconomic developments, at the very start I wish to emphasise that in the period since our previous Report, we have seen the materialisation of some of the key risks to the projection which originate from factors from the international environment and which we underscored at the time.