The Bank of Italy is committed to strengthening regulatory defences; supervisory action is aimed at both individual banks and at particular problem areas. The work of the Banking and Financial Ombudsman strengthens individual protection, but a decisively proactive approach on the part of the banks is needed, turning organizational measures aimed at ensuring compliance with rules and provisions into an effective strategic choice.
And short-term external debt-to-foreign reserve ratios have remained healthy in recent years. All that said, you may be asking yourself, what can go wrong? Friends, the Philippines has come a long way and we want to go farther, higher. We want to be a stronger, more inclusive economy.