The BSP looks forward to our continued partnership in retooling, reskilling, and shaping the professional development of our colleagues in the banking industry. I would also like to recognize the officers and committee chairpersons of the BAIPHIL in the past year under the leadership of our very own Assistant Governor Resty Cruz. Under their leadership BAIPHIL remained strong and productive despite the ongoing crisis.
In parallel, the ECB has launched an initiative to produce an overnight interest rate based on data already available to the Eurosystem under the Money Market Statistical Reporting Regulation. Let me elaborate. The ECB rate is designed to provide a backstop to the existing overnight benchmark, but the working group can also consider it as a candidate for a fallback rate.