The SSM and the practice of banking in Europe Let me now turn to the SSM in more detail and how I expect it to affect the supervision and practice of banking in Europe. There are six points I would like to highlight. First, I expect the SSM to implement the most advanced supervision of banks.
While the virus set us back, the Philippine economy was strong and the Duterte administration continued pursuing game-changing reforms. Not surprisingly, all the international and regional rating agencies unanimously affirmed their investment-grade ratings of the Philippines throughout the pandemic despite a wave of ratings downgrades for many advanced and emerging economies. We will continue the country’s pursuit of A-level rating.