We recently signed an agreement with Malaysia under the ASEAN Banking Integration Framework. The BSP Monetary Board has also approved the application of six foreign banks to set up Philippine branches. This liberalized regime should further enhance the quality of competition among our banks. This environment will result in promising opportunities to encourage innovations that will ultimately benefit the economy and the general public.
To be more specific, the G10 representation is deficient not just because of its limited numbers, but because of the uniformity of 4 view of its European-dominated membership – too many people with the same viewpoint.