Built upon the pillars of consumer empowerment, market conduct and collective responsibility, the governance standards put into practice by each BSP-covered institution will play a central role within the CPF. The introduction of the CPF is a milestone for us. Consumer protection is now part of the core practices for which the BSP exercises supervision and regulation.
In this initiative, I expect that BAIPHIL will again be one of our key partners. What Lies Ahead: A Challenge to BAIPHIL Ladies and gentlemen, we can always talk of governance at length. The challenge, however, is not in extolling the virtues of good corporate governance. Rather, it is what happens after THAT is the key challenge.