You may ask, how is financial stability related to FRIA? I submit [as I alluded to earlier] that, if FRIA is well implemented, it will help promote and advance financial stability in our country. There is no textbook definition for financial stability.
But in the BSP, we define financial stability as that desirable state that is achieved when the governance framework of the market and its financial infrastructure enable and ensure the smooth functioning of the financial system conducive to sustainable and equitable economic growth.