Underwriting of government securities by the Bank of Japan Now, I will talk about the idea of the underwriting of government securities by the Bank, which is occasionally advocated as a way for funding new government spending. In many countries, laws do not allow the central bank to directly underwrite government securities. In Europe, the underwriting is prohibited by law explicitly.
This provides an effective platform for the Bangko Sentral ng Pilipinas to convey our insights and ongoing initiatives. Today, I will discuss— First, the macroeconomic landscape and highlights of the performance of our banking system.