Several Eastern European countries have already joined the OECD as members and are knocking on the door of the European Union. Although eventual EU membership is a process that will require some time, it is a realistic perspective. The European Union is in the process of completing a process of deepening cooperation, which will find its preliminary climax in the establishment of the euro.
The key is to have all parties involved follow procedures faithfully, starting with those who will screen and evaluate the loan applications. In the case of Albay, we see a perfect fit with CSF. Based on our monitoring, loans to deposit ratio in the entire Bicol Region remains low. For instance, while deposits have reached P53 billion in 2009, loans were at P14 billion.