I therefore propose that we create the possibility of making the ratio of the external and internal members of the Monetary Council more balanced and better adapting to international practice, and of giving the core activities of the central bank due representation in decision making. IX. Professor Gavin Bingham raised the issue of the composition of the Monetary Council being problematic from another aspect.
The BSP is honored to host this signing of the Memorandum of Agreement formalizing the creation of the Financial Stability Coordination Council. Today, the five agencies represented here – the DoF, SEC, IC, PDIC, and the BSP – publicly affirm our collective resolve to pursue financial stability as the norm for prudential policy.