This means that we have to be ready for the challenges that are sure to come with it and more important, to ensure that we reap the benefits we stand to gain from integration.
Certainly, the BSP will actively pursue bilateral arrangements to designate Qualified ASEAN Banks or QABs under the ASEAN Banking Integration Framework but much work must be done in parallel on payments and settlements, market infrastructure and capital market development. To further enhance the effectiveness of monetary policy, we shall have the Interest Rate Corridor in the next few months.