Overall, securitization has freed up banks’ capital, which has been used to back new loans. Now that it is possible to trade loans, pent-up demand for credit risk has found an outlet.
*  *  *  Mr. Allan Tumbaga, President of the Bank Marketing Association of the Philippines (BMAP); Mr. Patrick Cheng, President of Chamber of Thrift Banks; Mr. Edward Garcia, President of the Rural Bankers Association of the Philippines; Mr. Cesar Virtusio, Executive Director of the Bankers Association of the Philippines; officers and members of BMAP; MBM Peter Favila; former BAP President Gigi Montinola; friends in the banking sector; colleagues from the BSP; ladies and gentlemen, good afternoon.