Thank you for inviting the Bangko Sentral ng Pilipinas to your general assembly with the theme “2016 and Beyond: Promoting Good Governance and Sustainable Inclusive Growth.” This is the first time for me to speak before an association of local government executives. Some of you may be wondering why a Central Bank governor is addressing municipal governments. Well, two reasons.
Though the recent global financial market turmoil has triggered questions regarding the risks associated with the emerging types of financial structures, however a more relevant debate is regarding the gaps and weaknesses in the regulatory and supervisory structures that allowed over-leveraging and the operations of several financial industry segments to operate without appropriate oversight.