There are even extreme cases, for example hyperinflation, where domestic economic agents may completely lose confidence in the currency issued in the jurisdiction in which they operate and resort instead to an international currency to perform the internal functions of money.
This MOA will help the Philippine banking sector adapt and respond better and faster to increasingly dynamic and challenging developments in the financial markets. Congratulations are therefore in order to all those involved in the process that has led to this MOA signing today. Let us give everyone a well-deserved round of applause.