To date, international financial institutions like1 the Bank of International Settlements (BIS), the FSB and the IMF have been doing research on macro-prudential policy frameworks,  1  Borio C, “Towards a macro prudential framework for financial supervision and regulation”, BIS Working papers (2008).
Likewise, we are cognizant that financial stability is essential for monetary policy to be effective since the fragility of the financial sector can affect the transmission of monetary policy to the real economy. Because of long-term structural reforms, the Philippine financial system, with the banking sector at its core, continues to be a source of strength and stability for our economy.