*  *  *  I appreciate the opportunity provided by the Institute of International Finance to participate in your allday session on Basel II. It has taken a long time to reach this stage in the negotiations for a new capital accord: five years, 3-1/2 quantitative impact surveys, three consultative papers, and numerous outreach meetings with industry representatives.
Towards a more internationally integrated financial sector, BSP has been supportive of the ASEAN financial integration process and has actively cooperated and collaborated with ASEAN central banks through responsive regulations and measures to support regional financial integration and capital market development. Likewise, the BSP has recently put in place various enhancements in its arsenal of macroprudential tools.