In real economies, agents are organised into groups and firms, each pursuing their own economic interest. These distinct individual activities are more or less coordinated and some kind of order emerges – this is what Adam Smith called the “invisible hand”. However, the pursuit of individual optimising behaviour does not necessarily imply, a priori, optimal outcomes at an aggregate level.
Along this line, we hope that the ACPAPP remains an ally in promoting integrity in financial reporting that will further enhance the public’s confidence in the financial system. Last, and most importantly, despite the adverse impact of the current health crisis on the domestic financial system, the Philippine banking system is expected to remain stable, sound, resilient and inclusive now and in the future.