While it is a hypothetical question whether sounder bank behaviour could have prevented the crisis entirely, we can be certain that a sound banking system that is equipped with more capital and is incentivised in a healthier way makes crises a lot less likely.
Let us live up to the challenge before the participants to this 46th annual meeting of the PES: to have a fruitful meeting on “Competitiveness, Growth, and Equity in a Globalizing Economy.” May this PES annual meeting be remembered as a complete success. On this optimistic note, I welcome all of you, once again, to the Bangko Sentral ng Pilipinas.