The Bangko Sentral in close coordination with banks and other institutions continued to work on key reforms to ensure adherence to the tenets of good governance for fairness, accountability and transparency; we continued to align our practices with global standards, including international accounting and financial reporting; we started implementing Basel II prescriptions for risk-based capitalization; and we continued to expand the reach of our banking system to make it accessible and meaningful to the unbanked.
The competition in the shape of small finance banks, with a mandate to focus exclusively on small business units, small and marginal farmers, micro and small industries and other unorganized sector entities, which would operate through technology-focused, low cost structure, is already on the anvil. As part of this strategic shift, banks would also need to improve their analytical abilities for big data.