2  Effectiveness of macroprudential policy While macroprudential measures of some kind were occasionally used by supervisors even before the name existed, it is only since 2013 that a systematic framework for such measures has been available in the European Union. The situation is similar in other major jurisdictions.
*  *  *  Members of the Monetary Board, Civil Service Commission Field Officer Eva Olmedillo, our 2006 Bangko Sentral PRAISE Awardees, fellow central bankers, magandang umaga po sa inyong lahat! I am very pleased to know from Deputy Governor Andy Suratos and Director Dong Asperilla that this morning we have a total of 460 awardees under our 2006 Praise Program.