Alfredo C. Lim, Ms. Carmen N. Pedrosa, Mr. Reynaldo E. Concordia, and Mr. Gabriel S. Claudio, Board Members and Directors at PAGCOR. Chairman Emilio Aquino of SEC, OIC Erickson Balmes of the Insurance Commission. Atty. Mel Georgie B. Racela, Executive Director of the Anti-Money Laundering Council (AMLC) Secretariat. Guests from PAGCOR and colleagues from the AMLC Secretariat. Good morning.
One of the reasons is the significant exposure of the corporate sector to FX risk (particularly important in the trade sector where debt and many contracts are dollar denominated) thus avoiding any eventual inflationary pass-through. We witnessed aggressive responses from policy makers in benchmark countries as Brazil and Russia.