As described by Queen Maxima, “the Philippines should be the voice on financial inclusion.” Indeed, our  BIS central bankers’ speeches  1  financial inclusion program is considered an international best practice model. Through the NSFI, we envision a regionally-responsive, development-oriented and inclusive financial system that provides for the evolving needs of a diverse Filipino public.
Nevertheless, a rebalancing of the current composition of capital requirements towards a more prominent role for the countercyclical capital buffer, keeping the overall level of capital requirements unchanged, could help mitigate costly economic deleveraging during downturns. Non-bank financial intermediaries in the euro area have grown rapidly over recent years, which is a welcome development.