We have stressed in our submissions to the Basel Committee that assessing compliance with any international standard needs to be focussed on looking at whether the substance, rather than the form, of the standard is being met. I should add that, notwithstanding these concerns, New Zealand strongly supports the introduction of international standards.
The fact that the Philippines has just entered the “demographic window”, in contrast to the aging population of some neighboring economies, undergirds our long-term resilience. We have a young and vibrant population that is both a steady employment and consumer base, that opens up a lot of possibilities for investment. Many industries are already burgeoning and seizing the opportunities the demographics present.