On behalf of the Members of the Monetary Board, I welcome all of you to the Bangko Sentral ng Pilipinas for the launching of the 2008 Microentrepreneur of the Year Awards. Ladies and gentlemen. This is the sixth year we are mounting this search for the best microentrepreneurs in our country.
We believe the Federal Reserve has successfully met the challenge in its treatment of foreign banking organizations operating in this country. Part of that success can be attributed to our work with foreign regulators and supervisors in seeking to understand the operating environment of the foreign banks we regulate. The Dialogue contributes to that knowledge.