This is the most difficult and time-consuming step because it means taking global minimum standards or principles for financial sector regulation and adapting them for local implementation. This is where the rubber hits the road. The stated goal of the FSB is for “full, timely and consistent” implementation of global standards at the national level.
This year we plan to fully refine the program based on lessons learned from the engagement of the University of the Philippines Institute for Small-Scale Industries (UP ISSI) which mentored 13 past CMA winners for about 7 to 8 months. Let me share some key lessons.