Meanwhile, our flexible exchange rate policy and adequate reserves3 continue to provide buffers against potential external shocks that can affect the domestic economy. Sound and stable banking system The Philippine banking system has remained a source of strength for our economy. Resources of the banking system continue to grow at a steady pace and fund economic activities, with deposits rising to record levels.
Ben S Bernanke: Opening remarks at the Ceremony commemorating the Centennial of the Federal Reserve Act Opening remarks by Mr Ben S Bernanke, Chairman of the Board of Governors of the US Federal Reserve System, at the Ceremony commemorating the Centennial of the Federal Reserve Act, Washington DC, 16 December 2013.