From the outset of our participation in the development of Basel II, the U.S. agencies have clearly and consistently stated that the final adoption of the new capital rules in the United States would occur only after (1) we had reviewed all public comments and incorporated any needed adjustments to address legitimate concerns, and (2) we were satisfied that Basel II was consistent with safe and sound banking in this country.
It said strong macro fundamentals and improved governance provide a solid foundation to meet remaining challenges. Such challenges include addressing poverty, underemployment and ensuring that economic growth benefits the broader population. According to the IMF, the Philippines continued to register solid growth in 2016, despite external headwinds, due in part to fiscal stimulus and supportive monetary conditions.