. the implementation of the revised risk - based capital framework for banks was also deferred from end - 2021 to end - 2022 - the period of relief on the reporting of past due and non - performing loans of borrowers affected by the pandemic was also extended to 31 december 2021 from the original timeline of 8 march 2021 subject to reporting to the bsp. - these policy issuances reinforce earlier pronouncements of the bsp that relax the know - yourcustomer requirements for retail clients to facilitate their access to formal financing channels. given a manageable inflation path, the bsp has kept the key policy interest rate at 2. 0 percent in its latest monetary board meeting. the bsp ’ s policy and liquidity - easing measures have injected into the financial system a total liquidity equivalent to around 13 percent of the country ’ s full year nominal gross domestic product for 2020 as of november 11, 2021. moving forward, the bsp ’ s actions and policy thrusts will continue to be anchored on its core mandates of promoting price and financial stability. towards this end, the bsp will continue to pursue appropriate policy actions responsive to the needs of the time. on monetary policy : the bsp will remain vigilant over the current inflation dynamics to ensure that the monetary policy stance continues to support economic recovery to the extent that the inflation outlook would allow. it will carefully scan the operating environment with a forwardlooking perspective to move in a pre - emptive fashion to address any risks to our price stability mandate. on the financial sector : the bsp will intensify its monitoring and surveillance over its supervised institutions to ensure that they remain resilient to emerging risks and continue to be sound, stable, and inclusive, particularly through the pursuit of enhanced digitization. finally, on the external sector : the bsp will remain supportive of policies that will help strengthen the economy ’ s resilience to external shocks, including that of maintaining a market - determined exchange rate, keeping a comfortable level of reserves, and keeping the country ’ s external debt manageable. more recently, the country has managed to successfully reduce the number of covid - 19 cases. as of the other day, the philippines logged 425 new covid - 19 cases. this is the lowest since july 2020. considering the recent economic developments and significant improvement in vaccine rollout, we are optimistic that there is sufficient support for the country ’ s recovery this year and in the near term.

njuguna ndung ’ u : financial sector collaboration opening remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the breakfast meeting for domestic financial sector regulators, nairobi, 31 august 2009. * * * hon. deputy prime minister and minister for finance board members and chief executive officers of rba, cma and ira, distinguished guests, ladies and gentlemen : it is my pleasure to be with you this morning and i am indeed honored to be accorded this opportunity to give brief remarks at this important breakfast meeting where the domestic financial sector regulators will be signing the memorandum of understanding ( mou ) on financial sector collaboration. at the onset, allow me to extend my gratitude to the hon. deputy prime minister and minister of finance for agreeing to grace the ceremony and deliver a key note address. in the same token, let me take this opportunity to recognise the work of the technical committee on collaboration which has been instrumental in organising the event. ladies and gentlemen, the monetary affairs committee is a caucus of central bank governors under the east african community monetary union which is mandated, among others, to harmonize regulatory regimes and supervisory frameworks in the region in the banking sectors. during the 12th monetary affairs committee ( mac ) governors ’ meeting held in kigali, rwanda in may 2009, my fellow governors and i celebrated the execution of the mou amongst the five central banks, which was put into effect in early 2009. it was indeed pleasing for governors to note that the bank of uganda had already signed an mou with other domestic financial sector regulators in uganda. other mac governors were therefore urged to implement a similar arrangement with their respective domestic regulators by june 2010. this is to demonstrate that collaboration amongst domestic regulators is in line with regional aspirations. consequently the celebrations that we mark today will enable cbk achieve a milestone set by mac governors ahead of the set time of june 2010. i cannot thank my fellow domestic regulators enough. but for the kenyan side, let me commend rba and edward odundo for the time and effort he has put on this initiative. as you are aware, there has been increased integration of economic and financial markets globally. globalization is creating new business opportunities and opening new markets. however, the forces of globalization and the ensuing competition are prompting financial companies to engage in business operations that make group management and risk aggregation more challenging. similarly, a new concept of cross - ownership and trading is emerging in our market, thus blur