the confirmation requirements of the bsp. our “ fit and proper ” standard covers not only competence, education and experience but makes specific reference to integrity, probity, as well as physical and mental fitness. in addition, we have mandated the creation of board - level committees that will oversee risk, audit and governance. we have also institutionalized a compliance system that should have the authority and independence to address the bank ’ s business risks. these are check - and - balance type structures which are integral to a bank ’ s governance, alongside its own culture on the management of articulated risks. equally important, disclosure and transparency requirements continue to be enhanced. among others, disclosure requirements cover potential conflicts of interest, basel 3 - eligible capital instruments with loss - absorbency features and cross - selling. in other words, ensuring good governance is never - ending ; it is always a work in progress. bis central bankers ’ speeches ladies and gentlemen. the strategic nature of corporate governance has tactical elements which are inherently actionable. this is what we aspire for : on one hand, we want to institutionalize the public ’ s awareness of the value of corporate governance ; on the other, we want corporate entities to practice what is globally preached and to build a philippine brand that can stand side by side with other corporates in the region. to do just that, we need to monitor the execution of these standards at the institutional level. this is where we are today. i trust therefore that this forum can contribute towards greater understanding of the acgs. we in the fsf also would like to see our corporates – banks and non - banks, listed and not listed – to be able to apply best practice standards and to hold themselves against the bar of providing a value proposition to the general public. while the philippines has made big strides to move our economy forward and achieve investment grade rating, certainly we should strive for high standards of governance to ensure sustained and inclusive growth for our people. ladies and gentlemen, having a successful and productive forum today on the asean corporate governance scorecard is one more step forward in our continuing efforts to make the philippines fulfil its full potential in the midst of regional integration. thank you all for joining our forum. mabuhay po tayong lahat! mabuhay ang ating mahal na bansang pilipinas! maraming salamat sa inyong lahat! bis central bankers ’ speeches

seen by international debt watchers as a source of sovereign strength. the third benefit is the continued increase in the volume and value of philpass transactions — from its modest start in 2002 with 5, 685 transactions, first quarter 2017 transactions alone already hit 419, 455 while value of transactions shot up from p2. 4 trillion in 2002 to p78. 7 trillion in the first quarter 2017. indeed, confidence in the bsp ’ s philpass supports the continued growth and development of our financial system. the fourth improvement is the sustained build - up of the country ’ s foreign exchange reserves — from a gir level of $ 18. 5 billion enough to cover about 4. 6 months ’ worth of imports of goods and services in 2005, our import cover had moved up to about 9 months on a gir of $ 82. 2 billion as of end may 2017. at the same time, the country ’ s debt management program saw external debtto - gdp improve by more than half — from 59. 7 percent of gdp in 2005 to 24. 0 percent as of end - march 2017. the fifth benefit is the country ’ s elevation to investment grade beginning 2013. major international credit rating agencies ( i. e., moody ’ s, fitch, and s & p ) uniformly acknowledge the bsp as one of the institutional pillars that generates positive marks for the country. ladies and gentlemen, the bsp has been able to accomplish all these because, as an institution, the bsp is ready. it is nimble enough to be able to adapt to the changes in its operating environment. we have built capacity among our people, streamlined processes, leveraged off technology as appropriate, and inculcated an overall sense of good governance and accountability in all that we do. in recent years, we have also institutionalized the new norm of financial stability in our organization as well as in policy coordination and cooperation with other financial regulators. this new mindset has allowed us to put on a more holistic lens in the conduct of surveillance and the crafting of policy. so far, so good. looking ahead, i see the bsp successfully pursuing its mandate to help provide 2 / 3 bis central bankers'speeches stability and promote sustained growth of our economy through monetary and banking policies. ladies and gentlemen. we thank president rodrigo roa duterte for having chosen the path of stability and continuity by appointing veteran central banker nestor espenilla, jr. as our new bsp governor