the needs of customers. further, allowing markets to discover prices on their own and encouraging self - correction mechanisms will make our economy more resilient and future ready. first - the bsp, together with other government agencies, industry associations and market participants, have rolled out initiatives to further develop the local currency debt and foreign exchange ( fx ) markets. the reform agenda on debt markets officially unfolded in november 2017 with the launch of the government securities repo program. last february 19, 2018, the bureau of the treasury released the implementing guidelines for the enhanced government securities eligible dealers ( gsed ) program. this program aims to improve the primary debt market and increase the liquidity and depth of the secondary market. we are looking forward to further enhancements in the market infrastructure and the issuance of improved interest rate benchmark guidelines toward a more reliable yield curve. we are also undertaking ambitious fx reforms towards a deeper and better organized fx market. this includes further liberalizing fx rules to reduce cost of doing business and improve data capture. last january 15, 2018, new rules that lifted prior bsp approval and streamlined registration processes for purely private sector foreign currency loans took effect. a window was likewise opened for six months providing an amnesty period during which private sector loans previously obtained without prior bsp approval can register and be eligible for servicing from the banking system. to date, the bsp has received 21 loan registration under this amnesty window covering around usd489 million outstanding balances. we expect captured data to increase further as the simplified rules gain traction. currently, we are finalizing an exposure draft amending fx rules on foreign investments. further amendments to adopt similar measures on trade and non - trade transactions shall likewise be undertaken. over the medium term, we plan to enhance governance and fx market oversight that will improve transparency, price discovery and market conduct. ultimately, we want to see a more liquid fx market that supports a flexible and market - determined exchange rate. relatedly, last february 15, 2018, we announced yet another major and bold financial market reform initiative... we began phased reduction of our ultra - high reserve requirement regime to allow efficient absorption and mobilization of liquidity. the monetary board approved the reduction in the reserve requirement ratio ( rrr ) by one percentage point as an operational adjustment to support the bsp ’ s shift towards a more market - based implementation of monetary policy. this took effect last march 2, 2018. there is a calibrated speed and a purposeful timing in carrying

in cross - border insolvencies and restructurings are available. what more needs to be done? over the past 15 minutes or so, i went through a laundry list of the benefits of an effective insolvency regime. clearly, we all appreciate that the fria is our take off point for reaping these benefits. however, in the 2013 forum on asian insolvency reform that the philippine government hosted through the bangko sentral ng pilipinas, one session exhaustively deliberated on the proposition that, in the implementation of insolvency regimes, fixing the insolvency statute is not sufficient to create a well - functioning insolvency regime. i cannot agree more. recent studies have shown that the critical success factor in effective insolvency regimes globally is : the continuation of reforms after laws are enacted. the failure of insolvency systems in countries that have already modernized their laws is due to inadequate implementation. the implementation of the law is as important as the law itself. our distinguished audience knows all too well that the successful implementation of the fria can only come about through a clear understanding and consistent application of the fria and fr rules by our judges and insolvency administrators. given the special and technical competence required in liquidation and rehabilitation processes, suitable and sufficient capacity building is a necessary component. thus, we cannot stress enough the benefit of specialized training for members of our judiciary, industry practitioners, and other stakeholders. this should include basic business and accounting training, especially for those who have neither. with the growing internationalization of finance and other businesses, we can anticipate the application of insolvency laws and rules on international corporations doing business in the country. our courts are therefore continually called upon to be more dynamic and responsive to such economic and financial developments. we are hopeful and confident of the response bis central bankers ’ speeches of our judiciary to this call, so as to give spirit to the more expeditious rehabilitation proceedings mandated under the fria and fr. this will help in ensuring that no delay will derail implementation of rehabilitation plans. conclusion ladies and gentlemen, at the core of it, the challenge to us is to help sustain the business confidence in our country and achieve financial stability. this we can do by actively playing our role in creating an environment with an adequate and functioning legal framework, where laws and rules are clear and well - defined, thereby enabling a consistent application by the members of our judiciary