world of possibly permanent heightened volatility and uncertainty. beyond local incorporation, encouraging strong international banks to sink deeper roots in a domestic economy will allow them to play a greater role in contributing to financial resilience. let me elaborate on this important objective of encouraging strong international banks to sink deeper roots in a national economy. one of the key features of our banking liberalisation has been the qualifying full bank ( “ qfb ” ) privileges that have been granted to foreign banks. the number of qfbs has increased from the initial four in 1999 to six in 2001 and eight today. qfbs have also been allowed more places of business from 10 in 1999 to 25 today. mas will continue to liberalise the domestic banking sector in a progressive and calibrated manner. we will allow greater foreign bank participation in singapore ’ s domestic financial system in a way that strengthens financial stability and that encourages foreign banks to deepen their roots in singapore. mas will make several refinements to the qfb programme : ( i ) we will require existing qfbs that are important to the domestic market to locally incorporate their retail operations. the key objective for requiring local incorporation is to strengthen depositor protection. one indicator of importance to the domestic market will be the share of domestic deposits. mas is also evaluating other factors that may be relevant to individual qfbs and will consult them on the criteria for requiring local incorporation. not every qfb needs to be locally incorporated. ( ii ) a very small number of qfbs may become significantly rooted in singapore over time. for these significantly rooted qfbs, mas will consider granting an additional 25 places of business, of which up to 10 may be branches, as part of an overall package negotiated with the home countries of these qfbs which are free trade agreement ( “ fta ” ) partners with singapore. this will bring the total to 50 places of business for such qfbs. being significantly rooted entails both additional privileges as well as responsibilities to contribute to the stability of the singapore financial system. bis central bankers ’ speeches a significantly rooted bank will be determined by both qualitative and quantitative attributes. for example, whether – ( a ) the bank is locally incorporated with majority singaporean / pr board representation, and what types of businesses are conducted by the locally incorporated entity ; ( b ) singapore is one of the major markets for the bank group, constituting a substantial part of group profits and assets ; ( c ) major business lines

nestor a espenilla, jr : press statement for the 2017 financial stability report press briefing press statement by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), for the 2017 financial stability report press briefing, manila, 28 august 2018. * * * ladies and gentlemen, good afternoon. thank you for joining the financial stability coordination council ( fscc ) as we mark an important milestone. today, the fscc – composed of the bangko sentral ng pilipinas ( bsp ), the department of finance ( dof ), the securities and exchange commission ( sec ), the insurance commission ( ic ), the philippine deposit insurance corporation ( pdic ), – is proud to issue the 2017 financial stability report ( fsr ). the 2017 fsr embodies our firm and collective resolve not only to build - up and highlight the benefits of sustained stability. it also aims to address any emerging or incipient instability. the 2017 fsr is the fscc ’ s first publication. while the bsp has in the past, crafted fsrs for its internal use, the 2017 fsr we issue today emphasizes the consultative and collaborative nature of the fscc. the report is tangible and clear output which leverages on the respective expertise and insights of fscc member - agencies. the 2017 fsr will be publicly accessible on each of our individual websites. this accessibility supports our unwavering intention to communicate, raise awareness and to help businessmen, financial market players, scholars, as well as the general public to make informed choices about our respective futures. the report is not just a compilation of technical expressions. rather, it is narrative, and is a compelling one. thus far, the philippines has enjoyed 78 quarters of uninterrupted growth. the fscc is committed to sustaining and encouraging — with policies, initiatives and regulatory frameworks — the filipino ’ s innate innovative spirit. greater use of financial technology is targeted along with the adoption of measures to tap the transformational benefits of credit in the context of evolving and dynamic market conditions and their attendant risks. one of these challenges and risks is that of changing market prices and their impact on the servicing of debt. this issue is a primary focus of this 2017 fsr. as interest rates rise globally and as emerging market currencies depreciate, outstanding debt obligations will have to be rep