develop financial products and services that are tailored to the needs of end - users. as we move towards the post - covid - 19 economy, it is important that regulators and the private sector collaborate to utilize innovations like open finance not just to broaden the range of digital financial services and businesses that can be gained from all the available information. rather, open finance should serve, together with our other digitalization efforts, to improve the welfare of every citizen, especially the poor, the marginalized and the unbanked, as we strive towards a truly inclusive recovery. thank you and good day! 2 / 2 bis central bankers'speeches

that markets will be extended or that market guidelines will be harmonized. rather, this goes to the heart of regional policy cooperation. during a time of crisis possible conflicts could arise between sovereign policy packages and regional stability efforts. it is therefore imperative that before that time comes, practicable regional safety nets are already in place. often, the problems an individual country faces are the same problems faced by the region as a whole, regardless of the individual country circumstance. the efforts to strengthen regional cooperation in asia are steady. the recent enhancements in the cmim, of which the philippines is a part, certainly move the region closer to this goal. bis central bankers ’ speeches friends, these three themes comprise a full list of things to consider as we mull the way forward. while there are a number of clear opportunities that the country ’ s current position of relative strength affords us, there remain serious storm clouds in the external environment. europe continues to struggle to find the appropriate policy balance – between the short - run remedy to stop the contagion and the long - term cure to ensure sustainable growth. today, the market welcomed the results of the greek vote. but participants remain cautious and watchful of the next steps of the ecb, other major central banks, as well as the imf towards reaching a credible resolution to the eu debt crisis. as for the us, the economic fortunes there are just as unclear. these two are not inconsequential jurisdictions. taken together, the us and the eu represent 14 % of incremental global gdp between 2007 and 2011, increasing to 16 % if measured in purchasing power parity terms. as europe and the us face increased financial market difficulties, the feedback loop will take the philippines through episodes of volatile capital flows, adjustments in liquidity, stresses in credit underwriting – all of which could affect economic growth. ladies and gentlemen, this simply highlights that the challenges in offshore markets should be onshore concerns. in our role as bank regulator, our concern is with respect to the potential ramifications of all these developments on banks. we have been doing a lot of pencil pushing. under different simulated stress scenarios, the banking system car falls but still remains above the national standard of 10 %. the numbers may be reassuring, but these should not lead to complacency. friends, while uncertainties surround us today, there are many things that are looking up … business confidence is rising … private consumption continues to be resilient …