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

by side with general education. we need engineers, accountants, pilots, of course lawyers, actuaries, doctors, nurses, scientists and other specialised technical skills for a an increasingly services sector driven economy. and how can i forget economists! mathematics education is fundamental to this. alongside these structural changes in our economy has been the process of global integration of the south african economy. whilst in the 1960s we were mainly an extractive economy, by the 1990s the south african economy was fairly integrating broadly into the world economy. with sanctions out of the way, imports and exports of goods and services amounted to about 44 % of the economy. currently this has increased to 55. 6 %. the manufacturing sector, despite its challenges from time to time saw its exports rise to 29. 6 % in the 1990s to about 37. 9 % in the period 2000 - 2004. one of the most notable features about the globalisation of the south african economy is to be found in the banking sector. south african banks as a percentage of gdp averaged 77 % during the period 1965 - 1994. in 2004, this share of gdp by south african banks was 109 %. the equity market averaged r2 billion in the period 1970 to 1985., r21 billion per year for the period 1986 - 1993, the annual turnover in the equity market was r62 billion in 1994 and in 2004, the annual turnover was about a r1 trillion. market capitalisation on the jse increased from an annual average of r40 billion for the period 1970 - 1980 to r2 trillion in 2004. further more compelling evidence of globalisation is to be found in the performance of the bond market. between 1970 and 1985, turnover in this market was about r8 billion, in 1995 this had increased to r2. 3 trillion and in the year 2004 turnover was r8. 4 trillion. finally the foreign exchange market which interests so many people has also seen some remarkable evidence of globalisation. to cut a long story short, in 1987 the average daily turnover in this market was 1. 1 billion us dollars and during the course of 2005 the average daily turnover in this market in some 12 billion us dollars. so there is a lot of activity going on there. the only conclusion i can come to is that we are coping well with globalisation. we have seen some benefits but yes there has also been some costs such as the impact of globalisation on the gold mining sector. let me conclude by saying that there has been a remarkable achievement in