for the development of an effective insolvency system. but this is not enough, as we have seen in countries that have modernized their laws. we need to ensure its proper, effective and timely implementation. it is equally important therefore to focus on developing strong institutions that would interpret and implement the laws. combined, a well - developed insolvency law and strong institutional capabilities provide a good foundation for a smoothly functioning insolvency system. among others, we need appropriate accounting and auditing standards ; transparent and accountable court systems and better insolvency administrators ; enhanced corporate governance in corporations and financial institutions ; and effective regulatory oversight. in this connection ladies and gentlemen, we will highlight in this forum the key stakeholder roles in insolvency reforms as part of the development of a strong institutional insolvency infrastructure. it is structured around two basic themes which are critical goals of modern and efficient insolvency systems : these are financial stability and responsible access to finance. bis central bankers ’ speeches in this forum, therefore, discussions will cover the following : • the design of an optimum financial institutions resolution regime ; • the development of modern insolvency systems for natural persons ; • the determination of whether special treatment in insolvency for state - owned enterprises is warranted ; • the on - going international dialogue concerning recovery and resolution framework for non - bank financial institutions ; • loan reclassification and restructuring practices in various jurisdictions ; • market conduct regulation ; • consumer protection measures to mitigate the risks of consumer over - indebtedness and consumer insolvency ; • treatment of smes in distress ; • resolution proceedings for financial institutions ; • the role of the court in insolvency proceedings ; and • national updates on insolvency systems. ladies and gentlemen. we have a full and rich agenda for this gathering. and with everyone here actively participating in the discussions, i am confident that this 9th forum on asian insolvency reform will be successful in helping us move toward a strong insolvency regime that promotes sustainable growth and development, financial stability and investor confidence. finally, in the spirit of ensuring a healthy balance in everything that we do, i also invite our foreign delegates to take the time to get to know our people, our culture and our country better after our forum. i hope you will have fond memories of your stay here. thank you all and mabuhay! bis central bankers ’ speeches

benjamin e diokno : towards the implementation of a robust philippine id system speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the moa signing between psa and bsp on the philippine id, manila, 7 october 2019. * * * undersecretary, national statistician and civil registrar general claire dennis s. mapa ; fellow civil servants from the philippine statistics authority and monetary board members, deputy governors and colleagues from the bangko sentral ng pilipinas ; distinguished guests, ladies and gentlemen, good afternoon. the bsp is honored to sign the memorandum of agreement with psa that starts the implementation of the “ philippine identification system ( philsys ) act. ” as you know, this is thirty years in the making. the law is universally - beneficial for filipinos as it provides “ a means of simplifying public and private transactions ” through a reliable and nationally - accepted proof of identity. having this proof of identity has far - reaching benefits, especially in promoting financial inclusion. with the “ philippine id, ” unbanked filipinos will have a proof of identity which is a key requirement in accessing formal financial services. this will enable more of our underprivileged countrymen to enjoy gains from and participate more actively in the country ’ s growing economy. as such, the bsp is happy to take part in this undertaking. under the moa, the bsp shall produce one hundred sixteen million pieces of blank cards for the phil id for three years. we will also provide needed equipment and space for the embedding of personal information onto the blank cards, which will be done by the psa. with this philippine id, the bsp widens its area of cooperation with psa. while our numbercrunching agencies have a long history of interaction on statistics, the production of national ids is a trailblazing field for both institutions. with this, the bsp looks forward to working with the psa in bringing the vision of philsys into reality. maraming salamat po and good afternoon to all. 1 / 1 bis central bankers'speeches