the current crisis must have an international dimension. but this is not to say that, that is where it ends. indeed the difficulties we are experiencing are broadly external ( global ) in origin. but building resilience against external vulnerabilities resides in all of us. building resilience in a time of uncertainty is not just bsp ’ s task. even as i outlined actions that bsp is undertaking to avoid the negative feedback loop, avoiding this is not just bsp ’ s task. if there is anything that this crisis has taught us, it is that there should be greater accountability among all market players. on the part of the banks, there needs to be a better appreciation of the risk of their businesses and true diligence in disclosure and transparency to stakeholders, while at the same time remaining adept at seizing lending opportunities. on the part of the corporate sector, there needs to be a broader, more critical long - term view of their operating environment, realizing that is necessary to ensure their own viability. on the part of the financial consumers, there needs to be a move to be better informed. the bsp has been actively undertaking its financial literacy campaign. the long - term goal is to instill among the financial consumers the responsibility of informing themselves about the risks involved in financial decisions. better informed consumers would mean lesser instances of market instability caused by loss of market confidence due to failed investment schemes. indeed, building resilience of our financial system, and the economy in general, requires appropriate action from the government, the central bank, the financial institutions, businesses, down to the individual private citizens. by doing our respective responsibilities, we can build a financial system and economy that can withstand not only the impact of the current crisis, but also of other future crises. thank you very much for your attention.

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