of the spav law is accomplished. as the financial environment becomes increasingly global and liberalized, bsp saw the need to align the local banking practices with internationally accepted standards. we are upgrading the banking system ’ s capitalization and risk management standards to be fully compliant with basel ii by 2007l we are also institutionalizing corporate governance and financial transparency. by yearend, the banking industry will adopt the new international accounting standards ( ias / ifrs ). the monetary board very recently approved the implementing guidelines. we are likewise improving the current regulatory framework through close coordination with other local and foreign financial regulators. i am happy to report that the financial sector forum, our partnership with local financial regulators ( sec, ic and pdic ), is now fully operational with major projects currently underway. these projects include conglomerate mapping, information sharing, joint examination arrangements, rules harmonization and financial literacy. the domestic capital market remains shallow and underdeveloped. in response, the bsp has issued various circulars diversifying the financial products available in the capital market. traded papers like unsecured subordinated debts ( as tier 2 supplementary capital ), long - term negotiable certificates of deposits or ltncds, documented repos, and securitization structures create market - oriented opportunities for banks and other players and deepen the capital market. the bsp has also been fully supportive of the establishment of the fixed - income exchange ( fie ) as an infrastructure for the secondary trading of fixed income and other debt securities. this envisages the trading, clearing, settlement and delivery of securities in a transparent and efficient manner. recently, the bsp issued the implementing rules of circular no. 392 to fully operationalize the rules on proper delivery of securities including the role of third party custodians. we are just awaiting the last missing step that is the interconnection of all key debt market participants to ross2 ] to create a truly seamless infrastructure for fixed income. combined resources of which account for almost 90 percent of the total resources of the banking system. registry of scriptless securities of the bureau of treasury. we have also started revitalizing the trust business to widen investor base with the gradual phase out of common trust fund ( ctf ) for a better product called unit investment trust fund ( uitf ). uitfs enhance the credibility of pooled funds to investors as the value of investments is mark - to - market, paving the way for long -

public, accomplishment of our collective vision is forthcoming. after all, a collective vision demands collective action. together, we can achieve the statistical, actual, and meaningful financial inclusion of our countrymen as we progress economically. i must now wrap this message up otherwise, i might be mistaken for an oratorical contestant.... as i close, allow me to congratulate each of the sixteen ( 16 ) contestants here who have won their respective division levels. just by being part of this elite group of finalists, you have already accomplished a lot. by recognizing and being able to voice your sentiments and reflections on how timely, relevant and sound statistics play an important role in raising the standard of living for all filipinos, already, you are all winners. this is such an important principle, from which numerous insights can be culled.... moreover, i congratulate each one of you for knowing and wielding the power of words to convey transformative ideas, and for your lucid eloquence, which, if you did not possess, you would not be here today... please, let us give all contestants here a round of applause. i wish each of you the best of luck and godspeed. we look forward to hearing from each of you. maraming salamat sa inyong lahat. 3 / 3 bis central bankers'speeches