institutions. third, is the issuance of guidelines implementing the net stable funding ratio ( nsfr ) standard. lastly, the bsp will issue intraday liquidity reporting guidelines to complement the qualitative intraday risk management guidelines under circular no. 981. development of financial markets another major bsp strategic policy reform is to accelerate financial market development with special focus on the local currency debt market and foreign exchange ( fx ) market. we envision a more balanced financial ecosystem where a well - functioning banking system is complemented by a deep and liquid capital market. there is much room for growth in the domestic debt market. the numbers show that the outstanding local currency ( lcy ) bonds represent a mere 34. 2 percent of the country ’ s gdp. to hasten local currency debt market development, the bsp, in collaboration with the department of finance ( dof ), the bureau of the treasury ( btr ), and securities and exchange commission ( sec ), is working on a package of joint and coordinated initiatives. this reform agenda officially unfolds with the launching of the government securities repo program on 27 november 2017. the reforms are geared towards increasing transparency in the issuance and pricing of government bonds that would translate into increased efficiency, lower borrowing cost, and more dynamic participation. strengthening the foundational elements would facilitate development of the broader financial market. foreign exchange ( fx ) regulations are being overhauled to achieve more efficiency and ease of doing business. the bsp will soon release an exposure draft on the liberalized rules on fx loans and offshore loans of the private sector. this will re - focus the registration process to primarily data - gathering and minimize documentary requirements. the liberalization of fx regulations is embedded in the broader thrust for a better organized fx market. the sequence of reforms aims to encourage innovation, improve transparency, and price discovery, and enhance market conduct. closing thoughts thinking about agility made me reminisce about badminton. badminton is very fast - paced. to play it well, one certainly needs strength. but one also needs to be agile. because of the speed in which the game is played, a player must be able to change his position nimbly, quickly, efficiently. the movements required are seamless, interconnected with great need for balance and coordination. i believe the same holds true for the industry, for the economy. strength without agility is mere mass. mass sits at inertia. we certainly cannot afford to sit at in

##ertia. i have always been grateful for our partnership with the banking industry and the private sector. it 3 / 4 bis central bankers'speeches is through our cooperation, our collaboration and constant touching base that we gain greater agility to weather through our fast - paced environment. we at the bsp are uplifted at embracing change and the future with you as our partners. we thank you for your support for the ambitious financial sector reform agenda that impart motion and dynamism to our economy. like a welltrained athlete, disciplined conditioning is our defense against over - heating and burn out. congratulations to finex and ing. congratulations to the men and women whose dedication and unwavering efforts have made the continuous holding of this prestigious event possible. congratulations to this year ’ s best cfo whose agility has elevated the finance profession to a higher level! thank you and a pleasant afternoon to all of you! 4 / 4 bis central bankers'speeches