sa mga bangko na'yan na bumabagsak?'very easy answer : reported exposures, zero. and the [ philippine ] banks that have exposures, it's the funds they manage for their clients that are exposed. in other words, the client told them to invest. therefore, it's not bank loss. so, that's the typical question i use to get. over time, the questions became more sophisticated,'hindi ba'yung source [ of the collapse ] sa silicon valley [ bank ] ay pagtaas ng policy rate?'ang sagot naman namin : the philippines is different. we are not starting from a severe zero policy rate. our banks are heavier on the portfolio side, the local portfolio side, and the security side. and on top of that, their placements in bsp are also quite large. so, if you take out the placements of bsp with the non - loan assets, the remaining share is only 30 percent. finally - this is where being primitive [ younger bond and capital markets ] is an advantage because the us has such a developed bond market that they have 30 - year bonds. so when the rates change, literally, the impact on the price is huge. to begin with, the hit [ from recent global banking developments ] is smaller and our banks are well - capitalized, well - managed, and well - governed. give yourself a round of applause. and the exceptions, please leave the room. banks lend support to domestic recovery because of that, when we [ the economy ] did recover, the banks played a major role because they are able to lend. when mobility restrictions were lifted, the banks were there to lend. of course, we do see that real estate loans are lagging behind, but maybe for the better, right? because, that's always a question of financial stability, which is : did real estate overdo it? because, historically, a lot of the crisis [ occurs ] because real estate prices kept rising, nobody defaults. because all you had to do was sell what you bought. in other words, the quality of lending was never tested until prices dropped. in a sense, i do not necessarily see the slowdown in real estate lending as a bad thing. maybe it's a correction. as you can see the leading borrowers are information and communication ; real estate is large but in terms of growth rate,

benjamin e diokno : virtual signing ceremony for the mou with british embassy of manila on the prosperity fund for the asean economic reform programme ( aerp ) and the asean low carbon energy programme ( alcep ) address by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), during the virtual signing ceremony for the mou with british embassy of manila on the prosperity fund for the asean economic reform programme ( aerp ) and the asean low carbon energy programme ( alcep ), manila, 17 march 2021. * * * ambassador pruce, secretary dominguez thank you for inviting me to be part of this important occasion. today, the philippine financial agencies and our uk partners committed to cooperate on areas of mutual interest through this memorandum of understanding. let me extend our appreciation to the uk government for the technical support extended to the philippines, especially to the bsp, on the development of green finance, and open banking. the continuous capacity - building of our staff, as well as the enhancement of our policies and methodologies in these areas including capital market and fintech development, will certainly support our primary objective of maintaining a stable monetary and financial system. financial inclusion is also one of bsp ’ s top advocacies, and the collaboration on fintech and open banking as envisioned under the mou, is also expected to advance the bsp ’ s thrust to promote greater access to financial products and services. as we pursue the various programs under the mou, we take this opportunity to also share our knowledge and regulatory perspective to contribute to the development of innovative approaches in risk - based supervision, sustainable banking, and fintech solutions. we look forward to working closely with our uk and philippine partners and supporting the successful implementation of the mou. thank you. 1 / 1 bis central bankers'speeches