shared goal of economic development. let me round off my remarks with views on our operating macroeconomic environment moving forward. this may help guide you to take advantage of these prospects. the philippines entered 2016 in a position of relative strength. in 2015, average full year gdp growth was 5. 8 %. this is among the highest in asia. the 4th quarter 2015 growth of 6. 3 % brought the number of consecutive quarters of positive economic growth to an astounding 68 quarters. the philippine banking system continued to expand. over the past six years, total assets roughly doubled owing to a steady growth of deposit liabilities. bank loans also doubled and nonperforming loans continued on a downward trend. philippine banks are well - capitalized, with capital adequacy ratios above national and international standards. our external liquidity position is strong. our end - february gir of us $ 81. 3b is sufficient to cover 10. 4 months of imports and payments of goods and services. that said, in 2016, there are still challenges to our positive position. these will come mostly from the external side. there is divergence in the monetary policies in the advanced economies. the us fed is poised to raise rates ( albeit now at a slower pace in 2016 than the fed first indicated in december 2015 ), while ecb and boj are in negative interest rate territory. this may raise near term financial market volatility. but we are hopeful that the policies adopted would result in a sustainable growth trajectory for these countries and would create positive ripples to our own trade and growth prospects. another cause of concern is the middle east, where oil prices fell sharply. while oil importers like the philippines benefit from the price drop, low oil prices are double - edged. oil exporters may cut back on capital expenditures. this may have an adverse effect on the philippines in general, and on overseas filipinos, should oil producers cut costs and trim staff. there is need to manage the near - term impact on financial market volatilities and the government should consider more long - term solutions to possible disruptions. domestic considerations include intensification of the el nino phenomenon ( a very clear concern we share ) and the persistence of infrastructure gaps. results of the upcoming national and local elections may also influence global perception of philippine growth prospects. these risks, notwithstanding, we expect to see the country continue on the path of low inflation, steady growth. our confidence stems from the buffers we built :

benjamin e diokno : opening remarks during the signing of the establishment of a supervisory college for financial conglomerate supervision opening remarks by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), during the signing of the multilateral mou on establishment of supervisory college for financial conglomerate supervision, manila, 24 january 2022. * * * good morning. it is my pleasure to welcome our financial sector forum principals, emilio aquino, chairman of the securities and exchange commission ; dennis funa, commissioner of the insurance commission ; and sandra diaz, senior vice president of the philippine deposit insurance corporation to witness another momentous event for the forum. in line with the principles for the supervision of financial conglomerates of the basel committee on banking supervision, the financial sector forum created the financial conglomerate supervision committee which is tasked to work towards identifying conglomerate risks in the financial system ; and to plan ahead supervisory initiatives to mitigate conglomerate risks. the basel principles highlight, among others, the need for a clear legal framework that provides supervisors with the necessary powers, authority and resources to perform, with independence and in coordination with other supervisors, comprehensive group - wide supervision. the principles re - affirm the importance of supervisory cooperation, coordination and information exchange. in the 2020 financial sector assessment program technical note on supervision and regulation of financial conglomerates, the international monetary fund recommended the implementation of a multilateral agreement among financial sector forum member agencies on the establishment of supervisory college to agree on the approach of group level risk assessment for financial conglomerates. the establishment of a supervisory college is an important regulatory platform in achieving effective and efficient supervision of financial conglomerates. it is also an international practice amongst international financial supervisory authorities. thus, this memorandum of understanding shall govern the establishment of an inter - agency cross - sectoral supervisory college which shall serve as the forum, to facilitate cooperation and coordination between and among the financial sector forum member agencies specifically, for the supervision of financial conglomerates in the philippines. this supports a clear process for coordinating various roles and responsibilities of the financial sector forum with clearly delineated responsibilities for effective supervision. as such, we would like to re - affirm the spirit of collaboration by signing the memorandum of understanding on the establishment of supervisory college for financial conglomerate supervision. finally, let me share a quote from the american industrialist and business magnate, henry ford. he said that a€œcoming together is a beginning, staying together is progress, and working