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Closing Remarks

Date: 01.21.2005

Place: Bangko Sentral ng Pilipinas

Occasion: Presentation on Basel 2 & Risk-Based Supervision

Speaker: Deputy Governor Alberto V. Reyes

Good morning.

At the onset, let me thank you all for coming to one of the many major SES events for the year. This certainly will be busier than 2004, if not the busiest year for all of us.

I take your presence here as an evidence of your full support and unwavering commitment to pursue the many reform initiatives that will further strengthen the Philippine financial system and promote its competitiveness in the global arena.

The importance of this event can not be overemphasized. We are honored by no less than the Governor of this esteemed institution.

And of course, we have the dynamic Assistant Governor of the Supervision and Examination Sector who has always been pushing for reforms and thus, outlining the roadmap of a risk-focused banking supervision from hereon and beyond.

Further to this thrust, we gathered together today all senior supervisory staff and officials in the Supervision Sector so as to ensure that we all understand our respective and collective roles not only within the sector and the Bangko Sentral but also in the Philippine financial industry, as a whole.

All factors considered, I hope everyone understands the significance of this event.

In any case, I consider this event as a warm send off to all of you.

We thought of holding this leveling experience so that all of us will have a firm grasp and clear understanding of Basel 2 and the risk-based supervision framework that we have adopted. In so doing, we hope to increase our chances of being better than our best. We are sustaining our capacity building efforts, individually and collectively. Let me, at this point qualify, that I have never doubted the capacity of this team. And I take this opportunity to commend all your accomplishments. Thank you for all your support all these years and the coming years.

As the Governor earlier mentioned, many of us here may no longer be in the Bank to see the completion of the work plan presented by Assistant Governor Espenilla, Ms. San Pedro and Mr. Prenio – the Basel 2 advocates in the country. But what is important is that you are the supervisory team that has set the stage for a more expedient upgrading of the Philippine financial system to international standards.

I wish you more power in the tasks ahead. Thank you very much and good day.