Rafael Buenaventura: Laying the foundation for a progressive financial system (Central Bank Articles and Speeches)

We are indebted to the Asset Magazine, headed by its dynamic editor-in-chief, Mr.. Danny Yu, for organizing this forum on Philippine capital markets. This is an issue that should be high in our agenda for reform. Clearly it is critical for the government to immediately deal with a looming fiscal crisis but that should not distract us from the equally important task of accelerating the development of the domestic capital market. Indeed, these two reforms are closely linked. Fiscal stability is an important precondition to financial system stability. A well developed capital market enhances flexibility in fiscal management.