As reported by the BusinessMirror, BSP Governor Eli Remolona [link] gave a speech at the Manila Polo Club to a meeting of Rotary Club members where he noted the problem of insider trading, citing the specific example of how “nothing moves” when listed companies report overwhelmingly positive earnings because those trades were placed ahead of the announced earnings. There are no transcripts of the speech that I can find so it’s not possible at this time to get a feel for the context of these statements from the BSP governor.