Benjamin E Diokno: Managing risks, sustaining momentum,
improving lives
Speech by Mr Benjamin E Diokno, Governor of Bangko Sentral ng Pilipinas (BSP, the central
bank of the Philippines), at the Launch of Financial Stability Report for the 2nd Semester of 2021,
Manila, 1 February 2022.
* * *
Ladies and gentlemen, friends from the media, good morning.
Thank you for joining the Financial Stability Coordination Council for the Financial Stability Report
for the 2nd Semester of 2021.
A few days ago, Q4 2021 Year-on-Year growth was reported to be at 7.7 percent, putting the full
year expansion at 5.6 percent. This is a remarkable turnaround from what we experienced in the
first year of Covid-19.
For financial authorities, we welcome these gains, humbly recognizing that there will always be
improvements we can pursue, while maintaining a watchful eye over changing market
conditions.
In thinking of where our market stands, I am reminded of Niccolo Machiavelli, the Italian
philosopher and statesman to whom this quote was first attributed. He once said, and I quote
"never let a crisis go to waste", unquote. His idea cannot be more apt than today.
While this pandemic has been a heavy burden, it has provided us the opportunity to come
together and take collective action.
Now that we have our growth momentum back, we can pause, to take the opportunity to learn
from this crisis.
In previous FSRs, we described how quickly we all came together. Faced with an unprecedented
crisis, we took unconventional measures to respond to an out-of-the-box challenge.
In this FSR, we talk about what we have learned from Covid. For financial authorities, it is and will
always be about the financial system as a whole and that whole has to be appreciated as being
more than the sum of its parts.
We also talk about how we can be better, addressing some of more immediate challenges that
have come up because of Covid. It is about the welfare of the Filipino, seen through the lens of
public health, through access to goods, through socio-economic equity, and through a greener
future environment.
All of these are in this latest FSR. We invite all of you to access and download your copy which
will be available in the websites of the FSCC member agencies.As always, we look forward to
hearing your thoughts and comments.
Again, thank you for joining us today and good morning.