Amando M Tetangco, Jr: The cornerstones of a thriving economy
Opening speech by Mr Amando M Tetangco, Jr, Governor of the Central Bank of the
Philippines (Bangko Sentral ng Pilipinas), at the 2007 Awarding Ceremony for BSP
Stakeholders, Bangko Sentral ng Pilipinas, Manila, 4 July 2007.
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Members of the Monetary Board, distinguished guests; heads, chief executive officers and
personnel of our partner firms; my colleagues at the BSP; ladies and gentlemen:
Magandang umaga po sa inyong lahat!
On behalf of the members of the Monetary Board as well as the men and women of the
Bangko Sentral ng Pilipinas, I thank all our stakeholders, the media, and other special guests
for joining us this morning.
Today, we give recognition to our partners from the business and government sectors who
regularly invest time and effort to provide complete and reliable information to us. These are
vital statistics and information that guide the Bangko Sentral ng Pilipinas in formulating
appropriate and timely policies and programs.
Indeed, one cannot overemphasize the importance of having complete and accurate
information as basis for making decisions that can significantly affect a big number of our
people. In fact, the cornerstones of a thriving economy are reliable, timely and complete
information. Otherwise, it would be garbage in, garbage out.
Gaining public recognition for the importance of statistics and information that we produce,
monitor and disseminate therefore is a continuing undertaking with you as our information
providers.
I am pleased to report that the dividends from our partnership have been highly encouraging.
Among others, this partnership has allowed the Bangko Sentral to be forward-looking and
information-intensive in the formulation of monetary and financial policies.
As a result, we have been doing quite well insofar as our monetary policy is concerned. In
fact, even as oil prices are hitting historic high levels, we manage to tame inflation at low and
stable rates: in June 2005, for instance, our inflation rate was 7.6%; last May, it had dropped
to 2.4%, a level comparable to those in developed countries.
It is also significant to note that even as we continue to experience solid and broad-based
economic growth, we have been able to keep the lid on inflation, maintained interest rates at
low levels, and the peso stronger. Meanwhile, the Bangko Sentral this year gave a grant of
P50 million to the export sector to enhance its competitiveness; this is our second grant to
the export sector.
I am also pleased to report that our banking system continues to strengthen, while our
domestic capital market continues to develop and deepen as a result of our reform agenda.
Ladies and gentlemen, these happened because your cooperation as information providers
empowers the Bangko Sentral to craft responsive policies that, in turn, benefit you as well. In
other words, we have good synergy at work here.
For this reason, we are committed to elevate our partnership with you to a deeper
engagement, to include consultations on your needs, both as data providers and users of
official statistics.
This is the fourth year of our Stakeholders Awards Program which rewards best respondents
to BSP surveys such as the: 1) Business Expectations Survey; 2) Cross Border Transactions
Survey; 3) Foreign Direct Investment Survey; and 4) Coordinated Portfolio Investment
Survey. Our Awards Program also recognizes exporters that generate significant net foreign
exchange earnings, as well as commercial banks that facilitate the reporting and inflow of
overseas Filipinos' remittances.
This year, the BSP will start giving awards to institutional partners that provide valuable
information support for the BSP's analysis on monetary developments and policies. I am also
pleased to report that two survey respondents who are three-time awardees will be elevated
to the Hall of Fame. They become our first Hall of Famers.
Our awardees will receive trophies, aptly given the name "Ambition", that symbolize our
partnership and joint commitment to foster a better economic environment for our country. To
the awardees, our congratulations.
To all our stakeholders, we thank you for your continuing support and cooperation for the
Bangko Sentral ng Pilipinas and our economy. Remember, our partnership is a critical
element in weaving the success story of our country's balanced and sustained economic
growth.
Marami pong salamat. Mabuhay ang Pilipinas!