Amando M Tetangco, Jr: Team BSP - gearing up for an even better year
in 2010
Speech by Mr Amando M Tetangco, Jr, Governor of the Central Bank of the Philippines
(Bangko Sentral ng Pilipinas), at the Bangko Sentral ng Pilipinas flag-raising ceremony,
Manila, 4 January 2010.
* * *
Ladies and gentlemen of the Bangko Sentral ng Pilipinas, magandang umaga at masayang
bagong taon sa ating lahat!
On behalf of the Members of the Monetary Board, I stand before you today to lead the start
of our first working day at the Bangko Sentral ng Pilipinas in 2010.
Now, I want to ask all of you: are we ready to do the best we can as central bankers in
2010!? I am very happy to hear that! Like you, I also believe that the men and women of the
Bangko Sentral ng Pilipinas are prepared to meet the challenges that will come our way in
2010. I say this because we have statistics and the data to back me up.
Fellow central bankers. I want to say this for the record. Given one of the most difficult years
for central banks across the globe, we did quite well in terms of the three pillars of central
banking: a stable price environment marked by low and stable inflation; a safe and sound
banking system that has kept credit flowing to productive sectors; and a secure and reliable
payments and settlement system that has minimized systemic risks and enhanced
confidence in our financial system.
In turn, manageable inflation has given us ample leeway to maintain low interest rates that
support continued economic growth. We also implemented liquidity-enhancing measures to
help relieve possible stresses in the financial system coming from the global downturn. At the
domestic front, we helped ease the destructive effects of typhoons "Pepeng" and "Ondoy"
with a special rediscounting facility and a set of temporary regulatory relief measures for
affected banks and bank borrowers.
In addition, our external position remains favorable with a surplus in our balance of payments
and record high gross international reserves. And the peso is firm and stable.
In other words, responsible, timely, and disciplined monetary and financial policies helped
keep our economic engines rolling and growing amidst global turbulence.
Ladies and gentlemen of the Bangko Sentral ng Pilipinas. Lahat tayo, all of us contributed to
this success. Sure, it was not a perfect year, but it was successful, nevertheless, based on
our key metrics. We focused on our priorities, worked long hours, and remained united as a
team. We did not drop the ball, so to speak. And so, fellow central bankers, let us celebrate
the success of Team BSP in 2009 with a well-earned long round of applause.
But beyond traditional central banking functions, Team BSP also made remarkable
accomplishments. Let me cite a few:

The BSP in cooperation with local banks successfully worked on further reductions
in bank remittance charges for overseas Filipinos and their dependents;

The BSP's pioneering regulations for mobile money transfers have gained
international recognition for its potential to reach out to the unbanked and become a
useful and efficient channel for inclusive banking;

The BSP's regulatory environment for the microfinance sector has been recognized
as the best in the world;

The BSP's Credit Surety Fund program enhanced access of micro, small, and
medium enterprises to collateral-free loans;

Our continuing and full commitment to global standards under various certification
programs;

The BSP's legal breakthroughs in its fight against erring banks and bankers which
gained support from the Department of Justice and the Supreme Court; and

The BSP's consumer protection and financial education program continues to
broaden and deepen its reach, attracting global recognition in the process.
Ladies and gentlemen, we have been able to carry out all these and more, because we have
world-class central bankers and various human resource development programs that
continue to enhance the capabilities and expertise of more BSPers. We have also
streamlined our organization, improved our work processes, re-engineered our planning and
budgeting processes, and adopted a BSP Citizens Charter and a Code of Ethics for BSP
Personnel.
What makes me even prouder is that BSPers are not only excellent central bankers, you are
also socially responsible Filipinos.
For instance, in the wake of the destruction wrought by "Ondoy" and "Pepeng," BSPers
immediately went into action to share their time and resources to prepare and bring relief to
thousands of displaced families. BSPers also chose to cancel the annual bank-wide
Christmas celebration to donate its budget to Filipinos who are in need. This is, indeed, a
little sacrifice for a big cause.
Ladies and gentlemen. This is what I call sama-samang pagpu-punyagi. The collective drive
to succeed, to excel, tenacity in the face of challenges, the constant striving based on the
firm belief that honest work will get its just reward. I believe this is the reason behind BSP's
success.
This is the same theme of BSP's 2010 wall and desk calendars, copies of which have been
distributed to all of you. Pagpu-punyagi. Let us keep this to heart as we start serving our
country and our people in 2010 through the Bangko Sentral ng Pilipinas.
Fellow central bankers. Today, we are halfway in the commemoration of National Banking
Week - which is from January 1 to January 7. This weeklong celebration was declared to
honor the anniversary of central banking in the Philippines which started on January 3, 1949.
Thus, today, January 4 is not only our first working day in 2010, it is also the first working day
as we begin 61 years of central banking in the Philippines.
60 years in 2009, 61 years in 2010. Indeed, the Bangko Sentral ng Pilipinas is what it is
today because of the collective efforts of central bankers of the past and the present.
To celebrate the first 60 years of central banking in the Philippines and to share the lessons
we have learned along the way, we have published a book entitled "Central Banking During
Challenging Times: The Philippine Experience." We will launch this book on Friday,
January 8. I hope you will take the time to read this book written by present-day central
bankers and edited by Dr. Valdepenas, who served as Member of the Monetary Board for a
total of 14 years.
Fellow central bankers, as we make a fresh start in 2010, let us always be mindful of the
weight of both responsibility and history upon us. And to guide us, let us always remember
the values we have committed to live by as BSPers: patriotism, integrity, excellence,
dynamism and solidarity.
While we came to our institution as individuals, we have come together as professional
central bankers under Team BSP united to fulfill our mandate in the service of our economy,
our country and our people. For this, I and the other Members of the Monetary Board thank
all of you. And because we are united, I am confident that we will overcome the challenges
that will come our way in 2010.
Finally, on behalf of the Members of the Monetary Board as well as my wife and family, I take
this opportunity to greet all of you a successful, happy, and prosperous 2010!
Mabuhay ang Bangko Sentral ng Pilipinas! Mabuhay ang ating bansang Pilipinas!
Maraming salamat sa inyong lahat!