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. * * * 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!