Amando M Tetangco, Jr: Meeting the challenges of a rapidly changing supervisory and regulatory landscape Inspirational message by Mr Amando M Tetangco, Jr, Governor of the Central Bank of the Philippines (Bangko Sentral ng Pilipinas), at the induction of ARBEX Officers, Central Bank of the Philippines, Makati City, 21 February 2007. * * * Fellow Central-Bankers, good afternoon! I am pleased to be your inducting officer and guest speaker on this important occasion. First of all, let me congratulate the incoming officers of ARBEX led by Mr. Alexander G. Cera. I commend the sustained united efforts of your Association in promoting goodwill and understanding among bank examiners as well as in enhancing the well-being and dignity of your members. Noteworthy also are your initiatives aimed at spearheading development programs and activities directed towards the active support of good governance and other related programs for nation building. Let me also take this opportunity to encourage you to continue to face with vigor and passion the challenges that we all have to face in the rapidly changing supervisory and regulatory landscape. Being the primary supervisor and regulator of banks, we continue to promote safety and soundness of the financial system by providing effective and efficient bank supervision and regulation. This is consistent with our policy objective of maintaining a stable and efficient financial system. We are now in the mid-to-end-stream of transition from the traditional approach to the new globally accepted best practice risk-based approach to supervision and examination of financial institutions, which is designed to sharpen the supervisory focus on areas that pose the greatest risk to banks. The shift will allow for a more effective assessment and evaluation of the adequacy and effectiveness of the risk management system of the banks. You, as examiners, therefore, are challenged to further raise the level of your knowledge in risk-based supervision and improve your skills in conducting risk-focused examination. Rest assured that the Management is doing its part by providing adequate technical trainings like the structured training for the examiners and other trainings being offered through the BSP Institute to equip you with sufficient knowledge and skills in performing your job. The regulatory reforms in central banking are inevitable across all categories of banks. While these reforms look overwhelming, with your dynamic support, we will be able to attain our objectives. Moreover, with the commitment of the ARBEX leadership and cooperation of all the members, you will be better equipped to face the challenges ahead. As you strive to enhance the well-being and dignity of your members and improve their professional status, you also magnify the values essential in attaining the BSP vision and mission. Let us therefore join hands as we embrace the changes in the way world-class central bankers perform their tasks! Thank you and good day!