among others, to those who are more vulnerable, even if it means accruing less to the bottom - line. this is the very essence of why banking is imbued with public interest. in this connection, the bangko sentral is preparing to release a consumer protection framework ( cpf ) that is applicable to its covered institutions. built upon the pillars of consumer empowerment, market conduct and collective responsibility, the governance standards put into practice by each bsp - covered institution will play a central role within the cpf. the introduction of the cpf is a milestone for us. consumer protection is now part of the core practices for which the bsp exercises supervision and regulation. in this initiative, i expect that baiphil will again be one of our key partners. what lies ahead : a challenge to baiphil ladies and gentlemen, we can always talk of governance at length. the challenge, however, is not in extolling the virtues of good corporate governance. rather, it is what happens after that is the key challenge. if a “ culture of good governance ” is meant to define our set of values, beliefs and practices on governance, then we are clearly along the proper path. this cannot be delineating the shades of grey between “ acceptable ” and “ unacceptable ”. when it involves the interests of several stakeholders, we need to be categorical about what is “ right ” and “ wrong ”. the challenge is measuring how far we moved forward. i am not referring to specific instances of compliance or breaches. what we want to achieve is having that comfort that values, beliefs and practices are fully in place and updated even when no one is looking. certainly, it is this last part that is at the core of the issue. baiphil has always been the advocate of training and capacity building. the industry benefits from your course offerings and capacity building programs. but baiphil ’ s mandate cannot and should not stop when the courses end or when we choose to mount a new training. is baiphil up to this critical task? abangan! actually, given your track record, i trust that baiphil will find new and creative solutions to meet these challenges. finally, i thank and commend baiphil for its continuing commitment to support the bangko sentral ’ s financial education program for parents and teachers in our public schools. this is a parallel program that complements the lessons on saving, money management and entrepreneurship being taught in

market committee chairman wick veloso, the money market association of the philippines under president michael joseph delfino government securities eligible dealers ( gseds ), esteemed guests, on behalf of the monetary board and the bangko sentral ng pilipinas, i welcome you to the bsp. magandang hapon sa inyong lahat. allow me to share some pointers on how to make common - ground conversations more meaningful. these tips are borne not just out of my thirty - six ( 36 ) years of experience as a central banker not just as deputy governor of the supervision and examination sector for twelve ( 12 ) years but these points were learned chiefly in my capacity as a friend and colleague ( perhaps even as a husband and father! ). 1 / 3 bis central bankers'speeches in my experience, a conversation is more meaningful when : first, it is between those with the same goals. in this, there is no issue. as mentioned earlier, the sec, btr and bsp have always been partners. for one, together with other institutions, 2 we are members of the financial stability coordination council ( fscc ). the fscc ’ s key objective is to identify, manage and mitigate the build - up of systemic risks. our institutions share the prudential objective of financial stability and development. our being here today is just a step - up an expression and a specific operationalization of our original goals. in this particular case, we share the same vision of developing our local currency debt market to support our growing economy in a sustainable manner. as a result, the capital market working group of the bsp, the btr, and the sec, with the support of the department of finance, joined hands in developing the philippine roadmap to accelerate the development of the domestic debt market. three areas are prioritized : deepening the local bond market by adopting reforms to incentivize market - making, increasing supply of short - term debt securities, and developing an effective regulatory framework for the repo and otc government securities markets ; ( 2 ) the creation of reliable financial benchmarks and valuation of financial instruments ; and ( 3 ) the establishment of an integrated financial market infrastructure to promote price discovery, transparency and orderly trading, clearing, and settlement of the full range of financial transactions. second, the value of a conversation is greater when those who engage in it understand its relevance and importance. otherwise, discussion is just chatter