##itical tensions, notably between the us and iran, as well as social unrest in some countries ( e. g., hong kong, argentina, chile, iran, iraq, turkey, and venezuela ), could disrupt activity and hurt already tepid business sentiment ; still high trade barriers between us and china could continue to imperil global supply chains, erode sentiment, and undermine global manufacturing and trade ; and recent coronavirus outbreak which has been declared as “ global health emergency ” by the world health organization ( w ho ). growing concern over covid - 19 has likewise weighed down on growth prospects not only in china but globally. 1 / 7 bis central bankers'speeches on the domestic front, the major risks include : first, failure to address infrastructure bottlenecks, and second, incapacity to enhance disaster resilience amid increased intensity and frequency of natural hazards. as we prepare to overcome these challenges, we should look for new ways of doing things, pursue structural reforms, and strengthen our institutions along the way. as it stands today, the philippine economy is poised to sustain its 84 quarters of uninterrupted growth despite increased global uncertainties along with emerging domestic challenges. a quick glance at some of the key economic indicators in 2019 show that the country ’ s robust macroeconomic fundamentals remained intact. real gdp growth grew by 6. 4 percent in q4 2019, supported by accelerated government spending, which resulted in full year growth of 5. 9 percent. the full - year outturn was close to the lower end of the national government ’ s growth target range of 6. 0 percent – 6. 5 percent in 2019. despite strong headwinds, the domestic economy in 2019 continued to demonstrate resilience and stability, characterized by : sustained growth momentum ; favorable inflation environment ; ample liquidity and credit ; robust external position ; sound and stable banking system ; and modest fiscal deficit. the 2019 gdp growth rate was a tad lower than the revised official growth target range of the national government of 6. 0 to 6. 5 percent. but what is impressive is that the country has remained one of the fastest - growing economies, not only in asia, but in the world. on the demand side, the economy continues to be supported by sustained household consumption and quickened in public spending during the second half of 2019. on the supply side, growth was driven still by broad - based expansion of services and industry sectors supported largely by the strong numbers coming from financial intermediation

it is a source of pride for us that these landmark books represent the collective output of the bangko sentral ’ s in - house team of lawyers from the office of the general counsel and legal services under the leadership of deputy governor juan de zuniga, jr. without question, they have no equal in terms of combined expertise and experience in the application and interpretation of banking laws and regulations. but beyond their expertise, it is their passion to serve our people that gave them the adrenalin to work on these legal books alongside their regular assignments. you can see the portraits of our writers and editors around this hall. and they will be happy to autograph your books. we also thank the former chief justice of the supreme court, the honorable reynato puno who graciously and generously accepted our request for him to write the foreword for the book on special banking laws annotated and to be our guest of honor in this book launch. it is our distinct honor and privilege to have with us today the man described by the magistrates at the supreme court as a “ transformational leader ”, “ an intellectual aristocrat ” and “ one of the greatest chief justices of the supreme court of the philippines. ” his book entitled “ equal dignity and respect the substance of equal protection and social justice ” was launched only last month. in other words, he continues his crusade for a level playing field and equality in our country. maraming salamat mr. chief justice. bis central bankers ’ speeches and so today, ladies and gentlemen, we present the complete set of the bangko sentral ’ s three books on banking laws of the philippines which we are certain will help fortify the foundation for the rule of law to flourish in the philippine financial sector. this should benefit our people, our economy and our country. once again, our congratulations to our lawyers who made these books a reality and our appreciation to chief justice puno and all of you who have joined us today for this legal milestone. mabuhay po tayong lahat! mabuhay ang ating mahal na bansang pilipinas! thank you and enjoy the rest of the evening. bis central bankers ’ speeches