you postponed buying a car by two or three years. who needs a car when you cannot use it? in the case of my wife, she said, " let us go back to boracay. let us go back to el nido. " it is harder for me now because i am the central bank governor. i have to bring guards wherever i go. i told her to go alone. so, the pent - up demand is clearly working in our favor. managing exchange rate volatility the other one is that we have managed the exchange rate. this time, we were a lot more concerned with the exchange rate than we usually were. generally, changes in the exchange rate are healthy. eh kung short ang foreign exchange rate, eh gusto mong tumaas ang presyo para mag - ingat ang tao sa paggamit ng foreign exchange. our evidence is under normal times, the translation of a 1. 0 - peso depreciation to inflation is just 0. 076 percentage points [ in the short - run ]. 2 exchange rate changes are healthy until they are not. if they become large, they become the anchor of new inflation expectations, like what happened to mexico. the mexican peso depreciates ; inflation goes up. inflation goes up ; the peso depreciatesand it becomes a cycle. the fed [ tightening ] policy, the strong dollar, and the current account deficit, as you can see in the charts, caused a very large change in the exchange rate, which [ then ] caused us [ at the central bank ] to act very, very aggressively. taking decisive monetary response as you can see in the next chart, we adjusted the policy rate by [ a cumulative ] 350 bps. the next country to do [ raise their policy rate ] as much as we did was south korea ; they raised by 300 bps. however, our 350 - bps adjustment is a little bit exaggerated because we had an abnormally low policy rate [ during the pandemic ], 200 bps, which has never been observed. and that is the result of anti - pandemic policy. [ we had ] ultra - low monetary policy because the economy was really reeling [ from the pandemic ]. we also had regulatory relief where loans to msmes [ micro, small, and medium enterprises ] qualified as reserves. 4 / 7 bis - central bankers'speeches as the bond markets were panicking,

benjamin e diokno : opening remarks – “ money talks - what every filipino should know about the history of philippine money ” opening remarks by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the virtual numismatic event, 11 november 2021. * * * to the philippine numismatic and antiquarian society ( pnas ), colleagues from the bsp, learners from state universities and colleges, fellows from knowledge resource networks and museums all over the country, friends from the media, and those who are watching us live from facebook, good afternoon. i am pleased to welcome you all to “ money talks : what every filipino should know about the history of philippine money, ” the first virtual numismatic event organized by the bangko sentral ng pilipinas in partnership with the philippine numismatic and antiquarian society. no less than proclamation no. 1486 series of 1975 declares november 17 – 23 of every year as national numismatic week and designates pnas to take charge of this national observance. but for too many of us, the coins and banknotes in our pockets are but a means to an end. we do not bother to look or even appreciate the intricate designs, security features, nor the vital historical moments captured in our money every time we take out our wallets to pay. but money plays an unquantifiable function outside of its textbook definition as a medium of exchange, unit of account, and store of value. over time, our coins and banknotes have served as a silent witness to history and human development – all the while it has changed hands and enabled transactions on a global scale. from exchanging physical goods through barter to the rise of gold and silver which gave way to paper and the modern - day new generation currency, philippine money has changed form and shape countless times throughout different historical periods. but in each of these transitions, our coins and banknotes never failed to capture and reflect vital historical scenes and figures. historian ambeth ocampo chronicles this storied journey in our coffee table book, yaman : history and heritage in philippine money, where he emphasizes, “ filipinos have to be reminded that they carry history in their pockets. ” today, professor ambeth will walk us through the history of money and how it plays into our unfolding story as a nation. we will also get to hear