amando m tetangco, jr : promoting the rule of law in the financial sector speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( the central bank of the philippines ), at the launching of the bsp ’ s book on “ special banking laws and annotated ”, bangko sentral ng pilipinas, manila, 13 february 2013. * * * former chief justice reynato puno, members of the monetary board, former bsp governors laya and singson, prime minister virata, advocates of the rule of law from the government and the private sector, fellow bspers, distinguished guests, good afternoon. we at the bangko sentral ng pilipinas are deeply honored by your presence, chief justice puno, at this simple launching ceremony for the book on special banking laws annotated. this book covers the laws that govern particular financial institutions such as thrift, rural and cooperative banks as well as non - stock savings and loan associations. these financial institutions play a unique and pivotal role : they broaden the reach of our financial system down to the countryside and encourage savings, loans and investments that grow the economy, generate employment and promote inclusive growth. equally important are annotations to laws on the rights and protection of consumers, borrowers and depositors that are discussed in this book. this book completes the three - volume series on banking laws of the philippines published by the bangko sentral ng pilipinas. as mentioned earlier, the first book is the new central bank act annotated while the second is the general banking law annotated. deputy governor and general counsel de zuniga tells us that this will probably be not the last ; his team is now looking at the possibility of coming up with another book, possibly on financial transaction and products. with this groundbreaking undertaking, we have consolidated in three books the legal framework within which we operate complete with annotations as to its applications including its historical and philosophical underpinnings. we have been asked : why is the bangko sentral publishing these books? well, we learned it was difficult for lawyers, researchers and the academe to access laws and annotations relevant to the financial sector in a timely fashion. and since we also subscribe to the legal maxim that “ justice delayed is justice denied ” the bsp ’ s monetary board decided to take on the challenge of publishing these three books.

it - and it - enabled services, to help us better capture the broad picture of current developments. our department of economic statistics has used these surveys to more effectively monitor our transactions with the rest of the world. this, in turn, has enabled the bangko sentral to assess current and prospective developments in both capital flows and exchange rate movement, as well as the country ’ s vulnerability to possible external shocks. on the other hand, universal and commercial banks remain our reliable partners in monitoring foreign exchange transactions, including remittances, that pass through their channels. finally, we also acknowledge our partners who provide valuable support to our various advocacy programs on financial literacy for microfinance entrepreneurs as well as overseas filipinos and their families. at the end of the day, our economy stands to benefit from our fruitful partnership – the same partnership that helps us keep the philippine financial system resilient in the midst of global financial turmoil and economic slowdown. let us therefore resolve to find new ways to enhance and strengthen our partnership so that together, we can further improve the quality of philippine statistics that provide the basis for national policies and programs. on behalf of the bangko sentral, i thank all of our respondents and stakeholders who have been our faithful partners through these years. all of you can rightfully claim that you have also served our people and our country by sharing your time and information with us. with your support, the bangko sentral will continue to craft and implement responsive monetary and banking policies. maraming salamat po and congratulations to all awardees! mabuhay ang pilipinas!