amando m tetangco, jr : celebrating freedom and responsibility speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 117th anniversary of philippine independence, guam, 26 june 2015. * * * i am deeply honored to be with you here in guam to celebrate the 117th anniversary of the independence of the philippines. this is a time of reflection. a time when we look back to honor the people who dedicated their lives to secure our freedom as a nation. a time to remember the significant events that define us as a people and as a nation. indeed, we must celebrate, commemorate, and value our heroes and their legacy of freedom. we are happy to note that this is well recognized by the government of guam with the proclamation signed by gov. calvo declaring june 2015 as philippine independence month. this brings me to the subject i wish to share with you tonight. in the philippines, we are working on developing an economy where growth is sustained, balanced and one that promotes inclusive growth. growth that improves the quality of life. growth that empowers. growth that breeds financial independence among our people similar to what you have here in guam. indeed, with the freedom to set our own course, the philippines is on track to achieve sustained long - term growth. among others, we have registered 16 years of uninterrupted economic growth. and time and again, the philippines has demonstrated a level of resilience that can withstand the effects of global financial distress or the devastating impact of natural calamities. in 2013, for instance, central philippines was struck in succession by a 7. 2 magnitude earthquake and by typhoon haiyan, considered the most powerful storm to make landfall in recorded history. thousands died, millions were adversely affected, properties and infrastructure were destroyed and heritage sites ruined. nevertheless, with overwhelming outpouring of international support, including from guam, and with growth momentum on our side, our economy still expanded by 7. 2 %, the second highest in asia, next to china. the bangko sentral ng pilipinas – which is the philippine central bank - plays a crucial role in laying the appropriate foundation to help keep our economy growing. in line with our mandate, the bangko sentral works on providing an operating environment where stability is the hallmark of price movements and the financial system. the objective is to create conditions that are

last year - republic act no. 10641 – allowing 100 % foreign ownership of banks in the philippines. we believe this will encourage healthy competition that will benefit filipino consumers in terms of having broader and better choices of bank products and services. it will also bring in more foreign investments into the philippine economy. we hope that these favorable business conditions in the philippines will prove attractive for increased investments from guamanians to partner with us in exploiting such opportunities. parallel to this, we are taking a proactive approach to ensure that filipinos across the country are able to identify, gain and prosper from the fruits of economic progress. our way forward is through financial inclusion. we want our people to save, invest and learn proper personal finance management to be financially secure and independent. we want our people to be part of the financial mainstream where they can access bank loans that will help them grow their own business. we want our people to have options other than informal lenders with prohibitive rates and onerous conditions. and we want our people to be able to protect themselves against scams and to know their rights as financial consumers. we are therefore working with other agencies and institutions to develop and implement a national strategy for financial inclusion to achieve sustained and broad - based inclusive growth. the upward trajectory of economic freedom in the philippines is reflected in the 2015 index of economic freedom published by the wall street journal and the heritage foundation where we ranked as 76th freest among 186 countries. we had one of the 10 best score improvements in this 2015 index, with notable improvements in financial freedom, freedom from corruption, and labor freedom. while the report pointed out areas of remaining concern, it acknowledged that wide - ranging reforms have put greater emphasis on improving regulatory efficiency, enhancing regional competitiveness, and liberalizing the banking sector. in terms of overall economic freedom, the score of the philippines is above average, relative to the world and the regional benchmarks. ladies and gentlemen, the declaration of philippine independence 117 years ago was a decisive step toward building a free and prosperous nation. bis central bankers ’ speeches today, more than paying respect to our forefathers and heroes, let us reflect, as beneficiaries of this freedom on our responsibilities in moving our country and our people forward wherever we may be. the current generation has the obligation to carry on with the task of nation - building to ensure that future generations continue to have the rights and privileges that we enjoy today as free and independent citizens as filipinos or as guam