the current crisis must have an international dimension. but this is not to say that, that is where it ends. indeed the difficulties we are experiencing are broadly external ( global ) in origin. but building resilience against external vulnerabilities resides in all of us. building resilience in a time of uncertainty is not just bsp ’ s task. even as i outlined actions that bsp is undertaking to avoid the negative feedback loop, avoiding this is not just bsp ’ s task. if there is anything that this crisis has taught us, it is that there should be greater accountability among all market players. on the part of the banks, there needs to be a better appreciation of the risk of their businesses and true diligence in disclosure and transparency to stakeholders, while at the same time remaining adept at seizing lending opportunities. on the part of the corporate sector, there needs to be a broader, more critical long - term view of their operating environment, realizing that is necessary to ensure their own viability. on the part of the financial consumers, there needs to be a move to be better informed. the bsp has been actively undertaking its financial literacy campaign. the long - term goal is to instill among the financial consumers the responsibility of informing themselves about the risks involved in financial decisions. better informed consumers would mean lesser instances of market instability caused by loss of market confidence due to failed investment schemes. indeed, building resilience of our financial system, and the economy in general, requires appropriate action from the government, the central bank, the financial institutions, businesses, down to the individual private citizens. by doing our respective responsibilities, we can build a financial system and economy that can withstand not only the impact of the current crisis, but also of other future crises. thank you very much for your attention.

amando m tetangco, jr : the philippine economy – building resilience in a time of uncertainty speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the economic forum “ philippine economic outlook – prospects and challenges ”, hosted by security bank, manila, 11 february 2009. * * * distinguished officers and staff of security bank led by its chairman mr. frederick y. dy, president and ceo mr. alberto s. villarosa, other distinguished speakers, guests, ladies and gentlemen : good afternoon! it is my pleasure to join you for today ’ s economic briefing. i laud the efforts of security bank for making this gathering possible. i welcome opportunities such as this to help shed light on our current economic and financial environment, from the vantage point of the central bank, which i hope is not far removed from how it is in the “ real ” world. much has already been said and written about the current environment we are in – it has been described as being “ a tsunami of historic proportions ” to being the “ the worst crisis since the 1930s ”. every writer or speaker seems to want to paint a picture direr than the one before. today, i don ’ t want to be included in that list – rather, i hope i can more candidly share with you a balanced ( realistic ) view. let ’ s begin with what we now know against what is still uncertain. three things stand out. first, we have clearly seen that, on the one hand, the crisis has moved from its epicenter – the us and europe – and has begun to manifest itself in emerging markets, including our part of the world. on the other hand, however, we don ’ t know how much further or deeper the crisis ’ reach and breadth would be once the dust, as they say, finally settles. second, so far the policy prescriptions from the major economies have been “ unconventional ” – untested ( so to speak ) in these unchartered territories we now trek. unfortunately, the very nature of these prescriptions requires patience not only from those in the major economies but also from those at the periphery such as the philippines. the policy prescriptions clearly need time to filter to the markets and achieve the necessary effects. question is, how much patience and tolerance do the markets have? other questions that are perhaps racing in stakeholders ’ minds are :