in flux and constantly changing, we look at our north star, our three pillars, which remain constant : price stability, financial stability, and an efficient and secure payments and settlements system. let me go over our plans for this year to ensure that we keep delivering on our three pillars. 1 / 5 bis - central bankers'speeches on price stability. based on our inflation projections, inflation may have already peaked last december. of course, the [ actual ] numbers will come out soon. from that point on, we see inflation slowing down in the first half of 2023 and settling between 2. 0 - 4. 0 %, our target range, by the third quarter of 2023. by the fourth quarter, and hopefully for the rest of 2024, inflation is expected to approach the low end of the target range due to base effects. what does this mean for us? of course, our monetary settings will continue to be based on and be guided by data. and of course, we are also ready to explain when our forecasts are quite different from what actually happened because we can account for them in our models. by the way, some models do not have this ; they use the past [ figures ] and gut feel on what inflation will be - and it does [ it ] quite well. the problem with these models is they cannot explain itself when it's wrong unlike our [ bsp's ] models that have very specific exogenous variables. aside from investments in better models, we are now leveraging big data and advanced analytics to improve further our forecasting and analytical abilities. [ our ] investments in better models, technology, and big data help us ensure that our actions are responsive to the needs of the time and help us as well in our communications. now, our second pillar : financial stability. we look to the strength of our banks as a barometer of the economy's health. if banks are actively lending to households and businesses, then the economy is in a much stronger position. and as we all know, when banks over - lend, this usually is followed by long periods of slower lending and we hope [ that ] our regulations, our supervision, prevent that from happening. fortunately, the philippine banking system is on much more solid footing than it was back then. both regulators and the regulated institutions learned lessons from past crises and built their buffers in anticipation of future shocks. so, when we look at all the indicators at this time, you can clearly

zeti akhtar aziz : sukuk development and financial stability speech by dr zeti akhtar aziz, governor of the central bank of malaysia ( bank negara malaysia ), at 10th world islamic economic forum ( wief ) “ sukuk development and financial stability ”, dubai, 28 october 2014. * * * it is my great pleasure to be here in dubai at this world islamic economic forum 2014 to speak at this dialogue session on the potential of the sukuk market and its role in the economic development process and in contributing towards financial stability. this recent decade has witnessed the accelerated development of the global sukuk market. the global sukuk market which has now reached usd $ 270 billion outstanding is evolving to become a distinct platform for fostering greater international economic and financial linkages. the success of the sukuk market reflects its ability to meet the changing and differentiated demands of the modern economy, to develop innovative and cutting edge structures and products, and to achieve such issuances at competitive pricing. the sukuk market has drawn increasing interest from sovereigns, multilateral institutions, multinational and national corporations both from developed and emerging economies to finance investments in a wide range of economic activities and development projects. the geographical reach of the sukuk market has also become more extensive, with the global sukuk outstanding now being domiciled in more than 20 countries, while the investor base that spans from asia, the middle east and europe. in addition to issuances in international reserve currencies that includes the us dollar, the british pound and euro, more recently in malaysia has been the issuance of sukuk in renminbi. for the investors, the sukuk offers the diversification into multiple asset classes and different techniques used to structure medium to long term instruments. given that the sukuk is based on underlying assets, it discourages over - exposure of the financing beyond the value of the underlying assets. issuers are thus discouraged from leveraging in excess of the asset value. the prospect of over - indebtedness and its consequences on financial stability are thus reduced. there is also potential for direct participation of investors in the project, thereby granting investors beneficial ownership in the underlying assets, with the rights to receive a share of profits or rental income from the underlying asset of the sukuk while taking the associated risk of such ownership. the sovereign sukuk is generally the first inroad into shariah compliant funding