eli m remolona : digital sos - a comprehensive plan to combat cyber incidents speech by mr eli m remolona, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the launch of the financial services cyber resilience plan for 2025 - 2029, manila, 6 august 2024. * * * introduction senator mark villar, dict ( department of information and communications technology ) undersecretary jeffrey ian dy, bap ( bankers association of the philippines ) president jose teodoro limcaoco, pdic ( philippine deposit insurance corp. ) president bobby tan, leaders in the banking and financial sector, distinguished guests and colleagues, magandang umaga po. digital transformation of the financial sector has brought about unprecedented opportunities. from mobile banking to digital payments, technological advancements have revolutionized the way we conduct our financial transactions. however, with these advances come new challenges particularly in the realm of cybersecurity. cyber threats are evolving at an alarming rate becoming ever more diabolical. as financial institutions embrace digital innovation, they also become prime targets of cyber attacks. these attacks not only threaten the stability of individual institutions but also pose systemic risks to the entire financial system and undermine trust in the system. software glitch just three fridays ago, we saw this in the recent global it ( information technology ) outage which caused massive disruptions around the world. as the so - called blue screen of death experienced by microsoft users worldwide unfolded, the incident reminded us of the risks associated with glitches in the digital supply chain. undersecretary dy is right. it was not even a cyber attack. it was a software glitch - the kind of thing we feared would happen with y2k ( 2000 ) more than 24 years ago. our own financial system and settlement system withstood the glitch. the bsp and the financial services industry have long been aware of these challenges. through the years, policy and supervisory reforms embodied in the bsp's ( bangko sentral ng pilipinas ) 2015 cybersecurity roadmap were rolled out in coordination with industry stakeholders. to further advance our shared cybersecurity agenda, i am pleased to now formally launch the final financial services cyber resilience plan ( fscrp ). 1 / 3 bis - central bankers'speeches our plan is not just a

benjamin e diokno : securing economic resilience amid the pandemic speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the manila times forum on “ 2020 midyear economic review ”, manila, 29 july 2020. * * * manila times president and ceo dante “ klink ” ang ii, ambassador and pcci president benedicto yujuico, metrobank senior executive vice president fernand antonio tansingco, other manila times officers and staff, members of the media, ladies and gentlemen. thank you for inviting me to the manila times online forum on the “ 2020 midyear economic review. ” this morning, i will fill you in on where the economy stands midway into a very interesting year, including the latest developments in the country ’ s monetary, financial, and external sectors. i will also discuss some of the recent bsp policies, initiatives, and measures to help the philippine economy during this trying time. as you know, the philippines went through years of difficult but necessary economic reform. the result of this process provided steady anchor for the country ’ s economic resilience. our economy has weathered different economic crises, political changes, and natural calamities. still, the current covid - 19 pandemic is a crisis like no other. this pandemic has morphed into a full - blown global economic crisis. yet, the philippines has had strong economic fundamentals such as robust growth, good fiscal performance and strong external and financial sector positions — which provided relative stability in the face of the covid - 19 pandemic. in the first six months of 2020, inflation averaged at 2. 5 percent. monthly inflation has been on a decline since the start of 2020 — from 2. 9 percent in january to 2. 5 percent in june. year - onyear food inflation decelerated while non - food inflation also declined due in part to lower domestic petroleum prices. latest bsp baseline forecasts indicate that inflation could settle at 2. 3 percent which is at the lower end of the national government ’ s target range of 2. 0 to 4. 0 percent for 2020 and 2021. the stability of the philippine banking system is also a source of strength for the domestic economy. as of end - december 2019, universal and commercial banks posted a capital adequacy ratio of 15. 4 percent on solo basis and 16. 0 percent on