proud of. in fact, 2007 was a banner year for the bangko sentral as we were able to tame inflation to 2. 8 %, the lowest in 21 years, even as high global oil prices were hitting record high levels. that we achieved this low rate of inflation rate as the economy posted its best growth rate in three decades made for an ideal convergence of high growth and low inflation. we also ended 2007 with record high gross international reserves, balance of payments surplus, higher foreign investments, and a strong peso that emerged as one of asia ’ s top performing currencies. and even as a strong peso had an adverse effect on our income last year, we remain financially strong and solid. our capital base is now roughly 15 times the p10 billion we started out with 15 years ago. thus, while imported inflation from record high food and oil prices has started to affect local prices this year, we are still able to anchor expectations. we are take pride in the fact that we were able to nurture our banking system back to health from the depths of the asian financial crisis without the massive government bailouts that other countries in the region resorted to. our solution : to improve the quality of supervision and implement far - reaching structural reforms in cooperation with the executive and legislative branches of government. today, bank profits are better and capital base deeper, while npa and npl ratios are nearly back at pre - crisis levels. as a result, our banking sector is recognized as strong and able to withstand the fallout from the global financial turmoil. furthermore, banks are consolidating into stronger institutions even as their delivery of banking services and new financial products now extend well beyond urban centers and deep into the countryside and islands. a stable, secure and efficient payments and settlements system is another source of pride for us. in addition, we are happy that our advocacy in sustainable microfinance has energized smaller banks, especially rural banks, into bringing in more people within the banking system, not just for a working capital loan, but also for deposits and remittances. in fact, we are leading the way for central banks in product innovation for microfinance and garnering international recognition for it in the process. we have also made much progress in broadening available alternatives for overseas filipinos in sending remittances to their beneficiaries. greater competition has led to lower remittance cost, better accessibility, quicker delivery, and generally better services that

amando m tetangco, jr : 15th anniversary of the central bank of the philippines remarks by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the bsp 15th anniversary, manila, 3 july 2008. * * * magandang umaga sa inyong lahat! fellow central bankers, on behalf of the monetary board, i greet all of you a happy 15th anniversary! by any measure, this is a milestone we should celebrate and be proud of. why do i say this? well, you and i know that the first 15 years of the bangko sentral ng pilipinas has been fraught with challenges. as an institution starting afresh, we had to reorganize and align our policies in accordance with the clear mandate given to the bangko sentral : to stabilize prices and ensure a sound banking system. soon after, we had to contend with the fallout from the asian financial crisis, political upheavals, natural calamities, and the threats, as well as opportunities, that globalization brings. nevertheless, we always pulled through and emerged the better for it. in the process, we have been able to provide stability to the economy and the country through responsive monetary and banking policies. for this we thank all of you – ladies and gentlemen of the bangko sentral ng pilipinas. let us therefore give ourselves a well - deserved round of applause. once again, let us acknowledge the contributions of former mb members dr. vicente valdepenas, jr. and atty. raul boncan by giving them a big hand. let ’ s also give a round of applause for our present mb members : secretary romulo neri ; former finance secretary juanita amatong ; atty. nelly favis - villafuerte ; mr. alfredo antonio ; and our brand - new mb member atty. ignacio bunye. palakpakan din po natin ang dalawang na - unang gobernor ng bangko sentral ng pilipinas : si governor gabriel singon at si governor rafael buenaventura! ladies and gentlemen. the collective efforts of central bankers, past and present, have generated recognition for governor singson, governor buenaventura and myself and most of all, for our beloved institution – the bangko sentral ng pilipinas. these are well - deserved recognition that we should be