is the “ range of one ’ s perception and experience ”. putting these two meanings together suggests to me that when you chose this topic for this year ’ s convention, you were actually asking your members to find ways of enlarging “ what the industry knows about what it can experience and what it is able to do ”. you were, in a sense, asking your members to find ways to enlarge these things to the point where the sky and earth seem to meet. i wish to tell you even now, that in this journey you have chosen, the industry can expect the bsp to provide an operating environment that would allow you to traverse this path, but in a way that makes you also mindful of the impact of your actions – not only on yourselves but also on the rest of the members of the financial eco - system you are in. how shall we broaden the horizon? your goal for 2013 is clear – to broaden the industry ’ s horizon. but how would you achieve this? in geometry and in nautical science, i am told practitioners have derived a mathematical formula for calculating the distance to the visible horizon. the exact equation bis central bankers ’ speeches will depend on whether adjustments for refraction, i. e., the distortions due to light, are done or not. but the common element in any of the equations is this – that the distance to the horizon is a function of the height from which you are taking your view. more specifically, the visible horizon will be further from you, the higher you are above the ground. this natural law is quite interesting in that it also applies to the laws of economics. if i were to apply this law to your chosen goal, i would paraphrase as follows. if the ctb wishes to broaden its horizon, the chamber needs to raise its vantage point. the stage is set using 2012 as our gauge, i believe you will agree with me that the country has certainly raised its vantage point. when we consider our markets, the environment is indeed more favourable now than it has been in the recent past. the economy expanded by 6. 6 percent in 2012 and this growth was matched by generally stable prices as inflation averaged 3. 2 percent last year. the high growth - low inflation scenario was further supported by our robust external position. the country ’ s balance of payments remains in surplus due to investment growth, business process outsourcing receipts and the steady rise in remittances. this led to

for development and influencing the impact of borrowings on the profile and structure of total external debt. a continuing review of bangko sentral regulations governing external debt and other foreign exchange transactions is likewise undertaken to keep our rules attuned with current global and domestic conditions and to foster a regulatory environment that supports the objective to achieve inclusive growth for the country. in all these undertakings, a good monitoring system is indispensable. flares allows us to perform all these with relative ease and accuracy. conclusion i have, on a number of occasions in the past, said that the philippines managed to “ survive ” today ’ s crisis, because we purposed to invest in the reforms yesterday …. and today, ladies and gentlemen, we add flares to the list of governance reforms we have instituted. as we enlist public and private sector entities to enroll in flares and encourage more banks to participate, it is my hope that flares would indeed help us better manage our external debt. in turn, i hope this will ensure and protect our desired trajectory of sustained higher economic growth. maraming salamat sa inyong pagdalo at pakikinig. bis central bankers ’ speeches