global economy. for the philippines, i believe, 2012 could more appropriately be characterized as a year of consolidation, when all the outcomes, as desired from reforms instituted, have essentially fallen into place and fitted together. sound macroeconomic policies and structural reforms have led to investor confidence and steady economic growth in a non - inflationary environment. 2013 – are we out of the woods yet? no, continued vigilance is needed amid relative stability going into 2013 in a state of relative calm, is the global economy out of the woods? with the confluence of strong domestic growth and low inflation, is the philippines in a clearing? while we expect the philippines to be resilient, we are also aware that the country is not fully immune to the volatilities in the external front. while there seems to be relative global stability at the moment, risks remain. what are some of these risks? • there may be delays in further political reforms needed for dealing with the euro area sovereign debt crisis. • the us still faces sizable medium - term fiscal tightening. • these two risks are highly politically - related problems, which again may require central banks in advanced economies to keep easy monetary conditions. • in turn, these could lead to more capital flows to emerging economies. • we are also monitoring developments in china, to see if we would see a slowdown or a return to strong growth that together with a recovery in the us, could push global commodity prices higher. • we are also watchful of geopolitical developments in the middle east as these could impact on the supply chain for oil. these are some of the risks that we keep an eye on. given the highly integrated nature of economic and financial transactions today, external developments such as these, could impact on our domestic growth and inflation processes – including on domestic utility and gas pump prices. bsp ’ s policy thrusts moving forward the bsp welcomes the seeming respite from crisis which we are now experiencing, but we continue to keep our ears close to the ground to identify looming pressures. more specifically : on monetary policy, we will sharpen economic surveillance of shifts in the domestic and global inflation dynamics, including any brewing asset price pressures. on financial sector policy, we continue to improve the microprudential supervision of banks and pursue macroprudential regulation with equal vigor to address potential systemic risks. in line with this, we will implement the basel 3 capital requirements for universal and commercial banks ( u / kbs ) by january 2014

benjamin e diokno : fostering cybersecurity for bangko sentral ng pilipinas ( bsp ) supervised financial institutions speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), no occasion, manila, 15 february 2022. * * * to the officers and representatives from the israel embassy in manila ’ s foreign trade administration, members from the bankers association of the philippines, cybersecurity experts, ladies and gentlemen, good day. let me start by thanking the israel ’ s foreign trade administration for organizing this event and gathering experts from the israeli government and private sector to share best cyber - resilience practices and solutions. we hope to engage in conversation on how israel ’ s cybersecurity model and best practices can be adopted here in the philippines and how all of us can work together in combatting rapidly evolving cyberthreats. with the growing popularity of digital channels especially during the pandemic, cyber - attackers and scammers are increasingly targeting financial consumers to defraud them of their hardearned money. we, at the bsp, consider cybersecurity as one of our strategic priorities. this is in line with our mandate of ensuring stability, safety, and efficiency of the financial system. in fostering cybersecurity, the bsp adopts comprehensive, agile, risk - based, and engaging approach which we term as care to stay ahead of our common cyber enemies. this approach cuts across three key areas : first our regulatory policy framework ; second proactive monitoring through our surveillance capabilities and lastly, promoting resilience through supervisory and oversight activities. the bsp is adopting policies and regulations to guide banks and other supervised institutions to take on a risk - based approach to cybersecurity management. since 2013, the bsp has issued several regulations aimed at mitigating the effects of technology and cyber - related risks in bsp supervised financial institutions ( bsfis ). these regulations address various facets of technology, such as social media risk management, business continuity management and multi - factor authentication. recent issuances also include specific guidance on managing data breaches and sms - based attacks as well as combatting ransomware. allow me to share with you some major industrywide initiatives to strengthen the industry ’ s cyber defenses and overall resilience. first, in order to operationalize the bsp ’ s role as the