nestor a espenilla, jr : press statement for the 2017 financial stability report press briefing press statement by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), for the 2017 financial stability report press briefing, manila, 28 august 2018. * * * ladies and gentlemen, good afternoon. thank you for joining the financial stability coordination council ( fscc ) as we mark an important milestone. today, the fscc – composed of the bangko sentral ng pilipinas ( bsp ), the department of finance ( dof ), the securities and exchange commission ( sec ), the insurance commission ( ic ), the philippine deposit insurance corporation ( pdic ), – is proud to issue the 2017 financial stability report ( fsr ). the 2017 fsr embodies our firm and collective resolve not only to build - up and highlight the benefits of sustained stability. it also aims to address any emerging or incipient instability. the 2017 fsr is the fscc ’ s first publication. while the bsp has in the past, crafted fsrs for its internal use, the 2017 fsr we issue today emphasizes the consultative and collaborative nature of the fscc. the report is tangible and clear output which leverages on the respective expertise and insights of fscc member - agencies. the 2017 fsr will be publicly accessible on each of our individual websites. this accessibility supports our unwavering intention to communicate, raise awareness and to help businessmen, financial market players, scholars, as well as the general public to make informed choices about our respective futures. the report is not just a compilation of technical expressions. rather, it is narrative, and is a compelling one. thus far, the philippines has enjoyed 78 quarters of uninterrupted growth. the fscc is committed to sustaining and encouraging — with policies, initiatives and regulatory frameworks — the filipino ’ s innate innovative spirit. greater use of financial technology is targeted along with the adoption of measures to tap the transformational benefits of credit in the context of evolving and dynamic market conditions and their attendant risks. one of these challenges and risks is that of changing market prices and their impact on the servicing of debt. this issue is a primary focus of this 2017 fsr. as interest rates rise globally and as emerging market currencies depreciate, outstanding debt obligations will have to be rep

words, it is a response by the bsp to various issues that hamper the potential for growth of msmes. given the multiplicity of challenges, a collective and collaborative approach is the most ideal strategy to promote inclusive growth. closer coordination of various players will ensure that complementarities and synergies are identified among and across efforts and unnecessary duplications minimized. on a broader scale, this coordinated approach is also the value proposition of the national strategy for financial inclusion ( nsfi ), the platform for public and private sector coordination to ensure synergy of efforts for a systematic approach to countrywide development through financial inclusion. this is exactly the type of coordination that has made the cma a success. for 14 years now, we — the bsp, citibank, citi foundation and microfinance council of the philippines, inc. ( mcpi ), together with the members of the national selection committee and the country teams, and other microfinance advocates – have worked together to constantly improve the design and implementation of the program. thank you everyone! and most of all, we thank and congratulate our cma winners and finalists, as well as the other microentrepreneurs across the country for your steadfast and dedicated efforts that make lives better not only for your families but also for your communities. maraming salamat sa inyong lahat! mabuhay ang cma winners natin! mabuhay ang filipino microentrepreneurs! mabuhay po tayong lahat! 1 national winner honie navor ( granite and tiles ), luzon winner richiel vargas ( gloves, bonnets, and armbands ), visayas winner angelita dagoc ( guitars ), mindanao winner marcelina occena ( herbal oils ). others are special awards for agri ( organic fertilizer ), community leadership ( pastries and candies ), green / sustainable business 2 / 3 bis central bankers'speeches ( recycled rubber tires ), and youth ( tablea and coffee ). 2 a value chain is defined as a set of actors, suppliers, processors, and aggregators who conduct linked sequence of value - adding activities involved in bringing a product from its raw material stage to the consumers. 3 / 3 bis central bankers'speeches