and enhancing disaster resilience amid increased intensity and frequency of natural hazards are among the key challenges confronting the economy. on the external front, major risks include a synchronized economic slowdown ; rising geopolitical tensions ; higher tariff barriers between the us and its trading partners, and the recent novel coronavirus outbreak which has now been assigned a “ high - impact ” global risk assessment by the world health organization. nonetheless, amid these risks and challenges, i am confident that the philippine economy will remain as one of the bright spots in the region and we expect it to remain so with the support of critical structural reforms. after all, the positive growth story of the philippines in the past 84 consecutive quarters was not achieved in a risk - free environment. the domestic economy ’ s proven ability to rise above the challenges is reflective of the kind of growth it has built — rooted in structural transformation and not in mere streak of luck. in conclusion, i believe that the philippine economy remains in a position of strength to weather uncertainties in the global environment. sustained commitment to pursue the government ’ s infrastructure program and reform agenda is key to achieving a high, inclusive and sustainable growth. an appropriate mix of monetary, fiscal, and other structural policies is crucial in achieving the government ’ s short - and long - term macroeconomic objectives. at the end of the day, we both share one common goal — to help build a nation that promotes a comfortable, secure, and prosperous life, for all filipinos — now and in the future. rest assured that the bsp is one with the government and the private sector in this lofty goal. as the country ’ s central monetary authority, the bsp is committed to stay true to its mandates of promoting price and financial stability, and the attainment of a safe, and efficient payment and settlement system conducive to a strong, sustainable, and inclusive growth of the economy. thank you. 5 / 5 bis central bankers'speeches

did to our call for the crafting of a consumer code in the philippines. the bsp attributes to bmap ’ s strong political will the expedient launching of the “ service code for consumer banking in the philippines ” in october 2005. ( only 14 months after bsp challenged the industry to make one for the philippines ). the fsf, through its reporting, information exchange and dissemination committee ( ried ), has also moved to supplement its current memorandum of agreement ( moa ) covering bilateral information exchange among fsf members. the amendments will allow the establishment of an overall framework for the exchange of relevant reports and / or data which in turn shall facilitate the development of comprehensive statistics on the financial system. to address cross - border supervisory issues, we have already established contacts with our foreign counterparts in ten ( 10 ) countries where philippine banks also operate. two of them, the china banking regulatory commission and the nederlandsche bank, have already made commitments for the exchange of information on areas of common interest as supervisory authorities. meanwhile, we are confident that we shall be able to see the fruits of our negotiations for the adoption of a minimum set of ground rules for the exchange of similar information with the remaining eight foreign supervisors 1. a call for support bmap, together with the other captains of the banking industry, has undoubtedly made significant contributions towards the realization of many of our reform initiatives. however, we still have a plateful of them to complete. we believe that bmap remains strategically positioned to continue to enlist the support of industry primemovers in these endeavors. you have the power to promote synergy amid a mixture of divergent plans to achieve our shared vision for the banking industry and for our country. we look forward to another year of closely working with you. once again, congratulations to your officers! thank you very much. mabuhay tayong lahat. namely : monetary authority of singapore, hong kong monetary authority, germany ’ s federal financial supervisory authority ( ffsa ), taiwan ’ s financial supervisory commission, uk ’ s financial services authority, japan ’ s financial services agency, and the us federal reserve bank