of which, in a few moments from now, we will be showcasing the concept design crafted by our very own architects in the bsp currency management sector, to give you a glimpse of the complex that we plan to establish just outside this venue. consistent with the spirit of the new clark city, the concept envisions a facility that will serve as a leading benchmark for a smart, green, modern complex, not just within the country, but on the global scale as well. we also envision an industrial facility that will employ state - of - the - art technologies that will foster high - yield production systems, efficient workflows, while maintaining a low energy footprint. likewise, with the ample area being considered, the facility will feature expansive greenery and natural living spaces – which are short supply in metro manila – to exemplify the bsp ’ s continuing commitment to health, well - being, and environmental preservation. so allow me to end my remarks by calling your attention to the screen in front as we proudly unveil the concept design of the new bsp security plant complex which will rise in the new clark city. mabuhay po tayong lahat. mabuhay ang bansang pilipinas. 1 “ paspas capas ” is the municipality ’ s motto / slogan. 2 / 2 bis central bankers'speeches

felipe m medalla : in pursuit of price stability - challenges and opportunities speech by mr felipe m medalla, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the philippine chamber of commerce and industry ( pcci ) 2023 philippine economic briefing, manila, 26 february 2023. * * * i am very glad to be here and seeing old friends. i remember the days when we were talking about tariff reforms, right? credit to our country, there were continuous reforms in trade, fiscal, and monetary areas. and now, with a very market - friendly government, we are quite optimistic about the future. examining the structural make - up of the philippine economy : an eye to the past and a path to the future but let me say a little bit of what i think is the history of the philippines, which is : it is fairly easy to stimulate growth. the problem is growth, generally, results in an even faster increase in imports, by the very nature of the economy. and therefore, eventually, growth goes to a stop because of a balance of payments crisis. now, that was solved by remittances and then, later on, bpo [ business process outsourcing revenues ]. and that is why until the pandemic came, we had a very beautiful picture of the economy : high growth and falling poverty [ incidence ]. by the way, the indicator i always look at to see if the economy is improving is the number of unpaid family workers. sabi nga naman eh, " may trabaho ka na nga, gusto mo pa ng sweldo? " so, that is really a very big sign of informality [ in the labor force ], and that was declining very quickly. the next question really is : we had two horses [ growth drivers ] that carried us [ the economy ] : remittances and bpo. what will replace them when those two horses mature? this is my own experience as a central banker. stimulating the economy is fairly easy because we have a very young population. and by some accident - by the way, i am really way outside my field - i think we are a country of malls because we have no parks. and, therefore, the malls are fairly good. everybody is there. you have a dental appointment, you have [ to apply for a ] driver's license - think about it - it is in the