amando m tetangco, jr : crafting a regional agenda for child & youth finance speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( the central bank of the philippines ), at the asia and the pacific regional meeting on “ child & youth finance ”, manila, 4 december 2012. * * * secretary imelda nicolas of the commission on filipinos overseas ; cyfi managing director jeroo billimoria ; distinguished resource persons ; child and youth representatives callista ( 12 years old ) from indonesia, sam ( 11 years old ) from uganda and jessie from the philippines ; fellow advocates of financial inclusion from asia and the pacific ; our media partners ; special guests, good morning and welcome to the bangko sentral ng pilipinas, the philippine central bank. we at the bangko sentral are happy that you have come to the philippines to discuss child and youth finance in asia and the pacific – where it is said roughly 60 % of the world ’ s youth reside. here in the philippines alone, about half of our total population are young. it is important for our country therefore to ensure that our youth are given proper basic education that will allow them to grow into responsible self - reliant adults. indeed, to us at the bangko sentral, finance education is for everyone. thus, when a 2006 survey indicated that less than 5 % of the filipino youth save regularly, we made a decision to place child and youth finance education high on our agenda. this is important to us. after all, we have roughly 25 million students in both elementary and high school levels. and as philippine national hero dr. jose rizal once said “ ang kabataan ang pag - asa ng ating bayan. ” the youth are the hope of our future. furthermore, the 2006 citibank financial quotient survey indicated that filipinos have a financial intelligence quotient of 47. 8 points, less than half the maximum score of 100. while there were other countries that had lower scores, the result was disturbing for us nevertheless. it was an indication that over the long term our countrymen may miss out on the opportunities that development brings. or worse, be unprepared to weather financial uncertainties that may arise in the future. these results provided us with the strong resolve to broaden and deepen our financial education program. since then, the bangko sentral ng pilip

an earlier and stronger recovery in the turkish economy, compared to that of the global economy. accordingly, since the height of the crisis, by mid - 2009 turkey ’ s gdp and industrial production have increased by 11 percent and 21 percent, respectively, while the unemployment rate has dropped by approximately 3 percentage points. although the level of production is still below its pre - crisis level, we expect that it will exceed this level in 2010. meanwhile, we envisage that it will take an extended period for the labor market to recover. the global economy has displayed a mild recovery since the second half of 2009. yet, european economies have recently shown signals of deceleration. although problems in the credit markets of advanced economies have attenuated, they have not been completely eliminated yet. as a matter of fact, credit developments in the usa and the euro area suggest no significant increase in credit volume. the unresolved issue of troubled assets in the banking sector of advanced economies impedes proper functioning of the credit mechanism. meanwhile, soaring and persisting high unemployment rates in many countries reduce household expenditures and negatively affect the aggregate demand. soaring budget deficits and public debt stocks stemming from loose fiscal policies implemented in developed countries are an important risk factor that may adversely affect private demand by increasing long - term interest rates in the years ahead. the risks that i have mentioned above also have the potential to affect the turkish economy in a negative way. considering that our largest exports market is the european union, problems prevailing in european economies pose an important risk for our economy, too. as a matter of fact, external demand indicators have recently indicated a partial slowdown. global turbulence also has the potential to affect the turkish economy negatively through the channel of expectations. problems in the global financial markets are likely to restrain the accessibility of external financing. in conclusion, in an environment where the resource utilization has yet not reached pre - crisis levels and no demand pressure is observed, we anticipate that core inflation indicators will remain consistent with medium - term targets and economic recovery will be slow and protracted. 2. turkey ’ s long - term growth performance and potential growth rate in the second part of my speech, i would like to share with you my views on the necessary reforms for the establishment of strong and sustainable growth in turkey as well as those to increase its long - term potential growth rate. the growth rate of a country is determined by three factors. these factors can be summarized as : capital deepening employment growth and total