amando m tetangco, jr : nurturing successful & ethical finance professionals speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the finex - citi rafael b buenaventura outstanding finance educators awards night, manila, 28 january 2009. * * * members of the monetary board, the family and friends of governor rafael buenaventura, the organizers of the finex - citi rafael b. buenaventura outstanding finance awards led by mr. sanjiv vohra of citi and mr. eduardo francisco of finex foundation, distinguished finalists, my colleagues at the bangko sentral ng pilipinas, special guests from the academic, banking and finance communities, good evening. i am very pleased to be here today to join you in honoring our outstanding finance educators. as a career central banker for more than three decades now, i was fortunate to have good mentors ; governor rafael buenaventura stands out in particular. he never lectured, he mentored. he never preached, he showed by example. thus, his six - year term as head of the bangko sentral ng pilipinas will be remembered for the world - class expertise and wisdom which he generously shared. it is fitting therefore that our awards tonight are given in honor of a great mentor – former bsp governor paeng buenaventura. ladies and gentlemen, let us celebrate the memory of gov paeng with a long round of applause. teaching is a vocation ; it requires intellectual, emotional, and spiritual commitment. it is therefore proper for us to reward outstanding educators. to me, the discipline, intellectual rigor, and moral values that good educators engender are priceless gifts that empower their students to become effective catalysts for economic and social advancement in our country. given the hard and painful lessons from the ongoing global financial crisis, we cannot overemphasize the importance, the value of instilling good moral principles and good governance in the process of educating our youth, the future leaders of our nation. for instance, we have seen the destructive effects, on a global scale, of the greedy and senseless race to have ever fatter bottomlines at all cost, in total disregard of its consequences. we have seen many supposedly finance experts lose their perspective when it comes to money. think subprime, madoff, and the german billionaire, one of

technology - related risks, including aml / cft and other concerns with respect to fintech. this includes enhanced regulations to ensure that non - banks such as pawnshops and money service businesses are properly supervised as they compete in delivering bank - like services. this also extends to entities that use virtual currency as underlying instruments for remittance. we expect financial access to further expand with our recent issuance allowing technology - enabled third party retail outlets to function as bank cash agents. complementing these are regulations that allow reduced know - your - customer ( kyc ) processes for certain low - risk accounts and the use of technology for kyc. these amendments aim to facilitate frictionless customer on - boarding and convenient customer access. in keeping with our mandate to maintain financial stability, soon we shall be issuing enhanced information security framework to strengthen cybersecurity controls in line with a rapidly evolving cyberthreat landscape surrounding financial institutions. it is vital that we preserve the balance between innovation and risk management. game - changing financial sector reforms given the country ’ s potential as a promising investment destination, our domestic capital market is being positioned to serve as an important source of long - term funding and as a complement to bank lending to support economic growth. in this regard, we are closely collaborating with other government agencies, namely the department of finance ( dof ), securities and exchange commission ( sec ) and bureau of the treasury ( btr ), and industry stakeholders to deepen the local currency debt market. complementing this local currency debt market development initiatives, we are also further liberalizing foreign exchange ( fx ) rules in order to enhance the ease of doing business. this 4 / 5 bis central bankers'speeches forms part of a broader agenda for an organized fx market to enhance depth and transparency, improve price discovery, and increase availability of fx products, especially hedging instruments. mutuality in relationships indeed, the economic circumstances today demand fresh and bold approaches. but to succeed, collaboration and cooperation is key — with other government agencies and with you, our stakeholders in the private sector and the filipino public. any great innovation effort begins with understanding “ the who, what, and whys ” of those we serve... in other words, who are our customers? what needs do they have? and why do they have these needs?... this is the true essence of customer - centricity, empathising with the experiences of our stakeholders. we in the bsp cannot answer these