amando m tetangco, jr : the philippine economy – building resilience in a time of uncertainty remarks by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the consular corps of the philippines ’ monthly general luncheon meeting, makati city, 29 october 2008. * * * minister and consul general sobashima, acting dean of the consular corps of the philippines, honorable consuls - general, officers and staff of the philippine consular corps, ladies and gentlemen, good afternoon. it is a pleasure to finally address the diplomatic community. your organizers would recall that we have been trying to get our schedules “ together ” since january this year. in fact, we were first set to meet in february, but something came up on my side. then in august, but something came up on your end. then, today. ( i suppose the “ stars ” have all finally aligned today, so to speak, so here we are. ) what ’ s interesting is during all this time, the markets have moved quite significantly. consider the table shown. i ’ ve compared some important financial indicators for feb 27, aug 27 – the two previously scheduled dates – and yesterday. you will note that all of these have turned “ south ” as they say. but more dramatically so in the last two months. the peso dollar exchange rate has moved from p40. 33 to p45. 73. yesterday it was quoted at p49. 105. at close of morning trade today, the peso stood at p49. 14. the 5 - year credit default swap spread, which is a measure of the market ’ s perception of the country ’ s credit worthiness, has more than doubled from 248 to 660 bps. the same can be observed on the spread over the rop30, which moved from 260 to 649 bps. the psei, on the other hand, lost close to half its value from 3, 105 in february to 1, 704 pts at yesterday ’ s close. the regional financial markets followed the same trends – regional currencies weakened, credit spreads widened, and stock markets declined. before any, or all of you cry “ the sky is falling ” – like the little chicken in that children ’ s fable who got hit on the head by a falling acorn, – let me share with you some good news : • even as the numbers

amando tetangco : corporate, environmental governance - continuing capacity building and social speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the bsp - ifc mini forum ( and ceremonial mou signing ), manila, 26 may 2017. * * * good morning ladies and gentlemen, and welcome to the bangko sentral ng pilipinas ( bsp ). let me begin this keynote with the ending of a paper written by a professor emeritus from harvard1 “ good governance is an important condition that we hope all the world can enjoy. there is much to be understood about the concept and how it can be achieved. but like all good ideas, it is not a magic bullet. ” this quote poetically captures the three points i wish to share with you today : 1 ) first … over the years, the bsp and the banking industry have done much to ensure that good corporate governance ( cg ) sits at the core of decision making and institutional operations ; 2 ) second … there is more to learn, for example, concepts like environmental and social governance ( esg ) and risk management ( esrm ). these principles need deeper exploration and understanding in the context of banking and finance ; and 3 ) third … indeed, good governance is not a magic bullet by itself. practitioners must faithfully practice the principles. whether it is about cg or esg, institutions and its employees need to remain well - equipped to demonstrate, embed and practice good governance in daily operations. good corporate governance in the bsp and the banking sector to expound on my first point, let me share that the bsp champions good governance within the organization, and as supervisor of the banking system. internally, we have adopted a corporate governance framework and defined strategic priorities focused on a strong governance mechanism, operational excellence, organizational readiness and engaged stakeholders. we continue to improve our bank - wide risk management system and institute business process improvements. we strive to promote a culture of fair and responsive treatment of all our stakeholders. we have clearly defined and communicated expectations from each employee in carrying - out the bsp mission. we have a performance scorecard that checks our progress and achievements. these efforts have borne fruit. the bsp was recently recognized as an island of good governance by the institute of corporate directors and institute for solidarity in asia. as regulator, we adopted a three - phase governance reform