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

benjamin e diokno : a strong nation amid a slowing and volatile world speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the general membership meeting and economic briefing, taguig, 6 february 2020. * * * officers and members of the management association of the philippines ( map ) led by its president, atty. francisco ed lim, ladies and gentlemen, good afternoon. for today, i chose the theme, “ a strong nation amid a slowing and volatile world, ” which encapsulates the bsp ’ s insights on the country ’ s economic performance in 2019 and the outlook for 2020 and beyond. let us have a quick overview of the global economy in 2019 and how major global economic movers – us, the euro area, japan and china – are expected to perform in 2020. the international monetary fund ’ s ( imf ) january 2020 world economic outlook ( w eo ) update projects the global economy to post a modest 2. 9 percent growth in 2019, before picking up by another modest 3. 3 percent in 2020. these numbers both represent a downward revision relative to the october 2019 weo projections. global economic activity in 2019 was heavily weighed down by protracted trade policy uncertainty, geopolitical tensions, and idiosyncratic stress in key emerging market economies. while some green shoots were seen in the fourth quarter, facilitated by the broad - based shift earlier in the year toward accommodative monetary policy and fiscal easing in some countries ( e. g., china and the united states ), business sentiment remained generally pessimistic. over the near and medium term, the imf sees downside risks, including rising geopolitical tensions, intensifying social unrest ; and further worsening relations between the us and its trading partners. the recent growing concern over the wuhan coronavirus outbreak has likewise weighed down on growth prospects not only in china, but in the entire world. on the domestic front, latest surveillance reports from multilateral agencies such as the imf, the world bank ( w b ), and the asian development bank ( adb ) continue to expect the philippine economy to remain one of the fastest - growing economies in 2020 — not only in the region, but in the world as well. they expect the philippines to grow between 6. 1 percent to 6. 2 percent during the year. in fact, some