ms paetsch, you know first - hand how to run a bundesbank regional office. you were head of in - house operations and thus also deputy to the president of our regional office in hesse for eight years. prior to this, you were former executive board member carl - ludwig thiele ’ s personal assistant and, before that, you worked in our directorate general legal services. in this role you helped contain the wildfire of the financial crisis – knowledgeable, level - headed and solution - oriented. in just the same way, you will lead today ’ s regional office, not far from your northern german roots in gottingen. i wish you every success in this new position. before i hand over to minister president weil, i will now present you, ms paetsch, with a bouquet of flowers for your new office to further brighten up your first few days there. a second bouquet goes to you, mr von stenglin – as a token of thanks for your exceptional commitment to the bundesbank, with all the relocations and strains that you have experienced along the way. i would now like to thank you all very much for you attention and now invite minister president weil to the lectern.

amando m tetangco, jr : asean integration, change and collaboration speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the international conference and the asean university network for business and economics ’ ( aun - be ) 16th annual general meeting, quezon city, 14 july 2016. * * * introduction it is with great pleasure that i take part in celebrating the centennial year of business education in the philippines. there is no doubt that business education has had a significant contribution to our country and it is therefore most fitting that the business school of the university of the philippines is named after no less than a man whose imprint on the philippine economy is unquestionable. certainly, there are many highlights one can identify in a century of business education, particularly with a dynamic and colorful history such as ours. but i think these are best considered in the context of your conference discussions as a fuller perspective is warranted beyond what i can share in the few minutes of my remarks. instead of looking back then, allow me to focus on something that is already looming in the horizon. i refer to the integration of asean which is an initiative whose extent is comprehensive and whose ramifications are far reaching. certainly, this will reshape the landscape of business within asean and as such, call for a re - focusing of business education so that generations today and of the immediate future are well - positioned to operate in this market. stepping back : the road to integration – lessons learned however, as we gear up for the possible changes that regional integration could create in our markets moving forward, it would be instructive to step back and consider the learnings from our experience on this road to integration. a road that takes us back to december 1997. from the standpoint of the financial market, the lessons that we take heart are those arising from the 1997 asian financial crisis and the 2008 global financial crisis. there are many details, but let me just highlight two : 1 ) the 1997 afc reminded us that cross - currency and gapping risks can give rise to systemic dislocations ; and 2 ) the 2008 gfc taught us – painfully in hindsight – that no one was monitoring the unseen risks of interconnectedness in the economy. the gfc surfaced the “ not - so - apparent ” changes in the nature of macrofinancial linkages, including, among others : 1