department of education to include in the curriculum of grade school students basic topics on savings and money management. concluding remarks to conclude, governance is a reflection of the values of individuals within an institution. the initiatives we have started to promote good governance are only as good as the people observing them. this is similar to the art of making ceramics. different potters shaping the clay will come out with different interpretations of the same pattern, although each one of them followed the same process and used the same tools. the challenge for us, in this case, is to ensure that the potters have the skills, the right values and perspective in shaping the delicate piece of art. thank you and good day.

the further buildup in our gross international reserves, which stood at 83. 8 billion dollars at end - february. this is about one year ’ s worth of imports of goods and services, more than adequate by any of the standard measures of adequacy. these positive developments have heightened investor confidence in the country while further expanding the financial services extended by our banks. for the thrift banking industry, your assets rose to php 666. 17 billion last year ( up from php 607. 43 billion in 2011 or a growth rate of about 9. 7 percent ). this was on the back of php 529. 80 billion in deposits and matched by php 449. 27 billion in loans. given this starting point for 2013, i ask the officers and members of the ctb, can we broaden our horizon? i think the answer should be a resounding yes. we have entered 2013 from a position of strength, and with some momentum. the onus is on you, on us, to make the most of this advantage, to bring you forward in your chosen objective. opportunities abound – some specific directions i ’ d like to spend the rest of the time allotted on some specific suggestions for broadening your horizon. a quick review of the industry ’ s loan portfolio shows that about a third of the industry ’ s total lending continues to be towards the real estate and construction businesses. in addition, while such lending remains concentrated toward the acquisition of residential property, there has been an improvement in the take up of loans for commercial purposes, principally from the bpo sector. these trends make the recent approval of the bsp of prudential reference standards for contract - to - sell ( cts ) financing important. furthermore, against the backdrop of low interest rates and the constant temptation among banks to chase after higher yields, this market approach dovetails quite well with the prudential thrust of the bsp to strengthen credit underwriting practices for real estate activities. the bsp has not yet moved to formal prescriptive regulations at this stage. but, it appreciates the fact that the market itself sought to define the guidelines to streamline market practice since no common standards have been recognized to date. in the context of this year ’ s convention theme, a market approach such as this can be seen as the industry ’ s way of broadening its horizon, with financial stability specifically in mind. as we have already taken the steps forward on mortgage finance, perhaps the chamber