amando m tetangco, jr : the vital role of statistics in national development keynote address by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the 15th philippine statistics quiz ( psq ) national finals, central bank of the philippines, manila, 5 december 2006. * * * dr. isidoro p. david, president of the philippine statistical association ; dr. romulo a. virola, secretary - general of the national statistical coordination board ; honorable carmelita n. ericta, administrator of the national statistics office ; our distinguished judges and guests ; regional finalists and their teachers and parents ; fellow workers in the government ; ladies and gentlemen, good afternoon. we, at the bangko sentral ng pilipinas, warmly welcome this opportunity to once again host the philippine statistics quiz national finals. the bsp has always been supportive of these kinds of activities that give due recognition to the vital role of statistics in national development. as the country ’ s central monetary authority and as the supervisor and regulator of the banking system, we formulate policies on the basis of statistical information that we produce, collect and compile, as well as monitor, assess and review. statistics are important not only for the stories they tell but also because they provide the basis for sound, sensible policies going forward. timely, relevant and reliable information provide sound guideposts that enable us to make informed choices and, ultimately, form an educated stand on issues that affect our nation ’ s future. with statistics permeating the different facets of life, the bsp, together with other statistical agencies, is confronted with the challenge of going beyond the production of statistics and moving toward upgrading the level of statistical literacy in the country. it is in this light that we commend the philippine statistics quiz ( psq ) steering committee for its efforts to promote and enhance awareness of the value of statistics in the school environment. this initiative of the psq is laudable as it helps demystify statistics as a science. statistics has long been perceived by many as a complex and even perhaps mysterious field of study. fora, such as this, however, can display how fascinating and practical this subject can be, as students tackle problems that show the interconnection between statistics and the real world. the bsp welcomes every opportunity to help nurture young minds with a view to strengthening the human resource base

which laid down solid foundation for the msar to stave away economic turmoils. at the same time, under the coordinated endeavour of all sectors of the community, our financial industry realized steady growth and scored flying colours. it has never been better. as at the end of 2012, total assets of the banking system reached mop796. 2 billion, a yearon - year increase of 21 % ; total deposits stood at mop554. 2 billion, a year - on - year increase of 32. 7 % ; total loans amounted to mop407 billion, a year - on - year increase of 26. 2 % ; capital adequacy ratio was 14. 6 %, basically core capital. asset quality was fine, non - performing assets ratio was only 0. 19 %. profits of the banking system amounted to mop5. 7 billion, a year - on - year increase of 25 %. as per the end of 2012, rmb deposits in macao reached rmb41. 63 billion while cross - border rmb trade settlement business amounted to rmb97. 25 billion, a year - on - year increase of 62 %. the insurance industry is an important component of the macao financial industry. as at end 2012, total insurance premium receipts amounted to mop5. 38 billion, a year - on - year increase of 24 % ; of which life - related receipts amounted to mop3. 73 billion, a year - on - year increase of 19 % ; while non - life receipts were mop1. 65 billion, a year - on - year increase of 36 %. bis central bankers ’ speeches on the issue of supervisory duty as a whole, amcm in 2012 continued its supervision on authorized institutions via measures such as onsite inspection, offsite surveillance, theme inspection and study, cross - border cooperation supervision. moreover, it established regular meeting mechanism with relevant trade associations to strengthen information exchange and risk surveillance communication which enhanced the function of self - regulation on the part of the trades concerned. on the banking supervision front, to ensure that banks will maintain prudent operation in an ever changing environment through appropriate internal control and risk management, amcm continued its supervision on banks operating in macao. simultaneously, it postulated and amended suitable and timely supervisory requirements and arrangements in line with international prudent supervisory standards and principles in accordance with the practical needs and conditions of macao. these included the step - by