effects of imposed sustainability standards, and two, that we are deliberate in supporting green finance mobilization not only for the economy's just transition to low carbon but also for climate adaptation on which our country's climate strategy is anchored. we also envision the taxonomy to become a tool for green finance market development. we will be studying possible taxonomy - based market incentives, whether via conventional regulatory levers or something akin to a market pricing mechanism. we want to see the market recognizing the price premium on green investments, which can then enable trading. this idea is quite analogous to what we see in carbon and transition credits. these are potential innovative use cases of the taxonomy to develop and deepen the country's green finance market. we are keen to explore these possibilities and i would be happy to hear your thoughts on this. meanwhile, we recognize that the taxonomy should be complemented by other equally important measures to ensure that financial institutions effectively manage climatechange related risks. we have published initial studies quantifying the impact of climate change and other environmental risks to the financial sector. the bsp will continue to improve our data and methodologies to measure the impact of climate change. we will also continue our work on enhancing sustainability - related disclosures and reporting. the bsp can only do so much. all actors - the financial sector regulators, finance providers, businesses, and relevant government agencies - must work together. we hope the climate forum can catalyze such collaboration. maraming salamat at mabuhay tayong lahat! 2 / 2 bis - central bankers'speeches

amando m tetangco, jr : keeping the house in order amid mounting uncertainties speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the foreign correspondents association of the philippines ( focap ) media forum, makati city, 29 october 2014. * * * the last time i joined you in this forum was at end november 2013. since then, the fed taper had become a reality – this week, the fed is expected to announce the end of its asset purchase program. the market frenzy about the onset of the taper was replaced by an eerie calm as soon as it actually commenced. in the six months or so that followed the beginning of taper, the 10 - year us treasury as well as the dxy traded in a relatively narrow band. the second half of the year, however, was not as calm. the market moved from a belief that the fed would raise its target rate sooner than earlier anticipated ( because of strong us data releases ), to a belief that the fed would still keep rates low “ for a considerable time ”. in either case, the strong usd dollar story had begun to form a solid base – market caused the dxy to start to ratchet up and the 10 - year treasury yield to begin falling precipitously. 1 this fundamental story was not, however, without challenge. there were bumps along the way as the ecb brought short - dated interest rates to negative territory, as tensions in ukraine increased, and as multilateral bodies continued to predict weak global growth ( the imf described it as “ mediocre ”. ) throughout this period, our own peso gs curve flattened while peso tracked the dxy movements. such irregular shifts in global market behavior confirm the need for economies to insulate themselves from spillovers from these external volatilities. in the bsp, we have long subscribed to the idea that the best way to do this, is to make the difficult and tough choices that would keep our own house in order. this reminds me of the classic children ’ s story about the three little pigs. the first two pigs took the easier way of building their houses, using straws and sticks, while the third little pig built his house using bricks. on the day the big bad wolf attacked, only the house of bricks stood unscathed. the moral of