amando m tetangco, jr : empowering entrepreneurs through responsive microfinance programs speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 2013 citi microentrepreneurship awards ( cma ) awarding ceremonies, manila, 3 december 2013. * * * magandang hapon sa inyong lahat! we are gathered once again to celebrate a happy event : the awarding of our top achievers in the philippine microfinance sector. i can tell you that it took a lot of work : we had to go through evaluation, discussions and validation. but in the end, we are very pleased that we continue to see many inspiring success stories of filipino microentrepreneurs. let us therefore acknowledge all those involved in this citi microentrepreneurship award : citi philippines represented by country officer batara sianturi ; microfinance council of the philippines ( mcpi ) represented by chairman mila banker ; the officers and staff of the bangko sentral ng pilipinas ; and finally, our amazing and committed members of the board of judges under the national selection committee which include : mr. batara sianturi, mr. antonino alindogan, jr. and ms. marixi rufino - prieto. atty felipe gozon is represented by ms. teresita pacis of gma. we also acknowledge the presence of mr. michael zink, head of asean and singapore country officer of citi, as well as mbm felipe medalla, adviser to the bsp microfinance committee. and most of all, we congratulate all the finalists and all the winners of the 2013 citi microentrepreneurship awards for continuing to surprise us with your creativity, your discipline, and your humility even as you achieve your goals in the face of many challenges that come your way. congratulations po sa inyong lahat. through you, we are reassured again and again that microfinance is a viable option for entrepreneurial pinoys. eleven years na po tayo and counting. our family of awardees keep growing and you continue to make us proud. ipinagma - malaki namin kayo. dahil po dito, we continue to find ways to enhance our annual awards program. this year for instance, we

perrazzelli deputy governor of the bank of italy workshop on italy ’ s attractiveness dubai expo 24 november 2021 2 including italy, recorded a marked increase, in connection with fears about a possible reduction in monetary accommodation. government policies adopted during the pandemic to support households and firms ’ access to credit contributed to mitigating the impact on the quality of bank assets. indeed, banks ’ nonperforming loan ratio remained stable at historically low levels, and the gradual phasing out of the support measures, which is now being implemented in the context of the economic recovery, is occurring without tensions. banks, on their side, should continue to carefully assess the borrowers ’ repayment capacity and to make prudent and timely provisions. the gradual recovery in the real estate market continues, in line with the current economic condition and with no signs of overvaluation. the medium - term growth prospects and risks looking ahead, prospects remain favourable. in its latest assessment, the european commission projects italian gdp growth to exceed 6 per cent this year, 4 per cent next year and to remain above 2 per cent in 2023, with output regaining its pre - crisis level in the first half of 2022, which is earlier than previously anticipated. our own expectations are similar. we 1 / 2 bis central bankers'speeches envisage strong domestic demand to sustain economic recovery. a significant contribution to growth is expected to come from investments, thanks both to fiscal policy measures – with the use of national and eu funds – and to financing conditions that, based on current market forward rates, are set to remain favourable. this macroeconomic scenario remains subject to non - negligible risks. in the short term, the new worsening of the pandemic – although much less severe than in the past waves and currently more pronounced in other countries of the euro area – could lower household and business confidence and delay the recovery of contact - intensive sectors. a longer persistence of supplyside bottlenecks could exert a more pronounced impact on production and inflation. further elements of uncertainty relate to the international economic cycle. in the medium term, it will be crucial to ensure a significant reduction in the debt - to - gdp ratio through higher growth and steady fiscal consolidation. the opportunities offered by the national recovery and resilience plan over the longer horizon, economic prospects for italy may benefit substantially from policies aimed at fostering growth potential. the nrpp, engaging 205 billion euro of eu funds ( with additional 30 billion