south korea. international investors bought the story. they bought it lock, stock and barrel. the world bank was nice enough not to include the philippines in its east asian miracle. yet, somehow, we did not escape the rosy scenario, nadamay pa rin tayo. in 1995, the metro pacific group, along with a consortium of international investors, submitted the winning bid for fort bonifacio. the bid was us $ 1. 6 billion. it was called " the property deal of the decade. " we all know what happened next. in july 1997, we saw the sudden onset of the asian crisis. all around the region, currencies and stock markets plunged. massive loans went unpaid, property prices collapsed, and tall buildings languished unfinished. the whole region went into recession. we remember the crisis, but we often forget the rosy scenario that led to it. this fsr is about reminding us about the dangers of the rosy scenario and identifying the possible channels of contagion. we purposely wrote our fsr so that it is not a technical report crowded with fancy equations. instead, we wrote it as a thematic narrative that tries to unearth the risks beneath the rosy scenarios. we provide a view of the macroeconomy and the financial markets from the perspective of systemic risk. we present the headline numbers and how they might interact with one another. this particular fsr takes a very institutional - level focus and makes an assessment of how capital markets may play a greater role in the resilience of the philippine economy. so, i invite everyone to download a copy and parse through the pages of the 2023 financial stability report. read about the risks we see and our planned courses of action. let us know what you think, and we are more than happy to engage. join us in navigating the financial stability journey together. marami pong salamat at mabuhay tayong lahat! 2 / 2 bis - central bankers'speeches

remarks by lesetja kganyago, governor of the south african reserve bank, at the jse / nyse market close event, new york, 10 october 2022 good afternoon distinguished guests, investors, members of the media, south african delegates, and new york stock exchange representatives. it is a privilege to address you here today, following the signing of a new memorandum of understanding ( mou ) between the johannesburg stock exchange ( jse ) and the new york stock exchange ( nyse ). this new mou will foster closer ties between the two markets, and is aimed at increasing economic partnerships and trade opportunities. it is encouraging that the jse and nyse will continue to explore new areas of cooperation and collaboration in strengthening their value propositions for their respective markets. south africa shares significant economic interests with the united states ( us ). south africa is the us ’ s largest african trading partner and has the most diversified and industrialised economy on the continent. despite the rapid growth in asian economies, the us remains one of south africa ’ s top five main trading partners. 1 in 2021, us exports to south africa totalled us $ 5. 5 billion − a 25. 8 % increase from 2020, while us imports from south africa totalled us $ 15. 7 billion − a 38. 5 % increase. there are approximately 600 us businesses operating in south africa and many use south details are available at http : / / www. dirco. gov. za / foreign / bilateral / usa. html africa as their regional headquarters, 2 and a springboard for greater opportunity on the african continent. these structural features of our economic relationship are stable and will certainly grow in the coming years. nevertheless, the global economic environment is challenging and is likely to remain as such for the next year or so, as we all find our way out of the economic repercussions of the covid - 19 pandemic. critical to shaping our path will be considered policies that seek to reduce volatility and uncertainty, and which aid the long - term investment that underpins sustainable economic growth. let me focus briefly on the global economy and south africa ’ s response. this is an unusually challenging time for the global macroeconomy. high inflation has now taken centre stage in the global debate on monetary policy, as prices continue to climb at rates last seen decades ago. 3 we have seen major central banks raising interest rates at the fastest pace in a generation. the current inflation surge has