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

benjamin e diokno : message for the 2021 pds awards message by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), for the 2021 pds awards, manila, 25 march 2021. * * * to the women and men behind the philippine dealing system holdings corporation, my heartfelt greetings and congratulations for organizing this 2021 pds awards. your theme for this year ’ s awards, “ strength in adversity, ” is very timely and relevant. the ongoing global health and economic crisis has spared no one. we are now being tested to the core. yet the struggles we face have allowed us to discover a strength that would enable us to rise above everything, to think of better ways and more effective solutions, and to help those who need our help the most. today ’ s awardees have achieved all these and more. the bangko sentral ng pilipinas salutes their outstanding performance, leadership, and innovation, especially during this very trying time. mabuhay kayong lahat! the bsp is likewise extending its gratitude to the pds group for the services you have rendered despite the pandemic. your collective selflessness has formed part of the foundation that continues to uphold the economy while it runs on a limited capacity. we are not out of the woods yet. the future remains clouded with uncertainty. but we are not discouraged. we remain focused and committed nurture the economy back to its growth trajectory in the face of the current crisis. let me share some insights on the philippine economic outlook for 2021 and the bsp ’ s policy actions to support the national government ’ s whole - of - nation approach in addressing the current crisis. multilateral agencies such as the international monetary fund, the world bank, and the asian development bank expect the philippine economy to expand by 5. 9 to 6. 6 percent this year. these are broadly in line with the national government ’ s forecasts of 6. 5 to 7. 5 percent for 2021. meanwhile, some foreign analysts have rosier estimates for the year, with growth projections ranging from 6. 1 percent to as high as 9. 6 percent. this shared optimism is based on the philippines ’ macroeconomic fundamentals, which have remained broadly intact, despite the pandemic. these fundamentals include improving quarterly gdp outturn, better business and consumer outlook, ample liquidity in the system, a sound and stable banking