amando m. tetangco, jr : recognizing success and managing black swans, elephants in the room and grey rhinos speech by mr amando m. tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the fmap 2016 awards and fellowship night, makati city, 21 july 2016. * * * i am pleased to join you tonight as we recognize those whom the industry has chosen as the best in 15 award categories. to the awardees, allow me to extend my early congratulations for a job well done. i know that being “ recognized by peers ” is one of the strongest motivations for anyone to be the best that he can be at his chosen craft. so, keep up the good work! tonight ’ s celebration is also about the fund management industry itself, which has grown consistently over the years. if we count only the trust institutions that report to the bsp, assets under management as of end march 2016 stood at p2. 7t. fmap estimates that if the other asset management companies are included, this figure will grow to almost p4t, covering 174 peso - denominated fixed income and equity funds and 52 foreign denominated funds. the bsp expects these numbers would continue to grow moving forward. the philippines ’ strong economic growth nestled by a stable inflation environment, robust external liquidity position, and a sound banking system, could only further boost the market ’ s confidence in our domestic financial markets. the global investors have now become more discriminating, their search for yield during this extended period of low global interest rates is balanced by the need for stability of returns. the local investor is also becoming more selective and growing in sophistication, gaining more willingness to try newer products to meet specific needs. with this operating framework, the fmap and its members must certainly evolve with the changing needs of your constituents. it was “ uncle ben ” ( ben parker, the step - uncle of spiderman ) who said that “ with great power come great responsibility ”. i cannot think of a greater responsibility for a market practitioner than to be entrusted with managing the hard - earned funds of others. funds that will allow your clients to raise and educate their kids, buy their dream home, care for aging parents, go on that much awaited vacation or save for a stress - free retirement. there are many issues that we could discuss at length with respect

rasheed mohammed al maraj : financial sector education and training in bahrain address by his excellency rasheed mohammed al maraj, governor of the central bank of bahrain, at the signing ceremony : bibf - sii mou, manama, 20 february 2008. * * * good afternoon lord mayor, mrs. ruth martin and other members of the sii team, colleagues from the bibf, ladies and gentlemen, as governor of the central bank of bahrain ( cbb ) and in my capacity as chairman of the bibf, i would like to welcome you all to the launch of a new partnership between the bibf and the securities & investment institute ( sii ). i am delighted to note that the sii is the largest and most widely respected professional body for the securities and investment industry in the uk and that its vocational courses attract over 37, 000 candidates a year. the cbb welcomes and, indeed, supports the bibf - sii strategic partnership which will further deepen the scale and scope of internationally recognized qualifications and training courses offered by the bibf. in bahrain, we recognize and appreciate the value of education and training, so it is no surprise that fostering and nurturing a vibrant training institute, such as the bibf, has been an integral element of bahrain ’ s success as an international financial centre. through the provision of high quality training and education programmes catering specifically for the financial sector, the bibf has helped create a talent pool for banks and other financial institutions to draw from. today, bahraini nationals account for over 70 % of total financial sector employment, which has continued to accelerate over the years. in fact, bahrain ’ s financial sector continues to see the highest value - added per worker. the sector employs 2. 7 % of bahrain ’ s civil service and private sector workforce, while contributing over 25 % of gdp. however, as you are all aware, the financial services industry is one of the most rapidly growing and evolving segments of the global economy. this means that people working in this industry have to keep upgrading their expertise if they are to compete effectively in the market for financial sector jobs. the bibf, with the support of the cbb, is committed to fulfilling its mandate of continuously growing bahrain ’ s talent pool and “ shaping tomorrow ’ s financial leaders today ”. from its modest beginnings, the bibf has grown into a highly respected institution, which delivers a wide range of degree and diploma programmes, professional qualifications and short