amando m tetangco, jr : the central bank of the philippines – supporting academic excellence speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the bsp up centennial professorial chairs launching ceremony, quezon city, 7 october 2008. * * * senator angara, president roman, chancellor cao, our friends from the up community, fellow supporters of up, special guests, good afternoon. on behalf of the bangko sentral ng pilipinas, i am here to launch the seven bsp - up centennial professorial chairs. we believe that setting up professorial chairs is the best way to institutionalize our support to academic excellence that is the hallmark of the university of the philippines. as i said before, the concentration of up alumni in legal, political and government circles as well as in the scientific pool speaks volumes about the university ’ s central role in nationbuilding. by helping mold the minds of the nation ’ s best and brightest or what we call iskolars ng bayan, by stoking the engine of innovation, and by providing an intellectual compass and healthy critique to public policymaking, up has contributed and continues to contribute to the advancement of our country. the bsp - up centennial professorial chairs managed by the up foundation inc. are professorial chairs donated by the central bank of the philippines in 1982 - 1983 during up ’ s diamond jubilee celebrations. the original endowments for these chairs was p150, 000 each. we raised each endowment to p1, 500, 000 by donating an additional p1, 350, 000 per chair. meanwhile, the bsp up centennial professorial chair in business administration has an endowment of p1. 5 million from several donations made by the cbp and the bsp since 1981. we raised the endowment to p3 million through an additional donation of p1. 5 million. the terms also have been enhanced to maximize the benefits to the chairholder. since 1983 when the professorial chairs were first awarded, they have been held by distinguished scholars whose research and public service have contributed significantly to the shaping of policy decisions, the enactment of landmark legislation and the formation of institutions, both in the government and private sectors. the decision of the bangko sentral to establish additional professorial chairs namely, the bsp sterling professorial chair in monetary and banking economics at the up school of economics and the bsp sterling

our energies and ignite inspiration in our workforce. it likewise symbolizes our hope that the resolve we now possess to deliver on our commitments will be sustained by the ones we shall eventually bequeath it to. nothing appeases a parent more than the assurance of a formidable future he / she could leave behind. today is the time strengthening the structures around which we have built our vision and upon which we enable the fulfillment of our objectives is the order of the day. i am well aware that the road to accomplishing our operational plans has left not merely a handful of us battered and bruised, hardly getting time to breathe, more so, to regroup or reflect. but today provides the moment for us to recognize and celebrate our milestones, identify and accept the challenges that lie ahead and renew our vigor to move forward with our mandate. let us, at all times, be encouraged by the unwavering importance of our mission and the promise of better times before us. let us draw strength from the very resilience of the people we serve and the allies we have in each other. let us, most of all, remember that the route to excellence may never be simple and easy but the journey itself, a rewarding experience. good morning and good luck! * * * introduction we have come to the close of the three - part annual planning conference this year, the last during my term as bangko sentral ng pilipinas ( bsp ) governor. strategic planning in bsp though it may be said that we are in the early stage of strategic planning, we have already achieved several milestones in promoting strategic management thinking and in institutionalizing a synchronized planning and budgeting process in the bank. the creation of the corporate planning office in 2001 to oversee the strategic management process was a decisive step towards this goal. in 2002, for the first time in the planning efforts of the bank, participants to the planning conference underwent the complete strategic planning process - from crafting the vision and mission of bangko sentral, to the formulation of corporate level objectives and strategies, and down to the formulation of departmental / office level operational plans. in 2003, again for the first time in the history of the bangko sentral, we drafted a medium - term plan focusing on our twin mandates of maintaining price and financial sector stability. the plan defined the strategic intent, key objectives, strategies and key operational plans in performing our core functions of monetary policy formulation and bank supervision and examination. it also defined