needs of all users in a manner that is convenient, sustainable, affordable, and reliable. our policy agenda is therefore geared towards a truly inclusive, strong and dynamic financial system that is fully responsive to the needs of the domestic economy in line with the government ’ s medium - term development plan and the ambisyon natin 2040. the new frontier : voyage to a new season of excellence as we continue our voyage to a new season of excellence, let us examine what is ahead of us … our sound macroeconomic fundamentals and gains from earlier reforms will continue to support our growth prospects. however, we need to be mindful of potential sources of vulnerabilities. the year 2016 saw the unfolding of unexpected global events that have escalated the level of policy uncertainty and market volatility. we have to be prepared as well for the seemingly imminent wind - down of ultra - easy monetary policies in advanced economies. we need to be mindful of such events and their potentially far - reaching consequences since these could undermine our economic performance and disrupt our carefully - laid plans. moreover, rapid technological innovations in the delivery of financial products and services are changing business models. digital innovation is rapidly re - shaping financial services as we know it to serve a new breed of financial consumers who are young, upwardly mobile, technologysavvy, and have exacting demands for the convenient delivery of financial products and services. the role of social media, particularly as an information channel, has likewise accelerated, highlighting the speed at which information, both good and bad news, and perhaps even fake news, can spread at an unprecedented speed. we cannot also be blind to the dark spectre of cyber - crime that can quickly undermine trust in our financial system. there is no substitute for eternal vigilance, timely action, and public education. we are all in this together and have a shared responsibility. as policymakers and financial supervisors, we have to be in tune with these emerging market trends and evolving client needs, including the ‘ millennial ’ upside of our young population. indeed, the new frontier presents central banking with challenges that have not been there before. the changing landscape calls for us to be more vigilant, proactive, and dynamic in responding to the needs of our diverse stakeholders. the way forward for a relatively small but fast - growing and open economy such as the philippines, fulfilling our mandate and advocacies require an open - mindedness and a deliberate reconsideration of the conventional

building systems. low - energy materials and processes will be used and observed. and onsite renewable energy will be utilized. in line with the bsp ’ s efforts toward digital transformation, the new bsp complex will also use technological advancements to promote a digital lifestyle without taking away personal interactions within members of the community. 1 / 2 bis central bankers'speeches we are grateful for the efforts that aidea put together in this master development plan. the amount of hard work and the thought process involved in the development of the plan show how well you understood our intention to capture the messages of strength, stability, sustainability, and resilience. we are glad to welcome you onboard, and like your concept for the main building, this day marks two hands reaching out for the filipino – yours and ours. the bsp which will rise here will not just be a regular government office but embodies bsp ’ s vision and aspirations for the country. what will rise here is a bsp complex that is greener, better, smarter, and for the people. thank you, everyone. may we all enjoy this wonderful day! # 2 / 2 bis central bankers'speeches