deutsche bundesbank, are critical of many of the demands currently being voiced. in this context, it is a great honour for us to be able to present to you mr peter sands and professor friedrich schneider as the keynote speakers at this year ’ s conference. whereas mr sands ’ main areas of research are banks and financial markets, professor schneider has made a name for himself as an expert on the shadow economy. mr sands will kick off the conference by discussing “ the dark side of cash ". professor schneider will follow by taking a critical look at the question of whether abolishing cash is an efficient instrument in the war against the shadow economy, crime and terrorism. following these two speeches, our two keynote speakers will take part in a panel debate on the future of cash. i am already eagerly looking forward to the clash of views and opinions we will be likely to hear. even after this morning ’ s proceedings, which will already be very exciting and informative, the rest of our programme for this year ’ s conference will once again rest on a broad basis. this year, we received so many high - quality papers that we have decided to conduct the conference in two parallel sessions. this enables us to look not only at the components and motives of cash demand but also payment behaviour. in addition, cash experts will speak on restrictions on cash 1 / 2 bis central bankers'speeches payments and on the theme of our conference, the “ war on cash ". i would additionally like to welcome the delegates from austria, our guest of honour at this year ’ s conference. at this juncture, i would like to thank you for your willingness to contribute talks on trends in cash usage and on technical innovations in cash processing to our third cash conference. it is precisely in questions concerning cash usage patterns or also the motives behind the demand for cash where, in my opinion, cultural differences are especially important. this is why i am pleased once again to be able to present you with a large number of speakers from a wide array of countries. these talks on cash - related themes will be delivered by leading experts from japan, india and europe, but also the united states and canada. this international variety is a hallmark of our research conference. i don ’ t want to keep you on tenterhooks so i will now hand over to the head of the bundesbank ’ s directorate general cash management and the chair of the first session, stefan hardt. i hope we all have a fruitful conference

amando m tetangco, jr : from saving to investments and to retirement – the role of inclusive growth speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the philippine pension and investment summit, makati city, 20 october 2014. * * * i am pleased to join you today for the “ philippine pension and investment summit. ” this summit is yet another venue to discuss, strengthen and see how best to employ the synergies that link banking, trust and pension fund professionals. at the outset, let me say that at the level of the macro - economy, we urge our consumers to develop the discipline of saving. to move further forward, however, we would want these savers to eventually migrate into retail investors. this transforms the paradigm from protecting principal only ( saving ) to building capital ( investing ). while it is understood that investments carry financial risks, it is also well appreciated that preparing for the uncertainties of the future cannot be fully addressed by protecting principal alone. it is likewise accepted that preparing for the future cannot be properly done without an organized approach. such an approach requires setting viable financial targets for each saver - cum - retail - investor in a way that responds to their own unique situation. that in turn means managing financial risks within the realm of what can be tolerated by each of those financial consumers. this is why banking, trust, and pensions are inherently interconnected and symbiotic. but this does not mean that they are interchangeable. instead, each has a distinct role to play, offering savers a value chain that they may want to consider. the same symbiotic relationship must also exist between individuals, the financial market and the real economy. the expansion of the macro - economy must ultimately translate to welfare gains for individual consumers, broadening the economic base which financial markets can service both as depositors and as borrowers. this measure of inclusiveness – in the form of the general public ’ s access to financial products and services as well as the ability of growth to reflect and reward collective effort – is the hallmark of stability. this is what we aspire to achieve as a nation, the same norms which the bsp has consistently been advocating and working on for some time now. underpinnings of quality growth an interesting question does arise : can we not allow growth to simply define the prospects and fortunes of each