and gentlemen, bsp ’ s journey to excellence started 24 years ago. hard work and dedication have led us to achieve important milestones. first, our effective conduct of monetary policy through flexible inflation targeting has led to a low and stable inflation environment that sustains economic growth. today, the philippines is one of the fastest growing economies1 in the region. second, the domestic banking system continues to be fundamentally sound and stable. banks are well capitalized and benefit from good asset quality, ample liquidity and healthy profitability. by reliably providing credit to the economy and mobilizing savings, the banking system is a pillar of sovereign strength. third, the bsp, as a progressive and vigilant issuer and overseer of the currency and operator of the philippine payments and settlements system ( philpass ), has consistently provided a safe and efficient payments system that enables our economy to function smoothly. we honor and thank my predecessor, governor say tetangco, and the rest of our dedicated monetary board members, and other stewards of our institution before them, for their collective wisdom and for leaving us a legacy of excellence in the bsp. with you at the helm to provide guidance, we were able to sail the rough seas and kept the economy and the financial system on 1 / 4 bis central bankers'speeches an even keel for the past 12 years. please join me in giving them a warm round of applause for a job well done! governor say, i am truly grateful for your mentoring all these years. yours are truly big shoes to fill and i am thankful that i am inheriting such an exemplary and world - class institution. my fellow workers, we have achieved these significant milestones by working together and staying focused on pursuing our collective goals to the highest standards. this is the brand of excellence that is truly the bsp way! continuity + + i dedicate my term as bsp governor to building and leveraging on this legacy of excellence. we shall endeavor to fulfill our core mandates with greater vigour and integrity to ensure that both the economy and the financial system remain strong, stable, and resilient so that they facilitate transformational opportunities for all. the bsp will continue to fine - tune our execution of monetary policy to make it even more marketoriented. we have already started with the deployment of the interest rate corridor ( irc ) system. over time, the irc is expected to aid in advancing the development of the domestic money and capital

models we use for macroeconomic management, banking supervision, and financial system surveillance. improving analytical frameworks and processes are critical. key to this is the broadening of the skills and competencies of staff across the various disciplines within our institution. in order to achieve operational excellence, the bsp has to be appropriately structured and equipped to deliver on our strategic mandates. we need to build on our inherent strengths and earlier gains in terms of instituting enhanced corporate governance, adopting best practices, and instilling greater professionalism and accountability. we need to constantly work together to maintain bsp ’ s brand of excellence. 3 / 4 bis central bankers'speeches we are fortunate that we have a mature organization that nurtures talents and provides an enabling environment for excellence. we are able to offer a competitive compensation and benefits package to attract, motivate, and retain good talents. there is a competency and meritbased system for career development and advancement. we have an established wellness program that fosters “ work - life balance ” for bspers. under my leadership, i will continue to support the aspirations of all bspers in terms of better facilities, competitive pay and benefits, and capacity building opportunities through training, scholarships and work development interventions. this also includes supporting institutionalized benefits and incentives that reward excellent performance. to me, motivated bspers will always give their best to the institution. tama ba?... concluding remarks : a message of solidarity circling back, this year ’ s anniversary theme, “ 2gether moving 4ward : a new season of excellence ” is a vivid reminder of the task ahead of us in the next six years. in closing, i share with you a nugget of wisdom from an anonymous sportscaster. he said, “ you don ’ t win with the best talent – you win with the five players who are able to play well together. ” ladies and gentlemen, central banking requires similar exemplary and coordinated ability to navigate the currents of the global financial markets. we need to build on the trust, loyalty, integrity, and dedication to excellence of each member of team bsp to achieve our given mandates, advocacies and collective vision. this is crucial in order for us to thrive given the evolving demands of modern central banking. my fellow bspers, i have been given the immense honor and privilege of being your new team captain. believe me when i say that this is a role that i do not take for granted. however, i need your