programs now help educate a broad spectrum of the population including teachers, migrant workers, and farmers. we have made substantial progress, but there is still work to do. as highlighted in the bsp activities during the visit of the united nations secretary general's special advocate for inclusive finance for development, queen maxima of the netherlands, we are focusing on making digital payments more affordable. so affordable in fact, that people will make it a habit to use digital payments. as you can see, we are trying to go digital when it comes to financial inclusion. open finance we are advocating open finance, particularly in the area of financial health. open finance facilitates consent - driven sharing of customer data among financial institutions and third - party providers. it also gives customers more access and more choices when it comes to financial services. we believe that open finance holds significant potential to extend the reach of financial inclusion. it will do by fostering innovations in financial services. at the center of open finance is the customer who must be served and protected at all times. this is why we, at the bsp, are implementing our financial consumer protection framework. this would ensure that the rights and needs of consumers always comes first and that their trust and confidence in the financial system is preserved. so, thank you, our partners, for making this event possible and for advancing financial inclusion in markets like ours. i hope you find your time in manila rewarding. magandang umaga po at mabuhay tayong lahat. 2 / 2 bis - central bankers'speeches

amando m tetangco, jr : moving the economy forward to a higher growth path speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the annual reception fo rthe banking community, central bank of the philippines, manila, 15 january 2008. * * * honorable justices of the supreme court, honorable members of the philippine congress, members of the cabinet, leaders of the philippine banking sector, representatives of our partner organizations, fellow workers in government, special guests good evening. on behalf of the members of the monetary board, i welcome all of you to our traditional annual reception for the banking community. ladies and gentlemen. as you have noticed, while we hold this event for the banking community, we do invite representatives from other sectors. this is in recognition of the important role the banking industry and these sectors play in moving our economy forward. while we decide and act independently of each other, at the end of the day, our policies, programs, and activities are bound to affect the others. in other words, no one acts in a vacuum ; we are interrelated. it is in this spirit that we bring you together within the storied and historic walls of our fort san antonio abad. and now, let me give you a brief overview of how our economy performed in 2007, our common report card in other words and how our future is shaping up, 2008 in particular. i am pleased to report that 2007 was indeed a remarkable year for the philippine economy, as it showed its resilience and ability to sustain its growth momentum, in the face of severe volatilities in global financial markets and record world oil prices. our economy, as measured by gdp, turned in its best performance in 30 years by expanding at a faster - than - expected rate of 7. 1 percent in the first three quarters last year. there are indications that this strong performance was carried through the fourth quarter last year, based on preliminary reports on agricultural output as well as the services sector which includes telecommunications and tourism. noteworthy is the fact that we achieved in 2007 …. the ideal convergence of high economic growth with low inflation, which at 2. 8 % is our lowest in 20 years. in turn, low inflation kept interest rates on a downtrend, led by the bellwether 91 - day t - bill rate which averaged 3. 4 % in 2007, the lowest level