in 2020, with headline inflation averaging at 2. 6 for the entire year. this is within the government inflation target of 2 to 4 percent. in december, inflation rose to 3. 5 percent from 3. 3 percent in november, driven mainly by adverse weather - related disturbances and higher international oil prices. meanwhile, the philippine banking system has remained resilient and stable, with sufficient capital buffers to withstand shocks. as of end - june 2020, the capital adequacy ratio of universal and commercial banks was at 16. 3 percent on a solo basis and 16. 7 percent on a consolidated basis, well above the 10 percent regulatory requirement of the bsp and the international standard of 8 percent. liquidity conditions remain ample, supported by the liquidity - enhancing measures of the bsp. 2 / 5 bis central bankers'speeches domestic liquidity continues to grow at a double - digit pace, rising by 11. 8 percent to around ₱13. 5 trillion in october, albeit slightly slower than the 12. 2 - percent growth in september. meanwhile, growth in outstanding loans of universal and commercial banks eased to 1. 9 percent in october from 2. 6 percent in september. the overall slowdown in bank lending growth reflects the combined effects of muted business confidence and the banks ’ stricter loan standards attributed mainly to continued disruptions in business operations. on a year - to - date basis, the philippine peso appreciated against the us dollar by 5. 37 percent, to close at 48. 06 pesos to the us dollar on december 28, 2020 from its end - december 2019 closing rate of 50. 64 pesos to the us dollar. the peso has appreciated along with the taiwan dollar, chinese yuan, south korean won, japanese yen, singaporean dollar, and malaysian ringgit. let us now turn to the macroeconomic prospects over the near term. the prevailing view is a “ long, uneven, and uncertain ascent ” toward global economic recovery. there remains considerable uncertainty if and how global trade and supply chains will evolve. the imf, in october 2020, forecasted that world output would contract by 4. 4 percent in 2020 and revert to an expansion of 5. 2 percent in 2021. beyond 2021, world output is projected to decelerate to ( growth of? ) around 3. 6 percent by 2024, indicating a delayed return to the growth trajectory before the pandemic. in any case, some recovery is already being seen as major economies

amando m tetangco, jr : nurturing successful & ethical finance professionals speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the finex - citi rafael b buenaventura outstanding finance educators awards night, manila, 28 january 2009. * * * members of the monetary board, the family and friends of governor rafael buenaventura, the organizers of the finex - citi rafael b. buenaventura outstanding finance awards led by mr. sanjiv vohra of citi and mr. eduardo francisco of finex foundation, distinguished finalists, my colleagues at the bangko sentral ng pilipinas, special guests from the academic, banking and finance communities, good evening. i am very pleased to be here today to join you in honoring our outstanding finance educators. as a career central banker for more than three decades now, i was fortunate to have good mentors ; governor rafael buenaventura stands out in particular. he never lectured, he mentored. he never preached, he showed by example. thus, his six - year term as head of the bangko sentral ng pilipinas will be remembered for the world - class expertise and wisdom which he generously shared. it is fitting therefore that our awards tonight are given in honor of a great mentor – former bsp governor paeng buenaventura. ladies and gentlemen, let us celebrate the memory of gov paeng with a long round of applause. teaching is a vocation ; it requires intellectual, emotional, and spiritual commitment. it is therefore proper for us to reward outstanding educators. to me, the discipline, intellectual rigor, and moral values that good educators engender are priceless gifts that empower their students to become effective catalysts for economic and social advancement in our country. given the hard and painful lessons from the ongoing global financial crisis, we cannot overemphasize the importance, the value of instilling good moral principles and good governance in the process of educating our youth, the future leaders of our nation. for instance, we have seen the destructive effects, on a global scale, of the greedy and senseless race to have ever fatter bottomlines at all cost, in total disregard of its consequences. we have seen many supposedly finance experts lose their perspective when it comes to money. think subprime, madoff, and the german billionaire, one of