focus on our third mandate of an efficient payments and settlements system aims to transform the economy. we recognize that such will bring efficiency to business transactions. substantial savings will likewise be generated from a shift from paper - based to digital instruments. an efficient payments settlements system benefits consumers and businesses in terms of affordability, convenience and speed of services, promoting financial inclusion. conclusion ladies and gentlemen, as i have shared, while the bsp ’ s mandates are highly technical, our goals address the betterment of filipino lives. we function to provide a macroeconomic environment conducive to economic growth. we guard against erratic and uncontrolled inflation and work vigilantly to promote confidence in the safety, soundness and strength of our banking and financial system. we are committed too to delivering an efficient payments and settlements system that promotes interoperability of payments, financial inclusion and which will allow us to transition from a cash - heavy to cash - lite economy. at the bsp, we are foremost, public servants, committed to our mandates for the furtherance of the national and public interest. this, is what our work means. it was my distinct pleasure to speak about our role and share our initiatives with all of you. maraming salamat. 4 / 4 bis central bankers'speeches

benjamin e diokno : the philippine economy - bright prospects ahead speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the asset philippine forum, manila, 8 october 2019. * * * friends from the asset, stakeholders from the financial sector and investment community, members of the media, ladies and gentlemen, good afternoon. i would like to thank the asset for always inviting us to take part in its annual forum, which provides the audience relevant updates on the philippine economy. in keeping with the theme “ seizing the opportunity, ” my presentation will talk about the bright prospects ahead for the philippine economy, which i hope would prompt investors to do business here so they can “ seize opportunities. ” the philippines is among the fastest growing and most resilient economies in the world. in fact, it grew by 6. 2 percent last year and, based on forecasts by the imf, it is poised to maintain growth in the 6. 0 - percent territory this year and next. the government is even more bullish, with the official growth targets set at 6. 0 to 7. 0 percent this year, 6. 5 to 7. 5 percent next year, and 7. 5 to 8. 0 percent in 2021. the inflation environment is also favorable. while the economy experienced elevated inflation last year, it was fixed through the prompt implementation of monetary and non - monetary actions. bsp raised policy rates by a total of 175 basis points to arrest brewing second - round effects and to anchor inflation expectations. other concerned government agencies also implemented measures to boost food supply, including streamlining of processes for food importation. congress passed, and the president approved, a game - changing law that liberalizes rice importation. as such, after peaking at 6. 7 percent in september 2018, inflation continued its downward trend, settling at 0. 9 percent in september, the lowest in over three years. based on these developments, bsp estimates that inflation will settle at 2. 5 percent this year, and 2. 9 percent in 2020 and 2021, well within the official target of 2. 0 to 4. 0 percent. third - party institutions agree that inflation will be within target range up to 2021. with this benign policy environment, the bsp, so far this year has been able to : 1 ) cut the key policy rate by a total of 75 basis points and 2 ) cut the reserve