to explore the areas where we can work together to build a stronger nation. but actions speak louder than words. we call on the philippine business community to take a bigger stake in the country ’ s development. … build on the reform platform and favorable economic environment that we have worked hard with the government to create by taking the next steps where entrepreneurial dynamism drives greater economic gains. in summary, economic and fiscal achievements in 2006 have created a positive momentum for our country. a consistent implementation of reform measures by the government, particularly in the area of revenue generation and debt and expenditure management, coupled with a stable monetary environment and healthy banking sector, will support the government ’ s fiscal, growth and other macro and microeconomic targets for 2007. the tide is rising and i believe it will continue to do so for some time. now we must all row together in the same direction to ensure steady progress and a forward direction, even if the currents try to move us in a different direction or hinder our forward progress. we have a unique opportunity to make sure the tipping point lifts the boat, not tips it over. i am confident we are sailing in the right direction. thank you.

amando m tetangco, jr : rbap – sustaining reforms for an economically vibrant countryside speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the inaugural dinner for the newly elected rbap officers and board of directors, manila, 14 july 2009. * * * the leadership of the rural bankers association of the philippines ( rbap ) led by president omar andaya and immediate past president mitch gomez, the officers and members of rbap, good evening. i am delighted to be part of this inaugural dinner celebrating your new set officers at rbap. to me, this seamless transition in the association ’ s leadership is a strong indication that the rural banking sector will continue the many significant initiatives that have characterized the past year. united, your initiatives under rbap have kept the rural banking sector resilient in the midst of a particularly challenging environment. let us therefore give the rbap leadership a well - deserved round of applause! indeed, the past year was full of challenges, for the economy in general and for the rural banking sector in particular. and yet, latest available figures indicate that the rural banking sector continues to perform relatively well. it appears that our rural bankers have turned this period of challenges as an opportunity to further strengthen your institutions. thus, even with the series of bank closures affiliated with one group, total capitalization of the rural banking sector actually improved further from p24. 8 billion in december 2008 to p25. 4 billion as of march 2009. less measurable, but no less important, is rbap ’ s success in maintaining public confidence in rural banks in the face of successive bank closures. through vigilance and proactive measures, rbap ensured that your clients understood that these high profile bank closures basically involved a single group that is not representative of the management of other rural banks. i also wish to acknowledge rbap ’ s pioneering work on inclusive banking through technological and product innovations, as well as your continuing efforts to be more responsive and efficient in serving your clients. in particular, the rural banking sector continues to expand its operating network to reach more clients. what we have today, therefore, is a more solid and more inclusive rural banking industry. and so, once again, ladies and gentlemen, let us celebrate our rural banking sector with another round of applause! however there is much more that we have to accomplish and we are looking at rb