number of features that make it poorly suited to a small open emerging market economy that has fragile credibility, a limited buffer against shocks, and considerable exposure to a rapidly changing economic and financial environment. the assessments occur quite infrequently, only every 12 to 24 months. the assessments can only be published with the approval of the member state, which tends to take the edge off the diagnoses and prescriptions. assessments do not come with a clear evaluation relative to thresholds that help define degrees of vulnerability, or relative to other countries in similar circumstances. the assessments are judgments of the fund ’ s executive board, not formally of the staff, which can also work to take the edge off candid economic and financial judgments. risks are not clearly and candidly identified and explored. and the process does not come with consequences, since critical evaluation can be withheld from the public, and neither favorable nor critical evaluations necessarily have consequences for access to financial assistance from the fund. the model we use for bank supervision in the united states offers an interesting contrast. we undertake a continuous process of onsite examination. we use a risk - based framework for focussing attention on critical factors. we produce a confidential rating of select dimensions of the financial profile of the institutions and their risk management and control infrastructure. we assess the models banks use to measure risk and the scenarios used to stress test exposures, but the banks have the responsibility for designing and running the risk management infrastructure. by looking across a broad range of world class financial institutions, we have a good sense of the evolving frontier of best practice in risk management which we can then use to help benchmark other institutions and pull common practice closer to that frontier. for a number of reasons, this can ’ t be the model for the fund ’ s relationships with its members. but it provides an interesting prism in thinking about surveillance. the fund has explored a number of ideas to strengthen the surveillance framework. one of the most promising is to establish a process with more frequent, published staff assessments of performance against a medium - term framework designed by the member country. that assessment could convey a clear judgement about the degree of progress being made in reducing vulnerabilities, improving resilience, and strengthening the structural underpinnings of growth. analysis of public and external debt trends, benchmarked against sustainability and vulnerability thresholds, and stress tests for relevant shocks could play a key role in this process. there are compelling arguments for combining such a framework

benjamin e diokno : launch of the new 20 - piso and enhanced 5piso ngc coins speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the launch of the new 20 - piso and enhanced 5 - piso ngc coins, manila, 17 december 2019. * * * to the members of the monetary board, bsp officers, and our friends from the media, good morning. we received great news last october when the international association of currency affairs or iaca recognized the bangko sentral ng pilipinas for excellence in the currency 2019 coin awards at the biennial coin conference in rome, italy. established in 2007, the iaca ’ s excellence in currency awards program promotes and recognizes excellence in currency production, processing, management, and distribution. as we recall, the bsp ’ s new generation currency ( ngc ) coin series — which includes the 10piso, 5 - piso, 1 - piso, 25 - sentimo, 5 - sentimo and 1 - sentimo — was released in circulation starting in march 2018. this ngc coin series and the coin education campaign were among the top three finalists awarded in the best new circulating coins and best public education program categories, respectively. during the awards ceremony, the iaca cited the enhanced aesthetic, cutting - edge security features, and improved wear and corrosion resistance of the ngc coins. on the other hand, our coin education campaign earned praises for utilizing various communication channels such as nationwide briefings, television, radio and social media, which emphasized that these ngc coins are “ matibay ”, “ maganda ”, at “ mahalaga. ” the bsp is honored to be among the best in the world in coin design and production, and to receive a distinction for the education program that came with the successful issuance and circulation of these coins. aside from the economic value as payment for goods and services, coins play a significant role in a nation ’ s history, often paying homage to filipinos with outstanding accomplisgments or worthy of emulation, celebrating momentous events, and promoting with pride the country ’ s historical sites or natural wonders. coins also reflect a country ’ s cultures and traditions, and are powerful tools of communication and identification as a nation. today, the bsp is proud to present the new 20 - piso coin which will now be the highest denomination in the new