can expect better prospects for the growth of the philippine capital market. undoubtedly, the continuing support of all financial industry players will ensure for us greater success in this endeavor. as a final note, i call on you to assist us in fostering an environment conducive to a vibrant domestic capital market. you are, undoubtedly, one of the major players in the capital market today. we will be relying on your experience in helping provide order and depth in the market. although the road ahead is considerably tough, i am confident that ab capital - armed with vision, a strong resolve and with sound leadership at the helm - will be more than prepared to meet the challenge. let us all do our share in responding to the call for building a deep, dynamic and liquid capital market a precondition for achieving sustainable economic growth. once again, happy anniversary and i wish you all more success in the years to come! comparatively lower than the 12. 7 percent npl ratio and 11. 4 percent npa ratio as of end - december 2004.

amando m tetangco, jr : towards a shared vision for capital market reforms speech by mr amando m tetangco, jr, governor of the central bank of the philippines, at the testimonial luncheon of the ab capital and investment corporation, makati city, 1 march 2006. * * * distinguished directors, officers and staff of the ab capital and investment corporation led by chairman and chief executive officer ramon r. del rosario, jr. ; president and chief operating officer francis m. varela ; former president filomeno g. francisco ; ladies and gentlemen : good afternoon! congratulations on your 25th year anniversary! it is indeed an honor for me to join all of you today as you celebrate this momentous occasion. for more than two decades, ab capital and investment corporation has positioned itself as a prominent player in the capital market industry. specifically, you have carved your place in corporate finance, fixed - income securities dealership, stock brokerage and fund management. you also hold a creditable track record in equity and debt securities underwriting, having acted as issue manager and / or lead underwriter for several of the country ’ s most prestigious and most successful debt and equity offerings. it ’ s no wonder you have earned various local and international distinctions for your financial savvy backed by a solid financial standing, as well as for your significant contributions to capital market development. i am positive that you owe much of this success to the competence and foresight of your leaders and the dedication and zeal of your workforce. in the pursuit of your institutional aspirations, you also have significantly contributed to our shared goal of promoting stability and efficiency in the philippine financial system for a sustainable economic growth. in return, let me take this opportunity to share with you our continuing reform initiatives which could be useful guideposts in fine - tuning your chosen path. the economy at a glance to put things in perspective, let me start with an overview of the economy. in 2005, the economy proved its resilience and fundamental strength, despite the prevailing difficult macroeconomic conditions. the country ’ s economic performance is benefiting directly from improving fiscal discipline and sound monetary policies. for 2006, we expect to keep the momentum going. we realize, of course, that sustaining economic growth over the long term would depend, to a large extent, on the resilience of the financial system which forms the backbone of the economy. thus, we are taking parallel actions on key fronts. the promotion of