enhancing our corporate culture. with our frameworks for governance, risk management and organizational enhancement in place, assessments on where we stand in these areas are nearly completed. we are finalizing our roadmaps toward a bangko sentral that exhibits governance principles which are highly integrated in our policies, systems, processes and practices ; a bangko sentral that exemplifies a values - based culture, with men and women of inspiring leadership, dynamic, achievement - oriented, and acting as one team. revisiting the fundamentals – bsp ’ s mandate as the end of our strategic plan draws near, fundamental questions emerge as we respond to new challenges relating to our mandate. during this past day and a half, we also engaged in a strategic dialogue on how we would like to position bsp, the country ’ s lone monetary authority, in the next medium term. our engaging dialogue on the assessment of seventeen years of monetary policy at the bsp highlighted key issues such as the financial stability dimension of price stability, the operating environment and practice of inflation targeting in emerging market economies like the philippines, and the approach in responding to asset price bubbles. we also had a spirited discussion on the complexity, impact and requirements of pursuing financial stability in bank supervision, bsp ’ s relationships with other regulators, monetary policy and payments and settlements. in this connection, we also looked into the challenges in the payments and settlements system in the context of meeting our goals of monetary and financial stability, as well as in achieving economic efficiency. focusing on the homestretch we are on the final leg of the journey. apart from the sense of urgency this evokes, this reality prompts us to heighten our teamwork and to collaborate more to guarantee our strategic success. looking at our scorecard, the “ reds ” and “ yellows ” pointed out the areas of concern that need the attention of the entire organization – the monetary board, management and staff. we said that we are a strategy - focused and results - oriented organization, and we are determined to prove this true. let us focus our energy to the implementation of the strategic initiatives that will contribute to the attainment of our targets in the medium - term plan. let us continue our efforts in closing the gaps and in addressing the overlaps to achieve the synergy we desire within the organization and in our relationships with external partners. we will deliver on our promise. in staying true to our commitment for continuous improvement, let us keep in mind what our

amando m tetangco, jr : moving forward with financial infrastructure integration through the bsp ’ s reverse repurchase e - trading system speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the signing ceremony of the bsp ’ s reverse repurchase e - trading system, manila, 30 january 2015. * * * i am pleased to see that the partnership between the bangko sentral ng pilipinas and the banking industry continues to grow, strengthen and deepen. today, the signing of a memorandum of understanding for the bsp ’ s reverse repurchase electronic trading system marks yet another milestone in our efforts to promote financial market operations underpinned by strong and secure infrastructure and well - designed rules. over the years, the bsp has launched initiatives to address the growing needs of its stakeholders and to adapt to the changing times. these include the implementation of realtime gross settlement system which bsp operates today as the philpass, the intraday liquidity facility, the bsp e - rediscounting system, and the remit system for ofw remittances, just to name a few. ladies and gentlemen. these initiatives form important building blocks towards a domestic financial market infrastructure that efficiently and effectively responds to the needs of the real sector. with this goal in mind, our latest initiative is the rrp e - trading system, a web - based electronic platform … where overnight and term rrp agreements between financial institutions and the bsp ’ s treasury department may be transacted and settled. with built - in security access procedures, the new e system will replace the manual queuing of the rrp trade orders that are posted via a combination of telephone and stand - alone trading platforms, e. g., reuters or bloomberg. it will also eliminate the unintended consequence of manually collating transactions from different order sources. another benefit that users of the e - trading system will enjoy is straight through processing where reporting of interbank call loan transactions will be done electronically. in sum, therefore, the system should heighten the security of the full dealing, settlement and reporting cycle of rrp transactions. but more than the benefits of automation, the creation of this system opens up for the bsp new horizons for enhancing the way it conducts open market operations or omo. this electronic trading system provides the bsp the flexibility