felipe m medalla : painting the central bank of the philippines green speech by mr felipe m medalla, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the launch of the sustainable central banking strategy, manila, 21 december 2022. * * * doctor ulrich volz of school of oriental and african studies university of london ; department of environment and natural resources licenses, patents, and deeds division chief alvin joseph constantino ; asian development bank southeast asia department officer - in - charge winfried wicklein ; of course, our friends from the banking sector - i see bankers'association of the philippines ( bap ) president tony moncupa there ; my dear colleagues in the monetary board and our deputy governors and assistant governors - my partners in doing what bangko sentral ng pilipinas ( bsp ) has to do for the country - and of course, all of the guests, allies in sustainable finance, good afternoon. why climate change matters to the philippines – and the bsp i will start by answering some of the challenging questions that people ask me on climate change : " why are we even concerned about climate change? " we [ the philippines ] are a victim. we are very small in terms of [ global greenhouse gas ] emissions, and we are late in contributing to emissions. sabi nga eh, " small na, late pa, pero kasama [ sa apektado ]. " now, of course, my answer always has been that : we will be affected. indeed, all those estimates of vulnerability and damage, we are usually in the orange to the red color in the heat maps. for instance, climate change could very obviously affect food supply. as we know from our own history of inflation, this could lead to large supply shocks, supply - driven inflation. sov we have to know how to prevent what economists call, " second - order effects " ; how supply - shock inflation can become more permanent inflation depending on what the central bank does. the other point is that, clearly, it [ climate change ] will affect how we regulate banks because, obviously and as [ bap's ] tony [ moncupa ] would attest to, capitalization requirements should be commensurate to the risks. the more risky you [ r activities ] are, the more capital you have to put up. and, clearly, climate change will add to the risks. so

amando m tetangco, jr : the philippine economy – building resilience in a time of uncertainty speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the economic forum “ philippine economic outlook – prospects and challenges ”, hosted by security bank, manila, 11 february 2009. * * * distinguished officers and staff of security bank led by its chairman mr. frederick y. dy, president and ceo mr. alberto s. villarosa, other distinguished speakers, guests, ladies and gentlemen : good afternoon! it is my pleasure to join you for today ’ s economic briefing. i laud the efforts of security bank for making this gathering possible. i welcome opportunities such as this to help shed light on our current economic and financial environment, from the vantage point of the central bank, which i hope is not far removed from how it is in the “ real ” world. much has already been said and written about the current environment we are in – it has been described as being “ a tsunami of historic proportions ” to being the “ the worst crisis since the 1930s ”. every writer or speaker seems to want to paint a picture direr than the one before. today, i don ’ t want to be included in that list – rather, i hope i can more candidly share with you a balanced ( realistic ) view. let ’ s begin with what we now know against what is still uncertain. three things stand out. first, we have clearly seen that, on the one hand, the crisis has moved from its epicenter – the us and europe – and has begun to manifest itself in emerging markets, including our part of the world. on the other hand, however, we don ’ t know how much further or deeper the crisis ’ reach and breadth would be once the dust, as they say, finally settles. second, so far the policy prescriptions from the major economies have been “ unconventional ” – untested ( so to speak ) in these unchartered territories we now trek. unfortunately, the very nature of these prescriptions requires patience not only from those in the major economies but also from those at the periphery such as the philippines. the policy prescriptions clearly need time to filter to the markets and achieve the necessary effects. question is, how much patience and tolerance do the markets have? other questions that are perhaps racing in stakeholders ’ minds are :