benjamin e diokno : message for the signing ceremony for architecture and engineering design services for the new bangko sentral ng pilipinas ( bsp ) complex speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the signing ceremony for architecture and engineering design services for the new bsp complex, manila, 27 february 2022. * * * good day, everyone. a year ago, we envisioned a new bsp complex to rise here at the new clark city — one that will become a global benchmark for a smart, green, and modern facility that promotes environmental sustainability and efficiency. to transform that vision into a master development plan, the bsp searched for the best architectural and engineering design which will bring our vision into fruition. the architectural and engineering design will cover the development of 21. 32 hectares of land for the construction of a new bsp office building, bsp data centers, command centers, museum, academic buildings, sports complex, and commercial stalls in the non - restricted and semirestricted zones of the new bsp complex. the design will incorporate a water feature and several greeneries that will allow a comfortable, relaxing, and healthy atmosphere for the employees and visitors of the bsp – one that is available for the entire community. the design will welcome people with open spaces that have extensive and robust security to safeguard the bsp ’ s currency production, data center, and it systems. today, i am pleased to inform you that after undergoing very stringent procurement processes, we have found the design we were looking for. the conceptual design which aidea, ( pronounced like “ idea ” ) presented best represents our vision of a smart, green, and modern bsp. the development plan embodies inclusivity, reflective of the bsp ’ s drive for financial inclusion. with easily accessible, and pedestrian - and bicycle - friendly circulation paths, we are constructing a new bsp complex that is “ for the people. ” furthermore, a museum and a sports complex will help nurture this inclusive environment. the bsp recognizes the impact of climate change in the country ’ s financial system. thus, we are integrating sustainability principles in all ways possible, especially in this infrastructure. this design resonates well with our sustainability agenda. it incorporates sustainable and green design elements and introduces multi - dimensions of sustainability, wellness strategies, and technologies. there will be smart

bank of japan ’ s september report of recent economic and financial developments1 bank of japan, communication, 13 september 1999. * * * the bank ’ s view2 japan ’ s economy has stopped deteriorating, and there are some activities improving such as exports and production. however, clear signs of a self - sustained recovery in private demand have not yet been observed. with regard to final demand, business fixed investment has been on a downward trend. recovery in private consumption continues to be weak on the whole. housing investment, which had been recovering, has recently peaked out. meanwhile, public works have been rising, and net exports ( exports minus imports ) have started growing due to an increase in exports. reflecting such developments in final demand and continued progress in inventory adjustment, industrial production is turning to an increase. against this background, corporate and consumer sentiment has seen an improvement. the improvement in corporate sentiment, however, has not necessarily stimulated business activities, because firms strongly feel that they have excess capacity and employees and their profits remain weak. meanwhile, the improvement in consumer sentiment is underpinning household expenditure even under the worsening employment and income conditions, but is not strong enough to push up overall private consumption. as for the outlook, improvements in the overall financial environment partly due to the monetary easing by the bank, along with a series of economic measures taken by the government, are expected to continue underpinning the economy. moreover, the positive impact on domestic production of the recovery of overseas economies, especially of asian economies, is likely to continue for some time. by contrast, leading indicators suggest a high probability of a moderate decrease in housing investment from this autumn. in addition, under cautious sales plans, firms are implementing further restructuring to improve their profitability. although such corporate restructuring is expected to improve productivity, it is likely, in the short run, to reduce fixed investment and discourage household expenditure through the resulting deterioration in employment and income conditions. moreover, it seems that the recent appreciation of the yen will have an adverse effect on corporate profits in the near term. under such circumstances, it is still difficult to expect an immediate self - sustained recovery in private demand. overall economic developments require careful monitoring in consideration of the above points. it is also important to promote structural reform in order to assure the economy ’ s sustained growth in the medium term. with regard to prices, import prices have recently fallen slightly due to the appreciation of the yen, despite the rise in international commodity prices such as crude oil prices. domestic