have hit the stock market hard since last fall, and declines in equity wealth could begin to show through more forcefully to consumption spending. all in all, i think it is too early to have a strong conviction that the economy is reaching the end of this period of quite slow growth. as the fomc noted yesterday, the risks remain toward economic weakness. conclusion our announcement yesterday was part of an ongoing effort to communicate with the public at large and with markets. this desire to be transparent has led, in the last several years, to numerous changes in the procedures of many central banks. i do not know what future changes, if any, might be called for, but i am confident that central banks will continue to look for ways to make certain that their objectives and policies are clear. thank you for your attention.

higher by 6. 0 percent relative to the level a year ago at p530. 1 billion. meanwhile, loans for real estate activities increased by 8. 0 percent to p291. 4 billion relative to last year. sustained by core earnings mainly from lending activities, the tb industry also remained profitable as net profit stood at p15. 8 billion as of end - december 2018 returning 10. 3 percent to owners ’ equity. asset quality has likewise significantly improved. as of end - january 2019, the gross nonperforming loans ( npl ) ratio and non - performing assets ( npa ) of thrift banks have significantly declined to around 5. 4 percent and 5. 7 percent, respectively. these figures were significantly lower compared to their end - december 2001 values of 12. 0 percent and 17. 0 percent, respectively. lastly, the tb industry remains well - capitalized. as of end - september 2018, the subsidiary thrift banks ’ capital adequacy ratio ( car ), on solo basis, of 15. 0 percent remains well above international standards while the car of stand - alone tbs stood at 18. 2 percent. ladies and gentlemen, all these numbers i just mentioned reflect, among others, the thrift banking sector ’ s critical role in supporting the country ’ s inclusive economic growth. the three great challenges ahead 2 / 5 bis central bankers'speeches even as i say this, the evolving operating environment is beset with what i refer to as the three great challenges that could potentially derail our growth trajectory. first is the imbalance or great divergence in global growth. according to the international monetary fund ( imf ), global growth prospects in 2019 remain fragile and uneven as recovery in advanced economies ( aes ) is expected to remain steady, while activity in emerging market economies ( emes ) is projected to slow down. this uneven growth trajectory could potentially trigger portfolio rebalancing and capital flow reversal in emerging markets ( ems ), including the philippines. second is the emergence of what is referred to as the great fragmentation, where policymakers tend to be less able and less willing to collaborate internationally. populist sentiment continues to gain traction in countries around the world. this, in turn, has fueled a greater inclination among governments towards “ inward - looking, ” prisoner ’ s dilemma type of policies. we are in the midst of protracted trade tensions between the us and china. while talks have recently begun between the two countries to potentially outline