mark carney : the coming thaw remarks by mr mark carney, governor of the bank of canada, to the winnipeg chamber of commerce, winnipeg, manitoba, 4 february 2010. * * * it is a pleasure to be here in winnipeg. today, i intend to elaborate on elements of the bank of canada ’ s economic outlook. after putting the recession in context and offering the bank ’ s perspective on the shape of the recovery, my remarks will focus on canada ’ s corporate sector. a focus on business is appropriate in manitoba. this province is not only the geographic centre of our country, but also mirrors canada ’ s economic diversity. manitoba ’ s distinctive blend of primary, manufacturing, and service businesses represents a true cross - section of the canadian economy. a focus on business is also appropriate at this stage of the economic cycle. a key determinant of the pace and sustainability of canada ’ s recovery will be how investment and hiring intentions of businesses in all sectors evolve as policy stimulus begins to fade. my message is relatively straightforward : the thaw is coming. that may sound a little premature to someone standing at the corner of portage and main in early february, but it broadly captures the state of our economy. while its pace will likely be somewhat muted ( given the depth of the recession ) and while there may be setbacks, the recovery has begun. after a brutal economic winter, spring is within sight. there is, however, a catch. the economic climate that canadian business will face will be considerably different. canada is entering this period of adjustment with many strengths, but the efforts required of us will be historic. the global recession in the fall of 2008, the intensifying financial crisis triggered a deep, synchronous global recession. the economic shock in the united states was spread – and in many cases amplified – through trade, finance, and confidence channels. we are just emerging from the worst economic downturn since world war ii. the speed and virulence of the slowdown took business by surprise. over the turn of last year, there was the equivalent of a corporate heart attack : inventories surged, production was slashed, capital spending budgets eliminated, and employment cut. the cascade of collapsing demand through global supply chains shook widely held perceptions. given the shock of the downturn, many firms understandably have been waiting for confirmation of the recovery before acting. the canadian recession in context canada experienced a short, sharp recession. in its depths last year, with the

nestor a espenilla, jr : thrive not just survive speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 39th national conference of employers " the future is now : survive, compete and grow amidst radical changes in labor and employment policies ", manila, 18 april 2018. * * * atty. antonio h. abad jr., governor of the employers ’ confederation of the philippines, former director - general of national economic and development authority dr. dante canlas, distinguished guests, ladies and gentlemen, good afternoon. i am glad to be part of the 39th national conference of employers, especially given your theme which is quite compelling. it is bristling with a sense of urgency! yes indeed, “ the future ” as we envisioned it ( even as we could not then imagine it! ) — as it only existed in sci - fi movies — is happening. it arrived yesterday and the days, and the weeks, months and years before that! it keeps arriving and growing at an exponential rate. the swift, sweeping and continuously unfolding changes redefining how businesses are conducted and how we relate to each other are both precursors and products of the fourth industrial revolution. every day, technical advances, digital innovations and artificial intelligence redefine our needs and wants... our way of doing things... what was before considered as “ hi - tech ” are becoming mundane, ordinary, usual... disruptions to the economic and financial landscape are the new normal. and i refer not only to disruptions caused by digital technologies. there are also challenges presented by regionalization and globalization. we are faced with the increasing interconnectedness of markets. there are the demographic demands of a growing millennial population and other dynamics. and we – local industries, businesses and regulators — must constantly keep up. but is survival the goal? or shall we endeavour to thrive? concern is raised that these disruptions will aggrevate inequalities among nations. will we be able to cope? to compete? i believe we will. technological innovations and the finance industry significant technological innovations are currently shaping the philippine finance industry. these translate to improvements in speed, convenience, efficiency and accessibility of value transfers. technological innovations in the finance industry [ commonly referred to as financial technology ( fintech ) ], such as cloud - based solutions and application programming interfaces, are flexible