. the ottawa group has a crucial role to play in discussing and addressing current challenges for price statistics. its contributions are important to central banks, given their mandates for monetary policy and financial stability. digitalisation has a profound two - fold impact on price statistics. digitalisation changes product characteristics and alters consumer behaviour. this is a challenge for price 6 / 8 bis central bankers'speeches measurement. digitalisation also brings with it new data sources. we need to develop new methodologies and tools to fully exploit this potential for statistics, surveillance, and policy analysis. improving our understanding of developments in real estate markets and their connection with financial stability is crucial. this is well recognised around the globe, and several initiatives, including one launched by the g20, are working on the various aspects of this issue. the contribution of statisticians is to provide more comprehensive, reliable, and timely statistics on property markets and financing conditions. both the presentations and poster sessions may lay the groundwork for an intensive exchange of views among participants and beyond. this will stimulate further research and foster better informed statistical practices. references : astin, j. ( 1999 ), the european union harmonized indices of consumer prices, paper presented at the 5th meeting of the ottawa group, reykjavik, 1999. boskin, m. j., e. r. dulberger, r. j. gordon, z. griliches, d. w. jorgenson ( 1996 ), final report of the commission to study the consumer price index, u. s. senate, committee on finance, washington dc : gpo. broda, c., d. e. weinstein ( 2008 ), understanding international price differences using barcode data, nber working paper 14017. destatis ( 2013 ), turnusmaßige uberarbeitung des verbraucherpreisindex 2013, wiesbaden, 2013. destatis ( 2016 ), auswirkungen der digitalisierung auf die preisstatistik, wiesbaden, 2016. deutsche bundesbank ( 2013 ), commercial property prices in germany : conceptual considerations and statistical status quo, monthly report, may 2013, pp 53 – 55. deutsche bundesbank ( 2017 ), housing prices in germany, monthly report, february 2017, pp 51 – 53. ecb ( 2012 ), new standards for hicp weights, monthly bulletin, april 2012, pp 36 – 39. ecb ( 2014 )

##s of financial intermediaries. the bsp also actively seeks to widen the investor base of the local financial markets through a number of new investment products which would better reflect market prices. these will help encourage more institutional investors such as insurance companies, mutual funds and pension funds to participate in the capital market. future reform measures will eventually lead to the introduction of exchange - based products that can further stimulate market activity and deepen liquidity. the continuing challenge let me sum up by saying that the near - term economic outlook suggests more vibrant economic activity, but there are potential obstacles on the way to sustainable growth. the critical task ahead is for us to focus, not just on macroeconomic stabilization in the short - term, but also on preserving the momentum for economic reforms to ensure sustained growth in the years to come. consistent with map ’ s marching order, we need to act outside of ourselves. most of the items on the must - do list will take time before these come into fruition. reforming an economy is an enormous task, one that the government, even in theory, cannot do by itself. governments govern, or better still, guide. but it is the economic and business community that creates commodities and services, builds the economy and competes in the global market. i take heart in the fact that our business leaders in map remain a stalwart partner of the government in making economic progress possible. personally, i am optimistic that our hard work and resourcefulness will allow us to overcome our remaining economic problems. as a people, they say filipinos have a knack for turning adversity into opportunity. my caution is that we should not always welcome adversity to be able to turn it into opportunity. i believe that by responding to the challenges with a deeper sense of purpose, by adhering to “ country above self ” as a guiding principle, we can reach our full potential. by all means, we have what it takes to succeed. the outgoing officers and board members of the map, congratulations on a job well done, and to the new officers, i wish you all the best! thank you very much. mabuhay tayong lahat.