noon. to run regressions, we punched cards and dashed to the up computer center. we had to come back later for the results print - out which were in outsize continuous forms at least an inch thick. yes, change is inevitable. but as you begin your journey as graduate students ( especially as many of you here are also working students ) let me share with you a timeless value that ensures success. grit. sticktoitiveness. – yes, this is a real word. secret formula for success grit, discipline and diligence are requirements for each of you to successfully hurdle every exam, presentation, case discussion, thesis defense and requirement that you need to earn your mbas and masters of science in finance. grit is needed to face life ’ s challenges. grit – mental toughness – will set you apart. while the truth of this is borne out of my personal experience, the expression of this idea is not new. many studies ( and i understand, facebook posts ) convey that neither intelligence nor talent 1 / 4 bis central bankers'speeches ensures success. rather, it is perseverance that allows one to fulfill goals and make dreams come true. in my long career at the bangko sentral ng pilipinas ( thirty - six years and counting! ) as a young bank officer and working student shuttling between the cb campus in malate to diliman, quezon city as deputy governor of the supervision and examination sector for the last twelve ( 12 ) years to this day as governor of the bsp, sticktoitiveness has made all the difference in my career. why? the reason is simple. there are good days and there are bad days. while we are presumably talented and intelligent uniformly each day ( at least we hope to be! ) – the feeling of wanting to persevere and stay - on, changes. it changes with our moods, and is affected by situations and circumstances. this is why sticktoitiveness commitment is the true formula for success. when i first joined the central bank in 1981, i was idealistic. my grit was tested all at once! during the turbulent 80 ’ s, there was political unrest. a debt crisis was unfolding and it forced the country to declare a moratorium on the payment of its foreign debt by 1983. dollars had to be rationed. central bank interest rates shot up to around 40 % per annum. compare that to 3 % today. the economy was in recession. in 1986, senator benign

nestor a espenilla, jr : sticktoitiveness speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the freshmen orientation program and launching of the university of phlippines bgc graduate business program, bonifacio global city, 4 september 2017. * * * dr. ben paul b. gutierrez, dean, cesar e. a. virata school of business, university of the philippines, faculty, staff, and incoming freshmen of the master of business administration and master of science in finance programs, ladies and gentlemen, good evening. i understand that eighty ( 80 ) new mba and ms finance students were admitted to up - bgc. i am delighted to address this audience. it is one full of promise and potential. yours is the first batch to learn in these new, world - class halls! what an honor for you! nostalgia addressing you today, i am reminded of the thirty - seven ( 37 ) years that separate the time when i myself was a freshman of the up - mba program. it made me think of my student number ( i think, i will keep this a secret ). it made me nostalgic for up diliman ( for fishballs in front of vinzon ’ s hall ) and mainly, for how the college of business administration building stood proudly ( well, still stands ) in the center of campus, opposite quezon hall. it was the most modern building in the academic oval ( at least in my time ) with an architecture markedly different from that of palma, melchor, and malcolm halls. compare that to where we are now in a state - of - the art building in the heart of the bonifacio global city. the imagery of the two structures juxtaposed in my mind is enough symbolism for how fast things have changed ( and improved! ) in that span of time. change in the last two to three decades, the world has become a very different place transformed by digital revolution and technological advances in almost every field and industry. students like you have the advantage of data retrieval in real time! your connections are wireless, with access points in classrooms, hallways, in the library almost everywhere. you read, communicate, research and are entertained on ipads, iphones, androids and laptops these are developments we never would have imagined as we strolled by the sunken garden decades ago! simple lang kami