##bit of traditional monetary policy. 4 / 5 bis central bankers'speeches i am talking about the need to support inclusive growth. the bsp ’ s effective pursuit of our primary mandate of maintaining price stability puts the country in a better position to attain inclusive growth. we foster a macroeconomic environment conducive for investments and supportive of job generation and employment. however, maximizing the impact of the bsp ’ s policies on the lives of filipinos entails that we tackle the inclusive growth advocacy directly. i am heartened by the thought that the recent banking sector outlook survey showed that most thrift banks believe that business growth may be maintained by developing new capabilities and by expanding market reach, digitally or through new products and services. this is what i refer to as the bsp multiplier or the bsp ’ s ability to improve every single juan and maria ’ s quality of life. towards this end, you can expect the bsp to continue to focus on this goal and integrate our financial inclusion advocacy with our traditional objectives. the bsp is working hard to bring central banking operations to the people, of course with your help. we are committed to advancing our financial inclusion, financial education, and consumer protection agenda to ensure that everybody is given the opportunity to ride in this economic growth. a bsp that is closer to the people for us to be able to succeed in a transitioning global environment, we need to build our strengths, be more responsive, and sometimes go beyond conventions. the bsp is aware that our efforts cannot stand alone. to keep the engine running, both the public and private sectors must share in the responsibility of making sure that no filipino is left behind. i therefore thank the ctb and the thrift bank community for supporting the bsp and its thrust on financial inclusion. rest assured, you can count on the bsp to walk closely with you in our country ’ s journey towards inclusive growth. thank you and mabuhay tayong lahat! 5 / 5 bis central bankers'speeches

” – with the economy also gaining reputation as one of the fastest growing in asia. indeed, the economy has been resilient, exhibiting both price and financial stability. inflation has been kept low and stable. for 5 consecutive years, inflation has been kept well - within our target due to timely and responsive monetary policies. at the same time, the banking system remains sound and stable with assets continuing to expand, funded mainly by a healthy growth in deposits. moreover, banks are well - capitalized while asset quality continues to improve, with banks ’ non - performing loan ratios at all - time lows. another source of strength is our strong external position... supported by the continued surplus in our current account. our gross international reserves as of june 2014 reached 80. 7 billion dollars, enough to cover 11 months ’ worth of imports of goods and payments of services. in other words, we have enough buffers against possible external shocks. this is not to say the road ahead will be smooth. there are bound to be surprises, bumps and risks ahead ; but we have also shown remarkable strength and resilience in meeting tough challenges. i am confident therefore... that as we benefit from even better and stronger support from you... our stakeholders... we will be able to sustain our growth objectives and achieve more inclusive growth across our country. muli, maraming salamat sa inyong lahat.... and congratulations... to all our awardees! mabuhay ang ating mahal na bansang pilipinas! mabuhay po tayong lahat! bis central bankers ’ speeches