amando m tetangco, jr : in praise of bsp ’ s top performers speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the 2009 bsp praise awarding ceremony, manila, 27 july 2010. * * * magandang tanghali sa inyong lahat! fellow central bankers and special guests, it is my pleasure to be part of today ’ s praise awarding ceremony where we celebrate service excellence at the bangko sentral ng pilipinas! in particular, we should be proud of our rich harvest : this year we have more than 400 awardees and nominees. indeed, our initiatives to advance employee performance continue to pay off. once again, therefore, let us salute all the nominees and winners under our 2009 praise awards with a well - deserved round of applause! let us also congratulate for a job well done all those who worked on our 2009 selection process under the praise committee headed by deputy governor andy suratos and assistant governor juan de zuniga! palakpakan din po natin sila. i understand that the interviews and evaluation of the nominees for all award categories have been quite intensive. that is because we truly have many bspers who deserve recognition and awards. tama ba ako? tama! let us also salute our iso awardees and reward them with a round of applause! ladies and gentlemen of the bsp. i have been a bsper for 36 years now. in my 3 ½ decades as a central banker, it has always been clear to me that the singular source of strength of the bank is its people. in fact, long before the lifting of the salary standardization, many bspers could be depended upon to render excellent work. and so, ladies and gentlemen, let us also salute central bankers past and present who under the salary standardization regime rendered praiseworthy service! palakpakan po natin sila! clearly, the commitment to serve our people and our country in the best way possible is a constant and strong motivation goal for all bspers. and now, with better incentives, better employee development programs, and continuously improving work conditions we are seeing broader and deeper commitment to always excel. i see this all around at the bsp : whether it is related to the performance of our core functions, institutional celebrations, employee activities, social programs, and even fundraising projects by the bsp employees association

. underlying price pressures are expected to increase somewhat this year, owing to short - term supply constraints and the recovery in domestic demand, although they remain subdued overall, in part reflecting low wage pressures, in the 2 / 4 bis central bankers'speeches context of economic slack, and the appreciation of the euro exchange rate. once the impact of the pandemic fades, the unwinding of the high level of slack, supported by accommodative fiscal and monetary policies, will contribute to a gradual increase in inflation over the medium term. survey - based measures and market - based indicators of longer - term inflation expectations remain at subdued levels, although market - based indicators have continued their gradual increase. turning to the monetary analysis, the annual growth rate of broad money ( m3 ) stood at 12. 3 per cent in february 2021, after 12. 5 per cent in january. strong money growth continued to be supported by the ongoing asset purchases by the eurosystem, as the largest source of money creation. the narrow monetary aggregate m1 has remained the main contributor to broad money growth, consistent with a still heightened preference for liquidity in the money - holding sector and a low opportunity cost of holding the most liquid forms of money. overall, lending to the private sector remained broadly unchanged. the monthly lending flow to non - financial corporations showed a modest pick - up in february compared with the previous month. this was also reflected in a slightly higher annual growth rate of 7. 1 per cent, after 6. 9 per cent in january. monthly lending flows to households continued to be solid with the annual growth rate of loans to households remaining unchanged at 3. 0 per cent in february. the latest euro area bank lending survey for the first quarter of 2021 reports a moderate tightening of credit standards for loans to firms, following more significant tightening in the previous two quarters. heightened risk perceptions among banks were again the main contributor to the tightening, although their impact was less pronounced than in previous survey rounds. surveyed banks also reported a renewed fall in demand for loans to firms, mainly driven by a continued decline in demand for financing for fixed investment. with regard to lending to households, the survey indicated lower demand for loans for house purchase, while the credit standards for these loans eased slightly, supported by competition among lenders. overall, our policy measures, together with the measures adopted by national governments and other european institutions, remain essential to support bank lending conditions and access to financing, in particular for those most affected by the pan