david dodge : monetary policy developments in canada opening statement by mr david dodge, governor of the bank of canada, to the senate banking, trade and commerce committee, otttawa, 30 april 2003. * * * good afternoon, mr. chairman, members of the committee. i would like to start by saying how much we appreciate the opportunity to meet with you following the release of the bank ’ s semi - annual monetary policy report. it ’ s important for us to be able to explain our views on the economy and on inflation. i ’ d like to spend a few minutes summarizing the key points of our most recent report, which we released last week. but first, i ’ d like to introduce my colleagues — deputy governors chuck freedman and pierre duguay. chuck will retire in september, after almost 30 years at the bank. his leadership in the areas of monetary policy, financial institutions, and canada ’ s clearing and settlement systems has been invaluable. we will all miss his expertise, his enthusiasm, and his keen wit and intellect. the last time i testified before this committee was in the spring of 2002, because we were unable to arrange our regular meeting last fall. you will recall that following the 11 september 2001 terrorist attacks in the united states, we quickly and aggressively cut our policy interest rate to shore up confidence and support domestic demand. by last spring, evidence had already started to build that demand was growing faster than the economy ’ s production capacity. monetary policy actions must always be forward looking. so, even though demand pressures were not yet showing up in prices, we raised our key policy rate three times between april and july 2002. by the autumn, inflation was on the rise. but we refrained from raising interest rates because of geopolitical and financial uncertainties, high yield spreads and restricted access to funding for riskier corporate borrowers, as well as the expectation of weaker foreign demand for canadian goods. since then, inflation has been above the 2 per cent target midpoint. the total cpi inflation rate peaked at 4. 6 per cent in february, falling back somewhat to 4. 3 per cent in march. the jump in inflation reflected the sharp rise in oil and natural gas prices, increases in insurance premiums, and strong domestic demand that had led to price pressures in certain sectors, such as shelter and some services. in this environment, certain indicators of short - term inflation expectations have edged up — although longer - term expectations remain around 2

benjamin e diokno : sustainable finance towards a climate - resilient philippine economy speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 2nd annual national business climate action summit, pasay city, 21 november 2019. * * * secretary emmanuel de guzman of the climate change commission, ms. ma. alegria limjoco, president, philippine chamber of commerce and industry, mr. titon mitra, resident representative of the united nations development programme ( undp ) philippines, colleagues from the other government agencies, fellow speakers, friends from the banking industry, development partners, sustainability advocates, esteemed guests, a pleasant morning to all of you! first, let me congratulate the climate change commission, the pcci, the philippine business for the environment, and the undp for organizing this 2nd annual national business climate action summit. i am honored to join you in this important gathering as we exchange views on sustainable finance and firm up our commitment in pursuing a low - carbon, climate - resilient, and sustainable development pathway for the philippines. according to a study made by climate central and published on the nature communications journal, the impacts of sea - level rise and coastal flooding is seen to become more extensive that could erase coastal cities by 2050. the philippines is one of the countries identified to be in danger and the national capital region could likely be submerged due to climate change. then, last 8 november 2019, we commemorated the 6th year anniversary of typhoon yolanda which is considered to be the strongest typhoon that struck the country in 2013. lastly, three major earthquakes hit north cotabato and surrounding provinces in october 2019 alone. thousands of families were affected and scores of houses and infrastructures were damaged. after what happened, we cannot help but ask ourselves if we are ready to withstand any other form of calamity that may befall on us? if we are uncertain with our answers, all these headlines should serve as a strong wakeup call. we should prepare for threats or risks that may happen any time especially those that have prolonged significant impact such as those resulting from environmental degradation or climate change risk. several climate vulnerability reports have consistently positioned the philippines at the top as one of the countries exposed and vulnerable to natural disasters or climate change hazards. these facts provide a strong impetus and sense of urgency for all stakeholders to work together to address environmental issues including climate change.