some downward pressures on the foreign exchange value of the dollar, which have contributed to the unwelcome rise in import prices and consumer price inflation. we are attentive to the implications of changes in the value of the dollar for inflation and inflation expectations and will continue to formulate policy to guard against risks to both parts of our dual mandate, including the risk of an erosion in longer - term inflation expectations. over time, the federal reserve's commitment to both price stability and maximum sustainable employment and the underlying strengths of the u. s. economy – including flexible markets and robust innovation and productivity – will be key factors ensuring that the dollar remains a strong and stable currency. second, to improve market liquidity and functioning, we have taken a range of measures to ensure that financial institutions have adequate access to central bank liquidity. 2 the resulting reductions in funding pressures, together with the increased confidence created by the assurance that backstop liquidity is available to eligible institutions, should help to promote an orderly resolution of current market dislocations. in recognition of the global nature of financial markets, we have also cooperated with other major central banks to ensure that central bank liquidity is deployed where needed. finally, we are taking action in our role as regulators. we have worked with lenders and servicers to encourage appropriate modifications of distressed mortgage loans, and we have proposed new rules to improve disclosure and to ban unfair or deceptive acts and practices in mortgage lending. we are also collaborating with other regulators, both domestically and abroad, to put in place changes that will help make the financial system less vulnerable in the future. among the changes we expect to see are strengthening of capital and liquidity rules, greater disclosure requirements, an increased emphasis on the measurement and management of firmwide risks, and further steps to increase the transparency and resilience of the financial infrastructure. our goal is to emerge from this difficult period with a financial system that will be more stable without being less innovative, with a more effective balance between market discipline and regulation. bernanke ( 2008 ). references bernanke, ben s. ( 2005 ). " the global saving glut and the u. s. current account deficit, " speech delivered at the homer jones lecture, federal reserve bank of st. louis, st. louis, mo., april 14. bernanke, ben s. ( 2008 ). " liquidity provision by the federal reserve, " speech delivered at the federal reserve bank

our country ’ s economic growth are in your hands. we at the bsp also look forward to working with you on financial inclusion programs that will attract more filipinos to be part of the financial mainstream where money would be more widely available at prevailing commercial rates. rates that are significantly lower than the 1, 000 % a year rate in the informal sector. imagine the beneficial impact this can bring to millions of our microentrepreneurs. let us therefore continue to work together to keep the philippine economy growing and make lives better for filipinos. this is very much in keeping with the rotary club ’ s two mottos : “ service above self ” and “ he profits most … who serves best. ” ladies and gentlemen of the rotary club of manila, together, may we have a successful, meaningful and prosperous new year! thank you for your attention. mabuhay ang pilipinas! mabuhay po tayong lahat! bis central bankers ’ speeches