rafael buenaventura : strengthening the cornerstones of excellence opening and closing remarks by mr rafael buenaventura, governor of bangko sentral ng pilipinas ( central bank of the philippines ), at the bsp strategic planning conference, manila, 10 january 2005. * * * introduction business planning with a strategic perspective has paved the way for the bangko sentral not just to get by but more importantly, to get ahead. at a time when the national economic agenda is confronted with sometimes seemingly insurmountable roadblocks, our institution is left with no other option but to tackle them head on. and faced with the temptation to give up most of our strategies because of numerous risks and uncertainties, we have remained steadfast in our mission and unyielding in our convictions. building on diversity it is my pleasure and privilege to welcome you to part three of the 2004 bsp - strategic planning conference, the assembly of bold visionaries in the bsp. all of us here today have performed a diversity of roles and contributed a diversity of gifts to this endeavor. this planning conference is yet another opportunity to weave those disparate fibers together, to gauge how far we have come and determine what the overall picture is telling us. understandably, there are still sizeable gaps, and as in the past, we ought to be decisive in dealing with the challenges we face. “ strengthening the cornerstones of excellence. ” this is the theme of our strategic planning exercise for this year. in the previous years ’ planning initiatives, we set forth to establish the direction we intended to pursue and consequently laid the groundwork upon which to propel our aspirations. this time around, we embarked on a journey of introspection, stepping back a little and indulging ourselves in inward examination - deliberating about how we could further fortify the cornerstones of excellence, from people to business processes to information systems to infrastructure. this undertaking ultimately guides the refinement of our strategies - an inevitable course towards more effectively executing our ideas and more successfully implementing our plans. legacy for excellence they say the best way to deal with the future is to take a hold of it. in so doing, it becomes vital to secure our own design of the future, which, i am proud to mention, is precisely what we have in our hands right now. the bsp medium - term blueprint is an embodiment of the tradition of world - class excellence we have envisioned to unify

amando m tetangco, jr : consultation, collaboration and cooperation – moving the capital market agenda forward speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the cmdc ( capital market development council ) inaugural consultative forum, manila, 16 september 2015. * * * today ’ s forum provided us another opportunity to take stock and look ahead. the major difference is of course that the cmdc has invited all stakeholders – and not just the members of the council – to be here and openly discuss the issues. with this broad audience, we aspire to take a more holistic view of the issues and take a collective stand. introspection a critical need in this regard is to have coordination and collaboration, which i was told, the presentations this morning clearly emphasized. the issues that confront us do so as a market and no matter how we see them through the lens of our own respective views, the consequences of any action or inaction will always be felt collectively. this is the direct consequence of being a market. we may offer different products and services but we certainly operate together as a collective basket of choices and alternatives for our constituencies. it is the very nature of financial markets that our products and services compete with one another as substitutes, but it is also in having this array of alternatives that we complement each other. this balance between substitutes and complements nurtures a stable market. this state of competitive parity also reminds us that in pursuit of such a thriving market, we need to recognize that there are larger issues before us beyond competition at the product level. if we can step back for a moment, available data tells us exactly where we are. • we remain what analysts refer to as a bank - centric market, with the bulk of financing emanating from our banks rather than the capital market. • for the equities market, we have 262 publicly - listed companies with a market capitalization amounting to usd 279. 5 billion. • for the securities market, the turnover ratio of our government bonds is reported to be 0. 49 with the corporate bond market growing but still in its nascent stage of development. • in terms of fdi, the philippines received usd 78. 6 million in flows in 2014 originating within asean. • with respect to pricing and valuation benchmarks, price - discovery across all tenor buckets remains work - in - progress ;