##ko sentral. the translation into the real sector of monetary policy through the various transmission mechanisms then would be swifter and more expeditious. conclusion in conclusion, we at the bsp recognize that central banking and in particular, inflation targeting, is a public trust, much like a newspaper such as the business world. ” we have to continue in our mandate of ensuring price stability and a stable financial system “ without fear or favor ” just like a daily tribune. transparency and communication is a crucial part of the job of everyone charged with the management of the economy. that is why, malaya kaming nag - issue ng bulletin that mirror the news of the times and evolving standard today. and while being a constant inquirer, we expect economic journalists such as yourselves to be balanced in your reporting. for our part, we will continue to strive to advance in our communication strategy as there remains plenty of room for improvement. in the end, as we are guided by the star, “ the truth shall prevail ”. finally, i congratulate the ejap for its continuing program to improve the craft of its members. as i said earlier, we at the bangko sentral ng pilipinas stand ready to help you achieve this objective through regular briefings on relevant and timely economic topics. again my congratulations to the new set of officers and the active members of the economic journalists association of the philippines. may your tribe increase. maraming salamat sa inyong lahat.

more responsive to inflation pressures, particularly during periods of unusual and large supply shocks. so far, the bsp managed to anchor inflation expectations and thus, effectively control second - round effects. through our inflation - targeting framework, headline inflation has gone down to 3. 9 percent as of december 2023, from a high of 8. 7 percent in january 2023. second, we will strengthen the way we conduct systemic risk oversight. you saw what happened in march 2023 with silicon valley bank and credit suisse. we don't want this to happen to us. and for now, the banking system remains healthy, characterized by strong balance sheets, profitable operations, and sound performance indicators. the banking system likewise stood firm and proved its true resilience through the pandemic and through the international disruptions of march 2023. third, the bsp financial stability mandates also carry with it the responsibility to deepen our capital markets. this is meant to diversify the sources of funds in our financial system so that our businesses and our investments do not have to rely entirely on the banking system in case there is a credit crunch. fourth, we will strive to make the bsp sustainability initiative more meaningful by infusing it with an inclusion perspective. we want to ensure that the entire financial system supports an inclusive adaptation program so that the burden of transition does not fall on the most vulnerable segments of our society. parallel to this, the bsp is harnessing digital technology to empower sectors which have been traditionally underbanked. we think our open financial framework will unlock opportunities for consumers. 2 / 3 bis - central bankers'speeches the bsp has been relentless in bringing our paleng - qr ph plus program to various parts of the country, giving market vendors, public transport drivers, and other merchants a more convenient way of accepting e - payments for their transactions. conclusion so, the bsp has accomplished a lot in the last 75 years. none of these would have happened without the help of various stakeholders present here today. to the past members of the bsp monetary board and bsp officers, we salute you for helping shape the bsp into the world - class organization that it is today. meanwhile, i hope that through the initiatives which we will put into play in collaboration with the banking industry, the bsp will be able to contribute to a brighter and better future for our countrymen. to officially cap this evening, let me now call on my fellow monetary board members (