address the threat to the information systems. the forums such as this provide great opportunity to interact bis central bankers ’ speeches and understand the role that each one of us has to play and to also ensure that our actions and plans are complementary and not at cross purposes. cyber security preparedness – five commandments for safety in banking 14. let me start with a most common requirement. thou shall know your customer – which is my first commandment. all of us are aware of the requirements relating to know your customer or kyc as commonly referred to. much has been said, discussed and detailed about kyc that i shall not repeat all of them ; suffice to say now that it is essential to know our customer well or else we shall have to face the consequences which may be detrimental to our business objectives. 15. the second commandment of mine states that thou shall know your employee. most of the cyber frauds have some direct or indirect role of an insider, who generally happens to be an employee of the organisation which has been the target of the cyber security attack. there is an urgent need for an organisation to not only perform the antecedent verification of an employee at the time of recruitment, but also continuously monitor employee behaviour, trends in operational usage of the organisational resources, interaction levels with peers and subordinates and the like. today, it tools provide a lot of information on employee behaviour and patterns ; it is essential that organisations ascribe adequate importance to these aspects. 16. the third commandment reads as follows : thou shall keep your it systems up - to - date and free of all risky components such as viruses, spams, malware, spoofing software and so on. today, there are centralised it system facilities which can ensure that the updates are implemented centrally and also monitored centrally. 17. the fourth commandment is thou shall provide for maximum it governance. the broad requirement in this area relates to the need for ensuring good it practices such as ‘ maker and checker ’ for financial transaction processing, a four - eyes principle for it based operations, regular monitoring of system and operational logs, conduct of regular, periodical and well defined it system audit followed by suitable corrective action wherever required, and a separate distinct ciso ( chief information security officer ) who would continuously monitor the quality and efficacy of it and is security in the organisation. 18. my final commandment is thou shall ensure continued cyber security awareness amongst all players in the chain. the world of

mall. by the way, my classmate, bobby claudio, will tell you about this - the power of the malls. when i talk to foreigners, they marvel at how many people are in our malls. you explain to them, the traffic is [ like ] this. [ they ask, ] " what is that [ volume ]? [ is it ] per year? " no, that is per month. the real problem is growth - sooner or later, unless met by rising exports - grinds to a halt because the current account deficit will get larger. so, the real question is : how do we attract manufacturing fdi [ foreign direct investment ]? by the way, it is not a problem in banking. the philippines is the primary source when it comes to global services. for 1 / 6 bis - central bankers'speeches instance, jpmorgan has 20, 000 employees here. if we can have the same success somewhere else [ in different sectors of the economy ] - mining has already been mentioned - then growth will continue. fortunately, we do not have to step on the brakes too soon because the central bank fx [ foreign exchange ] reserves are high. in other words, if we get a bad year or two, the central bank can actually sell some of its fx reserves. well, of course, if it keeps doing that, then the central bank fx reserves fall, confidence in the currency will fall, and we will have all sorts of problems that we have had historically. by the way, i started too soon. i should greet all my friends. [ pcci president ] george barcelon. we graduated the same year, but i did not have grade 7 and kinder. addressing the inflation question your [ pcci's ] press release is that " the government must act immediately to reduce inflation in the first quarter of 2023. " from what i see, a lot of important things are already happening. for instance, the importation of sugar took a long time, but it is now finally coming. by the way, in the case of sugar, all the protectionist policies have been embedded there for decades. so, it is not easy [ to reverse ]. of course, one can say that it is about time that we review [ our sugar importation policy ]. when you have to close bottling plants because of the shortage of sugar, what you have is a problem. the economy is growing rapidly. and if you say " do not import