the flexibility to implement these irc - related reforms at this time. the successful implementation over time of the irc system will also allow for recalibrations in other monetary policy tools, including possible adjustments in reserve requirements in line with international norms. ladies and gentlemen, i have often said that while our mandate remains the same, the environment in which we operate in remains dynamic and continues to evolve. we therefore continue to rise up to the challenge of rethinking the status quo and finding ways to further improve as a central monetary authority – a central monetary authority that promotes stability and fosters sustained economic growth. as we strive to constantly be better and to build on our strengths, we hope to be able to count on the continuing support of the banking and financial sectors. indeed, for our irc system to succeed, it is important that we move forward together and cooperate in making it work as envisioned. i am pleased therefore that we have with us today the bankers association of the philippines represented by its president nestor tan ; the money market association of the philippines with its president raul martin pedro ; the investment house association of the philippines with its president manuel tordesillas ; the trust officers association of the philippines with its president angel maria pacis ; the aci philippines, the financial markets association represented by its treasurer anthony paul yap ; and the chamber of thrift banks with its president rommel latinazo. i would challenge our industry associations to undertake your day - to - day liquidity management more actively, to strive for greater participation in the interbank market and reduce reliance on central bank facilities, and to continue efforts towards establishing appropriate price benchmarks for financial markets. finally, we also thank the media for their continuing coverage that keeps us connected with our stakeholders and our people. maraming salamat sa inyo. mabuhay ang ating mahal na bansang pilipinas! mabuhay po tayong lahat! bis central bankers ’ speeches

players in the industry to recognise and serve markets – especially the msme sector seize opportunities not just for profit but to actively participate in financial inclusion efforts leverage on digital technology and engage in continuous training and development. fourth, industry players would benefit from collaboration and cooperation. fifth and finally, continuous dialogue and a healthy partnership between regulators and the regulated would result in greater 4 / 5 bis central bankers'speeches industry support, rationalised regulations and national development. we encourage you to help us in this regard. rounding these points up, i will end with sage advice ( again from shakespeare ). the world ’ s pre - eminent dramatist and poet said, “ our doubts are traitors, and make us lose the good we oft might win, by fearing to attempt. ” given the crucial role we play in economic development and even in financial inclusion. let us not fear to attempt. it is our pleasure in the bsp to stand with you, friends and colleagues of pfai, to endeavour to believe in the great strides we can make together for the betterment of the business environment for the credit, financing and leasing industries for msmes for our nation. thank you for your kind attention. congratulations to your new officers. mabuhay ang ating mahal na bansang pilipinas. 5 / 5 bis central bankers'speeches