partnered with international organizations to help us benchmark our practices, share our learnings and exchange ideas. these include : 1 ) the international network for finance education ( infe ) created by oecd to promote and facilitate international cooperation on global financial education issues ; and 2 ) the group of the alliance for financial inclusion ( afi ), which counts as members policy makers and regulators in the developing world who are committed to financial inclusion. ladies and gentlemen. in scaling up its activities for consumer protection, the bsp is also intensifying its information campaign to ensure that intended benefits actually accrue to financial consumers. for instance, we have been working on enhancing transparency in credit transactions to make sure people are not overcharged with “ flat ” interest rates and similar misleading methods. to ensure proper and immediate dissemination of such consumer protection measures, no less than our deputy governors explain the issues through mass media, including radio. this may not mean much to some, but for tricycle drivers, for instance, who pay their motorcycles on installment,.... the right to demand correct pricing translates to higher income for him and his family. it is not enough therefore to craft responsive policies. we need to communicate and educate the people on what these means for them. on the other hand, we also need our people to be responsible and vigilant in protecting their rights. indeed, financial capability is a life skill that can lead to a better life. i wish all of you therefore a fruitful and successful financial education summit. thank you and mabuhay! bis central bankers ’ speeches

. still, a stabilization in energy prices is not assured. market participants have been repeatedly surprised by the depth and persistence of oil price declines : both spot and far futures oil prices, for example, have fallen in five out of the past six quarters since mid2014. but even after discounting the influence of energy prices, core pce inflation has been stubbornly stuck in the vicinity of 1 - 1 / 4 to 1 - 1 / 2 percent since 2012. 3 most recently, the dollar has played an important role in holding down non - oil import prices, which fell 3 - 1 / 2 percent last year and subtracted an estimated 1 / 2 percentage point from core inflation. 4 should the dollar stabilize, the downward influence on inflation should dissipate. but, as with oil prices, the movement in the value of the dollar has been more persistent than markets and many observers expected, with increases in every quarter since mid - 2014. if the labor market continues to improve, higher resource utilization should also put some upward pressure on inflation going forward. however, the effect of resource utilization on inflation is estimated to be much lower today than in past decades. 5 an important concern about persistently low inflation is that it can lead to a fall in longer - term inflation expectations, making it much more difficult to achieve our inflation target. for the most part, longer - term inflation expectations appear to have remained reasonably stable, though there are some concerning signs. longer - term inflation expectations of professional forecasters and primary dealers have held quite steady in recent years at levels consistent with the fomc ’ s target. however, households ’ inflation expectations appear to have moved down somewhat recently. five - to - 10 - year inflation expectations in the university of michigan see gruber, mccallum, and vigfusson ( 2016 ). core consumer price index ( cpi ) inflation has been 1 / 2 percentage point higher than core pce inflation over the 12 months through january. over the past 15 years, core cpi inflation has averaged about 1 / 4 percentage point more than core pce inflation. much of the recent larger gap is due to differences in the coverage of healthcare services and to differences in the weight accorded to housing services and health - care services. the cpi only covers out - of - pocket expenditures for health - care services, while the pce index covers a much broader range of spending. expenditures on housing are a larger share of the cpi than of the pce index, and prices for