. i hope the market is able to appreciate this fact and see that we have achieved some amount of success in all these fronts. which brings me to the third step – act on the known, but be mindful of the unknown. this is a policy that the bsp adheres to with diligence and circumspection. our recent monetary policy actions, responses in the form of macroprudential measures and refinements to the manner in which we conduct our open market operations are examples of this. ladies and gentlemen, the philippines, in part through the efforts of the bsp, has sufficient cushions to ride out the recent bout of financial market volatility and take advantage of the opportunities that would present themselves as the fed - forecasted us economic growth indeed gains more solid traction. liquidity – both peso and dollar – remains ample and the bis central bankers ’ speeches bsp is prepared to ensure that the financial system remains adequately lubricated during this period of global normalization. i know that was quite a mouthful and from the perspective of treasury players, perhaps too broad and macro. i know that what the market really wants to hear from the bsp governor is this – where are the exchange and interest rates headed? i don ’ t want to suffer the same fate as bernanke had. so i will make it clear – my message today is this : the philippine fundamentals are solid, and we have built up safeguards to ride out the volatilities. therefore, at the moment, there is no need for us to deviate from our current policy stance. the exchange rate will continue to be market - determined, and the bsp will maintain its strategic market presence to avoid excesses in volatilities and to provide appropriate market guidance. monetary policy will continue to be conducted in consideration of the inflation outlook and mindful of any financial stability pressures, which in our current assessment are benign. the challenge for all of us is preparedness. the bsp will continue to work towards an operating environment that would help businesses and consumers plan for the medium and long - term. in the near - term, however, we look to you in the market to help mitigate market volatilities so that those whom we both serve could cross through, get past these volatilities and in the end reach their ultimate goals of a better life ahead. maraming salamat. bis central bankers ’ speeches

felipe m medalla : south luzon in focus - why the regional matters in the national speech by mr felipe m medalla, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 4th regional macroeconomic conference series, south luzon, 9 january 2023. * * * partners from the banking community and business community, colleagues, friends in the media, ladies, and gentlemen, magandang araw po sa inyong lahat. i am pleased to welcome everyone to the regional macroeconomic conference series ( rmcs ) for south luzon. this marks our fourth rmcs, building on the conference series in central visayas, davao and soccksargen, and most recently, north and central luzon. when i was a monetary board member, i made it a point to attend many of these rmcs to gain a better understanding of regional developments. today's presentations will discuss recent economic and general banking system developments, with a special focus on south luzon. i understand that these are your top concerns based on the survey we ran last november. while the central bank is among the more credible institutions when it comes to taking a macroeconomic view - focusing on aggregated data like gdp [ gross domestic product ], price index, and capital formation at the national level - one must never forget to look at regional - level data. for instance, the issue of elevated food prices is actually more pronounced in some regions than in others. moreover, developments at the regional level also inform the way we carry out our first and second pillars - price stability and financial stability. it would be remiss for the central bank to overlook such nuances and differences across regions to inform its policies. your inputs will help guide the bsp's policymaking since you have first - hand knowledge and experience of what is happening on the ground. this synergy that we seek to reinforce is the essence of rmcs. numbers can only tell us so much. you in the regions help provide the context behind these figures. your stories complete the picture. that said, i hope that today's sessions will equip us with the right tools to make better decisions and more targeted actions for the benefit of all filipinos. maraming salamat at mabuhay po tayong lahat! [ thank you very much ] 1 / 1 bis - central bankers'speeches