, this also allows us to focus our monetary policy on maintaining price stability in tune with the developments in domestic demand, particularly with the considerable reduction in the exchange rate pass - through to inflation. furthermore, during periods of the impossible trinity states that a central bank can only pursue two of the following objectives : fixed exchange rates, independent monetary policy, and open capital account. bis central bankers ’ speeches stress, flexible exchange rates and independent monetary policy allow us to idiosyncratically respond to shocks in line with domestic economic conditions, which is crucial in calming markets. not monetary policy alone ladies and gentlemen, we have monetary policy space to keep prices stable. but price and financial stability are but one component of a vibrant economy. we need the other cylinders of the economy to be working, too. we would need the fiscal authorities to ramp up infrastructure spending. and we need the cooperation of the private sector to find feasible long - term projects that would help raise the absorptive capacity of the economy. in this whole process, we need you to facilitate the movement of funds from savers to users, in a safe, efficient and sound manner. the bsp will continue to pursue its mandate of securing price and financial stability through an appropriate policy stance and relevant measures. we trust that this will help anchor your confidence, so you could in turn do your part. we need treasurers and market participants to go beyond mark - to - market gains on your financial assets. we need you to translate those financial assets to gains in the real sector that can help create jobs. conclusion it is my view that in this post - gfc era, when we are in the midst of what former boe governor mervyn king calls a period of “ radical uncertainty ”, we can secure a path of sustainable growth by keeping economic confidence up. i trust that the bsp can engage you – in the financial markets – to work with us in anchoring confidence among all our economic stakeholders. in the process, we hope to be able to lay a solid bedrock of sustainable economic growth. thank you very much and i wish you a productive summit. bis central bankers ’ speeches

amando m tetangco, jr : overseas filipino workers – impact on economic and social dynamics keynote address by mr amando m tetangco, jr, governor of the bangko sentral ng pilipinas ( central bank of the philippines ), at the psa ( philippine statistical association ) summer conference “ ofws : bagong bayani, ilan ba talaga kayo? ”, central bank of the philippines, manila, 5 june 2007. * * * psa president isidoro david, mbm valdepenas, other officers and members of the board of directors of psa, heads of the various statistical agencies, resource persons and reactors, my colleagues in bsp and fellow workers in government, sponsors, ladies and gentlemen, good afternoon. the bangko sentral ng pilipinas is pleased to co - host with the philippine statistical association ( psa ) this year ’ s summer conference on the theme : “ ofws : bagong bayani, ilan ba talaga kayo? ”. over the past few decades, ofw deployment has had a profound impact on our economic and social dynamics. research and statistics pertaining to ofws are becoming increasingly indispensable in establishing and assessing these effects. it is thus critical that various agencies and institutions and producers and users alike of ofw - related statistics are convening today : first, to clarify the official headcount of ofws, given various sets of data ; and second, to provide accurate measures of ofw remittances. the best way to start our consultation today is to recognize that the onset of globalization has heightened trade and investments across countries. equally important, labor migration and crossborder employment have also increased. as a result, both the issues of migration and cross - border remittances have attracted growing attention from a greater number of policymakers, academicians, international organizations, and market practitioners, over the years. at this stage, however, there is still a lot of ground to cover on the statistical front. we have yet to update and strengthen our database to fully satisfy the needs of policy and program formulators. how important is the information? we need to regularly monitor overseas employment as basis for policy and program formulations for advancing the cause of protecting our overseas workers and enhancing their welfare and of their families. another key issue is the impact of international movement of persons on our demographic structures, expenditure patterns, social structures and poverty levels. likewise, we