benjamin e diokno : message during signing ceremony of mou between bsp and bcda message by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), during the signing ceremony of mou between bsp and bcda, new clark city, capas, tarlac, 13 september 2019. * * * honorable mayor reynaldo l. catacutan, of the municipality of capas, dear cabinet members, heads of agencies, and local officials, members of the monetary board and fellow workers in government, guests from the private sector, media, ladies and gentlemen … mayap a abak kakayu ngan! ( good morning to you all! ) before anything else, i would like to thank mayor rey for his kind words and warm welcome. on behalf of the monetary board and the bangko sentral ng pilipinas, i would like to extend my gratitude to the officials and residents of the municipality of capas, as well as to our friends from the provincial government of tarlac, for your hospitality. second, i would like to thank bcda president and ceo, mr. vince dizon, for graciously hosting today ’ s event onsite at the new clark city. i know this is a busy time for bcda since preparations for the upcoming southeast asian games are in full - swing. but knowing vince and his brand of leadership, i am sure that his agile team is well - capable of juggling the many activities taking place in this true “ city of the future. ” dear friends, this ceremony today represents the first of many important milestones, as bsp aims to relocate its security plant complex, or “ spc ”. as you well know, the existing spc, which houses the bank ’ s currency production operations, is located on a seven - hectare plot of land along east avenue in quezon city. inaugurated in 1978, the bsp spc ushered in no less than four generations of banknotes and coins. the spc is also where we print land titles for the land registration authority, craft presidential medals and commemorative coins, and soon, it will also be where we will print the national id cards for the philippine statistical authority. after forty years of service, it is now ripe for a major upgrade that will ensure that the bangko sentral remains at the cutting - edge of currency production and security printing technologies.

gabriel makhlouf : publication of the financial stability review 2024 : 2 opening remarks by mr gabriel makhlouf, governor of the central bank of ireland, on the publication of the financial stability review 2024 : 2, dublin, 4 december 2024. * * * welcome to the central bank for the publication of our second financial stability review of 2024. since the last review in june, we have seen a turn in the global interest rate cycle, with many central banks being able to start reducing interest rates. this change of stance largely reflects progress in reducing inflation, and increased confidence that inflation will reach its target levels in a sustainable manner in many countries. the fact that this level of disinflation has been achieved without significant instability speaks to the continued resilience of the global financial system. however, while inflationary risks may have receded, risks to the growth outlook have come to the fore. economic growth has been stable, but some forward - looking indicators of activity have weakened, particularly in europe, and there are diverging forecasts across regions. the key risks centre around uncertainty and rising geopolitical tensions, which raise the prospect of lower trade and gdp growth. a protectionist and fragmented world has negative implications for economic activity domestically and internationally, as well as for the resilience of households, firms and the financial sector. and with debt - to - gdp levels in many countries increasing recently, weak growth raises concerns over the ability of governments to support the economy in the event of a shock. financial markets have experienced periods of volatility since the last review, albeit these have been short - lived. this highlights underlying fragility in market sentiment, and the potential for market disruption if expectations change quickly or if there are further escalations in the geopolitical environment. compressed risk pricing in corporate debt markets and stretched equity valuations in some sectors leaves markets open to a swift repricing. as we have been warning for a number of years now, high levels of leverage in certain parts of the non - bank sector, and increasing interconnectedness between nonbanks and global banks, could amplify any shock to financial markets. turning to commercial real estate ( cre ), global and irish markets continue to adjust, and prices are showing some signs of stabilisation. however, there is still uncertainty over the full scale of the downturn in these markets. and in ireland, vacancy rates in the dublin office market remain high and