a unified approach can bring together risk and business professionals to understand and manage the risks to critical processes. the idea is to create a common picture of gaps and then design coordinated action plans that can target improvements in resilience. let ’ s focus on business continuity to see how an integrated risk approach can strengthen resilience. 5 business continuity programs have traditionally been designed to restore critical physical or technology infrastructures that can be disrupted by threats like extreme weather or loss of power. so, a business continuity plan might involve arranging for a backup data center if the primary data center goes down due to a hurricane. within an organization, different business areas may develop their own plans that are focused on their specific business needs and priorities. an integrated business continuity plan is one that is designed to protect critical organizational processes and their essential assets from the full range of relevant threats. an integrated approach begins with organizational objectives. this bridges a gap between what good looks like to an individual business and what it looks like to the organization as a whole. among other things, an integrated approach analyzes and plans for the impacts of disruptions on suppliers and customers from an operational as well as reputational perspective. integration broadens the focus from the availability of infrastructure ( e. g., the servers are up and the facilities are accessible ) to successful organizational outcomes ( e. g., the organization is able to deliver products and services ). in the current threat environment, achieving resilience is as much about protecting the integrity and confidentiality of information as it is about maintaining availability. an integrated plan delivers coordinated and coherent responses to incidents, including ones of significant scale, complexity, and surprise that can overwhelm normal control systems. 6 the complexity of control the second resiliency challenge is the complexity of control. to improve resilience, we seek to control outcomes, and risk management has a lot to say about control. a simple story about 2 / 5 bis central bankers'speeches control goes like this : when we are setting up a business process, we look for sources of problems and start adding controls. mainly, we ’ ll create controls to prevent problems. but, recognizing that there will be times when prevention doesn ’ t work, we also put in place controls to detect problems and then correct them. once the process is up and running, if problems come up that we didn ’ t expect, we add additional controls to prevent those problems from happening again. i wanted to go through some examples of how this doesn

looking and information - intensive approach. thus, it is imperative that the information and statistics we receive are comprehensive, timely, and accurate. we cannot overemphasize the importance of keeping prices stable ; this allows households and businesses to plan over a longer horizon and make informed decisions on consumption, investment, savings, and production. in case some of you are wondering how we have fared in terms of stabilizing prices. the answer is : with your help, we have done quite well. headline inflation has been on a downtrend, dropping from 3. 3 percent in may to 1. 5 percent year - on - year in june, the lowest in more than 22 years. our external accounts have also remained healthy, with a balance of payments surplus and a record - high gross international reserves of us $ 39. 6 billion. these are positive results from our collaboration. palakpakan po natin ito! today, we will also recognize the best commercial banks that facilitate the inflow, and reporting, of remittances from overseas filipino. we all know that this is a service that is important not only to overseas filipinos and their families but also to our economy. on the average, remittances represent 10 - 11 % of our gdp. therefore, let us also congratulate our banks that provide efficient and secure handling of over one billion dollars in monthly remittances from our overseas filipinos. palakpakan din po natin sila! we will also give special recognition to institutions that have given their unqualified support and cooperation for the bsp's economic and financial education program. let us also give them a round of applause! once again, on behalf of the bangko sentral, i thank all of our respondents and stakeholders who have been our faithful partners through these years. with your steadfast support, the bangko sentral will continue to craft and implement effective and responsive monetary and banking policies that will empower us and our partners to face up to the challenges that come our way. finally, let us keep in mind what the physicist albert einstein once said about information. he said … and i quote : " information is a source of learning. but unless it is organized, processed, and available to the right people in a format for decision making, it is a burden, not a benefit ". end of quote. ladies and gentlemen. as partners of the bangko sentral ng pilipinas who have