amando m tetangco, jr : preparing for what lies ahead speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the 1st membership meeting of the year of the rotary club ( manila polo club ), manila, 8 january 2009. * * * rcm president romeo batino, monetary board member rtn. raul boncan, esteemed members of the rotary club of manila, friends from the media, ladies and gentlemen, good afternoon. thank you once again for this opportunity to address the rotarians on your first membership meeting of the year. if i am not mistaken, this is the fourth year i am doing this as bsp governor. time flies, doesn ’ t it? and taking a quick sweep of this room, it doesn ’ t seem like many of you have added on another year! ( i don ’ t want to soil my welcome mat at the rotary club ) every year is different, but each year always brings with it renewed hope. the conclusion of one and the beginning of a new year is often a time to reflect – on the events of the year just past and the expectations for the year that is upon us. you may have read the headlines yesterday, which quoted me as describing 2009 as a critical year. yes i believe 2009 is critical. to ensure we are prepared for what lies ahead. 2008 was a challenging year. it saw the ideal convergence of low inflation and high growth, that characterized our 2007, get dissipated by high oil prices and the spread of the subprime market woes from the us to global financial markets, with marquee financial names falling one by one. it also was witness to major economies, including the us ; germany and italy in europe ; japan, singapore and hongkong in asia descending into recession. forecasts for world growth from the private sector as well as multilateral agencies continue to be reviewed and revised downward as more information becomes available. when i say 2009 is critical – it is not to create fear. but quite the opposite. i want you to be hopeful. you hold among your membership many of the most prominent in business and industry. to many of you, darkness is not darkness for its sake, but rather the absence of light. because many among you have developed the “ killer instincts ”, when the dark gets bleaker, you see opportunities. therefore, i encourage you to be the light so darkness

monetary and financial history, spanish and international alike, under the name “ economic history studies ” ( more familiarly known as the “ red series ” ). to date, this collection had solely included papers prepared or financed by the banco de espana. currently, however, with a view to extending and maintaining its continuity, we are assessing opening it up to other research not necessarily financed by the bank. to be added to the foregoing is all the sponsorship and funding activity of associations, universities and royal academies in the field of economic history. actions of a differing nature and scope are involved, giving continuity to our long - standing and intense promotion work. i am particularly gratified to be able to share with you today my satisfaction at the recognition recently granted by the spanish economic history association to the supportive work by the banco de espana. in short, we have been designated as an honorary member of this entity. my thanks to the association but, above all, to those who have made this work possible over the years, and to those continuing it and adding to its prestige today. lastly, allow me to stress another of the grounds for a publication such as that we are presenting today. it is a question of transparency, understood as the possibility of sharing information with society as a whole. as i pointed out in one of my early public appearances as governor of the banco de espana, i consider making high - quality statistical information 4 / 5 available to researchers as absolutely crucial for sound analyses and research enabling better - founded economic policy decision - making. 1 in this respect, we intend in the coming years to pursue various projects that allow these researchers to have access to our statistical information, thereby enabling different avenues of analysis and research of benefit to society as a whole. in conclusion, i would like to reiterate my satisfaction at these initiatives and to thank the efforts and contributions, from both the public and private spheres, of those who have participated in this publication. in some ways, this substantiates the fact that these avenues for sharing information and making it available to society are enormously beneficial for all. thank you. see my “ welcome address ” for the second annual research conference of banco de espana, 2018, at : https : / / www. bde. es / f / webbde / gap / secciones / salaprensa / intervencionespublicas / gobernador / arc / hdc030918en. pdf. 5 / 5