nestor a espenilla, jr : thrive not just survive speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 39th national conference of employers " the future is now : survive, compete and grow amidst radical changes in labor and employment policies ", manila, 18 april 2018. * * * atty. antonio h. abad jr., governor of the employers ’ confederation of the philippines, former director - general of national economic and development authority dr. dante canlas, distinguished guests, ladies and gentlemen, good afternoon. i am glad to be part of the 39th national conference of employers, especially given your theme which is quite compelling. it is bristling with a sense of urgency! yes indeed, “ the future ” as we envisioned it ( even as we could not then imagine it! ) — as it only existed in sci - fi movies — is happening. it arrived yesterday and the days, and the weeks, months and years before that! it keeps arriving and growing at an exponential rate. the swift, sweeping and continuously unfolding changes redefining how businesses are conducted and how we relate to each other are both precursors and products of the fourth industrial revolution. every day, technical advances, digital innovations and artificial intelligence redefine our needs and wants... our way of doing things... what was before considered as “ hi - tech ” are becoming mundane, ordinary, usual... disruptions to the economic and financial landscape are the new normal. and i refer not only to disruptions caused by digital technologies. there are also challenges presented by regionalization and globalization. we are faced with the increasing interconnectedness of markets. there are the demographic demands of a growing millennial population and other dynamics. and we – local industries, businesses and regulators — must constantly keep up. but is survival the goal? or shall we endeavour to thrive? concern is raised that these disruptions will aggrevate inequalities among nations. will we be able to cope? to compete? i believe we will. technological innovations and the finance industry significant technological innovations are currently shaping the philippine finance industry. these translate to improvements in speed, convenience, efficiency and accessibility of value transfers. technological innovations in the finance industry [ commonly referred to as financial technology ( fintech ) ], such as cloud - based solutions and application programming interfaces, are flexible

speech the song remains the same june 01, 2022 john c. williams, president and chief executive officer remarks at the new york fed and columbia sipa monetary policy implementation workshop, new york city as prepared for delivery good morning, everyone. i'd like to give my thanks to columbia university's school of international and public affairs for partnering with the new york fed once again and for hosting us today. it's wonderful to be here and to see so many colleagues who have traveled from near and far to attend this workshop. we'll have many important conversations over the next two days. to kick us off, i'm going to share some observations on the digital transformation of money and payments. i'll also discuss the potential implications for monetary policy implementation and for central banks more broadly. before i begin, i must give the standard fed disclaimer that the views i express here are my own and do not necessarily reflect those of the federal open market committee ( fomc ) or anyone else in the federal reserve system. i will get to payments technology in a minute. but first allow me to take you back to the year 1877. you're amazed at the sound of music coming out of a new inventiona€ ” the phonograph. fast - forward a century, and you're listening to your favorite band on a cassette tape. in the 1980s, it's a cd. in the 2000s, you're scrolling through the greatest hits on your ipod. and today, perhaps even on your way here, you listened to a streaming service on your phone or watch using voice commands. there's been much innovation over the years, and many improvements in terms of convenience and costs, but at the most basic level we are still doing the same thing : enjoying music. it's how we're doing it that's changed. the same is true with money and payments. both are fundamentally changing through technological transformations. as happened with the delivery of music, the pace of technological advancement is accelerating, and it's clearing the way to do things faster or more efficiently. on top of that, the development of digital currencies has boomed. this includes cryptocurrencies that are not fully backed by other assets. it also includes stablecoins that are fully backed by safe and liquid assets, and central bank digital currencies ( cbdc ). both stablecoins and cbdc that are fully backed by safe assets have the