benjamin e diokno : data governance seminar speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the data governance seminar, manila, 14 june 2019. * * * to my colleagues here in bangko sentral and to our resource persons today, good morning. welcome to our data governance seminar. as we prepare ourselves with the data governance seminar this morning, let me start with some food for thought : it used to be that the problem of society is not having enough data and computing power. today, what we are facing is clearly an abundance of data and almost unlimited computing power. in a forbes magazine article, internationally best - selling author and strategic business and technology advisor bernard marr notes that there are 2. 5 quintillion bytes of data created each day. further, 90 % of available data across the globe was created only in the last two years. 1 on the other hand, according to the world economic forum, the entire digital universe is expected to reach 44 zettabytes by 2020, roughly 40 times more bytes than there are stars in the observable universe. going by this, data is the new currency. understanding of data as a strategic asset is now quite fundamental to every business and organization — the bsp included. in fact, in my recent policy pronouncements, i always say that the monetary board ’ s decisions are always data driven and evidence - based on market conditions. despite the significance of data, even highly technical and professional organizations still experience issues in data consistency, quality, and timeliness. this affects an organization ’ s ability to generate the data needed for high quality decisions and policies. these seem to indicate that many organizations have yet to reach that point of being able to effectively harness the power of their data assets. this is where data governance, our topic for today, becomes most relevant. dama, an international organization of professionals and standard setters in data management, defines data governance “ as the exercise of authority and control over the management of data assets. ” its purpose is to ensure that data is collected, processed, organized, protected, and consumed properly, according to agreed - upon policies and best practices. 2 it is about determining data strategy and policy, defining standards for data quality and delivery, as well as establishing oversight and issue management processes. this is to ensure that the reliable and actionable data are received by the ones

ph economy : harnessing the bright spots date : may 19, 2022 occasion : adbi featured speaker webinar series speaker : bsp governor benjamin e. diokno good day, everyone. it is my pleasure to join you today and share updates on the philippine economy. the philippines is well into the recovery process. after the pandemic - driven recession in 2020, the economy grew by 5. 7 percent last year and sustained its robust momentum with an 8. 3 percent growth in the first quarter of 2022. growth in the first quarter was broad - based. on the supply side, all sectors expanded, driven by industry at 10. 4 percent, followed by services at 8. 6 percent. on the expenditure side, growth was driven by private consumption which grew by 10. 1 percent. gross capital formation expanded by 20. 0 percent. growth of government final consumption was subdued at 3. 6 percent. the employment picture is close to pre - pandemic level. from a peak of 17. 6 percent in april 2020, unemployment rate is down to just 5. 8 percent in march this year. moreover, foreign direct investments grew 54. 2 percent to all - time high last year. in the first two months of the year, fdis grew by 8. 0 percent to usd1. 7 billion. manufacturing activity has also rebounded, with the purchasing managers ’ index hitting 54. 3 in april, the highest in over four years. both business sentiment and consumer outlook have improved. our business expectation survey show broad improvements in outlook for the coming months. all these came on the back of a whole - of - government approach to recovery. in tandem with the national government ’ s efforts, the bangko sentral ng pilipinas rolled out its own list of covid - response measures. first, we cut our policy rate by a cumulative 200 basis points to a record low of two percent, which helped stimulate provision of credit to productive activities. we also reduced our reserve requirement against deposit and deposit substitute liabilities. for universal - commercial banks and non - bank financial institutions with quasi - banking functions ( nbqbs ), we reduced the reserve requirement from 14 percent to 12 percent effective 3 april 2020. for thrift banks and rural / cooperative banks, we reduced it from 4 percent to 3 percent effective 31 july 2020. second, we extended time - bound liquidity support to the national government and purchased government securities to help finance its pandemic -