amando m tetangco, jr : the crisis in perspective – is there really cause for alarm? speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the bank marketing association of the philippines ( bmap ) : banking and business forum, manila, 3 march 2009. * * * the officers and members of the bank marketing association of the philippines ( bmap ) led by president ferdie lachica, distinguished speakers, fellow bankers, our friends from the media, special guests, good morning! i congratulate the leadership of the bmap for taking the initiative to gather members of the financial community and the media to discuss the global financial crisis and its possible impact on the domestic front. indeed, we should welcome activities such as these which promote open exchange that lead to better understanding of critical issues. after all, we cannot move forward together.. if we are not on the same page and able to engage the cooperation of our stakeholders at this crucial point in time. in this year ’ s forum, bmap ’ s theme asks this non - trivial question : “ is there really cause for alarm? ” well, let me share some information that will help you respond to this question. among others, key economic and banking metrics indicate the following : • the domestic economy has remained resilient, posting a 4. 6 % growth last year. this year, the philippine economy is still expected to grow at a respectable range of 3. 7 % to 4. 4 %. that we are able to sustain growth under stressed global conditions with major economies undergoing contraction makes these figures particularly encouraging. • inflation continues to decline and is expected to further decelerate with the easing in the price of oil and other non - oil commodities in the world market. as of january 2009, inflation stood at 7. 1 % from 8 % in december 2008. • our currency remains competitive. even as the peso lost much of the gains of 2007 due to heightened risk aversion towards emerging markets, the peso ’ s fall was nevertheless in line with the movement of other currencies in the region which also lost ground against the us dollar. • the country ’ s external position remains favorable. as of end - january 2009, the balance of payments yielded a surplus of us $ 1. 7 billion while our gross international reserves stood at us $ 39. 2

eli m remolona : digital sos - a comprehensive plan to combat cyber incidents speech by mr eli m remolona, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the launch of the financial services cyber resilience plan for 2025 - 2029, manila, 6 august 2024. * * * introduction senator mark villar, dict ( department of information and communications technology ) undersecretary jeffrey ian dy, bap ( bankers association of the philippines ) president jose teodoro limcaoco, pdic ( philippine deposit insurance corp. ) president bobby tan, leaders in the banking and financial sector, distinguished guests and colleagues, magandang umaga po. digital transformation of the financial sector has brought about unprecedented opportunities. from mobile banking to digital payments, technological advancements have revolutionized the way we conduct our financial transactions. however, with these advances come new challenges particularly in the realm of cybersecurity. cyber threats are evolving at an alarming rate becoming ever more diabolical. as financial institutions embrace digital innovation, they also become prime targets of cyber attacks. these attacks not only threaten the stability of individual institutions but also pose systemic risks to the entire financial system and undermine trust in the system. software glitch just three fridays ago, we saw this in the recent global it ( information technology ) outage which caused massive disruptions around the world. as the so - called blue screen of death experienced by microsoft users worldwide unfolded, the incident reminded us of the risks associated with glitches in the digital supply chain. undersecretary dy is right. it was not even a cyber attack. it was a software glitch - the kind of thing we feared would happen with y2k ( 2000 ) more than 24 years ago. our own financial system and settlement system withstood the glitch. the bsp and the financial services industry have long been aware of these challenges. through the years, policy and supervisory reforms embodied in the bsp's ( bangko sentral ng pilipinas ) 2015 cybersecurity roadmap were rolled out in coordination with industry stakeholders. to further advance our shared cybersecurity agenda, i am pleased to now formally launch the final financial services cyber resilience plan ( fscrp ). 1 / 3 bis - central bankers'speeches our plan is not just a