amando m tetangco, jr : enhancing resilience to sustain inclusive growth speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the year - end philippine economic briefing, manila, 18 march 2014. * * * reflection of resilience quite often the picture that we associate with the word “ resilience ” is that of the bamboo tree that sways to the violent winds and yet is not broken. it rustles. but doesn ’ t snap in medicine, we think of resilience as the body ’ s ability to recover quickly from illness in psychology, we conjure a state of being able to “ bounce back ”. such pictures do characterize the philippine economy, especially when we consider the events of last year. we were buffeted from both the global and domestic fronts. but the economy remained resilient. globally, the fed ’ s pronouncements and actions with respect to its withdrawal of accommodative monetary policy ( or the fed tapering ) brought heightened volatility to our financial markets. the resulting market uncertainty and portfolio rebalancing got reflected in a reversal of the strong capital inflows of previous periods. this led to depreciation pressures on the exchange rate decline in our stock market and widening of spreads on our debt papers. while all of these were happening in the financial markets, the country was hit by natural disasters, which threatened to weaken our growth prospects and unsettle inflation expectations. against this backdrop, the resilience of the economy was evident. the economy continued to grow by 7. 2 percent in 2013. this performance beat market expectations and the government ’ s target of 6 – 7 percent for the year. inflation was at the low end of the government ’ s target range of 3 – 5 percent. meanwhile, our banks remained a source of strength as the system ’ s balance sheets stayed solid. our external accounts continued to be robust, buoyed by strong structural flows such as remittances and receipts from bpo and tourism. our gir remained more than adequate by most yardsticks. and, prudent fiscal management provided the policy space for re - building and stepped - up government spending on infrastructure that is expected to form the base for sustained economic growth. risks to the resilience story can we expect this strong performance to continue? what are the

amando m tetangco, jr : career executives in government – making lives better for filipinos speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the ces circle forum, manila, 26 january 2009. * * * executive director allones of the career executive service board, distinguished panelists, the elite corps of government employees who make up the career executive service officers and eligibles, colleagues in government service, special guests, good afternoon. on behalf of the men and women of the bangko sentral ng pilipinas, i welcome all of you to our head office for the inaugural ces circle forum. circle, which stands for creative innovations and reforms for committed leadership and effectiveness, is a most appropriate symbol for this program that aims to nurture thought leadership in government : a circle is never - ending and so should our efforts to learn and continuously find better and more efficient ways of doing things. i also find the timing for this new program for cesos and ces eligibles quite auspicious. this is the first month of the year and, coincidentally, the celebration of the chinese new year – the beginning of the year of the ox, one of the most hardworking and productive creatures on earth. ladies and gentlemen, for its resolute efforts to strengthen and broaden professional competence in government let us give the ces board a well - deserved round of applause! the theme for this circle forum is thought - provoking and challenging : bagong taon, mga bagong hamon, ceso ’ t eligibles, paano ka tutugon? ” earlier, you heard about the labor situation as well peace and national security issues. on my part, i cannot overemphasize that this will be a particularly challenging year for us as a country as we grapple with the impact of the ongoing global financial crisis. what began with the market turmoil surrounding u. s. subprime mortgages, has become an economic and financial crisis that threatens the global community in magnitudes reminiscent of the 1930s “ great depression ”. no economy has been unscathed by the global headwinds. and the crisis has landed on our shores as well. as leaders and managers in our respective government agencies and offices, the burden is upon us to craft and implement policies and measures that will enable our country and our people to ride out this economic and