off. so there i was 12 months later with r300 in my savings account. the problem was that my father discovered that i had that amount in my account and decided to cut my weekly allowance. so much for creating a culture of savings. dr motsuenyane was a man who led from the front. after the 1994 elections, he served as leader of the house in the senate, now known as the council of provinces. he put black economic empowerment firmly on parliament's agenda. this led to various pieces of legislation. his talents in public service, together with a penchant for diplomacy and patience, led to the next move. after two years as a senator, tata nelson mandela asked him to serve as ambassador to the gulf states – saudi arabia, oman, bahrain, kuwait and yemen - a post he held until 2000. farming and agriculture – an equally deep passion of his, led to the winterveldt citrus project, which brought together farmers to provide fruit to retailers across the country. he spoke to me about farming in the same way he did about starting nafcoc and african bank - with passion and pride. when we met virtually during covid - 19, i was struck by his energy, and despite his age, he did not seem to be slowing down. later, he wanted us to meet in person and wanted to come to the reserve bank offices. you can imagine my response – i told him that it was my duty to pay homage to him. that led to one of my most memorable experiences – spending time with dr sam motsuenyane on his farm in winterveldt. we spent the day talking about his love for agriculture, from cattle farming to his citrus farm, and his nursery that provided seedlings to other farms. but our conversation somehow kept circling back to african bank. he told me that he had set aside his family money to buy shares in african bank when it lists or sells shares. at some point, he asked me what my home totem was, and i told him, " ke mokwena wa meetse a pula ". he stood up, shook my hand and said, " le nna ke mokwena ". i knew the crocodiles had connected. 2 / 3 bis - central bankers'speeches reflecting on such a wonderful human being, it was fitting that he was honoured with the national order of the baobab ( gold ) in recognition of his role in fostering the

felipe m medalla : creating a resilient financial system amid interconnected risks - balancing growth and inflation while minimizing disruptions speech by mr felipe m medalla, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the release of the 2022 financial stability report, manila, 9 january 2023. * * * good afternoon, everyone, especially all my colleagues in government. and it is still not too late to say, " happy new year! " as we release the 2022 financial stability report, i am pleased to note that the economy has demonstrated its resilience despite a year of challenges and global turmoil. over the past few months, we have returned to some form of normalcy. of course, the " new normal " is quite different from the " old normal, " but it is still normal : businesses are opening ; the malls are full again that parking has become a challenge ; students are trooping back to schools ; consumers are spending more ; and tourist arrivals are increasing. what we have today, some of it is called " pent - up demand " or " revenge spending. " the people who did not buy cars because they were not needed during the lockdowns are now, of course, catching up. but while we cherish all these positive strides, we cannot overlook the challenges to the global market and, of course, geopolitics. indeed, if you listen to the most pessimistic people, they are thinking, " what if something happens to iran? what if north korea becomes a problem again? what if globalization, as we know it, is completely gone? " we have terms like reshoring and friend - shoring. where you locate is now also affected by geopolitics. moreover, inflation remains a problem worldwide. in our case, as the joke goes, " sibuyas could now serve as your earrings. " as the authorities respond with higher policy rates, which are necessary to control second - order effects, what we in the central bank want is that the supply - side effects do not generate inflationary expectations that make inflation keep rising - even after the supply shocks have gone. there are risks to the real economy, which, thankfully, we [ the economy ] were able to absorb, and we do believe we will be able to absorb this [ impact of the bsp's rate hikes ] as well. but these spill