particularly in its macroprudential surveillance and network analysis role. we therefore continue to solicit your support for our proposals, including those for more relevant data. i encourage you to look more closely at the proposed amendments where sufficient safeguards and checks and balances are incorporated. concluding remarks let me conclude by urging all in this assembly to remain focused on financial stability and the well - being of our ultimate stakeholder — the financial consumer who entrusts upon banks their hard - earned savings or looks upon banks to have a better future. after all, it is for him that we are laying a foundation to enable / capacitate him today, so he can build a better tomorrow for himself and his family. thank you for your continued support throughout the years at mabuhay po kayong lahat! 3 / 3 bis central bankers'speeches

in your vision? the bsp will partner with you to achieve your vision. as i have said, we have put in place what we see as a balanced regulatory environment – one that encourages innovation, practiced under safe and sound business models. we have also endeavored to create a monetary environment of stable inflation and a marketdetermined exchange rate to help you plan better for the medium - term. at the moment, our view is that inflaton will be manageable over the policy horizon. in 2016, inflation will average below the lower end of the target band, but in 2017 and 2018, we see fullyear inflation averaging closer to the middle of the target range of 2 - 4 pct. for the bsp, this means there is no compelling reason to adjust the stance of monetary policy. you may ask, will this view be affected should the fed hike in december? perhaps, if other factors also move. but we don ’ t necessarily have to move in sync with the fed. on the exchange rate, i ’ ve been asked lately whether the bsp is worried about certain exchange rate levels being breached. our view here is that for as long as movements in the exchange rates are not “ out - of - line ” against fundamentals and if these are not exaggerated to dislodge expectations, the bsp can allow for the exchange rate to move ( either up or down ). otherwise, we reserve scope for official action to stem excessive volatility. right now, we don ’ t see a need to veer away from this fx rate policy. our journey on the roadmap you have set a clear vision for the banking system, with interlocking outcomes of access, efficiency, growth, and stabiliy. the tools the bsp will take with it on this journey with you are the tried and tested tools of : an enabling environment that benefits from the collaboration between the market and regulators, clear but reasonably high standards for governance and risk management, and that commitment to clearly communicate policy intent in a timely manner. the gfc has taught us that attaining price stability does not ensure financial stability. at the same time, the gfc also taught us that banks operating individually in a safe and sound manner will not be enough. we need to take a holistic view of risks, specifically those that comingle and cut across markets, institutions, transactions and agents. our proposed amendments to the bsp charter would greatly help the bsp in this regard,