loyalty. loyalty does not mean big, heroic actions because sometimes that may be the requirement. we've seen that happen to our employees when despite great disasters, they're able to [ keep things running and ] prevent the branch from elements disabling [ it ]. you don't need to be heroic all of the time, sometimes it calls for you to just show up when expected and do the needful : be punctual in your appointments, make time for people, especially the members of your own team, and, of course, keep your word. these acts of loyalty will make you important men and women of honor and important assets of the bsp. mahal kayo ng bsp. mahalin niyo ang bsp. the adjective " mahal " has at least two different meanings. mahal is an adjective for beloved. the other one is pricey or expensive or high value. but they're not contradictory. when you say, dahil mahal niyo ang bsp, binibigay niyo ang lahat mahahalagang bagay para sa kanya. after this, you will go back to your respective offices and do what you have to do, finish the task that you have to finish. but i hope that you will go home with a renewed sense of commitment to finish strong in everything that you do and be committed to doing work that you will be proud of because you always deliver quality work. as they say, " para sa pilipino, para sa bayan at ang bsp ay para sa bayan. " before i end, let me thank dg ed bobier, ypp chairperson lou sicat, and ypp vice chairperson jayzle ravelo for putting this excellent program together. once again, to batch 1 of the bsp young professionals program, congratulations, and we look forward to many great things from all of you. maraming salamat. 2 / 2 bis - central bankers'speeches

, one area where the scheme has certainly been effective is the pace of purchases. last week, and just four months since we started purchases, we passed the half - way mark for these purchases. this is faster than we expected at the outset, perhaps because the auctions have acted to boost secondary market liquidity by more than we had allowed for. so far our approach to setting reserve spreads has also successfully driven the bank ’ s holdings towards our ‘ sector key ’ ( chart 9 ), and i am confident it will continue to enable us to make our purchases in a neutral manner across economic sectors. so while our purchase pace will continue to depend on the nature of the offers we receive, and portfolio matching constraints are likely to become more binding as we near the purchase target, it seems probable that the bank will be able to complete the purchase programme faster than we thought possible to begin with. conclusion in concluding, i hope my remarks have helped demonstrate that a detailed understanding of market structure is a core part of effective central banking. from the experience of 2016 i ’ d draw two specific lessons. first, so long as central banks design their operations carefully, drawing on study of the relevant market structures, they retain the capability to broaden the range of policy tools at their disposal. the early success of the corporate bond scheme – both in effectively purchasing the bonds and in terms of initial evidence about the transmission to wider economy of those purchases – underscores the continued scope for central banks to innovate when circumstances dictate that need. notwithstanding the success of foreign exchange markets in processing the initial referendum news, the second lesson comes from the flash crash. it emphasises that central banks need to deepen their understanding of the features of modern market structures that exacerbate these vulnerabilities and why they seem to be occurring across a broader range of markets. in particular, we need a deeper understanding of the potential for flash events to have longer - lasting consequences than has been the case so far. that would increase the potential systemic costs of flash events and increase the case for some form of public policy response. in the bank ’ s context that helps explain why the financial policy committee is seeking to examine the potential implications of these developments for financial stability. i am sure that there are many broader lessons from 2016 that omfif will help us all work through, and look forward to benefiting from those insights, but for now, thank you. all speeches are available online at www. bankof