did to our call for the crafting of a consumer code in the philippines. the bsp attributes to bmap ’ s strong political will the expedient launching of the “ service code for consumer banking in the philippines ” in october 2005. ( only 14 months after bsp challenged the industry to make one for the philippines ). the fsf, through its reporting, information exchange and dissemination committee ( ried ), has also moved to supplement its current memorandum of agreement ( moa ) covering bilateral information exchange among fsf members. the amendments will allow the establishment of an overall framework for the exchange of relevant reports and / or data which in turn shall facilitate the development of comprehensive statistics on the financial system. to address cross - border supervisory issues, we have already established contacts with our foreign counterparts in ten ( 10 ) countries where philippine banks also operate. two of them, the china banking regulatory commission and the nederlandsche bank, have already made commitments for the exchange of information on areas of common interest as supervisory authorities. meanwhile, we are confident that we shall be able to see the fruits of our negotiations for the adoption of a minimum set of ground rules for the exchange of similar information with the remaining eight foreign supervisors 1. a call for support bmap, together with the other captains of the banking industry, has undoubtedly made significant contributions towards the realization of many of our reform initiatives. however, we still have a plateful of them to complete. we believe that bmap remains strategically positioned to continue to enlist the support of industry primemovers in these endeavors. you have the power to promote synergy amid a mixture of divergent plans to achieve our shared vision for the banking industry and for our country. we look forward to another year of closely working with you. once again, congratulations to your officers! thank you very much. mabuhay tayong lahat. namely : monetary authority of singapore, hong kong monetary authority, germany ’ s federal financial supervisory authority ( ffsa ), taiwan ’ s financial supervisory commission, uk ’ s financial services authority, japan ’ s financial services agency, and the us federal reserve bank

felipe m medalla : painting the central bank of the philippines green speech by mr felipe m medalla, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the launch of the sustainable central banking strategy, manila, 21 december 2022. * * * doctor ulrich volz of school of oriental and african studies university of london ; department of environment and natural resources licenses, patents, and deeds division chief alvin joseph constantino ; asian development bank southeast asia department officer - in - charge winfried wicklein ; of course, our friends from the banking sector - i see bankers'association of the philippines ( bap ) president tony moncupa there ; my dear colleagues in the monetary board and our deputy governors and assistant governors - my partners in doing what bangko sentral ng pilipinas ( bsp ) has to do for the country - and of course, all of the guests, allies in sustainable finance, good afternoon. why climate change matters to the philippines – and the bsp i will start by answering some of the challenging questions that people ask me on climate change : " why are we even concerned about climate change? " we [ the philippines ] are a victim. we are very small in terms of [ global greenhouse gas ] emissions, and we are late in contributing to emissions. sabi nga eh, " small na, late pa, pero kasama [ sa apektado ]. " now, of course, my answer always has been that : we will be affected. indeed, all those estimates of vulnerability and damage, we are usually in the orange to the red color in the heat maps. for instance, climate change could very obviously affect food supply. as we know from our own history of inflation, this could lead to large supply shocks, supply - driven inflation. sov we have to know how to prevent what economists call, " second - order effects " ; how supply - shock inflation can become more permanent inflation depending on what the central bank does. the other point is that, clearly, it [ climate change ] will affect how we regulate banks because, obviously and as [ bap's ] tony [ moncupa ] would attest to, capitalization requirements should be commensurate to the risks. the more risky you [ r activities ] are, the more capital you have to put up. and, clearly, climate change will add to the risks. so