amando m tetangco, jr : new year message 2006 with an overview of 2005 speech by mr amando m tetangco, jr, governor of the central bank of the philippines, at the annual reception for the banking community, bsp complex, manila, 17 january 2006. * * * introduction members of the banking community, special guests from the legislative branch and the judiciary, members of the cabinet, fellow workers in government, guests from the media, friends, ladies and gentlemen, good evening. it t has been a tradition for the monetary board to host an annual reception for the banking community. as chairman of the monetary board and governor of the bangko sentral ng pilipinas, i am only one of your seven hosts tonight. let me therefore introduce your six other hosts - - - my fellow members at the monetary board, by order of seniority of their appointment : 1. dr. vicente b. valdepenas, jr …. he is an economist, educator, former neda director general and holds the distinction of being a member of the monetary board for three terms now ; 2. mr. raul boncan … a lawyer and former trade & industry undersecretary, banker, professional manager, and businessman ; 3. mrs. juanita amatong … an economist, educator, and former finance secretary, the first woman to hold this important post ; 4. mrs. nellie favis - villafuerte … a lawyer, prolific writer, and former undersecretary of trade and industry ; 5. budget secretary romulo neri … educator and former director general of the national economic and development authority and of the house of representatives'congressional planning and budget office ; and last but not the least ; 6. mr. alfredo antonio … a professional manager and banker, former ceo of the development bank of the philippines and the subic may metropolitan authority. ladies and gentlemen, we are the members of the monetary board …. and we welcome all of you to our traditional annual reception as you may have noticed, we also have non - banker guests this is our way of saying thank you to the other sectors of our society who work with the bangko sentral ng pilipinas in the pursuit of its mandate to ensure stable prices and a sound banking system. an overview of 2005 all of you present here tonight are our stakeholders and we are happy to report to you that …. even in the face of a challenging year marked by record high oil prices

nestor a espenilla, jr : third pillar of central banking speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the " providing a safer, more efficient, and more inclusive philippine payments and settlements system " conference, manila, 27 july 2018. * * * friends from the industry, media, fellow bspers, subject matter experts, esteemed guests, ladies and gentlemen, good morning. the bsp is pleased to host this conference on “ providing a safer, more efficient, and more inclusive philippine payments and settlements system. ” there are three pillars of central banking. every bsper knows this. the first pillar is price stability through the conduct of monetary policy. the second is financial stability through financial system supervision and regulation. the third is an efficient payments and settlements system through the issuance of currency, the operation of the real - time gross settlement system, and oversight over the payments system. the spotlight is often on the first two pillars and we hail the policies and initiatives pursued to achieve them. the importance of the third pillar is often glossed over. the payments system is often compared to the plumbing system. very important but not very exciting. lately though, this has been changing. and this change excites us for all the possibilities it brings! developments are unfolding at a rapid pace and more and more digital payments systems and services are being introduced. in the not - so - long - ago - early - 1990s, settlement of interbank transactions was a manual system. since 2002, the settlement of time - critical and large - value financial transactions has been handled by philpass, the country ’ s very modern real - time gross settlement system when it was installed. in its first 5 years, philpass processed an average of 1, 000 transactions daily, valued at php35 billion per day. in the last 5 years, the daily average is at 6, 000 transactions, valued at php 1. 4 trillion per day! today, we are in the process of upgrading philpass to replace the system implemented almost 16 years ago. this will further enhance the safety, efficiency, and resiliency of the country ’ s settlement system. at the same time, we are migrating the communication and messaging systems of the infrastructure to the global standard iso 20022. this shall prepare our payment and settlement system to be regionally and globally interoperable. indeed, a safe