literacy. there is significant scope for creating greater global momentum for improvements in regulatory standards on market practices. much work still remains ahead and would require resolve and commitment in this reform agenda. the more inclusive global process is critical to this effort and should be further deepened to truly reflect the global dimension of the financial system in this 21st century. on the recent increasingly intense debate on the role of the exchange rate as the solution to the global imbalances, it needs to be recognised that the foreign exchange market is not like any other markets. with a daily transaction amounting up to usd4 trillion, it is the most liquid and dynamic market in the world. it is a market that is prone to excessive movements and overshooting. any effort to engineer a significant exchange rate adjustment within a short period of time carries the risk of highly destabilising consequences. global imbalances that have been built up over several years need to be unwound by a combination of adjustments in demand, prices and exchange rates. over reliance on the exchange rate to do the adjustment may not only not produce the desired result, but it also risks becoming a trigger factor to causing instability and future crisis. the final development that i wish to say something on is the global development of islamic finance and its increasing role in enhancing global economic and financial linkages particularly among emerging economies. islamic finance is all about basic banking that is always supported by underlying economic activity. its profit sharing feature provides for risk sharing and thus the necessary due diligence, disclosure and transparency, risk management and governance. the industry is also well supported by the regulatory and supervisory standards issued by the islamic financial services board ( ifsb ). while the focus has been on keeping the regulation abreast with the developments in the financial system, emphasis is also given on the supervisory oversight, capacity building, and institutional and financial infrastructure development as part of the efforts to ensure financial stability. the most recent significant development was the establishment of the international islamic liquidity management corporation ( iilm ) that will issue highly rated short - term islamic instruments to facilitate more efficient liquidity management of cross border investments. the global challenges call for a collaborative approach to strengthen the prospects for a global recovery. the way forward is also to recognise the relative strengths of different parts of the world and the potential to leverage on these strengths. the transformation of asia in this new environment offers the prospects for a greater shared responsibility towards a greater shared prosperity in the world.

amando m tetangco, jr : in praise of bsp ’ s top performers speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the 2009 bsp praise awarding ceremony, manila, 27 july 2010. * * * magandang tanghali sa inyong lahat! fellow central bankers and special guests, it is my pleasure to be part of today ’ s praise awarding ceremony where we celebrate service excellence at the bangko sentral ng pilipinas! in particular, we should be proud of our rich harvest : this year we have more than 400 awardees and nominees. indeed, our initiatives to advance employee performance continue to pay off. once again, therefore, let us salute all the nominees and winners under our 2009 praise awards with a well - deserved round of applause! let us also congratulate for a job well done all those who worked on our 2009 selection process under the praise committee headed by deputy governor andy suratos and assistant governor juan de zuniga! palakpakan din po natin sila. i understand that the interviews and evaluation of the nominees for all award categories have been quite intensive. that is because we truly have many bspers who deserve recognition and awards. tama ba ako? tama! let us also salute our iso awardees and reward them with a round of applause! ladies and gentlemen of the bsp. i have been a bsper for 36 years now. in my 3 ½ decades as a central banker, it has always been clear to me that the singular source of strength of the bank is its people. in fact, long before the lifting of the salary standardization, many bspers could be depended upon to render excellent work. and so, ladies and gentlemen, let us also salute central bankers past and present who under the salary standardization regime rendered praiseworthy service! palakpakan po natin sila! clearly, the commitment to serve our people and our country in the best way possible is a constant and strong motivation goal for all bspers. and now, with better incentives, better employee development programs, and continuously improving work conditions we are seeing broader and deeper commitment to always excel. i see this all around at the bsp : whether it is related to the performance of our core functions, institutional celebrations, employee activities, social programs, and even fundraising projects by the bsp employees association