. while we have worked hard and over long hours to achieve these developments, the real challenge for all of us must be in providing a better tomorrow to future generations. the bsp has long held the view that financial education, financial inclusion and consumer protection form the triumvirate that holds the key. each mutually reinforces the other. while financial inclusion and consumer protection do require regulatory intervention, financial education will have to be a commitment that all of us puts forward. cmip has already invested itself into this agenda by pursuing a passion that became an advocacy that is now a program. the institute has taken great steps but it cannot end here. let us use this 1st national convention as a springboard for setting milestones of performance going forward. will you simply want to have more graduates of the cmitap? or will you measure yourselves against what the graduates themselves can do individually and collectively as part of the cmip family? how do you pay forward the investment that you have made for yourself? how does this investment pay off when working with your students, interacting with office colleagues or operating with fellow market practitioners? how can cmip contribute to the development of the philippine capital market in resolving longstanding issues? how will you ensure financial stability knowing that your individual actions may have macro - prudential consequences? there are many questions that can be raised. what is clear is that the answers must come from you, just as other stakeholders must have their own answers. pause and take time to recognize what you have already achieved. but i enjoin all of you to use that success as a commitment to a better tomorrow. i do not have any doubt in our collective ability to make a better tomorrow for future generations. i also am firm in my belief that financial education is a key element in developing markets and instilling systemic stability. cmip has taken major strides forward to - date. and i look forward to hearing, seeing and being part of your future successes. maraming salamat po. mabuhay ang cmip. mabuhay ang ating bansang pilipinas. bis central bankers ’ speeches

nestor a espenilla, jr : the big picture speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the bloomberg fx 2017 forum, makati city, 30 august 2017. * * * distinguished guests, ladies and gentlemen, it is a pleasure to be here at the 17th bloomberg foreign exchange summit. it is a pleasure too to share the spotlight with dr. mark mobius and mr. john lagman, whose insights contribute to making financial markets more efficient and effective catalysts of economic growth. good afternoon to all. the exchange rate developments in the foreign exchange market and the peso have garnered significant attention of late. for the first time this year, the peso breached the p51 / 1us $ mark, closing at p51. 11 / 1us $ yesterday. indeed, if one uses the bloomberg news search function, one will discover that the words, “ peso ” and “ bsp ” have appeared together 7. 5 times a day since may 2017. this is significantly greater compared to the frequency of 2. 9 times a day in the first four months of the year. what seems to be the concern? i am here to share the big picture with you – to share the forest for the trees. under a flexible exchange rate regime, domestic currency fluctuates and acts as an automatic stabilizer to contain swings in financial markets … these fluctuations are not in themselves bad … rather, they shield the economy from temporary shocks. in fact, there are studies showing that a flexible exchange rate better positions emerging market economies to moderate the impact of global financial and monetary forces. recent developments in the peso are largely brought about by strong and broad - based imports growth, reflecting the economy ’ s solid growth momentum. investments by both the private and government sectors continue to expand. we are also seeing he private sector expanding their businesses overseas and actively managing their financial exposures. additionally, the expected u. s. rate hikes and possible unwinding of the fed ’ s balance sheet by year - end likewise contribute to depreciation pressures on the peso due to portfolio re - balancing. we have responded to these developments by allowing a moderate and gradual depreciation of the peso as part of a healthy defensive adjustment process. amid these developments, we are confident that the country ’ s robust growth, stable inflation environment, strong and resilient