particularly in its macroprudential surveillance and network analysis role. we therefore continue to solicit your support for our proposals, including those for more relevant data. i encourage you to look more closely at the proposed amendments where sufficient safeguards and checks and balances are incorporated. concluding remarks let me conclude by urging all in this assembly to remain focused on financial stability and the well - being of our ultimate stakeholder — the financial consumer who entrusts upon banks their hard - earned savings or looks upon banks to have a better future. after all, it is for him that we are laying a foundation to enable / capacitate him today, so he can build a better tomorrow for himself and his family. thank you for your continued support throughout the years at mabuhay po kayong lahat! 3 / 3 bis central bankers'speeches

we remain crystal clear that price stability as well as the safety and soundness of banking institutions are important policy objectives. but we are as clear that cash, capital, and contingent markets, together with clearing and settlements, should be collectively considered when talking about the financial system. macroprudential policy does not take away from any existing objective. it adds another facet to our desire for the financial market to be a value proposition. ultimately, 1 / 2 bis central bankers'speeches the goal is to ensure that our financial system “ works ” for us and facilitates in improving the welfare of individuals, from savers to borrowers, to investors and issuers, to intermediaries, to infrastructure operators, and digital service providers. speaking as a central banker, we understand the added challenges that macroprudential policy put forward. but we are also committed to the value proposition of finance and to making the financial system increasingly resilient to different forms of shocks. we are proud to take on the mantle of financial stability as part of our mandate under republic act no. 11211, the amended charter of the bsp which president duterte signed into law in february 2019. we also recognize that financial stability is a collective effort and thus, the fscc principals are here with you today. collectively, the fscc is thankful that a review of our macroprudential framework is central to the financial sector assessment program, or fsap, currently being completed by the international monetary fund ( imf ) and the world bank ( wb ). with this framework, we are joining the list of nations who subscribe to the global best practice of releasing to the public their macroprudential policy framework. we look forward to the insights from the fsap expert panel so that our macroprudential policy framework best contributes to a well - functioning financial system. this should include the work on our systemic risk crisis management framework. this framework represents the council ’ s enduring commitment to manage systemic risks at the highest level of policy. while we are happy to announce the strategy framework today, getting to this point certainly has been a journey. from the initial efforts of governor tetangco, to the developments introduced by governor espenilla, it is now my honor to take the baton in this never - ending relay of making the philippine financial system an enabler for the filipino people. maraming salamat po. 2 / 2 bis central bankers'speeches