, the department of labor, ngos, private sector organizations such as finex, the banking community and multilateral agencies. indeed, by working with a broad network of partners to promote financial education and to develop an inclusive financial system, we can achieve our national goal of sustained and inclusive growth for all. ladies and gentlemen, these are not mere buzzwords. be mindful that while our economy continues to grow and expand, at least 20 % of our population still live in poverty. sure, we are making progress but we need to work on accelerating the process of improving our peoples ’ quality of life. as a people, we are great. among many other positive traits, we are talented, creative, flexible, fun, hardworking and innovative. it is our hope therefore that our students here will continue their journey to become leaders in our economy leaders who are world - class, ethical, and socially responsible. my understanding is that finex will continue to monitor your development, whether you are in the private sector or in government agencies such as the bangko sentral ng pilipinas. yes, if you have the aptitude and the desire to become world - class civil servants, we need you to apply with us here at the bangko sentral. again, to all the students, the schools you represent, the mentors who have taught you well, the organizers - jp morgan chase and finex, our congratulations for a job well done. and to the winners of the 14th inter - collegiate finance competition, we salute you for being at your best among our country ’ s best. mabuhay ang ating mahal na bansang pilipinas! maraming salamat sa inyong lahat. bis central bankers ’ speeches

and • on financial market infrastructure, this too is very much work - in - progress. do any of these really matter? if we are going to talk about asean integration, we certainly need to have a thriving market that can connect and compete with the rest of the region. while many jurisdictions in asean – and asia for that matter – remain bank - centric, the pressure on the banking books needs to be mitigated when 15, 20 and 25 year loans are generated from a funding base largely made up of savings deposits. the gapping risk is significant and the global focus on liquidity risk makes this issue even more stark. bis central bankers ’ speeches but being bank - centric cannot be taken independently of the other financing alternatives. while we have 262 publicly - listed companies with a market cap of usd 279. 5 billion, the average for the rest of asean - 5 is 612 listed companies with a market cap of usd 406. 9 billion. our gs turnover ratio of 0. 49 is also lower than the average for the rest of asean - 5 which is at 0. 69. the lower trading activity could be attributed to several factors. the net effect however is that we have less liquidity in the secondary market and with that comes our challenges with benchmarks. renewed reform agenda ladies and gentlemen, the numbers are available for everyone to see. but beyond the figures, i trust that today ’ s forum is a call to action, highlighting where we are and what needs to be done. from today ’ s proceedings, allow me to offer my own thoughts on four issues. first, the capital market development blueprint is our guidepost in terms of three facets : price, volume and infrastructure. we strive for price discovery to develop a robust yield curve. we should do this by trading on exchanges or electronic platforms, premised on government securities that have depth across the curve. we should also be unrelenting in upgrading the financial infrastructure to ensure competitive and efficient markets, enhance market discipline and protect investors. second, asean integration of capital markets provides both investors and issuers new opportunities. we can only effectively reap these opportunities by ensuring that our own market is competitive. thus, the challenge is to appreciate what needs to be done, first for our market but with an eye towards the regional market. this agenda is massive because we need to focus on trading and post - trade infrastructure ( from ccps to csds, to sss, trs ) to applying established standards (