, this also allows us to focus our monetary policy on maintaining price stability in tune with the developments in domestic demand, particularly with the considerable reduction in the exchange rate pass - through to inflation. furthermore, during periods of the impossible trinity states that a central bank can only pursue two of the following objectives : fixed exchange rates, independent monetary policy, and open capital account. bis central bankers ’ speeches stress, flexible exchange rates and independent monetary policy allow us to idiosyncratically respond to shocks in line with domestic economic conditions, which is crucial in calming markets. not monetary policy alone ladies and gentlemen, we have monetary policy space to keep prices stable. but price and financial stability are but one component of a vibrant economy. we need the other cylinders of the economy to be working, too. we would need the fiscal authorities to ramp up infrastructure spending. and we need the cooperation of the private sector to find feasible long - term projects that would help raise the absorptive capacity of the economy. in this whole process, we need you to facilitate the movement of funds from savers to users, in a safe, efficient and sound manner. the bsp will continue to pursue its mandate of securing price and financial stability through an appropriate policy stance and relevant measures. we trust that this will help anchor your confidence, so you could in turn do your part. we need treasurers and market participants to go beyond mark - to - market gains on your financial assets. we need you to translate those financial assets to gains in the real sector that can help create jobs. conclusion it is my view that in this post - gfc era, when we are in the midst of what former boe governor mervyn king calls a period of “ radical uncertainty ”, we can secure a path of sustainable growth by keeping economic confidence up. i trust that the bsp can engage you – in the financial markets – to work with us in anchoring confidence among all our economic stakeholders. in the process, we hope to be able to lay a solid bedrock of sustainable economic growth. thank you very much and i wish you a productive summit. bis central bankers ’ speeches

amando m tetangco, jr : anchoring confidence in an era of radical uncertainty speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 16th bloomberg fx summit, makati city, 16 august 2016. * * * ladies and gentlemen, good afternoon! it is indeed a pleasure, as always, to address traders and industry experts in this 16th bloomberg foreign exchange summit. it ’ s interesting that bloomberg chose for this forum, a date in the middle of what is traditionally called the “ ghost month ” of august. could it be because they thought this time would be quiet enough and we could get more of you traders and bank and corporate treasurers to participate in the forum? maybe, but if one were to gauge it by the price action in the markets since the beginning of august, one would need to be careful to characterize it as a “ ghost ” month. for the phisix crossed the 8000 point mark again and continues to flirt very close to it ; the peso changed big fig and broke the 47 level, reflecting foreign monies that have returned to our markets post brexit, with current market buoyancy somewhat surprising given that the underlying issues remain unresolved ; the tdf auctions continue to be oversubscribed even as we have already raised the auction size ; and bank lending has remained brisk. in other words, it hasn ’ t been all that quiet. but it is precisely when something is behaving not quite the way it is expected to, that the market should be watchful and regulators even more so. global developments i don ’ t have to deal lengthily into the global events that have gripped us this year. you know the issues quite well, the list of challenges has been daunting and, in fact, has become even longer : 1. global monetary policy divergence between a previously hawkish us fed and accommodative advanced economies ( aes ) elsewhere ; 2. growth slowdown in big emerging markets ( ems ) such as china ; 3. the collapse and the recent see - saw in oil prices ; 4. more recently, the unfolding of brexit ; and then, 5. the global portfolio rebalancing that accompanies these challenges. clearly, we are all trying to divine a number of things, like : what the next move of the