nestor a espenilla, jr : ready in the age of great convergence speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the security bank economic forum, 21 november 2017. * * * sbc chairman alberto villarosa ; president and ceo alfonso salcedo, jr. ; department of finance undersecretary gil beltran ; fellow speakers / panelists, esteemed guests ; ladies and gentlemen, good afternoon. it is a pleasure to be here at security bank ‘ s annual economic forum, to discuss developments and prospects in the global and domestic economy and to take stock of challenges ahead. at present, four key financial sector issues seem top of mind. first, is uncertainty over the pace, timing, and magnitude of tightening of global financial conditions. the potentially divergent monetary policies of advanced economies ( aes ) would likely trigger bouts of volatility in the financial markets. second, is peso volatility with specific concern over its possible sharp depreciation. third, is the perceived risk of overheating in the economy. and fourth is the challenge of disruption brought about by fintech. the use of digital technologies challenges the status quo, 1 even making an impact on monetary policy. anchors of stability we can rely on several anchors of stability to manage these pressing issues. the philippines sustained its robust macroeconomic fundamentals. it is one of the fastest growing economies in the world, with 75 consecutive quarters of uninterrupted and increasingly broad - based growth. annual growth has been running above 6 percent in the last five years. for the third quarter of this year, gdp picked up to 6. 9 percent. prospects remain bright as growth is predicted to be between 6. 5 and 7. 5 percent this year and 7. 0 and 8. 0 percent over the medium - term. growth will be increasingly investment - led as government and private sector investments ramp up. the stable inflation environment provides support to domestic demand. inflation has averaged 3. 2 percent in the past ten months, in line with the 2017 target. latest baseline forecasts show it will likely settle around the middle of government ’ s target range of 2 – 4 percent in 2017 to 2019. we are ready to deploy the full array of our monetary policy toolkit to deal with possible market volatility as policy settings evolve and normalize in the us and other advanced economies.

durmus yilmaz : dollarization – consequences and policy options speech by mr durmus yilmaz, governor of the central bank of the republic of turkey, at a conference on “ dollarization ”, istanbul, 14 december 2006. * * * distinguished governors, academicians and guests, i would like to welcome you all to the conference entitled “ dollarization : consequences and policy options ”. i would also like to thank you for sharing your precious knowledge and experiences with us. as this conference is one of the activities organized in the context of the 75th anniversary of the central bank of turkey, it gives me an honor to give the start for it. before continuing with my speech, i would like to comment on the motives that lie behind the topic of this conference. although we have never had hyperinflation, we, in turkey, experienced high and chronic inflation for the past almost 30 years before 2001. living long years with chronic inflation led to huge losses in the credibility of our national currency, which is important for us as an institution responsible for issuing banknotes and maintaining stability of the money. in this sense, it will be appropriate indeed to discuss dollarization in depth, i believe. given the wide range of issues related to dollarization and the limited time available, i will make some brief remarks on the concept of dollarization in general and touch upon the turkish experience in particular. dear guests, dollarization has evolved as one of the noteworthy features of globalization during the last two decades. the integration of the international financial system, the removal of restrictions on capital mobility and the increasing trade volumes have contributed to the evolution of dollarization. although it was a phenomenon in different economies for a long time, the word “ dollarization ” has become a well - known term in the 90 ’ s. in this period, the number of countries that gave foreign currencies the legal tender status increased and the official dollarization has been a widely discussed issue. alternatively, unofficial dollarization has expanded even more and become a pervasive phenomenon in a wide range of countries. the number of countries where the ratio of foreign exchange deposits to total deposits higher than 30 percent increased from 7 in 1990 to 46 in the year 2000 1. similarly unofficial dollarization in turkey has also evolved during this decade. in this sense, i will focus on unofficial dollarization in the rest of my speech. distinguished guests, in general, dollarization occurs in circumstances where residents lose confidence in their own currency.