are moving due to continental drift and that we, bsp and baiphil, must therefore continue to move with the mountains even as we scale the one in front of us. in closing : inclusion as we climb i ’ d like to think also that there are several summits in banking and central banking … that as one reaches a vantage point, more and more of the surrounds are taken into perspective … as one climbs, one ’ s view becomes wider. i have heard from mountain climbers that when you reach the top, it is actually quite a humbling experience. i certainly felt that way when i climbed mt. fuji as a millennial graduate student in japan in 1988. at higher heights, one sees the bigger picture more clearly and wishes for others to experience the same. the same holds true as we experience more economic gains and successes. we want more and more people – our countrymen – to be included in the experience. our goal is for more of our countrymen to save and borrow for productive uses, avail of investment and insurance products, and send and receive payments securely and efficiently. we firmly believe that this financial empowerment is the only way for economic growth to be truly meaningful. we trust in baiphil to help us move this vision forward. baiphil can in turn count on the full support of the bsp for its future endeavours. mabuhay ang baiphil at bsp! maraming salamat po! 4 / 4 bis central bankers'speeches

of data. for example, the bureau of economic analysis released revised estimates in late july that showed persistently slower growth in real gross domestic product ( gdp ) in recent years. these more pessimistic data were then followed over the balance of the summer and into the fall by stronger - than - expected readings on current labor market conditions as well as by the announcement of upcoming benchmark revisions that will raise the level of payroll employment 1 / 2 percent. taken together, these revisions have had important implications for our estimates of employment, productivity, labor costs, and related statistics. price data are subject to several measurement problems besides the well - known issues of quality changes and appropriate weights. for example, a significant portion of the personal consumption expenditures ( pce ) price index is based on imputations of prices for important categories of household purchases, such as banking services, rather than on direct observations of market prices. this " nonmarket " component of the index is hard to replicate, tends to move in an erratic manner from michael kiley and david reifschneider, of the board ’ s staff, contributed to these remarks. in this speech, i use the words " risk " and " uncertainty " loosely. although economists usually apply the former term to random events with known likelihood and the latter to possibilities whose probability is unknown, we often do not know enough in practice about actual probability distributions to make a sharp distinction between the two concepts. athanasios orphanides ( 2003 ), " the quest for prosperity without inflation, " journal of monetary economics, vol. 50 ( april ), pp. 633 - 63. month to month, and is subject to considerable revision - factors that reduce the usefulness of the overall index as a short - run indicator of price pressures. measures of labor compensation pose their own special problems. to begin, the available indicators often do not tell a consistent story. for example, the data in hand last week showed hourly compensation rising almost 7 percent over the past four quarters based on the national accounts measure, but only 3 percent as measured by the employment cost index. beyond this, the compensation figures in the national accounts are subject to significant revision, as illustrated by the release of new data this week that suggests hourly compensation rose only 4 - 1 / 2 percent, not 7 percent, over the past year. changes such as this make real - time estimates of unit labor costs and labor ’ s share of total income much less useful in our analyses than studies based