touch on other possible reasons for this decline in upward mobility and relative income, such as changes in the prospects for career advancement that vary by occupation and location. the second observation is the widening gap in economic status and prospects between those with a college degree and those without one. in the 1960s, well over 90 percent of working - age men held a job, and there was very little difference in employment between those with or without a college degree. while the share of college - educated working - age men with a job has fallen from more than 95 percent in 1967 to around 90 percent in 2017, it has plunged for others. ninety - five percent of male high school graduates were working in 1967, but only about 80 percent of them were working as of 2017. among working - age men without a high school diploma, about 90 percent had a job in 1967 versus a bit more than 70 percent in 2017. for women of working age, the trends are less clear, but those without a college degree are also less likely to work today. research presented this morning will discuss some possible 1 / 2 bis central bankers'speeches explanations for the divergence in employment, income, and other economic prospects between college grads and others. the third observation is that the prospect of moving up the economic ladder depends on factors beyond effort and talent, including your family, the neighborhood you grow up in, and the quality of the primary and secondary schools you attend. your chances for attending college are much better if you are raised in a higher - income household, and that advantage has increased substantially since the 1980s. another factor is geography. some research indicates that economic prospects are better for those who grow up in neighborhoods with less income inequality, less concentrated poverty, and better performing schools. finally, across so many dimensions, we continue to see disparities in economic outcomes by race and ethnicity. these issues are crucial. sound public policies can support families and businesses and help more americans reach and remain in the middle class. i look forward to hearing about your discussions over the next two days, and thank you, again, for your contributions. 12 1 see pew research center ( 2016 ), “ what americans say it takes to be middle class, ” fact tank ( washington : prc, may 6 ). 2 see congressional budget office ( 2018 ), the distribution of national income, 2015 ( pdf ) ( washington : cbo, november ). 2 / 2 bis central bankers'speeches

amando m tetangco, jr : rcbc – banking on emerging corporates speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at rcbc ’ s ( rizal commercial banking corporation ) relaunching of its program for small and medium enterprises, makati city, 26 march 2008. * * * ambassador yuchengco, chairman dee, president tan, other officers and staff of rcbc, special guests, good evening. in many countries, including the philippines, small and medium enterprises constitute the backbone of the economy. as such, initiatives that provide meaningful support to smes represent welcome news indeed. it is in this context that i view rcbc ’ s re - launch of its sme lending program. through the years, consolidated lending of the banking sector to smes has shown considerable growth. in 1991, the year republic act no. 6977 or the magna carta for small enterprises took effect, credit to smes amounted to p17 billion. by december 2007, or 16 years later, total loans extended to smes have reached p352 billion. this is roughly 21 times more than the 1991 total. we at the bangko sentral ng pilipinas acknowledge the banking sector ’ s commitment to support smes. as a whole, the banking sector has consistently exceeded the mandatory credit allocation for smes under the magna carta for small enterprises. although this law lapsed in august last year, congress has already ratified the bill extending and enhancing the sme law. we expect this to be signed into law in the very near future. in the meantime, the bangko sentral ng pilipinas encourages banks to continue supporting smes. it is in this light, that we commend rcbc for taking a leadership role in promoting and allocating resources for its sme lending program. as one of the major banks in our country, rcbc is bound to influence others to take a similar stance. to me, support for smes translates directly to a vote of confidence for our people and our country. recognized as the biggest employers in our country, smes account for about 80 % of employment generation. if, therefore, we are able to keep the sme sector on a consistent growth track, we would be able to accomplish broad - based and sustained growth for our country. equally important, we would have a strong domestic economy that