nestor a espenilla, jr : supporting the backbone as we sprint speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the philippine chamber of commerce and industry's ( pcci ) 43rd philippine business conference and expo, manila, 18 october 2017. * * * pcci president george barcelon ; philippine business conference and expo chair joey leviste, undersecretary jonas leones, co - workers in government ; pcci officers and members, special guests, ladies and gentlemen, good afternoon. thank you philippine chamber of commerce and industry ( pcci ) for the opportunity to speak during this 43rd philippine business conference and expo. i am often asked how the bsp addresses wealth inequality and if we support micro, small and medium enterprises ( msmes ). while this is not directly written in our charter, we approach our mandate with precisely this as a key strategic goal. maintaining price and financial stability benefit all sectors maintaining price and financial stability are the bsp ’ s primary mandates. keeping inflation low and stable benefits everyone, especially msmes. a managed inflation and stable financial system allow msmes the best foundation to grow. reduced uncertainty allows expansion. in this regard, i am happy to report that amidst various challenges, the domestic economy continued to deliver on all fronts. real gdp grew by 6. 5 percent in the second quarter of 2017, making us one of the fastest growing economies in asia. this also extends our streak of uninterrupted growth for 74 consecutive quarters. let me stress that beyond the nominal numbers, we also emphasize the quality of growth. economic expansion is driven by broad - based factors with the re - emergence of the industry sector, particularly manufacturing, as another key growth driver. we are optimistic that we will be able to achieve our high growth targets of 6. 5 – 7. 5 percent this year and even faster beyond, fuelled by the massive infrastructure agenda of the government. government investment spending, which picked up in q2, confirms this important direction. the positive alignment between growth and inflation has been a sustained narrative. maintaining price stability amid a challenging global and domestic environment validates our inflation targeting framework. inflation expectations continue to be well - anchored. the year - to - date average inflation rate of 3. 1 percent puts us firmly on track to stay within the target range of 3. 0 percent ± 1. 0 percentage point for

hugo frey jensen : creating relations in a digital new ( banking ) world speech by mr hugo frey jensen, governor of the national bank of denmark, at the director ’ s conference of the danish bankers association, copenhagen, 8 september 2014. * * * thank you for inviting me to speak here today. the heading of today ’ s conference – “ creating relations in a digital new ( banking ) world ” – shows that the banks now have the strength and resources to look forward after a few years in the shadow of the financial crisis. this is positive and on the whole tallies with danmarks nationalbank ’ s assessment of the economic situation and the general condition of the banking sector. the danish economy is recovering after some difficult years. admittedly, the most recent figures show a small decline in gdp in the 2nd quarter, but viewed in a larger context, activity has grown since the end of 2012. it is important to stay focused on the underlying trend and not to become hypnotised by quarter - on - quarter fluctuations. decreasing north sea oil output is reducing overall production these years. if this factor is disregarded, value added in the danish economy is now 2 per cent higher than in 2012 – and rising. the increase in activity has also been reflected in the labour market, where employment has been picking up over the last year or so. employment is developing at a steadier pace than production. as a result, productivity development is a little jerky, which is quite normal for the danish economy. as the economy has improved, pressures on the danish banks have gradually eased. but a few banks are suffering from the repercussions of the crisis and several banks are still struggling with low return on equity. the sector has ample excess liquidity cover, and for this reason danmarks nationalbank has phased out the temporary measures introduced to boost the banks ’ liquidity. these included the option to raise 6 - month loans from danmarks nationalbank and to pledge sector company shares and credit claims as collateral. the financial crisis is over, but it has left its mark. above all, the crisis has reduced the number of banks in denmark. as the chart shows, it has amplified a trend that has been evident for many years. in our monetary review from the 4th quarter of 2013, we examined productivity and cost efficiency in the financial sector. in terms of the cost - to - income ratio, denmark seems to differ from comparable countries. the figures indicate that resource consumption within the sector has