on your future program of the bsp and the banking sector. that the number of participating banks has increased from 10 ( in 2012 ) to 17 today is a good sign – rightfully, our banks are taking the long view that this is a developmental undertaking that will ultimately benefit not only young depositors but also our banks and our economy as a whole. let us therefore acknowledge the participating banks who have welcomed more than a million kiddie savers. the top three banks with the highest number of kiddie savers are bdo, bpi and pnb, followed by rcbc savings, security bank, psbank, eastwest bank, veterans bank, development bank of the philippines, and china savings bank. let us also acknowledge the additional banks under our new memorandum of agreement : bpi 1 / 3 bis central bankers'speeches family savings bank, rcbc, maybank, ucpb, ucpb savings bank, sterling bank and metrobank. we look forward to higher numbers under this expanded kiddie and teen account program. our second milestone this afternoon is the awarding of our outstanding teachers for financial education under the deped - bsp ’ s gantimpala para sa ulirang pagtuturo ng pag - iimpok at araling pansalapi, more popularly known as guro ng pag - asa. using teaching guides jointly developed by deped and the bsp, teachers developed creative and effective ways to impart lessons on saving, money management and basic entrepreneurship to their pupils. the common denominator among our awardees is that they have also brought financial education to their communities to help improve lives. in other words, they have become agents of positive change not only in their schools but also in their communities. at the same time, our student - awardee this year for bida sa pag - iimpok and pangkabuhayan is remarkable not only for his good money habits but also for his entrepreneurial drive and social consciousness. he donated a sewing machine to a person with a disability so that she could start her own entrepreneurial venture. indeed, we are heartened by stories about children who took financial lessons to heart and went on to inspire their families to adopt sound financial habits. let us give all our awardees a well - deserved round of applause. let us also thank those who have worked behind the scenes to make our guro ng pag - asa program a success — the board of judges, represented

price movements, rather than the total index. but this could add significantly to the communications challenges posed by price - level targeting. these communications challenges are likely to be greater for a central bank that practises price - level targeting than for one that practises inflation targeting. the general public can easily relate to a well - publicized and straightforward number like the inflation rate, and to an inflation target that remains constant over time. it could be more difficult to communicate that the central bank's target was a particular level of a price index, which itself could be rising over time, and that the path of inflation needed to get to this target number would change, depending on whether the price level was above or below the target. yet, a solid public understanding is important if the full benefits of increased certainty about the future price level are to be realized. any debate about the pros and cons of price - level targeting is bound to be based on theory, because only one country has had any real experience with it : sweden in the 1930s. so we don't have much empirical evidence. that said, we now have the ability to construct the kinds of complex economic models – multi - goods models with relative price movements – that are important for conducting research into price - level targeting. the bank of canada ’ s research agenda given the nature of the questions we have regarding both a lower inflation target and pricelevel targeting, there is a clear need for a lot of research to be done in a short period of time if we are to have a thorough discussion of the alternatives before the next renewal in 2011. and so the bank has begun a concerted and ambitious research program for the next three years. but we know that this task is too large for us to accomplish ourselves. we very much want to get others involved in this research agenda, so that we can benefit from their knowledge and expertise. the bank has held special sessions connected with meetings of various economic groups, and we will be hosting joint conferences with other central banks, as well as our own research conference. the bank has also launched a new website : www. inflationtargeting. ca. this site is intended to be a hub where interested researchers can find out what research has been done, and what is being planned. at the bank of canada, we want to be confident that we have developed the best policy framework to deliver on our mandate of promoting the economic and financial welfare of canadians. inflation targeting has proven its worth in helping