and calibrated, we will also continue to use the full range of macroprudential measures available to us to enhance the economy ’ s resilience against systemic shocks and deter the build - up of aggregate risks. at the moment, our assessment is that there is no compelling reason to shift the stance of monetary policy, with growth still on a positive path and inflation expectations well anchored. the bsp will continue to be reform - minded, adopting global standards as appropriate to the unique domestic conditions and pushing forward with the capital market reforms that are already in the pipeline. the bsp will vigorously leverage off technology to improve the reach of our financial services, strengthen consumer protection and deepen financial education. after all they say, “ technology is the great equalizer ”. next month, we will launch the national strategy for financial inclusion, which is envisioned to be a platform for inter - agency collaborative work between the public and the private sectors to achieve a truly inclusive eco - system. we are excited about this, and we hope that when we begin to invite the private sector to pledge its support, we would see the chamber among those who would partner with us in this endeavor. ladies and gentlemen, i said earlier on that the financial sector provides the life - blood for economic growth. in reality, however, the sound / solid macroeconomic picture i presented also supports the development of the financial sector. clearly, the causality is two - way. i also said at the top of my remarks that the financial system has a double - edged role. the main challenge therefore that faces us right now is ensuring that the wheels of the philippine financial system continue to run smoothly and that the economy stays in the course of healthy expansion. key to this is striking a balance between encouraging financial innovation, which is critical for economic advancement, and curtailing excessive financial risk - taking. there are no rule books for this, however, for this is both an art and a science. the bsp has laid down some of the groundwork in this area through years of pursuing relevant reform initiatives. but despite the gains achieved thus far, there is always room for more and better things to do to ensure that the domestic financial system remains responsive to an ever - evolving financial landscape. it is our hope that in this effort of building a more bis central bankers ’ speeches inclusive and stable economy, we could continue to look to the strong support of the amcham. thank you for your attention and good afternoon. bis central bankers ’

their coordinating work and dedication. these combined efforts seem to be paying off. the working group is now preparing several important recommendations with regard to : ( i ) the transition away from eonia towards the new ecb euro short - term rate, ( ii ) the most suitable methodologies for building derivatives - based term rates as a fallback to euribor, and ( iii ) guiding principles for fallback provisions in new contracts for euro - denominated cash products. while these recommendations are still work in progress, it seems that we are nearing a consensus on the way forward, which i find encouraging compared with the situation one year ago. i understand that the feedback received on the working group ’ s recent public consultations, which you will discuss in detail at tomorrow ’ s meeting, was supportive and reflected the views of 1 / 2 bis central bankers'speeches a good number of respondents. that gives the working group a solid basis for proposing feasible solutions which can win market acceptance. the ecb will do its part with the launch of its own overnight rate. we are aware that the launch of the new rate is essential in the sequencing of events for the year to come. in this regard, i am glad to confirm that the recently launched “ shadow production ” of the ecb overnight rate, is working well. as you know, the daily production of the new rate is planned by october 2019. in the meantime, the data referred to as “ pre - ester ”, which are published every maintenance period, should enable future users to familiarise themselves with how the rate behaves. that said, the quality and success of the ecb overnight rate crucially depends on market participants. in this regard, we expect the members of this group to lead by example, mainly for two reasons : first, because many of you represent banks reporting under the money market statistical reporting regulation and we count on the timeliness and quality of your data submissions to ensure the quality of the rate that the entire industry will use. second, as future users, it seems natural that you should promote the usage of the rate which you yourselves recommended to the industry. let me conclude by saying that, in only one year of existence, the working group on euro risk - free rates has established itself as the forum for benchmark reforms in the euro area. its recommendations have so far been widely supported by market participants and it has shown that the euro area is catching up with other currency areas. the private sector will face the biggest