amando m tetangco, jr : promoting the rule of law in the financial sector speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( the central bank of the philippines ), at the launching of the bsp ’ s book on “ special banking laws and annotated ”, bangko sentral ng pilipinas, manila, 13 february 2013. * * * former chief justice reynato puno, members of the monetary board, former bsp governors laya and singson, prime minister virata, advocates of the rule of law from the government and the private sector, fellow bspers, distinguished guests, good afternoon. we at the bangko sentral ng pilipinas are deeply honored by your presence, chief justice puno, at this simple launching ceremony for the book on special banking laws annotated. this book covers the laws that govern particular financial institutions such as thrift, rural and cooperative banks as well as non - stock savings and loan associations. these financial institutions play a unique and pivotal role : they broaden the reach of our financial system down to the countryside and encourage savings, loans and investments that grow the economy, generate employment and promote inclusive growth. equally important are annotations to laws on the rights and protection of consumers, borrowers and depositors that are discussed in this book. this book completes the three - volume series on banking laws of the philippines published by the bangko sentral ng pilipinas. as mentioned earlier, the first book is the new central bank act annotated while the second is the general banking law annotated. deputy governor and general counsel de zuniga tells us that this will probably be not the last ; his team is now looking at the possibility of coming up with another book, possibly on financial transaction and products. with this groundbreaking undertaking, we have consolidated in three books the legal framework within which we operate complete with annotations as to its applications including its historical and philosophical underpinnings. we have been asked : why is the bangko sentral publishing these books? well, we learned it was difficult for lawyers, researchers and the academe to access laws and annotations relevant to the financial sector in a timely fashion. and since we also subscribe to the legal maxim that “ justice delayed is justice denied ” the bsp ’ s monetary board decided to take on the challenge of publishing these three books.

. it is expected that the stance of monetary policy will continue to remain accommodative while maintaining price stability. in respect of public finances, contingent fiscal pressures on the government are relatively benign as outstanding guarantees for state owned enterprises are low. however, public finances would be impacted by expenditure cutbacks on account of implementation capacity constraints, notwithstanding higher external and non - bank financing. the estimated budget deficit for 2009 – 10 is placed at 4. 5 percent of gdp as against the projected level of 5. 0 percent. efficient and expeditious implementation of development programme projects can create conditions for crowding in private sector investments and together with monetary policy, can support broad - based, inclusive and environmentally sustainable growth. bhutan 33. bhutan ’ s economic performance has been strong in the recent past anchored in political stability and prudent economic policies. the country is well on its way to achieving it millennium development goals with the 10th five year plan ( 2008 – 13 ) outlining a wideranging development agenda. the impact of the financial crisis very limited and confined to the tourism sector. growth is expected to be close to 7 per cent throughout the medium term supported by the punatsangchhu - i and mangdechhu hydropower projects. average inflation was lower in 2009, at about 4 percent but following inflation developments in india, inflation has risen in the first quarter of 2010. government revenue and expenditure both rose strongly in 2008 / 09, with revenue rising to 39 percent of gdp from 33 percent, and expenditure to 41 percent from 33 per cent. in the external sector, convertible currency reserves remain high, while rupee reserves have increased sharply in recent months. in the financial sector, credit growth is still strong but slowing somewhat in the private sector. the focus of the financial sector liberalisation policy is on increasing competition and efficiency in the sector and three new private sector banks have been licensed and external commercial borrowing was also permitted for selected private sector entities. concluding observations concerted and decisive actions by both advanced and emerging and developing countries helped the world to deal with an unprecedented financial and economic crisis. our response has strengthened international cooperation and instilled confidence that together we can secure the financial stability of the world and achieve sustainable economic growth. towards this objective, a number of significant and concrete steps have been taken, an important one being the substantial strengthening of the fund, including refinements in its surveillance, the expansion of resources and the improvement of lending facilities. looking ahead, the fund will