and critical information, they could trigger financial losses, business disruptions, damaged reputation, and even threaten the viability of the institution itself. this calls for a continuing cycle of rigorous assessments of the institution ’ s security versus emerging threats and risks. cyber security controls, processes and procedures must be bis central bankers ’ speeches continuously enhanced to mitigate weak points and achieve a higher state of resilience and maturity. this is the same rationale that underpins the bangko sentral ’ s policy to continuously enhance its supervisory framework through the issuance of guidelines, public advisories and memoranda, as well as the adoption of a robust and dynamic supervisory program. for instance bsp circular no. 808 issued in august 2013 provides the framework for technology risk management which takes into account robust and multi - layered security controls for cyber - risk prevention, detection and response. the bsp has also introduced various initiatives and supervisory enhancements for a more proactive approach to cybersecurity supervision and oversight. these shall be discussed in detail later by bsp deputy governor nestor a. espenilla, jr. i is for “ information sharing and collaboration ” with the increasing sophistication and coordination of attacks, cyber security is no longer confined within the boundaries of each firm or organization ; it is rightfully a shared concern by legitimate users of the cyber - environment. we believe information sharing and collaboration among various stakeholders is an effective, if not the best, antidote to the threat of cybercrimes. when attacks occur, early warning can spell the difference between business continuity and business catastrophe. while industry - wide collaboration efforts and initiatives are already in place - in coordination with industry associations, namely the inter - network anti - fraud committee ( iafc ) through the bancnet and isog – the ideal would be to expand it to include all stakeholders, such as technology service providers, law enforcement agencies, regulators and relevant government institutions. ladies and gentlemen. in the fight against cybercrimes, let us remember to be inclusive, let us involve all stakeholders. in particular, financial consumers should be informed about cyber threats and how they can evade cyber attacks to protect their accounts. indeed, cyber security is a shared responsibility, and each of us has a role to play in making our cyber landscape safer, more secure and resilient. n is for “ not a technical issue ” ladies and gentlemen, cybersecurity is not achieved merely by deploying state - of - the -

shared goal of economic development. let me round off my remarks with views on our operating macroeconomic environment moving forward. this may help guide you to take advantage of these prospects. the philippines entered 2016 in a position of relative strength. in 2015, average full year gdp growth was 5. 8 %. this is among the highest in asia. the 4th quarter 2015 growth of 6. 3 % brought the number of consecutive quarters of positive economic growth to an astounding 68 quarters. the philippine banking system continued to expand. over the past six years, total assets roughly doubled owing to a steady growth of deposit liabilities. bank loans also doubled and nonperforming loans continued on a downward trend. philippine banks are well - capitalized, with capital adequacy ratios above national and international standards. our external liquidity position is strong. our end - february gir of us $ 81. 3b is sufficient to cover 10. 4 months of imports and payments of goods and services. that said, in 2016, there are still challenges to our positive position. these will come mostly from the external side. there is divergence in the monetary policies in the advanced economies. the us fed is poised to raise rates ( albeit now at a slower pace in 2016 than the fed first indicated in december 2015 ), while ecb and boj are in negative interest rate territory. this may raise near term financial market volatility. but we are hopeful that the policies adopted would result in a sustainable growth trajectory for these countries and would create positive ripples to our own trade and growth prospects. another cause of concern is the middle east, where oil prices fell sharply. while oil importers like the philippines benefit from the price drop, low oil prices are double - edged. oil exporters may cut back on capital expenditures. this may have an adverse effect on the philippines in general, and on overseas filipinos, should oil producers cut costs and trim staff. there is need to manage the near - term impact on financial market volatilities and the government should consider more long - term solutions to possible disruptions. domestic considerations include intensification of the el nino phenomenon ( a very clear concern we share ) and the persistence of infrastructure gaps. results of the upcoming national and local elections may also influence global perception of philippine growth prospects. these risks, notwithstanding, we expect to see the country continue on the path of low inflation, steady growth. our confidence stems from the buffers we built :