financial services industry. the current global financial landscape is being shaped by digital transformation, evolving regulatory standards, and changing demands from our growing population of young, technology - savvy and upwardly mobile financial consumers ( our very participants at the icfc today make up this dynamic market! ). the bsp, for its part, has embarked on a comprehensive financial sector reform agenda to proactively respond to this changing market landscape and conditions, while at the same time remaining committed to promoting the stability and soundness of the domestic financial system. the contestants here are young. you have so much potential. there was a time when i too was your age, an economics major at the university of the philippines in diliman. i joined the central bank in 1981, right after graduating. i believed that it was through the practice of economics, through the disciplines and sciences of banking and finance that i would be able to make a difference for our country. now, 36 years later, i am governor of the bangko sentral ng pilipinas, heading an institution responsible for shaping monetary, banking and financial policies. perhaps there will be those among you who will one day join our ranks here at the bsp. i realize 1 / 3 bis central bankers'speeches that this is not a career fair. but since it is quite refreshing and exciting to be in a room full of so many young people who have shown passion for the financial profession, i will take this opportunity to speak about how fulfilling it is to be part of team bsp. maybe i can influence you in your future choice of career. in the bsp, we engage in nation building through the formulation of monetary policy, banking supervision and the functioning of an efficient and reliable payments settlements system. we work so that there would be an enabling regulatory environment for businesses, commerce and industry to flourish and so that our citizens and firms could enjoy price stability as a foundation for making sound investment, consumption and savings decisions. through the bsp ’ s pursuit of deep and meaningful financial and structural reforms through the years, along with policies and actions of national government agencies and the indispensable cooperation of the private sector, the philippines currently enjoys macroeconomic stability. we are currently one of the fastest growing investment - grade rated economies in the region with a better - than - market forecast gdp growth of 6. 9 percent in the third quarter of 2017. this is our 75th consecutive quarter of economic growth since the asian financial crisis! amid this rapid growth,

bankers'speeches circular no. 982 provides an enhanced information security framework to consider cybersecurity controls. this calls for a renewed focus on information security in line with technological developments and innovations, dynamic risk profiles, and a rapidly evolving cyberthreat landscape. you can be assured that the bsp is on constant surveillance mode for fintech activities by new market players. we are monitoring industry developments on crowd - funding and peer - to - peer lending. while crowd - funding has the potential to expand financial access for new businesses and msmes, there is also heightened risk of investor and consumer abuse. we are ready to take regulatory action if necessary to maintain fair and healthy competition. the bsp is also actively engaging regulators from other jurisdictions for possible information sharing specifically focused on fintechs. currently, the bsp has a fintech cooperation agreement with the monetary authority of singapore which provides a framework for collaboration by referring promising fintech firms, sharing of emerging trends and developments, and facilitation of cooperative work on fintech projects. we ourselves are exploring adoption of regtech solutions to strengthen bsp ’ s risk - based regulatory and supervisory activities. we are piloting two regtech solutions to automate some of bsp ’ s work, enhance analytical staff capability, create greater accountability and amplify “ customer voice ” in the policy - making process. these include an application programming interface ( api ) system to improve supervisory reporting ; and an automated complaint - handling system. finally, to cope with all the rapid change, the bsp is undergoing strategic reorganization to enhance our mission focus, foster better collaboration and promote better accountability. even in the bsp, disruption is occurring to improve and transform our capabilities, structures and more importantly, our culture. to make the bsp more capable, agile, and stakeholder - oriented, we are reviewing our nautical charts to reach the objectives of becoming a more credible central bank, of having dynamic stakeholder engagement, of achieving organizational agility, and of possessing organizational capability. closing remarks ladies and gentlemen, disruptive technology is gradually reshaping the financial services industry. it offers opportunities as well as challenges for all. let us embrace it. manage it. and make it work for all filipinos, and your customers. anchors away! we are with you in the journey. again, congratulations to the new set of officers and trustees of ctb. mabuhay ang pilipinas! 4 / 4 bis central bankers'speeches