"Hallmark of a system that is strong and ready for the uncertain future is that it must be balanced"
Amando M. Tetangco, Jr., Governor of the Bangko Sentral ng Pilipinas, discusses strengths and weaknesses in Philippine banking during his speech at the Philippine International Banking Convention 2011. October 24, 2011 | EditorialOpening keynote speech by Amando M. Tetangco, Jr, October 20th 2011, at the Philippine International Banking Convention 2011. It is a pleasure to join you this morning. By all accounts, we have a full agenda ahead of us, a potent mix of very relevant topics and an array of excellent speakers and panellists who are leaders in their respective fields. I am sure there will be much to take-away from today’s proceedings in new insights, added perspectives, and fresh ideas. Of course, there is that opportunity to meet up with colleagues and the chance to meet new ones. All of these, the organizers have painstakingly arranged for our benefit and I encourage all to take full advantage of this conference which is being held for the first time here in Manila. The Same Shock, Different Fortunes “This time it’s different” is a phrase that we have heard often in the last few years. Unfortunately, this phrase has been relayed with a sense of urgency, suggesting that something is not quite right. All of us can actually “feel” the urgency as we are not oblivious to the massive restructuring of the global financial architecture. Perhaps, this round of reforms may indeed be different. Without a doubt, however, this new architecture is driven by the difficulties we have witnessed in the last five years. For the European Central Bank and the Federal Reserve of the United States, “this time it’s different” reflects a changing of fortunes that few, if any, truly anticipated. Credit rating downgrades have been instigated for Greece, Italy, Spain and even the US. There is no assurance that we have seen the last of these negative ratings decisions. CDS spreads for ... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Industry Outlook, Philippines, Regulation, Risk and RegulationIndustry Outlook,Philippines,riskregulation,Risk and Regulation, Industry Outlook,Philippines,Regulation,Risk and Regulation, Keywords:Philippine International Banking Convention 2011, Amando Tetangco, CDS, GDP, Bangko Sentral Ng Pilipinas, PHP, ICAAP, Financial Sector Forum Philippine International Banking Convention 2011, Amando Tetangco, CDS, GDP, Bangko Sentral ng Pilipinas, PHP, ICAAP, Financial Sector Forum
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