During this challenging time, we must remember that realising Europe’s and globalisation’s potential requires an open system. It is reasonable to expect capital to flow, on a net basis, from advanced economies towards higher expected returns in emerging-market economies.
There is still an important 3/5  BIS central bankers' speeches  task ahead of us. While the Philippines is fast growing, about a fifth of our population still lives below the poverty line. At the BSP, we are passionate about empowering Filipinos, especially those from lower income groups and we strive to include them in the formal financial system.