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ViewpointJanuary 2 2018

Nestor A Espenilla, Jr.: problems may be traditional, but solutions cannot be

While the Philipines enjoys a growing economy and stable finances, we do not underestimate the tough challenges of poverty, demographic change, technological advances and geopolitical risks. These can only be countered by looking outside the traditional solutions, says Nestor A Espenilla, Jr, the governor of the Bangko Sentral ng Pilipinas.
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There is a compelling tension faced by today’s central banks. With the primordial task of preserving monetary and economic stability, ours are traditionally conservative institutions. 

But stability is never tantamount to stagnation. And the world is changing fast. Dynamic methods are demanded of the private sector and of the government. The financial and business landscape is radically being redefined. New best practices are emerging. Digital innovation is disrupting the way things are usually done.

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