The Bangko Sentral ng Pilipinas (BSP) will host the meetings of central bank governors and finance officials of countries as well as heads of regional financial institutions that are members of the Centro de Estudios Monetarios Latinoamericanos (CEMLA) on 13 September 2006 at the Philippine International Convention Center (PICC). This will be the third time the CEMLA Meetings will be held in Manila. The previous meetings hosted by the Philippines were held in 1985 and 1964.
The CEMLA is a research and training institution whose objective is to promote better understanding of the core issues in central banking among member central banks and regional financial institutions. To achieve its objective, CEMLA organizes annual meetings of central bank governors. Likewise, it provides training, technical assistance and workshops on topics related to core activities of central banking such as monetary policy, foreign asset and liability management, payments systems, open market operations and financial stability indicators. CEMLA, which was established in 1952, has a membership of 40 central banks (mostly from the Latin-American region) and 10 supervisory and regional financial institutions that are either associate members (with the right to vote at the CEMLA's Assembly) or collaborating members.
This CEMLA event consists of four meetings, namely: the (1) 42nd Meeting of IMF/IBRD Governors of Latin America, Spain and the Philippines (2) 82nd Meeting of Central Bank Governors of Latin America and Spain, (3) CEMLA Board of Governors, and (4) CEMLA Assembly. The BSP will chair the first two meetings, which will cover matters of common interest to the CEMLA members, such as economic and financial developments and outlook from the global and Asian perspectives, and issues on energy development. Top central bank officials from member central banks of CEMLA and Executive Directors from the International Monetary Fund and the World Bank were invited to be the lead discussants during these two meetings. It is expected that these CEMLA meetings will be a venue for productive discussions as well as an opportunity for the exchange of ideas and experiences that could serve as valuable inputs in shaping the appropriate policy responses of CEMLA countries to developments in the global and regional financial markets that could affect their economies.