Conference Program

(Venue: The Conservatory, The Peninsula Manila Hotel)

08:30 - 09:00 Registration

09:00 - 10:30 Opening Ceremony
Moderator: Jade Eric Redoblado
Bangko Sentral ng Pilipinas

Welcome Remarks

Felipe M. Medalla
Monetary Board Member
Bangko Sentral ng Pilipinas

Keynote Speech

Athanasios Orphanides
Sloan School of Management
Massachusetts Institute of Technology (MIT)

Group Photograph

Coffee / Tea Break

13:00 - 12:30 Session 1: Crossing borders: Globalization and Monetary Policy

With globalization, we see external factors increasingly impinging on monetary policymaking, such as trends in the global economic growth, or the monetary policies of other economies and the subsequent global movements of capital

Chair: Yongzheng Yang, International Monetary Fund

12:30 - 13:30 Lunch Break

13:30 - 16:00 Session 2: Integrating: Financial stability considerations and monetary policy

Among financial authorities, the primary concern that arose from the Global Financial Crisis (2007-2008) was systemic risk and, therefore, the need to manage financial stability. From the micro-perspective, financial stability may be determined by banks' prudential behavior. On a macro-perspective, authorities grapple with measures to manage both price and financial stability. Are financial stability goals consistent with price stability goals? Can financial stability considerations be incorporated into the monetary policy framework?

Chair: Johnny Noe E. Ravalo, Bangko Sentral ng Pilipinas

18:00 - 20:00 Dinner Reception
(Venue: The Conservatory, The Peninsula Manila Hotel)

(Venue: The Conservatory, The Peninsula Manila Hotel)
08:00 - 08:30 Registration

08:30 - 11:00 Session 3: Influencing the real economy: output growth and monetary policy

Ultimately, monetary policy seeks to stabilize output. As elaborated by the monetary transmission mechanism, changes in monetary instruments alter decisions of firms and households. There is also impact on income distribution and poverty.

Chair: Francisco G. Dakila, Jr., Bangko Sentral ng Pilipinas

11:00 - 12:30 Lunch Break

08:30 - 11:00 Session 4: Communicating: Discerning signals by monetary policy

The impacts of monetary policy are accomplished through the monetary transmission mechanisms. Yet, effectiveness may be helped by appropriate communication to the market. Likewise, a proper reading of certain indicators may allow for an early identification of a crisis.

Chair: Felipe M. Medalla, Bangko Sentral ng Pilipinas

Coffee/Tea Break

15:00 - 17:00 Session 5: Roundtable discussion on "Addressing economic and financial challenges through international policy cooperation: Lessons from the past and prospects for the future"

Chair: Eli Remolona, Bank for International Settlements


  • Takatoshi Ito
    School of International and Public Affairs
    Columbia University

  • Hans Genberg
    Executive Director
    South East Asian Central Banks (SEACEN) Research and Training Centre

  • Masahiro Kawai
    Representative Director and Director General
    Economic Research Institute for Northeast Asia (ERINA) and
    Professor Emeritus, University of Tokyo

16:00 - 16:30 Closing Remarks

Assistant Governor Francisco G. Dakila, Jr.
Bangko Sentral ng Pilipinas