THANK YOU VERY MUCH.

THANK YOU VERY MUCH AMBASSADOR YUCHENGCO AND CONGRATULATIONS TO YOU AND THE REST OF THE RCBC FAMILY.

PRESIDENT RAMOS WHO STARTED EDSA 1 AND CONTRIBUTED GREATLY IMMENSELY TO THE DENOUEMENT OF EDSA 2; CARDINAL SIN WHOSE VOICE LAUNCHED A MILLION WARM BODIES BOTH IN EDSA 1 AND EDSA 2; MY COLLEAGUES IN THE GOVERNMENT LED BY SECRETARY ROMULO HERE TODAY AND CENTRAL BANK GOVERNOR PAENG BUENAVENTURA; EXCELLENCIES OF THE DIPLOMATIC CORPS; OTHER OFFICIALS; LADIES AND GENTLEMEN:

I AM HAPPY TO BE WITH YOU AND IN THIS INAUGURATION OF THE RCBC PLAZA -- THE INAUGURATION OF THIS MAGNIFICENT BUILDING.  IT IS MOST WELCOME AS IT REASSURES US THAT INVESTOR CONFIDENCE HAS INDEED BEEN RESTORED IN THE COUNTRY, AS STATED BY OUR TWO AMBASSADORS WHO SPOKE THIS AFTERNOON.

AS THE POLITICAL CRISIS HAS BEEN PEACEFULLY RESOLVED, WE FEEL THE REFRESHING BREEZES OF DEMOCRACY AND HEAR THE CRY OF OUR PEOPLE FOR GOOD GOVERNANCE IN THE PHILIPPINES.

AT EDSA 2, I SAID THAT NOW IS A TIME TO HEAL AND A TIME TO BUILD.  TODAY THE RCBC AND ITS PARTNERS SHOW THEIR WILLINGNESS TO HEED THIS CALL BY HELPING BUILD NOT JUST A BUILDING, BUT MORE IMPORTANT TO HELP BUILD OUR NATION.  THIS MAGNIFICENT RCBC PLAZA IS A STRONG STATEMENT OF CONFIDENCE IN THE BANKING, FINANCIAL AND COMMERCIAL SECTOR-- IT IS A MANIFESTATION OF THAT WILLINGNESS TO BUILD.

YOUR SUPPORT FOR OUR INSTITUTIONS IS ALSO EMBODIED IN THE SPIRIT OF EDSA MEMORIAL THAT WE ARE UNVEILING HERE A FINE TRIBUTE TO THE IDEALISM AND ASPIRATION OF THE FILIPINO PEOPLE EXPRESSED IN BOTH EDSA 1 AND EDSA 2.

LET ME THEREFORE CONGRATULATE AMBASSADOR YUCHENGCO, WHOM I'VE ALWAYS CALLED UNCLE AL BECAUSE HIS DAUGHTERS ARE MY DEAR FRIENDS, FOR GIVING OUR PEOPLE THIS LEGACY OF EXCELLENCE.  INDEED, THIS WILL CONSTANTLY REMIND US -- AND THE FUTURE GENERATIONS OF FILIPINOS - OF OUR PEOPLE'S INDOMITABLE DRIVE TO ATTAIN GREATNESS.  AND LET US NOT FORGET THAT AMBASSADOR YUCHENGCO HAS BEEN ONE OF THE DRIVING SUPPORTING FORCES IN THIS INDOMITABLE CRY.  CONGRATULATIONS UNCLE AL.  (APPLAUSE)

I'M ALSO VERY HAPPY TO HAVE AMBASSADOR YUCHENGCO AS OUR SPECIAL ENVOY TO CHINA, JAPAN AND KOREA.  HE HAD EARLIER SERVED AS OUR AMBASSADOR TO CHINA DURING THE ADMINISTRATION OF PRESIDENT CORY AQUINO AND TO JAPAN DURING THE ADMINISTRATION OF PRESIDENT FIDEL RAMOS.  IN FACT HE HOSTED MY MOTHER'S LAST BIRTHDAY PARTY IN JAPAN.

I HAVE FULL FAITH THAT HIS EXPERTISE AND PATRIOTISM WILL PAVE THE WAY FOR MORE DYNAMIC AND ROBUST ECONOMIC TIES AND COOPERATION BETWEEN THE PHILIPPINES AND OUR EAST ASIAN NEIGHBORS.

AS I COMMEND AMBASSADOR YUCHENGCO FOR THIS DEEDS AND CONTRIBUTIONS.  I AM PLEASED TO EXTEND TO HIM MY WARM GREETINGS ON HIS NATAL DAY TOMORROW.  HAPPY BIRTHDAY, UNCLE AL, AND MAY YOU HAVE MANY, MANY MORE HAPPY AND FRUITFUL BIRTHDAYS TO COME.  (APPLAUSE)

AS WE ENTER A NEW PHASE OF BUILDING THE ECONOMY AND UPLIFTING THE LIVES OF ALL FILIPINOS, I ASK THE BANKING AND FINANCIAL SECTOR TO HELP US SUSTAIN OUR GAINS FOR THE BENEFIT OF OUR COUNTRY AND OUR PEOPLE.

OUR ADMINISTRATION IS COMMITTED TO ENHANCING THE HEALTH OF THE BANKING AND FINANCIAL SYSTEM WHICH HAS HELPED US WITHSTAND THE SHOCKS OF THE ASIAN CURRENCY CRISIS IN 1997.  AND CONGRATULATIONS TO GABBY SINGSON FOR HAVING BEEN PART OF STEERING THAT RESILIENCE.  AT PRESENT WE NEED TO PERSEVERE IN OUR FISCAL REFORMS, RESTORE BUSINESS CONFIDENCE AND GO BACK TO THE GROWTH PATH.

UNDER THE LEADERSHIP OF SECRETARY ROMULO - BECAUSE I DARE NOT SPEAK IN BEHALF OF THE CENTRAL BANK BECAUSE WE RESPECT THEIR INDEPENDENCE -- WE ARE DETERMINED TO PROMOTE A LOW INTEREST REGIME.  (APPLAUSE)  WE SHOULD PREVENT SHARP FLUCTUATION IN THE COST OF MONEY AS THIS IS HARMFUL TO BUSINESS AND A DISINCENTIVE TO SERIOUS INVESTORS.

LOW INTEREST RATES, I BELIEVE ARE THE BEST PUMP PRIMING MECHANISM TO STIMULATE BUSINESS AND ECONOMIC ACTIVITIES.

TO DO THIS, WE SHALL DEVISE THE MOST EFFECTIVE WAYS AND MEANS TO TRIM DOWN THE EXPECTED BUDGET DEFICIT OF P225 BILLION TO P146 BILLION.  THIS FISCAL TARGET NECESSARILY ENTAILS HARD WORK AND SACRIFICE TO REDUCE EXPENDITURES THROUGH AUSTERITY MEASURES AND INCREASING INCOME BY INTENSIFIED EFFORTS IN TAX COLLECTION.

A SMALLER DEFICIT WILL REDUCE INTEREST RATES IN TURN MAKING MORE FUNDS AVAILABLE FOR BUSINESS.  THIS WAY GOVERNMENT BECOMES AN ENABLER RATHER THAN A BIG COMPETITORS OF BUSINESS IN BORROWING FROM THE CAPITAL MARKET.

PROMOTING A LOW INTEREST REGIME ALSO BUILDS UP THE FOUNDATION OF A STRONGER ECONOMY RATHER THAN EARNING HANDSOME PROFITS FROM HIGH-YIELDING TREASURY BILLS, BUSINESSMEN ARE INDUCED TO INVEST IN MORE PRODUCTIVE, JOB-CREATING AND LONGER-TERM ENTERPRISES.

THE PESO HAS YET TO SETTLE AT MORE STABLE LEVELS.  HOWEVER, AS OUR AMBASSADORS HAVE SAID  WE HAVE SEEN SOME IMPROVEMENTS OVER THE PAST TWO WEEKS.  THE PESO IS NOW STRONGER AND THANK GOODNESS TRADING BELOW P50.  AS A POLICY, WE SHALL LET THE NATURAL FORCES OF THE MARKET SET THE PRICE OF THE PESO.

THE ROLE OF GOVERNMENT SHALL BE TO ENSURE THAT THE MARKET IS OPEN, FAIR AND ORDERLY.  WE SHALL FREE IT FROM UNFAIR PRACTICES TO MAKE IT ATTRACTIVE AS A COMPETITIVE MARKET.

WE MUST LEARN THE HARD LESSONS FROM THE BW SCANDAL BY PUTTING IN MEASURES THAT PREVENT SUCH HARMFUL ACTIVITIES FROM HAPPENING AGAIN.  THERE WILL BE CLEAR AND TRANSPARENT RULES TO ENSURE DISCIPLINE IN THE MARKET.

THERE SHALL BE FAIR OPPORTUNITIES TO ALL WHO WISH TO PARTICIPATE.  MOST OF ALL, WE SHALL MOVE AS A GOVERNMENT WITH A CLEAR PURPOSE AND DIRECTION.

THIS IS IMPORTANT TO MAKE THE PHILIPPINES A CONVINCING IF NOT A SMART CHOICE FOR ALL INVESTORS.

THE RECENT IMPEACHMENT TRIALS HAVE REVEALED SOME INDISCRETIONS IN TRANSACTIONS OF A FEW BANKS.  THESE HAVE IN TURN GIVEN CREDENCE TO REPORTS OF THE PHILIPPINES AS AMONG THE TOP 15 COUNTRIES IN THE WORLD SUSPECTED AS HAVEN FOR MONEY LAUNDERING.

WE CAN ONLY LET THIS NEGATIVE IMAGE AT THE EXPENSE OF OUR ECONOMY.  WE NEED TO ACT WITH DISPATCH TO REPAIR THIS IMAGE OF OUR BANKING SYSTEM.

FOR THIS PURPOSE, I AM GIVING MY FULL SUPPORT TO THE SPEEDY IMPLEMENTATION OF THE BANGKO SENTRAL OF THE PHILIPPINES OF THE RECOMMENDATIONS OF THE FINANCIAL ACTION TASK FORCE ON MONEY LAUNDERING.  THESE MEASURES INCLUDE STRICTER COMPLIANCE AND CRITERIA IN CUSTOMER IDENTIFICATION, RECORD KEEPING, REPORTING OF SUSPICIOUS TRANSACTIONS AND INTERNAL CONTROL OF BANKS.

I AM CONVENING LEGISLATIVE EXECUTIVE DEVELOPMENT ADVISORY COUNCIL.  ONE OF ITS MAIN AGENDA IS HOUSE BILL 878 OR THE NEW CENTRAL BANK ACT.  THIS INITIATIVE IS WORTHY OF SUPPORT AS IT STRENGTHENS SUPERVISORY CAPABILITY OF BANKO SENTRAL NG PILIPINAS AND PROMOTES GREATER STABILITY IN THE BANKING SYSTEM.  IT GIVES BSP EXAMINERS ACCESS TO DEPOSITS OF MORE THAN P50 MILLION BELIEVED TO BE USED IN RELATION TO FRAUD OR IRREGULARITY.

IN OUR SERIOUS EFFORTS TO COMBAT MONEY LAUNDERING, LET ME ASSURE THAT WE ARE WARY OF POSSIBLE EXCESSES AND ABUSES AGAINST THE RIGHTS OF DEPOSITORS.  THUS, WE WILL MAKE SURE THAT ADEQUATE SAFEGUARDS AGAINST ARBITRARINESS ARE IN PLACE IN THESE LEGISLATIVE INITIATIVES BEFORE THEY ARE FINALIZED AND PASSED INTO LAW.

I SEE THE RCBC AT THE FOREFRONT OF THE BUSINESS SECTOR IN FACING THE CHALLENGES OF GLOBALIZATION AS A KEY PLAYER IN OUR BANKING INDUSTRY IN THIS MILLENNIUM OF GLOBALIZATION.

WITH THE CHALLENGES PRESENTED TO US, WE NEED TO MAXIMIZE OUR COMPETITIVE EDGE IN THE FIELD OF INFORMATION TECHNOLOGY.  WE NEED TRANSPARENCY AND A LEVEL PLAYING FIELD TO FREELY COMPETE IN TODAY'S GLOBALIZED ECONOMY.  WE NEED A ROBUST BANKING SECTOR TO HASTEN OUR ECONOMIC RECOVERY AND SUSTAIN OUR GROWTH MOMENTUM.

WHEN I WAS SENATOR, I AUTHORIZED SOME IMPORTANT ECONOMIC LAWS OF THE RAMOS ADMINISTRATION THAT HELPED THE COUNTRY RESIST THE WORST EFFECT OF THE CURRENCY CRISIS THAT HIT THE ASEAN REGION.  ONE OF THE LAWS WAS THE LIBERALIZATION OF THE ENTRY AND SCOPE OF OPERATIONS OF FOREIGN BANKS IN THE PHILIPPINES.  ANOTHER LAW I AUTHORIZED WAS THE SPECIAL ECONOMIC ZONE ACT.  PAVED THE WAY FOR THE DESIGNATION OF RCBC PLAZA AS AN INFORMATION TECHNOLOGY ZONE -- THE FIRST IN THE COUNTRY.  AND I CONGRATULATE RCBC FOR THAT AS WELL.  (APPLAUSE)  IN EFFECT, CERTAIN I.T. RELATED BUSINESSES LOCATED HERE AMY AVAIL OF INCENTIVES OUR GOVERNMENT OFFERS.

MECHANISM SUCH AS THESE HELP SPUR DEVELOPMENT ESPECIALLY I N THE NEW ECONOMY NOW SWEEPING THE GLOBE.  WE CANNOT BE LEFT BEHIND OR OUR PEOPLE WILL LOSE OUT IN THE STRUGGLE FOR A BETTER LIFE.

I THEREFORE CALL UPON THE LEADERS OF THE BUSINESS COMMUNITY, THE LEADERS OF THE FINANCIAL COMMUNITY TO PROVIDE A BUSINESS CLIMATE THAT WILL BE CONDUCTIVE TI OUR NATIONAL DEVELOPMENT GOALS.  WE NEED INVESTMENTS, WE NEED SAVINGS MOBILIZATIONS, WE NEED TRANSPARENCY IN THE BANKING AND FINANCIAL SECTOR, AND WE NEED GOOD CORPORATE CITIZENSHIP AND SOCIAL RESPONSIBILITY.

WE LOOK TO OUR STRONG BANKING SECTOR TO HELP PHILIPPINE BUSINESS RISE ABOVE OUR CURRENT ECONOMIC DIFFICULTIES AND WIN FOR OUR PEOPLE THE REWARDS OF GLOBALIZATION.  MAY OUR PARTNERSHIP AND COOPERATION BECOME STRONGER IN THE COMING YEARS SO THAT WE CAN BRING ABOUT THE PEACE AND PROSPERITY THAT OUR PEOPLE HAVE LONG ASPIRED FOR.

THANK YOU AND CONGRATULATIONS RBCB. (APPLAUSE)