Two-Week Course on "Early Warning Exercise"/September 30 to October 11, 2013/Singapore

July 5, 2013 BLGF MEMORANDUM CIRCULAR NO. 073-13 TO : All BLGF Central and Regional Officials and Personnel, and All Others Concerned SUBJECT : Two-Week Course on "Early Warning Exercise"/September 30 to October 11, 2013/Singapore For the information and guidance of all concerned, attached is a copy of the Memorandum dated June 26, 2013 of Director Lourdes Z. Santiago, Central Administration Office and Head, PCDC Secretariat, Department of Finance, regarding the invitation of IMF-Singapore Regional Training Institute (STI), inviting this Bureau to nominate a candidate to attend the seminar mentioned therein. HDAECI The Central and Regional Directors of this Bureau are hereby instructed to take note of the above and disseminate the contents of this Circular to Bureau Staff and others concerned. (SGD.) SALVADOR M. DEL CASTILLO OIC-Executive Director ATTACHMENT Department of Finance MEMO FOR : All Heads of DOF Offices/Bureaus and Attached Agencies ATTENTION : Scholarship Committee DATE : June 26, 2013 FROM : Director Lourdes Z. Santiago Head, PCDC Secretariat SUBJECT : Two-Week Course "Early Warning Exercise"/30 September to 11 October 2013/Singapore This is to inform that this Department has been invited by the IMF-Singapore Regional Training Institute (STI) to nominate a candidate to the above-mentioned course. This course aims to broaden the participant's understanding of macroeconomic and financial vulnerabilities by familiarizing them with the analytical frameworks used by the International Monetary Fund (IMF) to assess vulnerabilities and how the IMF designs policies to attenuate them. The course provides an overview of the IMF's role in the IMF-Financial Stability Board (FSB) Early Warning Exercise (EWE). Drawing upon the latest work of the IMF, the course presents the tools used in the Vulnerability Exercises for Advanced and Emerging Market Economies (VEA and VEE, respectively) to identify risks and vulnerabilities in individual countries. The course discusses the design of policies for dealing with macroeconomic and financial vulnerabilities identified in the early warning and vulnerability exercises. This seminar is targeted at mid- to senior-level officials from central banks and government agencies dealing with the assessment of macroeconomic and financial risks and vulnerabilities and policy responses designed to ameliorate them. The IMF-Singapore Regional Training Institute (STI) will cover expenses related to travel and accommodation, and provide a per diem allowance for the duration of the course. Given the tight schedule for the travel and administrative arrangements, please have the nominees complete an online application form via web address https://www-ins.imf.org/ons/SignOn.aspx?pkey=ST13.27 by 17 July 2013 . The Sponsor's Certification Form should be completed and sent to Ms. Elizabeth Teo, Senior Programs Executive of IMF-STI, by email [emailprotected] or by fax (65) 6225 6080, by 22 July 2013. CaAcSE If you have any questions about the course, please feel free to contact Mr. Clinton Shiells, Deputy Division Chief, Asian Division, IMF's Institute for Capacity Development (ICD), who is in charge of coordinating the course. He can be reached by email at [emailprotected] and please copy furnish your message to [emailprotected] . Other available foreign trainings and seminars may be viewed through the DOF intranet link: https://sites.google.com/a/dof.gov.ph/dof-intranet/general-information/sample_list (SGD.) LOURDES Z. SANTIAGO Director IV, Central Administration Office and Head, PCDC Secretariat WASHINGTON, D.C. 20431 Facsimile Number 1-202-623-4661 June 25, 2013 Honorable Amando M. Tetangco, Jr. Governor of the International Monetary Fund for Philippines Bangko Sentral of Pilipinas Apolinario Mabini St. cor. P. Ocampo St. Malate Manila 1004 Philippines Dear Governor: I am pleased to inform you that the IMF's Institute for Capacity Development (ICD) will offer a two-week course entitled "Early Warning Exercise," at the IMF-Singapore Regional Training Institute (STI) during September 30-October 11, 2013 . We invite you to nominate officials from your agency to attend this course. This two-week course is presented by the ICD in cooperation with the IMF's Strategy, Policy, and Review Department. It aims to broaden the participants' understanding of macroeconomic and financial vulnerabilities by familiarizing them with the analytical frameworks used by the IMF to assess vulnerabilities and how the IMF designs policies to attenuate them. The course provides an overview of the IMF's role in the IMF-Financial Stability Board (FSB) Early Warning Exercise (EWE). Drawing upon the latest work of the Fund, the course presents the tools used in the Vulnerability Exercises for Advanced and Emerging Market Economies (VEA and VEE, respectively) to identify risks and vulnerabilities in individual countries and the potential for system-wide disturbances, including between advanced and emerging countries. The course discusses the design of policies for dealing with macroeconomic and financial vulnerabilities identified in the early warning and vulnerability exercises. The course proceeds in the following steps: The Fund's Early Warning Exercises I: Basic Analytics. This segment presents the basic analytics and process of the Fund's EWE in terms of objectives, coverage, inputs, and main outputs. Data, methodologies, and econometric models of country vulnerability are presented and discussed. TSHIDa The Fund's Early Warning Exercises II: Analysis of Spillover Effects. This segment presents models for spillover effects and systemic risk analysis and scenarios for spillovers between advanced and emerging economies, including across banking systems. The coverage concludes by presenting pre-crisis estimates for emerging Asia and other emerging market economies. Policy Lessons: The course concludes with a presentation of lessons learned from the application of early warning and vulnerability exercises to the global financial crisis, including for the design of macroeconomic and financial policies to ameliorate the risks and vulnerabilities identified by them. The Institute would like to target this two-week specialized course at mid- to senior-level officials from central banks and government agencies dealing with the assessment of macroeconomic and financial risks and vulnerabilities and policy responses designed to ameliorate them. We would greatly appreciate it if you could nominate four officials from the Philippines to participate in this course, as well as a stand-by candidate in the event that a principal nominee is unable to participate. Please note that not all candidates will be accepted for this course. We will select the nominees based on their qualifications and experience. The STI will cover the expenses related to travel and accommodation, and provide a per-diem allowance for the duration of the course. Given the tight schedule for the travel and administrative arrangements, we would need to have your nominations by July 17, 2013, at latest. Please have your nominees submit an online nomination at the following web address to https://www-ins.imf.org/ons/Signon.aspx?pkey=ST13.27 . The Sponsor's Certification Form should be completed and sent by July 22, 2013 to Ms. Elizabeth Teo, Senior Programs Executive of the STI, at [emailprotected] or faxed to (65) 6225 6080. She can be reached by telephone at (65) 6225 5311. Mr. Clinton Shiells, Deputy Division Chief of Asian Division, ICD, is in charge of coordinating the course, and if there are any questions, he can be contacted by e-mail at [emailprotected] . Please also copy your message to [emailprotected] . We look forward to your country's participation in this course. aSAHCE Yours sincerely, (SGD.) Sharmini Coorey Director Institute for Capacity Development IMF-Singapore Regional Training Institute Sponsor's Certification Form