addition to celebrating financial literacy month 2007, we are here today to celebrate the inaugural event of the greater washington, d. c., chapter of the jump $ tart coalition for personal finance. the coalition is a national leader among organizations that work to improve the personal financial literacy of students from kindergarten to the university level. in particular, through its biennial survey of high school seniors, jump $ tart has brought increased attention to the issue of financial literacy among youth in the united states. the results of the surveys, which have shown that students'financial knowledge is often much less extensive than we would like, remind us of the need for continued efforts to help all students – as well as adults – obtain the skills they need to navigate today's increasingly complex financial markets. this new chapter of jump $ tart has joined forces with over fifty individuals, businesses, and not - for - profit, educational, and government organizations, including the federal reserve board, to increase knowledge about personal finance among schoolchildren and young adults in the greater washington, d. c., region. the federal reserve is strongly committed to jump $ tart's mission and to working closely with the local washington, d. c., chapter – as it does with the other jump $ tart chapters around the country through its reserve banks and branches – to help achieve this mission. finally, i would like to take this opportunity to express my appreciation of the teachers and staff of wilson senior high and the administrators of the washington, d. c., public school district here today. it is your hard work and dedication to these students that will help guide them toward successful futures. there is no higher nor more worthy objective than preparing our young people for fulfilling and productive lives. to the students of wilson senior high, i wish you the best of luck in the future, and i especially want to congratulate the seniors who will be graduating at the end of this term. lastly, a special thanks to the greater washington, d. c., chapter of the jump $ tart coalition and their partners for their continued support and commitment to furthering the financial education of our youth. thank you.

that opportunity. as part of the bsp ’ s tradition, we set aside a day at the early part of each year to celebrate our friendship with around 300 members of the country ’ s banking community. while the pandemic has prevented us to gather in historic fort abad like we did last year and the years before technology has allowed us to actually make history today as we interact with each other in a virtual platform for the first time. best of all, we are now able to expand this venue of camaraderie to include thousands more of our colleagues, partners and stakeholders — kayong mga kababayan natin na kasama natin ngayon sa facebook live. from our usual friends from the banking and diplomatic communities, we are now joined by youth groups and coalitions, msmes and fintech groups, and various non - government and industry associations. 2 / 5 bis central bankers'speeches salamat sa mga social media platforms, kasama namin kayo ngayon habang patuloy nating ipinagdiriwang ang tradisyong ito. such, indeed, is the beauty of digitalization. with a gadget and an internet connection, a regular person is able to do more with a few clicks or taps — anytime, anywhere. it saves that person valuable time, allowing him or her to spend it on more important matters. digitalization is among a few things that helped us continue with our daily lives during the pandemic. imagine the risk of exposure if one had to physically pay bills and buy food, medicines, and other essential supplies. it is a good thing that the country had been gradually embracing financial technology even before the pandemic hit. for me, it prepared us for the worst. in 2020, the volume of pesonet transfers surged to 15. 3 million, up by 376 percent year - onyear. on the other hand, the value of pesonet transactions rose by 188 percent, year - on - year, to reach nearly 951. 6 billion pesos — equivalent to about 5. 3 percent of the country ’ s gdp. in the same period, the number of payments made through instapay reached 86. 7 million, up by 459 percent year - on - year. said transactions were valued at 463. 4 billion pesos, which was a 340 - percent increase year - on - year. this amount of instapa