actually grew by 26. 3 percent ( from 991 to 1252 ) between 2010 and 2015 but your branches in 1st to 5th class municipalities grew by 37. 5 percent ( from 304 to 418 ). certainly, the bulk of your branches are still in 1st and 2nd class municipalities but i am encouraged by the expansion elsewhere. what were just 35 branches in 3rd to 5th class municipalities in 2010 are now 73 branches as of end 2015. the numbers may be modest in absolute terms but the pace of growth is not trivial. which brings me back to your conference theme : “ thrift banks : sustaining the momentum for inclusive growth ”. now, a critical question comes to mind - - how can / do thrift banks contribute to inclusive growth? i think with some pragmatism and humility, we would be well - served to “ scope ” the response to this and say that thrift banks play a role in financial inclusion, which promotes inclusive growth. inclusive growth and the role of the thrift banks there are several policy issues which are being considered in the space of financial inclusion. for thrift banks, i think two of these are most relevant. first, we would want to ensure that there is symbiotic relationship between financial inclusion and financial stability. certainly, it defeats our prudential purposes if the attainment of one comes at the expense of the other. here, your expanding footprint strategy is a critical element. as banking services are offered outside of the traditional city - centers, the expectation is that the dynamics between inclusion and stability can very well change. the bsp and the bis are currently writing a paper on the relationship between inclusion and stability to explore the empirical linkages. the preliminary results suggest that information between a bank and its clients as well as the relationship between a bank and other banks in the vicinity do matter. this sounds rather straightforward but the implications on the operations of banks are not simple. in practice, this means each bank must maintain a continuing dialogue with its stakeholders. this kind of transparency is not just “ another disclosure regime ”. rather, it is communication that prevents surprises and allows stakeholders to make informed decisions, avoiding the sharp spikes that often create and / or exacerbate evolving issues. bis central bankers ’ speeches furthermore, banks must be cognizant that stakeholders do look at the localized community of financial service providers. in this day and age of electronic communication and affordable channels, financial consumers demand “ banking services ”, which may no longer

it was because of this that led the bsp and the monetary board here to the new clark city. it is worth noting that the bsp follows a very rigorous set of criteria in selecting sites for its facilities. these standards — which include everything from lot configuration, site conditions, to infrastructural support — are intended to ensure that the bsp ’ s operations are suitably located. after an exhaustive canvass of sites north and south of metro manila, it is crystal clear that the new clark city is the only one that met the requirements of the bsp — with flying colors, might i add. in my previous stint as budget secretary, i was fortunate to have a hand in crafting and implementing the “ build, build, build ” program of the government, which is aimed to usher in a “ golden age of infrastructure ” in the philippines. one of the key elements of that program is the establishment of a new government center on this very location. under the leadership of bcda president and ceo vince dizon, the new clark city is rapidly transforming itself to a resilient metropolis that will drive growth momentum in “ paspas capas ” 1, tarlac, as well as in other nearby provinces in central and northern luzon. 1 / 2 bis central bankers'speeches with the national government administrative center situated just around the corner, as well as the continuing influx of government institutions setting up shop within the complex, the new clark city is also clearly geared towards responsive governance and public service. today, as governor of the bangko sentral, i ’ m gretly honored to lay the groundwork for bringing one of the country ’ s most trusted government institutions to this most vibrant growth corridor. in the memorandum of understanding which we are signing today, the bsp and bcda agree to work hand - in - hand to facilitate the relocation of the bsp security plant to the new clark city, on the plot of land just outside of this tent. once the details of relocation are threshed out, bsp and bcda will formalize its respective commitments under a new memorandum of agreement, which will serve as the implementing document for this purpose. from there, we will work unceasingly to complete the development within the shortest timeframe possible, at the highest level of quality and workmanship. we will explore the various modes of procurement available in order to leverage local and international expertise in the design and construction of the new spc. speaking