transactions has assumed paramount importance. all the new delivery channels and the various products which while providing convenience of banking services to the customers need necessarily have to incorporate sufficient security features to prevent fraud and misuse while at the same time ensuring ease and efficiency in operation. while the payment industry is alive to the challenge it must be kept in mind that fraudsters are always on the prowl for taking advantages of any chinks in the armour. thus product design, implementation, availability and access to genuine customers should be seen in conjunction with maintaining high security standards on par with not only domestic but international standards as well. this therefore prescribes the need for the industry to continuously engage in dialogue with security, it, legal experts and relevant regulatory bodies and the government to take this process forward of ensuring safety and security of transactions. in this context i would like to bring to your notice the report of the working group constituted by rbi under the chairmanship of shri. g. gopalakrishna, ed, rbi on information security, electronic banking, technology risk management and cyber frauds. the report provides detailed recommendations in areas relating to it governance, information security, it operations, information system audit, cyber frauds, business continuity planning, customer education and legal issues arising out of the use of it. i would urge the industry to pay special heed to these recommendations to continuously improve the safety and security of electronic banking transactions especially those that are payments related. i have been informed that a “ high level group ” with representatives from banks, iba, idrbt and rbi has been set up to oversee the implementation of these recommendations. coming to the safety and security measures related to specific payment products rbi is now looking at enhancing security of card present transactions. you would recall that the use of second factor authentication for all card not present transactions has since been made mandatory. this move has in fact encouraged the use of cards over the internet and has instilled confidence amongst the users that their transactions are being conducted in safe, secured and efficient manner. you may also be aware that a working group constituted by the reserve bank has also come out with recommendations for securing card present transactions through the use of additional factor of authentication. the group has observed that the aadhaar biometric data which is perhaps unique to india could very well serve as the secured additional factor of authentication, which would enable even the available magnetic stripe cards to be made more secured. such a move would also obviate the necessity for switching over to an em

benjamin e diokno : philippines - on the road to economic recovery speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), to members of the tax management association of the philippines, 27 october 2020. * * * a pleasant good afternoon atty. duran and the members of the tax management association of the philippines. thank you for the opportunity to share the bsp ’ s programs aimed at stimulating business activity and help businesses recover from the covid - 19 crisis. we recognize that this engagement is critical because it serves as a platform to discuss the mutually reinforcing role of monetary, prudential, and fiscal policy in the achievement of our shared goal sustainable and inclusive growth. thus, it is my hope that this brief keynote will set the tone for discussions on the design of tmap ’ s plans of action in the coming months. my presentation for this afternoon will be organized as follows : first, i will provide an overview of our current economic and financial landscape. next, i will briefly describe the bsp ’ s covid - 19 crisis response plan. this will be followed by a discussion on some of the bsp ’ s key structural reform initiatives. finally, i will conclude with some thoughts on areas of policy convergence which would be useful for the task moving forward. according to the imf, all countries are facing a “ long ascent ” that is “ long, uneven, uncertain and prone to setbacks. ” the imf projects that the global economy will contract by – 4. 4 percent this year before bouncing back in 2021 and 2022. the philippines has not been spared. the philippines ’ gdp fell by 9. 0 percent in the first half of 2020 after 21 years of uninterrupted growth. but we expect the economy to bounce back next year. in fact, there are early signs of recovery. manufacturing indices have registered an uptick. the pmi improved from a low of 27. 1 in march to 50. 1 in september. the value and volume of production for the manufacturing sector are also showing signs of improvement. year - to - date inflation of 2. 5 percent remains manageable and within the target range of 2. 0 to 4. 0 percent for 2020. the government has maintained its fiscal prudence with a debt - to - gdp ratio below 50 percent. foreign direct investments grew to usd3. 8 billion as of end - july