is the essence of your theme : “ leveraging capabilities and synergies for banking excellence. ” i see baiphil scaling up its role within the banking industry. you can serve as the dragon boat drummer, be the heartbeat of the industry thru trainings, calibrating coverage and content to what is needed most at any point in time. and baiphil ’ s role should continue to go beyond addressing gaps in technical skill sets. it is important for baiphil to broaden and deepen its coverage of human behavior, values, ethics, and the need to maintain financial integrity at all times. in particular, baiphil can address the need to cascade governance standards across banks to levels below directors. and through baiphil, the banking industry stands to benefit even more, from having global experts you can learn from and benchmark with, in your conferences and training courses. ladies and gentlemen. it has been said that we can have a good future only if we prepare ourselves today. we need the cadence and rhythm of a dragon boat to navigate uncertain waters that challenge stability and the pursuit of excellence. under its new set of officers, i am confident that baiphil will continue to be a positive force in the banking industry. mabuhay ang baiphil at ang ating banking industry! mabuhay ang ating mahal na bansang pilipinas! mabuhay po tayong lahat! maraming salamat! bis central bankers ’ speeches

grow the business and provide the impetus to improve processes that will be at par with global standards. there are still challenges that we must hurdle in order to harness the opportunities of the asean cis. there is a proposed cis bill that is currently under review by congress. the bill is intended to level the playing field by providing a regulatory framework for all forms of collective investment schemes through the elimination of existing differences in the regulatory treatment among 3 / 6 bis central bankers'speeches different forms of cis. the bsp recognizes the value of pursuing both of these objectives. sustainable finance the asean is likewise committed to the promotion of green, social, and sustainable finance. through the asean capital markets forum, asean standards on green bonds, social bonds, and sustainability bonds have been issued. the recent issuances of bonds in the philippines bearing the label of the asean green bond standards is a welcome development as the asean strives towards greening the financial market. there is a huge demand for bonds that are either green, social, or sustainable. thus, the working committee on capital markets development of the asean, where bsp is a member, conducts roadshows that will foster coordination of prospective issuers and investors. while the initiatives in the capital markets are led by sec, the bsp fully supports the sec as well as works with other government agencies following a whole - of - government approach. it subscribes to the principle that financial regulation can be a useful tool to contribute to the achievement of national and international environmental objectives. the bsp has undertaken capacity building and awareness campaigns, and is due to issue a circular on environmental and social governance. moreover, the bsp hopes to obtain the support of fmap in considering this asset class in your investment portfolios. other than direct support to sustainable finance initiatives, the bsp has also embarked on important complementary efforts that would encourage more participation in the capital markets — by issuers, investors, and intermediaries. technology as enabler while globalization brings countless opportunities, the immense power of technology can magnify outcomes. in fact, the bsp has supported the use of digital solutions in pushing forward financial inclusion. in this regard, the bsp has provided strong support for enabling infrastructure and standards for interconnectivity. one of the most important perhaps is the national retail payment system ( nrps ) framework, which aims to provide direction in carrying out retail payment activities in a safe and efficient manner. the nrps has been transformative. according to the