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

benjamin e diokno : launch of the national strategy for financial inclusion 2022 - 2028 message from mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the launch of the national strategy for financial inclusion 2022 - 2028 and financial inclusion logo, manila, 27 january 2022. * * * to the members of the financial inclusion steering committee or fisc ; key stakeholders and partners ; financial inclusion advocates and champions ; members of the monetary board ; esteemed colleagues and guests ; ladies and gentlemen : good afternoon. it is my privilege to welcome you all to the launch of the national strategy financial inclusion 2022 – 2028. when we launched the original national strategy for financial inclusion or nsfi on july 1, 2015, we set out to define what financial inclusion meant in the philippine setting. we laid out the fundamental principles that would guide our vision and action in bringing more filipinos into the formal financial system. we take pride in knowing that through the guidance of the fisc and the contributions of our stakeholders, much has been accomplished in nearly seven years of nsfi implementation. together, we have enhanced the breadth and depth of our outreach to the unbanked and underserved through several initiatives. these initiatives have been instrumental in broadening access to essential financial products and services and, in turn, have uplifted lives by giving the poor the means to protect and grow their livelihoods, improve their well - being, and ultimately, take greater control of their future. through our efforts, having a transaction account, obtaining a loan, investing, and purchasing insurance, are now more accessible to the man on the street, market vendor, tricycle driver, farmer, fisherman, and sari - sari store owner. we have also set the pace for innovation and other critical undertakings, including the implementation of the national id system or philsys, as well as the digitalization of social protection benefits and financial services to the public. however, there is more work to be done. the paramount vision of financial inclusion, after all, is to foster sustainable, broad - based growth that promotes shared prosperity and opportunities. access to financial products and services must not only be broad, but also meaningful in a sense that it opens up opportunities for the man on the street to move up in life. while account ownership grew over the last 4 years from the launch of the nsfi in 2015,