felipe m medalla : digital payments transformation - the key to financial inclusion speech by mr felipe m medalla, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the gcash digital excellence awards 2022, manila, 30 november 2022. * * * mr. ernest cu, president and ceo of globe telecom ; ms. martha sazon, president and ceo of mynt - globe fintech innovations ; colleagues from government ; and partners in digital transformation, good afternoon. thank you for inviting me to the gcash digital excellence awards 2022 where we recognize government units and agencies that have successfully harnessed digital technologies to ensure the safe and efficient delivery of public services. it is unfortunate that i cannot join you in person but know that i share in your joy and celebration for tonight's event. after all, this is very close to our heart and the work that we do at the bangko sentral ng pilipinas ( bsp ). not only do we believe that digitalization will increase efficiency and improve governance, but we also see it as a way to expand financial inclusion. in fact, promoting inclusive digital finance is the first objective under the national strategy for financial inclusion 2022 - 2028. we have come a long way in our digital finance transformation journey. we began with the test - and - learn approach in the early 2000s. back then, the financial system was dominated by banks. but gcash, along with other service providers, offered an alternative domestic money transfer scheme in the form of e - money [ electronic - money ]. in 2015, the bsp launched the national retail payment system framework, which gave birth to what we now know as pesonet and instapay. in 2020, we launched the digital payments transformation roadmap 2020a€ “ 2023, which sets out our two goals : first is to digitalize at least half of the volume of retail payments ; and second is to onboard at least 70. 0 percent of filipino adults to the formal financial system. i am pleased to report that we are on track to achieve - or even possibly exceed - these twin goals. as of end - 2021, 30. 3 percent of total retail payments were already digital. 1 / 3 bis - central bankers'speeches driving digital payments growth in recent years were ( i ) payments by persons to merchants ; ( ii ) fund transfers between two persons ; and ( iii ) salary

opening remarks to finance and expenditure committee. adrian orr, rbnz governor 24 november 2022 ref # x954866 v1. 8 tena koutou katoa it is good to be with you this morning to present our november monetary policy statement. i ’ m joined by assistant governor / general manager of economics, financial markets and banking, karen silk, and our chief economist paul conway, and i acknowledge our other monetary policy committee ( mpc ) colleagues some of whom are with us today or watching online. today we are here to outline our most recent monetary policy statement and the reasoning for our ocr decision. to provide the best context possible for the committee ’ s decision i will refer briefly to the reserve bank ’ s recently published review of our monetary policy actions over the five years endedseptember 2022. 1 the review – undertaken in conjunction with the board of te putea matua and peer reviewed by two independent international experts – is a legislative requirement. it is also a timely requirement from the committee ’ s perspective. over the period reviewed, the global and new zealand economy has experienced historically significant economic shocks, in large part due to the covid - 19 pandemic and exacerbated by russia ’ s invasion of ukraine. policymakers, including the reserve bank ’ s monetary policy committee, are currently dealing with the significant and ongoing implications of these shocks. our monetary policy statement is our most recent analysis of the economic implications for the new zealand economy. on behalf of the committee, we are sorry that new zealanders are being buffeted by significant shocks and inflation is above target. as we ’ ve said before, inflation is no one ’ s friend and causes economic costs. 2 we also want to reaffirm the committee ’ s determination and confidence we will return annual inflation to within our 1 to 3 percent target range. the review highlights several lessons that we are adopting, and we are continuously learning as things evolve. _ _ _ _ _ _ _ _ _ _ _ _ https : / / www. rbnz. govt. nz / monetary - policy / about - monetary - policy / rafimp https : / / www. rbnz. govt. nz / hub / news / 2022 / 07 / monetary - policy - review as our chief economist paul conway explained when we released the review with the benefit of 100 percent hindsight : the committee would have had to lift the ocr to around 7 per cent in early 2020 to have