a total of 1, 350 participants in 9 regions across the country. our advocacy program is aimed at encouraging potential practitioners from the banking, cooperative and ngo sectors, as well as establishing links with corporations, foundations and international organizations that could lend support to existing microfinance institutions ( mfis ) by way of technical assistance and other capacity development needs. all of these initiatives underscore bsp ’ s strong commitment to promote the development of microfinance. concluding remarks let me just point out that although the bsp ’ s mandate is to focus on the banking sector, our involvement in microfinance extends beyond the banking community. we are also interested in working with other microfinance practitioners and organizations, such as ngos and credit cooperatives, so that together we can ensure the long - term viability and sustainability of microfinance. possible areas for collaboration include the transformation of non - bank mfis into banks, development of a uniform set of standards, and the promotion of best practices for sustainable operations within banks, ngos and cooperatives. it is vital that we pool our resources if we are to achieve progress in this crusade against poverty. on that note, i would like to wish everyone a pleasant day and a meaningful discussion ahead. thank you.

rafael buenaventura : central bank of the philippines ’ commitment to microfinance keynote address by mr rafael buenaventura, governor of bangko sentral ng pilipinas ( central bank of the philippines ), at the 2nd international forum on microfinance, inafi - philippines, quezon city, 25 august 2004. * * * it is my pleasure to be invited to deliver this keynote speech in this 2nd international forum on microfinance sponsored by inafi philippines. i welcome this opportunity to share with you the progress that we have achieved thus far in promoting microfinance in the banking sector. in year 2000, the bsp took up the challenge of promoting the development of sustainable microfinance. since then we have focused on creating an enabling regulatory policy, supporting training and capacity building, drumming up support from potential practitioners, and strengthening working ties with other institutions for a broader microfinance network. through these various initiatives, the banking sector has been able to directly contribute to the growth of sustainable and viable microfinance institutions. in our own little way, we have been able to make a positive transformational impact in the fight against poverty. translated into numbers, the banking system has so far provided a total of p2. 9 billion microfinance loans to 485, 136 micro - borrowers as of end - may 2004. all in all, we have 2 microfinance - oriented thrift banks, 4 microfinance - oriented rural banks and 115 rural and cooperative rural banks with some level of microfinance operations that finance the credit requirements of the entrepreneurial poor ( e - poor ). we anticipate further expansion in microfinance activities in the banking sector judging by the applications for microfinance - oriented banks that are currently in the pipeline, and by the number of banks that have expressed their intention to set up branches for their microfinance operations. even as we strongly encourage the establishment of more microfinance - oriented banks, our focus is not merely confined to statistics. we also aim to provide the appropriate policy and regulatory environment for continued viability and sustainability of microfinance institutions. without sound financial and credit policies, microfinance can never be an effective intervention for poverty alleviation. with this goal in mind, we are building up on our current initiatives to mainstream microfinance within the bsp and the banking community. bsp microfinance agenda creating an enabling policy and regulatory environment high on the list of bsp ’ s