confluence of factors such as demographics, technological advancements, solid macroeconomic fundamentals, plus the government ’ s commitment to provide an enabling policy framework to ensure sustainable and inclusive growth. the private sector, equipped with the resources, business acumen and networks to support sustainable business and innovations are in a unique position to make things even better … to engage in acts of generativity that can uplift the quality of life of all filipinos. generativity : we are what survives us erik erikson, the psychoanalyst that coined the term, “ generativity ” had a powerful insight : “ we are what survives us. ” generativity is creating the very future. in the bsp, this is our goal. first, we envision and are committed to a future of greater economic resilience ; of continued price stability ; banking and financial stability ; and an efficient and effective payments settlements system …. we envision continuity in the implementation and soundness of macroeconomic policies, banking and financial reforms, regulations and initiatives that were carefully put in place years and decades ago. in addition to this, we envision even more. when i became governor, i articulated my plans in the phrase, “ continuity plus plus. ”... this refers to the goal of greater, widespread and felt financial inclusion ; of a cash - lite society where we can leverage on digital technology and innovation in the delivery of financial services and products ; of deeper capital markets ; and of targeted fx reforms that make cross - border business easy. foremost in the bsp ’ s plus - plus agenda is financial inclusion. despite the gains reported by the economy, 1 in 5, or 21. 9 million filipinos were considered poor in 2015. five percent of our working population is unemployed as of october 2017. a lot more are under - employed. 2 / 4 bis central bankers'speeches the bsp believes that for progress to be meaningful, more must be included in the workings of the financial system. we advocate broad based growth through financial inclusion. in 2015, statistics showed that 43. 2 percent of adults save money, but less than a third of the savings are kept in banks. we need to harness the power of technology to expand the reach of affordable and efficient financial services. the bsp supports banks ’ responsible fintech innovations considering their link to financial inclusion, as well as the resultant efficiency in delivering and supporting financial transactions. the bsp is driving the upgrade of the country ’ s payment

' speeches processing, distribution and trading! while there will, no doubt, be rich business opportunities as new markets are tapped by new tools and technology, the ultimate goal is to reach the unbanked and underserved populace. jack ma, founder and executive chairman of alibaba said the goal of “ fintech or techfin is to rebuild the system with technology … to solve the problem of a lack of inclusiveness. ” this is clearly generativity in action, both in terms of the psychological need to build beyond oneself, but also in terms of how techonology can produce and influence new ( and hopefully productive and positive ) behaviours. how auspicious! how exciting! we, at the bangko sentral ng pilipinas invite you to share our enthusiasm. thank you for your kind attention. 1 coined by the psychoanalyst erik erikson in 1950. 4 / 4 bis central bankers'speeches