benjamin e diokno : launch of the new 20 - piso and enhanced 5piso ngc coins speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the launch of the new 20 - piso and enhanced 5 - piso ngc coins, manila, 17 december 2019. * * * to the members of the monetary board, bsp officers, and our friends from the media, good morning. we received great news last october when the international association of currency affairs or iaca recognized the bangko sentral ng pilipinas for excellence in the currency 2019 coin awards at the biennial coin conference in rome, italy. established in 2007, the iaca ’ s excellence in currency awards program promotes and recognizes excellence in currency production, processing, management, and distribution. as we recall, the bsp ’ s new generation currency ( ngc ) coin series — which includes the 10piso, 5 - piso, 1 - piso, 25 - sentimo, 5 - sentimo and 1 - sentimo — was released in circulation starting in march 2018. this ngc coin series and the coin education campaign were among the top three finalists awarded in the best new circulating coins and best public education program categories, respectively. during the awards ceremony, the iaca cited the enhanced aesthetic, cutting - edge security features, and improved wear and corrosion resistance of the ngc coins. on the other hand, our coin education campaign earned praises for utilizing various communication channels such as nationwide briefings, television, radio and social media, which emphasized that these ngc coins are “ matibay ”, “ maganda ”, at “ mahalaga. ” the bsp is honored to be among the best in the world in coin design and production, and to receive a distinction for the education program that came with the successful issuance and circulation of these coins. aside from the economic value as payment for goods and services, coins play a significant role in a nation ’ s history, often paying homage to filipinos with outstanding accomplisgments or worthy of emulation, celebrating momentous events, and promoting with pride the country ’ s historical sites or natural wonders. coins also reflect a country ’ s cultures and traditions, and are powerful tools of communication and identification as a nation. today, the bsp is proud to present the new 20 - piso coin which will now be the highest denomination in the new

of adults who have transacted with banks are just “ somewhat satisfied ” with their transactions. the average waiting time before being served in a bank is 33 minutes which is twice the waiting time in pawnshops and e - money agents. there is certainly room for you to improve the quality of your services in order to enhance customer experience and satisfaction. they say that technology is changing the way banks do their business. some do not have to ever set foot in a bank branch if they have a fully enabled smart phone. emergence of financial technology companies or “ fintechs ” are also dramatically changing the delivery of financial services in payments and even in the underwriting of credit. while you can use these technologies to your advantage – to improve your efficiencies and value proposition – i believe that the value of person - to - person contact will never fully go away. for instance, if you call a customer service hotline, isn ’ t it that you still prefer to talk to someone rather than hear default call answers from the other end of the line? the point is, even in the face of technology, you can still build on your strength – which is the relationship that you have established with your community. it is possible for technology to enhance relationships rather than replace them. if you are able to effectively nurture the confluence between the two, you will be able to not only increase but also cement your customer base. finally, to be better positioned to serve your clients, always keep in mind that only sound and well - managed institutions can take advantage of new opportunities and have scope for more innovations. promoting financial inclusion should not be at the expense of safety and soundness of operations. this is the reason why the bsp always emphasizes the importance of strengthening your bank ’ s governance structure and institutional capacity, and continuously upholding best practices and performance standards. enabling regulatory environment on the part of the bsp, not only as your regulator but also your partner, we remain committed in providing an enabling regulatory environment that will support rural banks in overcoming emerging challenges and provide you with various opportunities to be more responsive to the markets that you would like to serve. our regulations allow you to partner with non - banks to offer new products and adopt new channels and technology. many of you have already benefitted from establishing partnerships bis central bankers ’ speeches with institutions that can assist you in the delivery of services which before were not offered by rural banks. for example, 39 rural banks have been given the authority to cross