of increase in prices will accelerate. the impact of economic activity on prices has been weakening, and this has been a global phenomenon. however, it is uncertain whether this will continue in the future. a sustained narrowing of the output gap may cause a greater - than - anticipated increase in inflationary expectations. this can prompt firms to pass increases in costs, for example, a rise in input prices, on to sales prices. although it is most likely that the rise in prices will be contained, the risk of an upward deviation in prices should nevertheless be kept in mind. v. conduct of monetary policy it has been four and a half years since the bank first introduced the framework of the quantitative easing policy. this policy is unprecedented not only in the history of japan but anywhere in the world. in the spring of 2001, japan faced an economic deterioration and a decline in prices, and concerns about financial system stability intensified. with regard to monetary policy, short - term interest rates were already practically zero percent and the bank could not reduce them further. in response to this situation, the bank introduced the current quantitative easing policy framework, which has two pillars : provision by the bank of ample liquidity to the money market so that the outstanding balance of current accounts at the bank exceeds the amount of required reserves ; and a commitment by the bank to continue with this ample provision of liquidity until the year - on - year rate of change in the cpi ( excluding fresh food ) registers zero percent or higher on a sustainable basis. when there were strong concerns over the stability of the financial system, the bank's ample provision of liquidity, which met financial institutions'liquidity demand, stabilized financial markets and maintained accommodative financial conditions, and thus contributed to averting a contraction in economic activity. this was the case in 2001 - 02 when the disposal of npls at major banks reached its peak and the partial removal of blanket deposit insurance drew near, and in 2003 when public funds were injected into resona bank. the commitment by the bank, together with market participants'expectations for consumer prices, has led them to expect that short - term interest rates will remain at zero percent for some time, and as a result longer - term interest rates have remained stable at low levels. the quantitative easing policy has thus been contributing greatly to the recovery in japan's economy through the bank's provision of ample liquidity and its policy commitment. the effects of the quantitative easing policy have been changing with developments in economic

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,