the p1000 earns a little bit of interest, you recover the p6. that's called positive seigniorage. on the other hand, the coins have a small face value, yet the cost of production is so high. so you're helping us solve this problem. but you're also helping the public because there's a sense of fairness. ayaw ng mga tao ng sukli ay kendi. this is solving problems for everyone. the only question i want to ask myself is, with something as good as this, why did it just come only now? the question is why and the reason is somebody has to think of it. and thank god, enough people thought about it, and now people came together and talked about it, and here we have it! we in the bsp think that [ with ] our investment in the machines plus the creativity of our partners, everyone will benefit. in other words, partial ideas put together can become full - blown ideas that work. 1 / 2 bis - central bankers'speeches i'm very, very optimistic that after a two - year pilot run, we will be able to deploy these machines, and hopefully, i'm quite confident that the benefits will be realized. the lesson from this is : what other things here in bsp could follow this model? and i'm thinking, what about the fact that we are so " dependent " on the p1000 bill because the atm is the best way to distribute currency? banks don't like to put p100 bills in atms because it's very expensive, right? such that the p100 bill tends to just keep circulating [ in the informal economy ] even if it's no longer fit. so, another version of this [ model ] : maybe we will have fitter notes that would use the very principle we used here [ in the coin deposit project ] and find the very same partners we have here. when we think this way and work together this way, we, together, can do a lot of things. thank you very much, and good afternoon. 2 / 2 bis - central bankers'speeches

amando m tetangco, jr : bancnet 25th anniversary speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the bancnet 25th anniversary, makati city, 24 july 2015. * * * i am delighted to be with you tonight to celebrate bancnet ’ s 25th anniversary. silver anniversaries are always important. you have come so far, and the future beckons with exciting opportunities. and so, happy anniversary and congratulations to all the members, officers and staff of bancnet. from the point of view of the bangko sentral ng pilipinas, there are many reasons for you to celebrate. let me cite a million reasons why : • 113 member institutions as of end - 2014 represent an atm cardholder base of over 73 million. by march this year, the number had increased to nearly 78 million cardholders. • the high volume of switched transactions reached almost 500 million in 2014 or an average of 1. 36 million transactions per day. with the on - going integration of megalink into bancnet, you are creating a unified atm switch network in the philippines. finally, this is happening. these are significant milestones indeed but the story is not complete. our eyes are now set on creating a national retail payment system or nrps and bancnet should be part of this grand journey. what is nrps? well, nrps envisions filipinos to have easy access to financial services and have accounts to make payments, and receive or transfer funds to other accounts anytime, anywhere, at a reasonable price from any digital device. efficient retail payments contribute to the stability and efficiency of the financial system and the economy as a whole. studies have shown that shifting from paper based to electronic - based payment system can generate an annual savings up to 1 % of gross domestic product ( gdp ). how can this potential market impact your business? based on country diagnostics conducted by the better than cash alliance ( btca ), of which the philippines is a member, filipinos make about 2. 5 billion payment transactions per month worth us $ 74 billion, but only 1 % are transacted electronically ; 99 % of the transactions are paid either in cash or checks. nrps will allow us to start reversing this ratio. in other words, you have the option to have a bigger slice of this huge