provided with the necessary information for them to adequately assess fund performance. as we actively move towards a more digital society, i call on the fmap and its memberinstitutions to embark on and accelerate your own digital transformation journeys. digitalization can reduce distribution costs and make financial transactions faster and more convenient. financial institutions can also employ digital means to serve several clients simultaneously, thus expanding reach. the bsp has issued the sustainable finance framework, which advocates for the integration of sustainability or “ environmental, social, and governance, ” or esg, principles into the operations of supervised institutions. while the formal framework is specifically geared toward banks, we strongly encourage fund managers to consider environmental and social risks in your operations as well. esg investing is a principles - based strategy that can provide long - term favorable financial 2 / 3 bis central bankers'speeches returns. i invite the members of the fmap to adopt esg principles in your product offerings and investment strategies. some fund managers already offer esg funds, with three related uitfs currently available in the domestic market. these had an aggregate aum of 633. 8 million pesos as of september 2021. there are several more esg funds under development. given the strong value proposition of esg - related financial products, the bsp expects fund managers to be diligent in ensuring that your chosen investment outlets adhere to the esg investment standards. this entails sufficient evaluation of the issuers ’ sustainability - related commitments. moreover, funds that are marketed as esg products should have adequate disclosure on sustainability goals and impact. as responsible actors in the sustainable finance space, your promotion of investor protection is of the utmost importance. in closing, let me extend my well wishes to the new officers of the fmap. may you live up to the confidence placed in you by the membership. as the bsp continues to enhance the regulatory framework, i count on the fmap and its leadership to be effective partners in fostering increasing digitalization and sustainable finance. together, we can achieve more inclusive and sustainable financial markets! thank you and mabuhay tayong lahat! 3 / 3 bis central bankers'speeches

flows to emerging markets, resulting from the highly accommodative monetary policies in advanced economies and the prospective exit from highly accommodative monetary policies. and we exchanged views on the policy responses in emerging markets. in our discussions on the lessons from the euro area crisis we recognised the different approaches to regional integration in asia and the euro area, for example, as regards objectives and the underlying institutions of cooperation and decision - making. a key lesson from our crisis is that institutions must take into account the degree of regional integration. in the euro area, we have made big advances in strengthening the institutional framework of our economic and monetary union – with the banking union being the most important one. we have also seen significant progress as stressed countries have adjusted their policies at the national level. but there is no room for complacency. policy efforts both at the national and the european level need to be sustained. we also exchanged views on the need for bis central bankers ’ speeches regional financial safety nets when regional financial integration is high. both regions have mechanisms in place, namely the european stability mechanism and the chiang mai initiative multilateralization, although they differ in terms of design and instruments. bis central bankers ’ speeches