, the bsp ’ s participation in the green bond fund launched by the bank for international settlements ( bis ). the bsp also implemented the monetary board ( mb ) paperlite facility that resulted in the significant reduction of paper usage during mb meetings. in addition, the bsp installed energy - efficient mechanisms such as solar panels and inverter technology in air - conditioning systems. the bsp is now a member of the network for greening the financial system ( ngfs ), a group of central banks and supervisors organized to enhance the role of the financial sector in managing climate and other environment - related risks and mobilize capital to support the transition towards a sustainable economy. the ngfs membership is expected to strengthen bsp ’ s collaboration with counterpart regulators in building awareness and contributing to the effective management and mitigation of the impact of climate and other environment - related risks in the financial sector. moreover, we have a lot to share with respect to the country ’ s experience in coping with calamities and natural disasters. our recent experience with typhoon ulysses again reminds us that we should act fast and we should act now to address climate change. as a tropical country in the pacific, we should expect more destructive typhoons in the years to come. we have to be critical of our actions and decisions now as they shape the future of the country and the next generations. finally, complementary to the sustainable finance initiative is the digital payments transformation roadmap. the roadmap has these twin goals by 2023. first, driving the share of digital payments to 50 percent of total retail transactions by offering faster, more affordable, and secure payment options that provide greater convenience. second, expanding the financially included to 70 percent of filipino adults by onboarding them to the formal financial system through the use of payment or transaction accounts. the bsp ’ s priority policy initiatives aim to broaden the use of digital payment platforms as well as ensure that these are supported by robust infrastructure and governed by sound data standards. in closing, allow me to reiterate some key points : the banking system is in a strong financial condition going into the crisis. it remains resilient amid the pandemic. supervisory priority areas moving forward include monitoring of asset quality, declining profitability, liquidity and capital positions. financial sector reforms will be important in economic recovery such islamic banking, sustainable finance, and digital transformation as well as the timely enactment of fist and guide. lastly, and most importantly, despite the adverse

general framework is provided by the national strategy for financial inclusion. 2. we shall continue to communicate information to our general public on key economic and financial developments, to guide them properly in making financial decisions. bis central bankers ’ speeches 3. we shall continue to broaden the access of low income households to financial services. 4. we shall continue to address the financial needs of small businesses by allowing them access to bank credit without collateral. 5. we shall continue to ensure that our financial consumers are well - protected against financial fraud. finally, the bsp will continue to push for legislative proposals and issuances that further enhance its implementation of appropriate monetary and credit policies and strengthen its oversight functions in fostering safe, efficient, and reliable financial system. the chart shows the legislative measures by bsp. we are prepared to discuss these with appropriate committees. madam chair and honorable members of the committee on finance, we would like to underscore that our country has achieved significant economic strides in recent years and has shown notable resilience amid global challenges. despite the potential obstacles in the road ahead, we remain optimistic that our country will continue to push forward with appropriate reforms and policies. consistent with the 10 - point economic agenda of the government, we shall continue to build on the progress we have achieved so far while implementing structural changes critical to attain sustained and inclusive growth. thank you very much. bis central bankers ’ speeches