of transactions are done in cash, to a cash - lite economy, with transactions becoming electronic. this move towards modernization supportive of e - commerce might be of particular interest to business people such as yourselves. on our part, we see the role innovations play in on - boarding currently excluded markets into the formal financial system. 3 / 4 bis central bankers'speeches but there is still much to be done. we count on you, rcm to help us in our financial inclusion efforts to collaborate with us towards maintaining a more stable, conducive and stronger business environment. i am confident that the returns on this, far from just being financial or proprietary, will be more satisfying and enduring. i end with a simple but powerful quote from deepak chopra “ if you want something, give it. ”. what one gives out, we know, returns somehow. as we work towards society ’ s positive transformation, we do not shirk at the possibilities of being at the receiving end. thank you for your kind attention. 4 / 4 bis central bankers'speeches

nestor a espenilla, jr : returns speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the joint meeting of the rotary club of makati with the rotary club of makati north, makati city, 29 august 2017. * * * mr. conrado dayrit, rotary club of makati ( rcm ) president, president dennis pe ( rcm north ), president carol mercado ( rcm premier district ), rcm officers, members, guests, ladies and gentlemen, magandang hapon po sa inyong lahat. thank you for the opportunity to keynote this meeting co - sponsored by rcm north. i would like to begin with the word, “ returns. ” in this group of distinguished businessmen and professionals, it could readily mean “ return on investment ” — a financial metric indicating efficiency of a commercial venture. at the same time, to this same group of community builders and philanthropists, “ to return ” could also mean, “ to give back ” and to work for society ’ s improvement and welfare. in this regard, rcm deserves commendation for its active engagement in public - spirited projects since its establishment in 1966. rcm understands that businesses operate more successfully when society and its needs are considered. it knows that commerce fully succeeds in a society that is also successful. the reverse is also true. we at the bangko sentral ng pilipinas share this belief. established for the public interest, we believe in first – providing a conducive business environment through promotion of price stability ; banking and financial stability ; and the operation of an efficient and reliable payments settlements system. we also have come to believe in, second, working for greater financial inclusion so that economic development and progress would be truly meaningful. i would like to think of the bsp and rcm as partners in these two shared goals. a positive environment for investment the bsp cannot guarantee businesses ’ a return on their investments. as you know, this is a function of many factors such as prudent management, quality of customer service, innovation, location, supply and demand and so on. the bsp ’ s task is to work for a better and more stable operating economic landscape for commerce, banking and finance. in that regard, i ’ m pleased to note, the numbers are quite positive. and my commitment as