, amendments to the bsp charter allows the bsp to issue its own securities. the bsp has also expanded its crises surveillance and monitoring toolkit. to name a few, we have the bank distress index, which is used to identify potential banking crisis episodes in the country ; the philippine composite index of financial stress, which is used to measure the degree of financial stress across markets ; and the early warning system on currency crisis and on debt sustainability. likewise, in terms of supervision, we continue to review and align our financial regulations and policies with international standards to enhance risk management and ensure the competitiveness of our banks in view of the asean integration. we intend to further develop our macro - financial surveillance capability by improving coordination and cooperation with other government agencies and regulators. with the rapidly evolving technology and payments landscape, our policy stance in supporting responsible fintech innovation remains anchored on three core principles : 1 ) regulations must be risk - based, proportionate and fair. 2 ) there should be an active multi - stakeholder collaboration. 3 ) regulations must ensure consumer protection. accordingly, please allow me to mention some key policy initiatives that we have implemented : we updated the bsp ’ s regulatory framework on the operation of money service business to enhance the customer due diligence expectations and re - balance the objectives of financial integrity and financial inclusion. we also established a framework for regulating virtual currency exchanges which subject them 3 / 4 bis central bankers'speeches to registration, minimum capital requirements, internal controls, and regulatory reporting, among others. at the same time, we recognize that digital finance delivered through mobile technology alone cannot reach everyone. this is why we have also issued regulations that enable cash agents to provide improved “ last mile ” delivery of financial services to the unbanked and under - banked among our countrymen. needless to say that the bsp is committed to the effective discharge of its mandates and policy thrusts — foremost of which is maintaining price stability — to contribute to the country ’ s favorable growth narrative. maintaining price and financial stability, as well as an effective and transparent payments systems, will help foster an enabling macroeconomic environment that is conducive to a sustainable economic growth. on monetary policy, the bsp remains committed to a forward - looking approach to pre - emptively address risks to price stability. in every policy decision that we will make, we will always be guided by the evolving conditions for inflation and outlook, while being mindful of developments in the world economy. on

this effort is also in line with our vision of synergizing efforts and forging more efficient, collaborative mechanisms to achieve the shared financial inclusion objective. i am sure more partnerships anchored in the nsfi are yet to come. from experience, we know that to effectively address challenges of financial inclusion, a multiagency, multi - stakeholder, collaborative approach is needed. this realization is the driving force behind the nsfi on which today ’ s partnership and coordinating efforts are founded. while we are starting with microfinance and mf ngos, we hope to eventually bring on - board, other financial institutions so that the range of available products and services for msmes can be completed. while this is our long term goal, our partnership celebrated today, definitely brings us a step towards greater developments in the current financing ecosystem. we extend our gratitude to our partners and look forward to jointly shaping the future of msmes. let this signing ceremony be the start of a fruitful undertaking! maraming salamat po sa inyong lahat! 2 / 2 bis central bankers'speeches