less inclined at most income levels to invest in stocks, and black families are less likely to be owners of small business. although it is difficult to draw precise inferences regarding the key factors that have limited minority wealth accumulation, one endeavor should pay off in terms of greater saving by and higher net worth of minority households : increased efforts in financial education. we at the federal reserve have embarked on a program to raise the level of financial literacy in our country, and i believe that similar programs offered by private financial institutions will also yield a high return. thus, i encourage all of you to work to increase the knowledge of your depositors about financial issues. conclusion let me briefly conclude by restating my main points. probably nothing is more critical to the long - run well - being of the u. s. economy than ensuring high rates of productivity growth. productivity growth requires adequate levels of investment. while foreign saving is currently a feasible source of investable resources, it would be more economically advantageous in the longer run if we could raise the amount of household and government savings and close the gap between domestic investment and national savings. within the household sector, the accumulated saving of minority households, relative to their income, appears to be lower than that of nonminority households. in this regard, increased efforts at financial literacy programs can have a positive payoff, especially since at least one source of the minority - nonminority differential is apparently due to lower rates of return earned by minority households.

, bsp will also continue to work on the establishment of rating agencies, highlighting their role particularly in the conduct of banks ’ risk management in addition, we continue to work with congress on the creation of a centralized credit information bureau system to help private enterprises get better access to credit, reduce borrowing costs, and minimize the risk exposures of financial intermediaries. similarly, we will continue to work with market players to widen the investor base for domestic financial instruments. all these reforms require the support and cooperation of the banking sector the bsp therefore takes heart in having in the banking community a responsive partner and support force in shaping the future of our financial system. a special advocacy for the bangko sentral ng pilipinas is our national coin recirculation program. in this regard, we are particularly pleased that tonight, the entire banking sector is expressing its support for this crucial advocacy that stands to benefit consumers, retailers, banks, and the bsp in particular, we are happy that the bankers association of the philippines, the chamber of thrift banks, the rural bankers association of the philippines, the bank marketing association of the philippines, and the philippine retailers association have declared their full commitment to support our coin recirculation program under a memorandum of agreement for this purpose. we are also pleased that archbishop gaudencio rosales of the hugely successful pondong pinoy, our inspiration for our coin program, is here with us to sign a memorandum of agreement for the servicing of its coin deposits. under the adopt - a - parish program of the bankers association of the philippines, there are initially three participating banks : bank of philippine islands, metrobank, and equitable - pcibank ladies and gentlemen, this is definitely a fine way to start the new year : committing to work together for the greater good. indeed, the translation of the final outcome of our reform programs should be sustainable growth and development to the man on the streets, it is jobs and income to the nation, peace and prosperity these are goals we should all work for the cooperation of everyone is of utmost importance. with your continuing support, we are confident of achieving greater gains in reforming and energizing the economic and financial system, as well as in keeping the transmission mechanism of monetary policy in high gear. finally, on behalf of the monetary board and our co - workers at the bangko sentral ng pilipinas, i wish all of you a fruitful, meaningful and a hugely successful new year! mara