retrieving it [ are straightforward ]. it turns out, it is one of the most exciting because of what technology has done. i distinctly remember the mb interviewing the applicants. there was one applicant that impressed us the most. my first reaction is : " here is an engineer who does not sound [ like ] an engineer. " he has developed the communication skills and the ability to interact with others that are not learned in the school of engineering. some of my brightest friends who cannot get along with others are engineers. i distinctly remember that, [ dg ] mert [ tangonan ]. through pcms, we now have a better understanding of how payments and currency management interplays with digital payments and demand for physical cash, and their various implications on monetary policy and other core functions of the bsp. for instance, [ in ] the last two or three meetings, i pointed out that actual demand for base money - cash in circulation that is not deposited with us - has been consistently below the lower end of our projection. what is clear from my point of view, although this still has to be verified, is that it is digital progress that explains that divergence. let me now go to roas. through roas, we better understand the importance of strategic communication in the effective delivery of our mandates, the role of the regional offices and branches in [ promoting ] financial literacy and education, as well as the need to engage our primary stakeholders. through our regional branches, we can improve currency distribution by bringing the central bank closer to the communities that it serves. of course, it [ setting up branches ] also raises our costs, but we are a public - sector corporation. clearly, pure profit is not our objective. if we can raise our profits but, if [ in ] the way of doing so, we allow the quality of bills to deteriorate, we have not really succeeded. we have not really improved. of course, as my colleagues in the mb have said, we need better metrics to 3 / 5 bis - central bankers'speeches precisely find out to what extent the costs are higher because the quality is higher. in our household, if it is more expensive, it is actually better. [ in ] my way of talking to my wife, " it is okay to spend your own money because i will die ahead of you. " moreover, our branches support our clean note and coin policy program by streamlining unfit currency and having good programs for replacement and

associated with the use of international “ switch ” to connect the three networks. moving forward, our goal is to have further improvements so that we will have a remittance system based on transparency, efficiency, security and fair prices. the second challenge for our banks is to help in the national effort to encourage overseas workers and their beneficiaries to channel a higher percentage of their money to deposits and other productive activities possibly linking this to microfinance and small enterprise lending. as other speakers mentioned earlier, there is a full range of banking services that can be offered to overseas workers and their families. in line with its ongoing advocacy programs, the bangko sentral is undertaking a nationwide financial literacy campaign to help channel remittances to development activities and to promote a culture of saving among ofws and their families. the financial literacy program emphasizes the importance of savings and introduces the participants to alternative opportunities for their remittances, such as placements in financial instruments and investments in business ventures. in summary, the philippine central bank ’ s initiatives to further improve the environment for overseas filipino workers ’ ( ofws ) remittance flows will continue to be anchored on five principles, namely : 1. enhancing transparency and promoting competition in the remittance market to lower remittance charges ; 2. improving the country ’ s payments and settlement systems to facilitate faster, safer and more efficient transfer of funds to beneficiaries ; 3. improving access to financial services ; 4. encouraging ofws and their families to increase savings and investments ; and 5. promoting advocacy programs to cultivate financial literacy among ofws and their families. ladies and gentlemen. the bsp recognizes the valuable contribution of ofws in expanding the foreign exchange available for meeting the economy ’ s requirements, as well as the efforts of institutions that help improve the remittance environment, including remitting banks, private remittance companies, and other government agencies. we are therefore looking forward to a fruitful exchange in this meeting of the wsbi to help us provide better, faster and more cost - efficient services to our overseas workers who have helped empower our countries to grow at a healthy rate, on a more sustained basis. may you have a successful conference and a happy stay in our country. thank you all and mabuhay!