of the housing microfinance product as a type of microfinance loan is important as it will enjoy the same incentives as regular microfinance loans. among others, housing microfinance does not require collateral and documentary requirements are much simpler. in other words, this housing microfinance addresses the usual barriers that the poor face in accessing housing finance. there are also built - in incentives for creditor banks. for instance, housing microfinance loans are eligible as alternative compliance to mandatory credit allocation to agrarian reform and other agricultural credit. in addition, housing microfinance loans shall have an assigned riskweight of as low as 0 % ( zero ) when guaranteed by the home guarantee corporation or a 50 % risk - weight if it is not guaranteed. nevertheless, even as we work to promote housing microfinance, risk management features are embedded in the product design for banks follow. this includes the use of cash flow analysis to determine the clients ’ ability to pay and requiring a good track record as a microfinance client. in this connection, the bsp entered into a memorandum of agreement with hudcc last month to set the standards and criteria for the accreditation of banks that can go into housing microfinance. under this moa, banks that wish to participate in this particular housing microfinance should first be accredited by hudcc and the dbp to confirm if they are following the features approved by the bsp. other banks that want to provide housing microfinance under a different scheme should get bsp ’ s prior approval. the ideal market for this product are microfinance clients who have proven their creditworthiness to their banks. with about three million active micro - borrowers, the market for housing microfinance looks promising indeed. i am confident therefore that we will see a significant increase in affordable housing finance that caters to the needs of the poor in a sustainable and non - subsidized manner. let us therefore congratulate those who worked with dedication on this housing microfinance product that will empower microentrepreneurs to improve their quality of life and productivity through affordable housing. on this happy note, i thank all of you for joining today ’ s launching of the housing microfinance. mabuhay ang microfinance housing program for the poor! maraming salamat sa inyong lahat.

which are intended to institute agricultural financing reforms, including the expansion of the list of projects and activities that may be financed through bank loans or investments, and broadening of the modes of alternative compliance. in closing, let me leave you with these take - aways. i believe that philippine economy remains in a position of strength and has built ample buffers to weather volatilities and uncertainties in the global environment. while the philippines is poised to remain among the fastest - growing economies in the region and in the world, having foresight and being wary of the risks and challenges in the horizon, dictate that we should not be lulled into complacency. it remains prudent that we balance our optimism with a certain degree of caution. we assure you that we at the bsp will endeavor to stay ahead of these domestic and external developments and ensure that its monetary policy framework and policy agenda remain responsive to the very fluid economic environment. we likewise remain focused on our purpose and steadfast in pursuing continuity, preserving our credibility, and in staying committed to undertake bold reforms and continued improvements in carrying out our mandates of price stability, financial stability, and efficient payments and settlements system. this way, we can truly fulfill our role in navigating the country towards a 6 / 7 bis central bankers'speeches charted path of sustainable and inclusive economic growth. again, it is a pleasure to be here this morning. salamat at mabuhay tayong lahat! 7 / 7 bis central bankers'speeches