transactions. 3 / 4 bis central bankers'speeches the scale of the recently launched egov pay facility can be expanded to enable ordinary citizens to digitally pay government taxes, fees, and charges. these measures will not only facilitate continued flow of financial transactions during and post - crisis but will also enhance efficient distribution of financial assistance to beneficiaries aside from furthering the inclusion initiatives of the government. lastly, physical distancing as the new norm, we expect that people would prefer to use electronic payment and financial services than conduct face - to - face transactions. hence, we need to adopt measures to quicken the use of digital platforms to deliver financial services. to expand the reach of digital transactions, we need to increase contactless payment facilities, such as paymaya and gcash, which can be used for transactions in wet markets, retail stores, and public utility vehicles ( jeep, taxis, tricycle, bus ). the adoption of the national qr code standard ( “ qr ph ” ) must be expedited to enable interoperable payments for person - to - person ( p2p ) and person - to - merchant ( p2m ) transactions. the scale of the recently launched egov pay facility can be expanded to enable ordinary citizens to digitally pay government taxes, fees, and charges. these measures will not only facilitate continued flow of financial transactions during and postcrisis but will also enhance efficient distribution of cash assistance to select citizens. in addition, they will push forward financial inclusion. let me conclude my presentation with the following take - aways : first, the covid - 19 pandemic, though a health crisis, highlighted the importance of sound macroeconomic policies. the philippine economy entered the covid - 19 pandemic in a position of strength, brought about by years of structural reforms and prudent macroeconomic management. the crisis has likewise reinforced the need to accelerate digital transformation. for the financial system, the bsp is at the forefront of promoting the use of electronic payment and financial services. nonetheless, we should unceasingly work to improve the use of these innovative digital technologies to support economic activities. second, the immediate challenge is to provide tangible boost to the economy through the right combination of fiscal and monetary measures. having already implemented a host of measures to build upon liquidity and keep companies afloat, the bsp ’ s policy space remains sufficient. the bsp has yet to exhaust the conventional monetary instruments in its tool

solvency 2 review must include a full and frank assessment of the framework that has now been in place for three years. of course, insurers have significantly improved their risk and capital management under solvency 2, and the insurance market is now more resilient and better equipped to cope with financial crises. but these positives must not be allowed to overshadow the questions that need to be asked after such a radical change, particularly about the impact on equity investment and the financing of the european economy, along with issues relating to volatility and complexity. the very fact that we ’ re calling it a “ review ” for 2020 means that, by definition, maintaining the status quo cannot be an option. as the preparatory work gets underway, i would like to see every topic, even the most awkward, raised and dealt with. i urge insurers to play an active role in the consultations and i can assure you that the acpr will make its presence felt in the coming discussions. in this regard, we are naturally supporting efforts by the french treasury and insurers to improve the prudential treatment of long - term equity investments already during the 2018 review. on a topical note, i would add that it is crucial for supervisors to apply all prudential requirements with equal rigour. the string of failures by insurers doing business on the french market under the fps, particularly in construction insurance, is a reminder of the importance of this. the acpr is obviously working hard to deal with this crisis, which is affecting tens of thousands of french policyholders. but the requisite convergence of supervisory practices also needs to become a reality very soon. i know that gabriel bernardino and eiopa are making this a priority. finally, let me be clear : it is unreasonable to apply the new ifrs17 accounting framework right now, given the current state of the discussions. aside from the complexities of creating a european governance framework for these standards, there is also an obvious issue of timing, and fortunately, the iasb appears to be reopening discussions on this. implementing ifrs17, which will be costly and complex, will follow on from implementation of solvency 2, a process that has kept insurers very busy. beyond the question of timetabling, there are major substantive issues. we want an agreement on identifying groups of loss - making contracts. as it stands, the draft is unworkable. we also want to see completion of