city was once an epicenter of the pandemic : we were hit early, and we were hit hard. the virus spread rapidly, leading to widespread hospitalizations and a devastating death toll. during the initial months of the pandemic, one out of five jobs in the city disappeared. in the restaurant industry in particular, 70 percent of jobs were lost. other industries, such as retail and even health care, experienced outsized losses as well. 1 / 2 bis - central bankers'speeches two years later, we've seen great progress toward a recovery. the most recent data show that well over two - thirds of new york city's job losses have been reversed. still, areas of the new york city economy, especially those dependent on visitors and office workers, continue to struggle and are lagging the nation in recovery. despite the challenges, there is palpable energy and momentum propelling us into the future. now that our focus is on the recovery, we must create an equitable future for all residents of this city. we must make sure that all of the people who live, work, or own a business here have a chance to succeed. it is essential that we build a stronger foundation so that everyone can fulfill their economic potential, both here in new york and around the nation. that's why it's critical that we prioritize tackling some of the city's biggest problems, including poverty and inequality, and issues in areas such as infrastructure and transportation. these issues are not new ; they existed long before the pandemic. and there is no simple or single solution to solve them. but as we plan for a better future, we must understand how new york's challenges have evolved since march 2020 and how they are playing out in the current environment. with that knowledge and awareness in mind, we can chart the path forward. the new york fed's role this brings me to our conference today. the new york fed is proud to play a role in connecting and convening leading policy influencers, stakeholders, and thinkers from across the city and around the country. our goal in hosting events like these is to be a catalyst for collaboration and creative solutions. the panelists we'll hear from today will help us accomplish just that. they each have a deep understanding of the issues, a familiarity with the communities, and many innovative ideas to share. the topics on the agenda complement the work that many people do in this very building

benjamin e diokno : financial inclusion - a social mandate speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 2019 finex conference, manila, 11 october 2019. * * * esteemed members of the financial community, it is my pleasure to give this keynote address at your 2019 conference. your theme “ riding on the opportunities of the next digital wave ” is very timely as we are in fact in this wave. it is also very relevant to the topic of this keynote address which is “ financial inclusion as a social mandate. ” the fourth industrial revolution is upon us. this advent of “ cyber - physical systems ” represents new ways in which technology has embedded itself within societies and even our human bodies. it affects many aspects of business, society, and even day - to - day life in a significant way. in fact, technology is now in the hands of everyone. who among you remember the car - based mobile phone service of pldt in the mid - 80s? this technology, which was available to only a few in the 80s, has now grown to 124. 2 million mobile connections in the philippines. today — because of digitalization — anyone with a smartphone and internet connection can easily access information about almost anything under the sun in a matter of seconds. many of these technological advancements are now part of our day - to - day reality such as online streaming, electric vehicles, emv chip cards, and social media. however, despite favorable developments due to technology, many challenges persist. there is uneven access and the people who should benefit the most from new technologies are the ones who are still left behind. we see a similar gap in terms of the state of financial inclusion in the country. those who are in most need of financial products and services are the ones who are mainly unserved and underserved. based on the 2017 financial inclusion survey, only 23 % of filipino adults have a formal account. only 48 % of adults save, but 7 in 10 savers keep their savings at home. of the 22 % of filipino adults who avail loans, 4 in 10 do so through informal sources. as such, it is necessary to bring the unserved and underserved into the national economy. the signing into law of republic act ( ra ) no. 11211 of 2019 amending the bsp charter elevates financial inclusion and its complementary objectives of financial