donald joshua jaganathan : digitization of remittances for migrant workers in malaysia welcoming remarks by mr donald joshua jaganathan, assistant governor of the central bank of malaysia ( bank negara malaysia ), at the project greenback 2. 0 kota kinabalu dinner, kota kinabalu, 3 november 2018. * * * yang berbahagia datuk yeo boon hai, datuk bandar, dewan bandaraya kota kinabalu, dr. firas raad, country manager for malaysia, world bank group, it is a pleasure for me to be here this evening. on behalf of bank negara malaysia, i would like to express my appreciation to dewan bandaraya kota kinabalu for hosting project greenback 2. 0 in this beautiful city ; our project partner, the world bank, for your continued support and commitment to this important initiative ; and to all of you who are gathered here today, for your hard work and dedication to ensure the project achieves its objectives. i am also delighted that we have representatives from bangko sentral ng pilipinas and bank indonesia with us tonight. migrant remittances and project greenback 2. 0 mr. juan somavia, the former director general of the international labour organization based in switzerland once said “ migrants are an asset to every country, where they bring their labour. let us give them the dignity they deserve as human beings and the respect they deserve as workers ”. malaysia is a land of opportunity for many. close to 1. 8 million foreign workers, men and women, have left their loved ones behind to earn better income here. for many, they are simply chasing the “ malaysian dream ”. often, the money they send home is a critical lifeline for their families. malaysia is also a major remittance sending country to other asean nations. last year, migrant workers in malaysia sent 2 billion usd to indonesia and the philippines alone. for the recipient countries, these funds lifted many households out of poverty. in a way, they also supported the countries ’ socio - economic developments. a new game plan : digitalisation as gateway to greater financial inclusion this is where our work in project greenback 2. 0 comes in. we started project greenback here in sabah 8 months ago, with a new game plan – digitalisation. we considered the following factors – around 70 % of the migrants here work in the agriculture and plantation sectors ; they are scattered across the remote areas ;

amando m tetangco, jr : celebrating freedom and responsibility speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 117th anniversary of philippine independence, guam, 26 june 2015. * * * i am deeply honored to be with you here in guam to celebrate the 117th anniversary of the independence of the philippines. this is a time of reflection. a time when we look back to honor the people who dedicated their lives to secure our freedom as a nation. a time to remember the significant events that define us as a people and as a nation. indeed, we must celebrate, commemorate, and value our heroes and their legacy of freedom. we are happy to note that this is well recognized by the government of guam with the proclamation signed by gov. calvo declaring june 2015 as philippine independence month. this brings me to the subject i wish to share with you tonight. in the philippines, we are working on developing an economy where growth is sustained, balanced and one that promotes inclusive growth. growth that improves the quality of life. growth that empowers. growth that breeds financial independence among our people similar to what you have here in guam. indeed, with the freedom to set our own course, the philippines is on track to achieve sustained long - term growth. among others, we have registered 16 years of uninterrupted economic growth. and time and again, the philippines has demonstrated a level of resilience that can withstand the effects of global financial distress or the devastating impact of natural calamities. in 2013, for instance, central philippines was struck in succession by a 7. 2 magnitude earthquake and by typhoon haiyan, considered the most powerful storm to make landfall in recorded history. thousands died, millions were adversely affected, properties and infrastructure were destroyed and heritage sites ruined. nevertheless, with overwhelming outpouring of international support, including from guam, and with growth momentum on our side, our economy still expanded by 7. 2 %, the second highest in asia, next to china. the bangko sentral ng pilipinas – which is the philippine central bank - plays a crucial role in laying the appropriate foundation to help keep our economy growing. in line with our mandate, the bangko sentral works on providing an operating environment where stability is the hallmark of price movements and the financial system. the objective is to create conditions that are