signature of president rodrigo duterte. when signed into law, the fcpa will provide protection to consumers of financial products and services — including those delivered via digital channels. specifically, the fcpa requires financial service providers to adopt and implement information security standards to ensure the safety and protection of the financial transactions and data privacy of their clients. the bsp has also created an internal technical working group to proactively address cybersecurity concerns on financial transactions and data privacy of their clients. the bsp has also created an internal technical working group to proactively address cybersecurity concerns on financial transactions and consumer complaints. among the tw g functions is to coordinate with law enforcement agencies, relevant government authorities, and other stakeholders on cybersecurity management, prosecution of scammers ; and prevention of cyber - related threats and scams. lastly, t he bsp continues to implement a digital literacy program ( dlp ) to increase public trust and confidence in the digital financial ecosystem and encourage the massive usage of digital 2 / 3 bis central bankers'speeches financial services. as the bsp continues to champion financial digitalization initiatives, everyone is called to join this journey of transformation. let us work together in building an economy that is characterized by a robust, secure, and resilient digital financial infrastructure, with tech - savvy consumers and an innovation - embracing public sector. these collaborations among various stakeholders are what we envision in platforms such as alibaba cloud ’ s sandbox program. together, let us continue the financial digitalization journey toward a resilient and inclusive future. thank you very much. 3 / 3 bis central bankers'speeches

better than cash alliance study released in december 2019, the estimated total monthly volume of digital transactions grew by more than 20 times from 2013 to the end of 2018, with the increase driven by payments made by individuals. the bsp is encouraged by these numbers and expects the percentage of payments transactions done digitally to reach 50 percent by 2023. you may also already know that the bsp has fully supported the passage of ra no. 11055, which established the foundation for the development of the philippine identification system or philsys. the adoption of verifiable and unique digital identities could pave the way for a broader participation in the financial system, as it will be easier to open accounts and apply for financial services. the bsp is mindful that the openness in the financial services industry and the ease of access to products will not by itself lead to inclusiveness. the risks to the customers and investors and service providers alike are higher if products and modes of delivery are not well understood. forging trust in the financial services industry is necessary and these can be achieved by promoting financial literacy and consumer protection. this is why the bangko sentral advocates these complementary initiatives. educating investors 4 / 6 bis central bankers'speeches for two years now, the bsp has been organizing financial education expos. in the november 2019 expo themes included responsible financial planning, becoming good financial role models, stock market investing, and mainstreaming financial education in school curriculums. the bsp has consciously targeted the younger population in order to inculcate early on, the value of saving and knowledge on money and finance. we have partnered with the department of education more than once and has supported private sector programs geared at developing tools for the delivery of important messages. as our economy continues to grow and such growth translates into higher incomes for consumers, the challenge is to make sure the consumers imbibe the discipline of saving and that they are armed with the proper information so that they can eventually migrate into retail investors. consumer protection now i turn to our other advocacy, which is consumer protection. while the underpinning principle is very simple – – not to take undue advantage of users of financial services – – it has taken on many dimensions because of developments in products and service delivery. for instance, the use of technology has added another layer of risk to transactions with customers. a client could have issues on data privacy, security, or those relating to simple downtimes in systems. the bsp has issued sets of