of the economy include low competition, poor contract enforcement, and burdensome regulation resulting in widespread informality. 4 current momentum for structural reform in mexico is a welcome development as the reforms include some measures that may tackle inhibitors of productivity in key sectors of the economy. the transformation agenda encompasses several areas, including labor, education, financial intermediation, telecommunications, and energy. the legislative changes incorporate deregulation in the labor market, the protection of creditors ’ rights, and the exposure of sectors to competition where the entry of private participants is either completely banned, such as in most areas of the energy sector, or restricted to different degrees, such as in telecommunications. as regulation improves and obstacles to competition diminish, higher efficiency may emerge in related areas, with eventual benefits for the consumer in terms of higher quality and lower prices for goods and services. it is worth noting, however, that as with any other structural change, the intended benefits depend crucially on the quality of the rules and their adequate implementation, so that participants view the new framework as clear and reliable. in particular, secondary legislation is pending for the energy, telecommunications, and financial system reforms, and these norms need to facilitate participation and competition. we should also recognize that, although a revival of private investment may occur in sectors such as energy in the not - too - distant future, productivity effects and eventual consumer benefits will likely become evident only over the course of several years. the economic outlook in the year beginning in the 2012 third quarter, the mexican economy underwent a process of deceleration. the main factors behind slowing gdp growth were weaker export demand from all regions, including the united states, and a contraction in domestic investment, largely driven by deterioration in construction. shrinking construction, in turn, reflected reduced public expenditures associated with the change in administration, and lower private housing investment linked to major developers ’ financial problems. since the middle of 2013, there have been signs of an economic upturn. gdp grew in the third quarter and continued to expand in the fourth, though at a much slower pace. a source of improvement has been more dynamic exports as the u. s. economic recovery has gained steam, and lately the normalization of public expenditures. consumption apparently continued to grow in the fourth quarter, as suggested by the performance of service production and retail sales. the labor market provides other encouraging indicators. formal employment has maintained a positive trend and the unemployment rate has fallen to its lowest level since 2009, even though it remains above pre -

existence and benefits of services and facilities, and when these are accessible in a convenient and cost - effective manner, they are more likely to use such services. increasingly, “ virtual ” presence and access enabled by digital channels has become a viable platform for access to services and needs to be harnessed accordingly. overall, presence and accessibility enhance prospects for mobilisation of financial resources, and effective demand for housing finance and other beneficial loan products ; ultimately leading to increase in social welfare, as well as the broadening and growth of economic activity. i should, therefore, acknowledge that, currently, botswana building society has offices and branches in francistown, gaborone, kasane, lobatse, maun, selibe phikwe, serowe ; and now palapye, in addition to twelve automated teller machines ( atms ) countrywide. more significantly, bbs has and continues to invest in various corporate social responsibility projects worth millions of pula. among these projects are a school library in letswai primary school in zutshwa ; computer labs at marapong and mowana primary schools in the central and north east districts, respectively, as well as building new ablution facilities and upgrading old ones at molapowabojang primary school. these investments in educational facilities will go a long way in contributing towards good education for our children and this is to be applauded. on that note, let me conclude by indicating that it is my expectation that patronage and use of financial services will increase because of this new branch. thus, with relevant business strategies by botswana building society, as well as facilitative policy environment, this branch will foster and sustain financial inclusion and, in turn, the attendant benefits of productive saving and use of finance, access to payments services, and broadly, enhanced economic activity. i implore you all, palapye residents, the surrounding areas and beyond, to use bbs and other financial institutions in your area, to save ; to access and use credit wisely, for the benefit of your families and sustainable development of the country. it is now my honour and privilege to declare the bbs limited palapye branch officially open. i thank you for your kind attention.