amendments aim to streamline the approval process for uitfs and make it more risk - based. the second provides a common framework for the conduct of accounts review by trust entities. this will help ensure that clients are accorded with the same degree of due diligence regardless of their choice of trustee. the third involves guidelines on the performance measurement of uitfs. this covers the bsp ’ s expectations on the selection of benchmarks for uitfs, based on the principles of fair representation and full disclosure. these three proposed issuances are now under re - exposure or revision as the bsp considers the comments received. other policy issuances in the pipeline include comprehensive investment guidelines that will serve as a guidebook on the investment processes for segregated trust accounts, other fiduciary accounts, and investment management accounts. the bsp is also set to amend regulations on onboarding and the client suitability assessment ( csa ) process. these amendments will help ensure that onboarding procedures are tailored to clients ’ risk profiles regardless of investment mandate. the csa process will also be expanded to capture the client ’ s risk tolerance and financial sophistication. later on, we intend to issue guidance to align the management of uitfs with the international organization of securities commissions ’ principles for the supervision of operators of collective investment schemes. 3 / 5 bis central bankers'speeches personal management trust regulations will also be amended to clarify supervisory expectations on the process by which trust entities establish the trust purpose and dispositive provisions of such agreements. broader regulatory initiatives on a broader scale, the bsp continues to exert efforts toward the creation of a more responsive and inclusive financial system. two priority areas in this regard are sustainable finance and digital transformation. in step with the global community, we have increasingly advocated for the wider adoption of sustainable finance in the philippines. this begins with the integration of sustainability principles into the corporate governance, strategic, and risk management frameworks of our supervised financial institutions. we encourage trust entities to ensure that environmental and social risks are actively considered in your operational risk management systems. the bsp emphasizes the importance of ensuring that funds classified as sustainable are supported by duly differentiated investment strategies. at the minimum, there must be sufficient evaluation of the issuers ’ sustainability - related commitments and the sustainable impact of their products. disclosures regarding sustainable funds should be useful to the decision - making of participants. the objective of investor protection is paramount in this area. meanwhile, digital transformation is essential in

benjamin e diokno : the role of fintech in pump - priming the digital economy in post covid - 19 remarks by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at fintech alliance, virtual, 20 may 2020. * * * thank you, fintech alliance ph, for inviting me to give the keynote speech in this virtual forum on the fintech ’ s role in pump - priming the economy. i would say that this topic is not just timely but also inevitable as we transition to a new economy thrusted upon us by the covid – 19 crisis. renowned for their agility, adaptability and digital fluency, fintechs are uniquely positioned to support the country ’ s bid to shape a new economy that is more resilient, inclusive and technology - enabled. the pandemic has been widely described as unprecedented. others have likened it to a war – decimating the economy and the society in its wake. these are not exaggerated portrayals. the development and budget coordination committee is projecting a worst - case scenario of minus 3. 4 % gdp growth, the deepest contraction since 1985. unemployment rate, from its historical low of 5. 3 %, is feared to go double digit with the looming economic slowdown. an unprecedented crisis calls for unprecedented response. with livelihoods and lives of millions at stake, the national government and the bangko sentral ng pilipinas acted swiftly and boldly. fortunately, we entered the crisis with solid macroeconomic fundamentals which afforded us sufficient fiscal and monetary policy space to do so. the bsp immediately undertook a series of monetary policy and financial sector regulatory adjustments to mitigate the economic impact on people and firms. by march 19, just days into luzon ’ s enhanced community quarantine, the bsp has already made a year - to - date cumulative 125 - basis points policy cut rate. this was shortly followed by a 200 basis points cut in the reserve requirement ratio. we complemented these monetary policy adjustments with other liquidity - enhancing measures, including the temporary suspension of term deposit facility auctions, the reduction in reverse repurchase volume, and purchases of government securities in the secondary market. to support the government ’ s health and fiscal programs, the bsp purchased 300 billion pesos of government bonds under a repurchase agreement with the national government, which can be increased to p500 billion pe