is a financial literacy session for microfinance clients and beneficiaries of the government ’ s conditional cash transfer ( cct ) program, many of whom are unbanked. the sessions are designed to enhance their capacity to manage resources and make wise financial decisions that would eventually benefit their household, their community, and eventually the larger economy. these sessions are conducted in partnership with our department of social welfare and development, the lead administrator of our cct program. indeed, we continue to view multi - stakeholder partnership as an important strategy to facilitate the expansion and deepening of our financial system. moving forward, we see the value of collecting evidence and data that conclusively affirms what we believe to be true : • that access to financial services empowers households to better manage their resources and improve the quality of their lives ; and • that broad - based access to finance and financial inclusion support financial stability and facilitate inclusive growth. aside from anecdotal evidence, it would be ideal to have metrics that will give us solid data on how we are doing and how we can make things even better. to implement this commitment, we will engage various institutions in further consultations... to develop a national financial inclusion strategy. with a unified vision, synergy of action and complementarity of initiatives, we should make financial inclusion a reality across our country. our ultimate goal is to provide every filipino the opportunity to benefit from having access to appropriate financial services. ladies and gentlemen. we are here because we share the same vision : to fight poverty and improve lives across the world. let us therefore leverage on each others ’ competencies and expertise by forging effective partnerships, and moving in unison toward our common goal of poverty reduction, financial inclusion and inclusive growth. together, we can cover a lot of ground. once again, i welcome all of you to the philippines for the 2013 microcredit summit on partnerships against poverty. thank you! and as we say in the philippines : mabuhay! bis central bankers ’ speeches

##sos if necessary. on top of this was the bsp ’ s 20 billion pesos remittance to the national government as advance dividends. an important aspect of bsp ’ s financial sector regulatory interventions are the micro, small and medium enterprises ( msmes ) and the informal sector which are among the most vulnerable in this pandemic. msmes generate two - thirds of our country ’ s employment and represent 99 % of the total number firms. to stimulate bank lending to the sector, the bsp has included new msme loans as part of 1 / 3 bis central bankers'speeches the banks ’ compliance with the reserve requirements. we also issued temporary reduction in the credit risk weights of current loans to msmes, and the assignment of a zero risk weight for msme exposures that are covered by guarantees from the philippine guarantee corporation ( philguarantee ), the agricultural guarantee fund pool ( agfp ) and the agricultural credit policy council ( acpc ). the bsp likewise lengthened the period of relief on the reporting of past due and non - performing loans of borrowers affected by the covid - 19 to december 31, 2021 from the original timeline of march 8, 2021. these measures are designed to free up bank resources to expand their msme loan portfolio. meanwhile, the national government under the bayanihan to heal as one act launched key programs to support the adverse impact of the pandemic on msmes and informal sector. these included the p205 billion social amelioration program covering informal sector workers, the p51 billion wage subsidies for employees of small businesses ; a p1. 2 billion guarantee fund for msme loans under the philguarantee ; and soft loan program for msmes under the dti and acpc ( p2 billion ). all these measures supported the country ’ s survival and containment response geared to keep the economy afloat amidst the crisis. the first round of immediate response was primarily about winning the war. that was act one. with the government now preparing to lift movement restrictions, we are moving to act two where we are called to rebuild for the post - covid world. the pandemic has revealed and brought urgency to necessary reforms around public health, social safety nets, disaster response, and countryside development. but what reinforces all these reforms is the digital imperative. there is no arguing that the new economy is digital. our aspirations for a more inclusive and prosperous post - covid world necessitate putting