and • on financial market infrastructure, this too is very much work - in - progress. do any of these really matter? if we are going to talk about asean integration, we certainly need to have a thriving market that can connect and compete with the rest of the region. while many jurisdictions in asean – and asia for that matter – remain bank - centric, the pressure on the banking books needs to be mitigated when 15, 20 and 25 year loans are generated from a funding base largely made up of savings deposits. the gapping risk is significant and the global focus on liquidity risk makes this issue even more stark. bis central bankers ’ speeches but being bank - centric cannot be taken independently of the other financing alternatives. while we have 262 publicly - listed companies with a market cap of usd 279. 5 billion, the average for the rest of asean - 5 is 612 listed companies with a market cap of usd 406. 9 billion. our gs turnover ratio of 0. 49 is also lower than the average for the rest of asean - 5 which is at 0. 69. the lower trading activity could be attributed to several factors. the net effect however is that we have less liquidity in the secondary market and with that comes our challenges with benchmarks. renewed reform agenda ladies and gentlemen, the numbers are available for everyone to see. but beyond the figures, i trust that today ’ s forum is a call to action, highlighting where we are and what needs to be done. from today ’ s proceedings, allow me to offer my own thoughts on four issues. first, the capital market development blueprint is our guidepost in terms of three facets : price, volume and infrastructure. we strive for price discovery to develop a robust yield curve. we should do this by trading on exchanges or electronic platforms, premised on government securities that have depth across the curve. we should also be unrelenting in upgrading the financial infrastructure to ensure competitive and efficient markets, enhance market discipline and protect investors. second, asean integration of capital markets provides both investors and issuers new opportunities. we can only effectively reap these opportunities by ensuring that our own market is competitive. thus, the challenge is to appreciate what needs to be done, first for our market but with an eye towards the regional market. this agenda is massive because we need to focus on trading and post - trade infrastructure ( from ccps to csds, to sss, trs ) to applying established standards (

eli m remolona : going the extra mile for financial inclusion speech by mr eli m remolona, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 2024 cerise + sptf annual meeting, manila, 5 june 2024. * * * introduction sec ( securities and exchange commission ) commissioner javey paul francisco, social performance task force executive director laura foose, cerise executive director cecile lapenu, microfinance council of the philippines, inc. chairman gilbert maramba, kabalikat para sa maunlad na buhay, inc. president and bsp ( bangko sentral ng pilipinas ) adviser ed [ uardo ] jimenez, card bank vice chair and senior management adviser dr. dolores torres, guests, ladies and gentlemen, good morning. welcome to the social performance task force annual meeting. we are set for four days. four busy days of training, breakout sessions, and field visits here in the philippines. thank you especially to those who have travelled from afar to join us here today. our theme today is all about going the extra mile to build effective financial inclusion - - a principle we at the bangko sentral ng pilipinas hold dear. let me give you a quick overview of our progress. gateway to financial inclusion in 2015, only 22 percent of filipinos had bank accounts. by 2021, that figure had risen to 56 percent. we see digital payments as a gateway to financial inclusion. these payments have increased dramatically from just 1 percent in 2013 to 42 percent in 2022. this progress was achieved with the help of so many partners. it started with a strategic roadmap - the national strategy for financial inclusion launched in 2015. it was followed by an updated strategy in 2022. the financial inclusion steering committee, which i chair, includes 21 government agencies working together to develop inclusive policies. as you know, for our efforts to work, it is critical to build trust in formal financial services. hence, the bsp has been actively involved in consumer protection. we have worked alongside lawmakers and regulators to enact the financial consumer protection act. 1 / 2 bis - central bankers'speeches moreover, we are developing a consumer protection and market conduct supervision framework. to make the most of financial inclusion, filipinos need to be financially literate. the bsp has set up a financial education partnership framework to extend our reach. our