temporarily increased by nok 20 per barrel, or a little less than usd 3 per barrel. this is a small change, well within normal variations from one year to the next. the central government ’ s net cash flow from petroleum activities would then increase by around nok 16 billion the first year and nok 20 - 22 billion the next. this corresponds to almost 2 per cent of norway's annual gdp. if the increase in the cash flow is taken into the economy through higher expenditure or reduced taxes in the central government budget, aggregate domestic demand will be affected. higher expenditure requires an increase in the public sector's use of real resources, primarily labour. two per cent of gdp is then a substantial figure. if the increase in petroleum revenues is used domestically, this would correspond to almost all the annual growth in the mainland economy in a normal year. if the private sector of the economy is also expanding, and the economy is already close to its capacity limit, this policy would swiftly lead to strong pressures on economic resources. this would result in a rise in wages and prices. this policy would also lead to unstable conditions in the foreign exchange market. when oil prices then fell again and central government expenditure dropped, the economy would experience a very strong contraction. the government petroleum fund was established in 1990 with a view to safeguarding long - term considerations in the use of petroleum revenues. the idea behind the petroleum fund is that the cash flow from an increase in the oil price should accrue to the fund and be invested abroad and that the increase in the oil price should not affect the wider budget. thus, rather than affecting the domestic economy, the increase in the cash flow would be invested abroad through the petroleum fund. similarly, a fall in the oil price would not affect the domestic economy, but would result in lower accumulation of foreign assets. by building up the fund, the aim of ensuring that several generations will enjoy the benefits of our petroleum wealth is also taken into account. in march 2001, the fiscal guideline and new guidelines for monetary policy were introduced. the guideline for fiscal policy implies that the central government budget deficit shall be equivalent over time to the expected real return on the government petroleum fund. the new guidelines for economic policy received broad support in the storting. the guideline specifying that only the real return on the petroleum fund is to be used means that the capital in the fund is not depleted. the capital in the petroleum fund will increase as long as there is

growth in the investment market. the key is to fortify the foundations that will facilitate entry into the formal financial system. this will encourage active participation, and in turn serve as building blocks for a robust investment market. in recent years, the bsp has taken the necessary steps to ensure that it will be easier for filipinos, especially the unbanked and underserved, to be financially included by leveraging on technology. as you can see from the slide, we have three regulatory initiatives serving as pillars of the 1 / 4 bis central bankers'speeches inclusive digital finance ecosystem, namely : ( 1 ) democratization of account ownership ; expansion of networks of low - cost touchpoints ; and ( 3 ) efficient retail payment system. allow me to discuss each one. democratization of account ownership it is essential to ensure that anyone, regardless of economic or social standing, is capable of owning a transaction account. a transaction account serves as the gateway to financial services. with it, a user can store funds and electronic payments then eventually avail of more products such as credit, insurance, and investments. in fact, we issued the policy on the no - frill basic deposit account ( bda, circular 992 ). the bda framework eases requirements of account ownership by reducing opening costs, eliminating maintenance fees, and paring down documentary requirements to the bare minimum. likewise, our amendments on anti - money laundering rules aim for wider adoption of streamlined and risk - based kyc procedures. bsp - supervised financial institutions ( bsfis ) can offer a restricted account to micro - entrepreneurs and informal sector workers without a primary id card. amendments also allow reduced, deferred, and technology - based kyc ; thus expediting onboarding of the unbanked. expansion of networks of low - cost touchpoints complementing these efforts is the expansion of networks of low - cost touchpoints. our policy on cash agent operations ( circular 940 ) enable accredited third - party establishments, such as pharmacies and convenience stores, to perform basic banking operations. these function as familiar and highly accessible transaction channels, as well as bridge cash - based and digital transactions. there is clearly public appetite for account ownership – bda ownership as of first quarter 2020 increased to 4. 64 million from 428, 000 in 2018. during the pandemic, over 4 million new accounts were opened via digital platforms, along with new online sign - ups and app downloads for digital financial services ( dfs