more comprehensive and responsive manner. to us at the bangko sentral ng pilipinas, this is good news indeed. as one of several core organizations in the banking sector, bmap ’ s continuing advocacy for banking reforms and for strengthening consumer information and protection …. is certain to strengthen our partnership in working toward a responsive and globally competitive banking system. with the economy on the rise and savings rate on the upswing, this is the perfect time for bmap members to take the lead in ensuring that marketing of bank products and services are done in accordance with the good governance tenets of fairness, accountability and transparency. you and i know a bad egg can unfairly spoil and soil the well - guarded reputation of banks. it is imperative therefore that bmap does its share in policing its own ranks in accordance with the standards set in your brainchild that is the “ service code for consumer banking in the philippines. ” this is the only way we can sustain public confidence in the banking system. as bmap itself said : “ bank - client relationship is based on mutual trust, and fair banking practices produce optimum results for both parties. therefore, adherence to high service standards remains to be the primary concern of members of the banking industry. ” i hope therefore that bmap will sustain its efforts in providing truthful, useful information, and responsive service to its clients. i am pleased to note that some of our recommendations are being implemented by some banks. for instance, several atm machines now indicate its fees before a transaction is initiated. i hope that within the year, we would see all atm machines doing the same. as a public service, i also recommend that all banks and its branches prominently display in their premises the names and contact details of bank officers they can call or write to for concerns that remain unattended. i say this because the bangko sentral ng pilipinas has been receiving more and more complaints against banks which do not respond to their queries or request for clarification. ladies and gentlemen of the banking community. listen to your clients …. take care of them … fulfill the promise of service you gave them when you marketed your products and services. you have it in you to facilitate the deepening of our capital markets by nurturing public confidence in the banking system. economic trends to anchor your marketing efforts, i will give you a brief overview of our economy in general and our banking sector in particular. as you all know, our economy

benjamin e diokno : banking as a " going concern " in the time of pandemic speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the celebration of association of certified public accountants in public practice ’ s ( acpapp ), accountancy week, manila, 14 july 2020. * * * to the officers and members of the association of certified public accountants in public practice ( acpapp ), under the leadership of national president anita c. rodriguez, good afternoon. i hope everyone is staying healthy and safe throughout this time. i am pleased to join you today in celebration of acpapp ’ s accountancy week as you rise in solidarity, stand in the gap, and work as hard amidst this covid - 19 pandemic. for cpas in public practice, it is ensuring that the opinions expressed on financial statements are reflective of the true state of the business. the “ going concern ” assumption of cpas is being used by investors and the public in making important decisions. this principle assumes that during and beyond the next fiscal period, a reporting entity will complete its current plans, use its existing assets and continue to meet its financial obligations. simply put, there is no doubt that business entity will go on, and if i may say it casually, exist indefinitely. the covid - 19 pandemic is posing threats to economies and financial systems around the world, including the philippines. this challenge the principle of “ going concern ” in several businesses across different industries. but we are confident that the banking system will emerge from this crisis standing strong. this is all because of the reforms implemented over the years reflecting the lessons learned in the 1997 asian financial crisis. today, i will talk about the state of health of the philippine banking system amid the crisis. next, i will discuss the extraordinary measures that the bsp has implemented to ensure the liquidity of the system and the continuous flow of credit to the economy to support households and firms — including the micro, small, and medium scale enterprises. i will then talk about the developments on the use of digital platforms, and how digital payments have surged as a consequence of the pandemic. i will then discuss the potential risks in the financial system. in the concluding section, i will then leave you iwth some takeways. the philippine banking system is in a strong financial position going into the crisis. the