covid19 pandemic are driving a “ historic and dramatic shift in consumer behavior ” – according to the latest research from pricewaterhousecoopers or pwc. the consulting and accounting firm ’ s june 2021 global consumer insights pulse survey also reported a strong shift to online shopping as people were first confined by lockdowns, and continued to work - from - home. other significant finding from the report that may change the business models of companies is that consumers do not think they ’ ll go back to their old ways of shopping once the pandemic is over. in the philippines, the study conducted by visa also showed that around 70 percent of filipinos who used digital payment channels during the lockdown will likely continue to do so. since the release of the regulatory framework for digital banks in december 2020, a number of 2 / 4 bis central bankers'speeches proponents have expressed interest and actual intent to apply for a digital banking license in the country. as of june 2021, the monetary board ( mb ) has approved the applications of four ( 4 ) banks. the mb approval refers to the first of the three - stage licensing framework of the bsp on the establishment of banks. on march 25, 2021, the mb approved the first application which is from the overseas filipino bank ( ofbank ) seeking to convert its banking license from a thrift bank to a digital bank. on june 3, 2021, the mb approved the applications of ( 1 ) tonik digital bank, inc., for conversion of its rural banking license to a digital bank license, and ( 2 ) unobank, inc. for the establishment of a new digital bank. then on july 15, 2021, the mb approved the application of union digital bank, a wholly own subsidiary of ubp. with the framework ’ s promising benefits, we must also be cognizant of its attendant challenges and risks. data privacy concerns, money laundering, and electronic frauds are among the issues that can undermine the confidence in this policy initiative. we therefore expect that the key stakeholders particularly the financial institutions, to adopt adequate measures and controls to manage such risks. foremost of which is the conduct of an effective information campaign to ensure that consumers are aware of the risks and how they can perform their transactions securely. consumers must also be aware of the available mechanisms that can promote consumer protection. on the other end of spectrum, other government agencies are also expected to collaborate and address the digital divide. it entails ensuring access to it infrastructure

one of the integral tools to recovery. a study by the oecd shows that the implementation of properly designed green stimulus measures can deliver economic and environmental benefits in the aftermath of a crisis. this was demonstrated by countries that used green stimulus approach consequent to the global financial crisis. these measures include investments in energy efficiency, green infrastructure, support for environment - related research and development, support for low - carbon vehicles, among others. also, according to the international finance corporation of the world bank group, investments in the philippines and in three other big emerging markets – china, indonesia, and vietnam – may reach 5. 1 trillion us dollars if these economies move towards a green recovery approach postpandemic. indeed, the pandemic recovery presents an opportunity to scale - up investments in green projects and activities. it is in this context that the bsp plays a pivotal role in providing a sustainable regulatory pathway that will enable the financial system to mobilize credit and capital towards sustainable or green projects and activities. as such, bsp launched the sustainable central banking program in 2019. this sums up our role as enabler, mobilizer, and doer, in championing the sustainability agenda. as an enabler, we aim to provide a regulatory environment that will empower banks to take on the sustainable path and to drive sustainable finance and activities. towards this end, we issued the first two sets of regulations covering the sustainable finance and the environmental and social risk management frameworks. moving forward, we will issue guidelines on the management of environmental and social risks in relation to the investment activities of banks, climate stress testing and prudential reporting. 2 / 6 bis central bankers'speeches we are also considering the use of regulatory incentives to nudge banks to extend green loans or finance sustainable investments. we are currently studying the use of preferential rediscount rates or provision of higher loan values, which will largely depend on the results of our ongoing assessment. the bsp likewise proposed the recognition of sustainable finance as one of the allowable forms of compliance with the required credit to the agriculture sector in the proposed bills seeking to amend the agri - agra law. allow me to walk you through the two sustainability - related frameworks issued by the bsp which will facilitate in mobilizing funds to green or sustainable investments and projects. the sustainable finance framework, issued in april 2020, provides the overarching principles in integrating sustainability principles and environmental, social and governance considerations in banks ’ corporate