##os. the securities and exchange commission also received hundreds of investment scam complaints within 2019 and 2020. these cases could be resolved quickly once the fcp act is in place. this act will empower financial regulators such as the bangko sentral ng pilipinas, the insurance commission, the securities and exchange commission, and the cooperative development authority to expedite the adjudication of reasonable monetary claims more efficiently, fairly and openly, all to the benefit of the consumers. 4. one of the positive unintended consequences of the covid pandemic has been the dramatic rise in the use of digital financial services. but the surge brought with it graver risks. in fact, complaints related to the use internet banking and mobile banking account for 45. 2 percent of the 1 / 3 bis central bankers'speeches total complaints in 2021. hackers and scammers took advantage of the digital infrastructure and consumer vulnerability to perpetrate crime. based on bsp monitoring, the increased use by the public of digital financial services has given rise to a wave of cyber and financial crimes. in 2020, hacking and other malware attacks surged by a whopping 2324 percent from the previous year, while phishing and other social engineering schemes increased 302 percent from 2019. over the same period, account takeover or identity theft rose 2. 5 percent, while card not present fraud fell 26. 8 percent. taken together, the top three cybercrimes in 2020 were first, account takeover or identity theft ; second, phishing and other social engineering schemes ; and third, card not present fraud. notably, skimming and atm - based cyber fraud losses significantly declined from 2018 – 2021 due to the implementation of emv chip technology, but fraud actors were quick to shift their tactics. clearly, all of us as financial consumers, are exposed to various risks, frauds and cyber threats that could result in loss of income. worse, it could result in loss of confidence in the financial system. 5. should there be a loss of confidence in the financial system, consumers might opt to keep their savings and investments away from the formal financial system – thus undermining the financial system ’ s ability to intermediate and facilitate the flow of funds to productive sectors of the economy. 6. the enactment of the fcp act is envisioned to provide an armor of protection to all financial consumers. it will ensure that relevant government institutions and financial regulators will be fully equipped with the legal authority to enforce prudent

the first time that total microfinance loan portfolio is exceeded by the savings component. this suggests that while microfinance clients take out loans, saving is sustained. for microentrepreneurs, savings help them survive through emergencies or take advantage of a business opportunity. as a further support to microentrepreneurs, the bangko sentral issued last january circular 782 which expanded the scope of qualified microinsurance clients and increased their risk protection. the rural bankers association of the philippines ( rbap ) reports that there are over 500, 000 clients of rural banks that now enjoy microinsurance coverage. this supports the report from the insurance commission that the number of filipinos with microinsurance coverage has doubled in just two years. ladies and gentlemen. earlier we heard the testimonial of floraiwin cainglet, the 2012 cma national winner. flor and her husband rommel started with only two pigs and now have a thriving and innovative hog raising business worth p2. 5 million. in addition, they support a daycare center and feeding programs in their community. these microentrepreneurs are at the forefront of improving lives in their community. again, let us give them a big hand! bis central bankers ’ speeches the success stories of more than 80exceptional microentrepreneurs that the cma has recognized in the past decade tell us that we are successful in providing a nurturing environment for microenterprises. these stories lend a face to the data and serve as validation that our efforts and initiatives in microfinance are effective and sustainable. fellow advocates of microfinance, let us continue to work together therefore to strengthen and sustain partnerships for microfinance. in october this year, the microcredit summit campaign will hold its 16th summit in manila in partnership with the mcpi and with support from the bsp. the theme for this year ’ s conference revolves around partnerships against poverty. the conference will discuss some of the most advanced and successful examples of public - private partnerships in microfinance. i hope you will join the conference. the cma itself is one tangible example of a successful and meaningful partnership against poverty with citi, the citi foundation, the mcpi and the bangko sentral working together toward a shared goal. together, we celebrate the success of our microentrepreneurs. they strengthen our belief that many more filipinos can have a better life through microfinance