seeks to develop a multilateral solution connecting the real - time payment systems of participating countries. as we actively work toward digitalization, we also recognize the accompanying risks. according to the latest banking sector outlook survey, banks consider cybersecurity risk as one of the top threats on their digital agenda. as a regulator, we are working toward managing and reducing these risks through tough and responsive regulations. the bsp is crafting cybersecurity policies that will require banks and other financial institutions under our supervision to adopt even more robust technology risk management systems and effective cybersecurity resilience controls and measures. the bsp recognizes that improved legislation will allow it to better address cybersecurity risks and combat cybercrimes. we continue to support the passage of various legislative reforms that will put more teeth into the country's fight against cybercrimes and increase confidence in the digital financial system. as we turn the spotlight on the awardees, let us take to heart the importance of cooperation between the public and private sectors in fostering an enabling environment for the safe and efficient delivery of digital financial services. congratulations to the awardees, and may you continue to blaze the digital trail for others to follow. mabuhay po kayong lahat! 3 / 3 bis - central bankers'speeches

and other properties owned or acquired ( ropoa ) s to various jvas with real estate developers. at present, ropoa still accounts to 46. 0 percent of the banking system ’ s overall level of npas. at present, there are 4 microfinance - oriented rural banks and 158 rural banks engaged in some level of microfinance with a total loan portfolio of p2. 3 billion catering to a total of 441, 963 borrowers. recently allowed the selective 6 lifting of moratorium on bank branching to facilitate the expansion of financial services in underserved areas. under circular no. 505, we foresee, among others ; the growth of bank microfinancing to benefit rural folks with greater access to formal banking services that in turn, mobilizes savings and investments. moreover, we foresee an accelerated consolidation process in the banking industry in the next 3 years. this will be brought about by ( 1 ) a stronger regulatory framework that will hasten the exit of weak banks, hopefully on a voluntary and market - based basis ; ( 2 ) the increasingly stronger competition by new foreign investors coming in, in existing banks ; and ( 3 ) the rigorous technical demands posed by modern banking and finance standards. all these changes will dramatically transform the competitive environment. down the road, we see a banking landscape characterized by a handful of main banks complemented by an abundance of smaller banks that serve various well defined market niches. final note in closing, let me call on this generation of the family behind rang - ay bank to transform these reform initiatives into opportunities and further stretch your vision over the next years to come. with your wealth of experience, rang - ay can lead in turning the heavy flywheel of remaining reforms for the rural banking industry. i trust that rang - ay will harness its core expertise, geographic advantage and strong ties with the community in promoting a safe, sound and responsive banking system. let us all work together in keeping the wheels of change turning. agyamannak ( thank you ) and happy anniversary! prohibition on bank branching remains in the cities of makati, mandaluyong, manila, paranaque, pasay, pasig and quezon including the municipality of san juan.