, however, that a successful transition is not just a matter of isolated changes in the energy sector. we must also consider the potential risks associated with this transition given the interplay among economic activities. according to some experts, “ transitions are systemic in nature, characterized by coevolution between different actors, institutions, supply and distribution chains, ” among others. a low - carbon transition could trigger a chain reaction that might affect the performance and viability of various loan and investment portfolios, which eventually could pose risks to the stability of the financial system and to the real economy. in this light, a progressive approach to transition must be considered without compromising environmental sustainability. the finalization of the principles - based taxonomy will play a critical part here, particularly in opening the door for the inflows of capital to relevant economic activities. the bsp ’ s sustainable finance framework which was released in april 2020 encourages the offering of green and sustainable finance instruments to support such economic activities. but at the same time, the framework safeguards the stability of the financial system against potentially 1 / 2 bis central bankers'speeches significant and protracted impact of climate change and other environment related risks. leveraging on good governance and effective risk management systems, the framework also expects banks to embrace sustainability principles and take strategic, concrete, and progressive actions in response to the climate call. the bsp will be issuing its second - phase regulation to enable the banking industry to make safe and sound response to risks arising from the transition to a low - carbon economy. this supplementary issuance will provide granular expectations on the integration of climate change and other environmental and social risks in banks ’ credit and operational risk management frameworks. banks may gradually consider the future implications of “ stranded asset risk ” in their credit portfolio. no doubt, the energy transition is a complex issue and comes with both risks and opportunities. we are, however, fortunate to have a remarkable set of expert panelists who are at the frontlines of energy transition to provide us with insights on the opportunities, challenges, and potential solutions to accelerate renewable energy and energy efficiency in the country, including financing thereof. on this note, allow me to end this remark by wishing you a successful and meaningful conversation. thank you and stay safe. 1 www4. unfccc. int / sites / ndcstaging / publisheddocuments / philippines % 20first / philippines % 20 - % 20ndc. pdf 2 / 2 bis central bankers'speeches

##ar, jaffna, a part of mulativu and killinochchi have now returned to their homes. the others mainly from mulativu and killinochchi are also to be resettled systematically without any undue delay, depending on the speed at which the de - mining processes take place. this is an outstanding achievement against all odds, and i believe the successful resettlement is a tribute to the deep commitment of the government, the tremendous efforts of our public service and the dedicated contribution of several international organizations. i am also tempted to mention that this surprising outcome may have been a pleasant surprise to many who at certain times expressed the belief that the government may not have had the inclination nor the urgency to carry out this challenging task so expeditiously. my dear friends, the central bank has also contributed its mite to these normalization processes. we have, so far, over the past 8 months, granted approvals for the establishment of more than 90 banking outlets in the northern province. we have introduced a special loan scheme, also titled “ vadakkin vasantham ” to boost the livelihood development of the people in the north. under this scheme, an initial sum of rs. 3, 000 million has been appropriated to be disbursed at a concessionary interest rate of 9 % per annum to the eligible micro, small and medium scale enterprises, through several participating financial institutions. the repayment period could extend up to 5 years with a grace period of 6 months. i am happy to note that over 9, 000 loans amounting to rs. 1. 8 billion have already been registered with the pfis and disbursements of over rs 1 billion has taken place. my dear friends, the rich resources of the north, including its forests, agricultural land, wet lands, lagoons and bays provide a solid base for many enterprises. even during the conflict period, the northern province accounted for 10 percent of the paddy production, 40 % of red onions, 10 % of chillies, 14 % of green gram and 25 % of ground nuts. these statistics indicate that there would be many viable income generating activities which could be promoted to upgrade the livelihood of the people, with the assistance of the banking sector. it has been estimated that 129, 000 fishermen, representing 20 percent of the total number of fishermen in our country, live in 219 fishing villages in the northern province. in the year 2006, the total fish production from the north stood