) covid action response ( care ) bonds, which is intended to finance and refinance micro, small, and medium enterprises ( msmes ). this initiative complements the measures rolled out by the bsp to support msmes and contribute to accelerating economic recovery. second, banks can drive digital banking and financial inclusion. during the lockdown, households and businesses resorted to online shopping platforms, which tremendously increased the usage of and applications for digital accounts. recent data shows that an estimated 4. 115 million digital accounts were opened among banks and e - money issuers at the height of the lockdown. this sends a strong signal to the banking sector to develop products and strategies that cater to the increasing appetite of financial consumers towards digital payment solutions. one development in this field is that many filipinos turned to online selling as a way of making up for loss of income. several existing businesses, whether large or small, shifted to online platforms to keep the business afloat during the lockdown. borrowers ’ ability to sustain cashflow in the face off restrained economic activity can ease concerns on banks ’ potential credit losses. third, is the opportunity for banks to develop and strengthen their environmental and social risk management ( esrm ) system by applying the lessons learned from this global health crisis. the esrm provides a broader approach to banks in identifying, assessing, and managing its risk exposures. e & s risks arising from the health crisis offers a glimpse of how severe and longlasting other potentially systemic risks such as climate change may drag the banks ’ performance and long - term growth. the pandemic has features akin to climate and other environment - related risks. it requires science - based data and have underlying physical and transition risks. 2 / 3 bis central bankers'speeches physical risk refers to the direct threat of the pandemic to human life and society. this may include increased mortality and susceptibility to other diseases. transition risks, on the other hand, arise from the inevitable shift of the economy towards minimal or contactless systems and processes to minimize the transmission of the disease. this may result in losses in sectors that rely heavily on face - to - face transactions or service delivery. developing and implementing e & s risk management systems will allow banks to better understand and manage these risks and will enable them effectively respond to future similar threats. this highlights the importance and timeliness of the issuance of the sustainable finance framework. as we recognize the challenges of the banking sector amid this crisis

charging more, they are losing more money. closing message in closing, this is a very, very attractive future, but we all have to realize that it is not easy. many things have to be done. at the same time, the fact that it will take seven years should not paralyze us. we have to think, " well, what are the things that could be done sooner? " with that, you can rest assured that the bsp will continue to strive for a regulatory environment that promotes the right balance of innovation, competition, and consumer protection. we also remain committed to establishing robust frameworks that protect the interest of all stakeholders. 3 / 4 bis - central bankers'speeches with open finance ph, we take a big step in unlocking equal access to financial services for all filipinos toward building a cyber - resilient and open digital economy. maraming salamat, at mabuhay ang ating bansang pilipinas 4 / 4 bis - central bankers'speeches