amando tetangco : empowering local government units with knowledge sharing speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the signing of the memorandum of understanding between the bsp and local government units ( lgus ) of metro manila to launch the bsp knowledge resource network, manila, 14 march 2017. * * * on behalf of the members of the monetary board and my colleagues at the bangko sentral ng pilipinas, i thank the heads and the representatives of the lgus here in metro manila, our fellow workers in government, and other distinguished guests, for joining us today to launch our latest project under our national strategy for financial inclusion. in particular, we thank our lgus at the ncr for joining the bsp as our partners in the knowledge resource network through your respective libraries. we look forward therefore to share with your libraries, bsp information, reports, publications, research and online research assistance on the subjects of economics, banking and finance. for free. our objective is to help filipinos become better informed and empowered with reliable and up - to date sources of information so that they can make better economic and financial decisions. our plan is to set up partnerships for krn across the country with other lgus, national agencies, universities and colleges. this is in addition to the economic and financial learning centers which the bsp has set up in our regional offices in la union, cebu and davao, as well as in our 19 branches all over the country. the krn and our eflcs complement each other : our krn is based in our partners ’ libraries while eflcs are based in bsp offices and branches. the bsp continues to expand its network to reach out to more people and more areas in our drive to develop a more inclusive financial system that supports inclusive growth. with the krn, people who need information need not travel to the bsp to access our data. in the process, they save time and resources by using your krn - partner libraries. in other words, you and the cities you represent are key in building networks of knowledge and communication for your constituents – whether they are msmes, government agencies, students or reseachers. indeed, this is an exciting time to be informed and empowered participants of our country ’ s economic growth. for your information, the philippine economy grew by 6. 8

aim of restoring the financial position of our insurance sector. cbk as regulator and supervisor has successfully addressed serval challenges while implementing prudent measures to resolve those issues and make sure that the sector perform according to the rules and protect the policyholders or beneficiaries and victims. taking into consideration all the important measures we have undertaken, including the strengthening of our regulatory framework, these efforts have paved the way for further growth and sustainability, and an increase of the consumer confidence. we are committed to advancing the regulatory and supervisory framework of the insurance industry in line with eu standards and best practices. we have received the roadmap for solvency ii from the world bank, which is an ambitious, challenging, and demanding project. this means we are gradually transitioning from purely compliance - based supervision to prudential risk - based supervision. this transition also involves the introduction of a risk - based supervision manual, with support from the imf. we have received also the roadmap for the ifrs 17. the implementation of the solvency ii and the ifrs 17 in our regional countries can certainly be a significant challenge, for which we will have the support of the world bank. we are working on enhancing the supervision of market conduct among our financial institutions by ensuring the cbk has adequate powers and resources to implement effective oversight. recently, we established the consumer protection department to improve support for financial consumers. within this department, we have created a dedicated division focused on market conduct. in our sector and in the most jurisdictions in the region, motor third party liability ( mtpl ) continues to play a dominant role in the insurance market. while mtpl is essential to provide basic cover and protect consumers from liabilities arising from the use of vehicles, as regulators we recognise the importance of diversifying the insurance portfolio to enhance overall financial stability. we are therefore committed to increasing the share of voluntary non - life and life insurance products. currently, kosovo is the only european country not a member of the green card system, despite our ongoing efforts to gain membership. therefore, our insurers cannot issue green cards and vehicles from most european countries entering kosovo must purchase border mtpl at the frontier for their stay. although kosovo officially applied to join the green card system, this application was unsuccessful. while progress has been made in meeting many criteria for membership, council of bureaux membership remains the step to be achieved. addressing this issue is important for improving cross - 2 / 3 bis - central bankers'speeches border