the major benefits of globalisation is that emerging and also developing countries are increasingly involved in the exchange of goods and capital and can benefit from the transfer of know - how and technologies. especially emerging markets have, over time, become major global trading partners as well as recipients of financial flows. some of them, especially in asia, have turned into nearly industrialised countries with decades of growth rates above those of high - income countries, and they have themselves become sources of international capital flows. over the last four years, these roughly 20 emerging countries in latin america, eastern europe and asia have accounted for about 30 % of world exports and received about 20 % of gross global foreign direct investment ( fdi ), a figure which is close to the fdi inflows into the united states. greater integration also means greater economic and financial spillover effects from one country or one region to the rest of the world. some of these effects are positive, while others are less so. the main positive spillover, as i see it, is that the global economy has benefited from the strong growth in many emerging market economies, especially in asia. china has become one of the main growth engines, not only for the region, but worldwide, contributing to about one - third of world gdp growth on average over 2000 - 2003 ( in ppp - terms ). moreover, capital mobility and financial integration allow savings to be invested on both the national and global scale, thereby increasing economic efficiency and promoting growth. what about the challenges? globalisation and capital mobility also makes the international system more vulnerable to changes in investor sentiment. on several occasions we have witnessed contagion effects spreading from one country or one market to others. some of these crises originated in the public sector, such as the debt crisis during the 1980s, which started with poland and mexico and spread to latin america, africa, the middle east and the soviet union, the mexican crisis in 1994, the asian crisis in 1997 / 1998, the russian crisis in 1998, and the more recent crises in brazil, argentina and turkey. others, by contrast, stemmed mainly from events in the private sector, such as the stock market collapse of 1987, the bond market crash of 1994, the near - failure of the large hedge fund long - term capital management ( ltcm ) in 1998, the stock exchange fall and the bursting of the technology bubble in 2000. despite their differences in origin, nature and magnitude, all these events had one thing in common : they represented major

benjamin e diokno : launch of the national strategy for financial inclusion 2022 - 2028 message from mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the launch of the national strategy for financial inclusion 2022 - 2028 and financial inclusion logo, manila, 27 january 2022. * * * to the members of the financial inclusion steering committee or fisc ; key stakeholders and partners ; financial inclusion advocates and champions ; members of the monetary board ; esteemed colleagues and guests ; ladies and gentlemen : good afternoon. it is my privilege to welcome you all to the launch of the national strategy financial inclusion 2022 – 2028. when we launched the original national strategy for financial inclusion or nsfi on july 1, 2015, we set out to define what financial inclusion meant in the philippine setting. we laid out the fundamental principles that would guide our vision and action in bringing more filipinos into the formal financial system. we take pride in knowing that through the guidance of the fisc and the contributions of our stakeholders, much has been accomplished in nearly seven years of nsfi implementation. together, we have enhanced the breadth and depth of our outreach to the unbanked and underserved through several initiatives. these initiatives have been instrumental in broadening access to essential financial products and services and, in turn, have uplifted lives by giving the poor the means to protect and grow their livelihoods, improve their well - being, and ultimately, take greater control of their future. through our efforts, having a transaction account, obtaining a loan, investing, and purchasing insurance, are now more accessible to the man on the street, market vendor, tricycle driver, farmer, fisherman, and sari - sari store owner. we have also set the pace for innovation and other critical undertakings, including the implementation of the national id system or philsys, as well as the digitalization of social protection benefits and financial services to the public. however, there is more work to be done. the paramount vision of financial inclusion, after all, is to foster sustainable, broad - based growth that promotes shared prosperity and opportunities. access to financial products and services must not only be broad, but also meaningful in a sense that it opens up opportunities for the man on the street to move up in life. while account ownership grew over the last 4 years from the launch of the nsfi in 2015,