on the whole. that is to say, in a situation where the lending attitude of financial institutions is becoming more active, the rate of decline in lending by private banks has been diminishing at a moderate pace. moreover, the environment in the capital markets for firms raising funds through cp and corporate bonds is favorable. ii. conduct of monetary policy the bank has been providing ample liquidity through its conduct of the quantitative easing policy. the framework of the quantitative easing policy is based on two key elements. the first element is the bank's provision of ample liquidity to the money market so that the outstanding balance of current accounts at the bank substantially exceeds the amount of required reserves. the second is the bank's commitment to firmly maintain this ample provision of liquidity until the year - on - year rate of change in the consumer price index ( cpi ; excluding fresh food, on a nationwide basis ) registers zero percent or higher on a sustainable basis. at the monetary policy meeting ( mpm ) on july 27, 2005, the policy board decided to maintain the target range for the outstanding balance of current accounts held at the bank at " around 30 to 35 trillion yen. " in the money market, reflecting the dissipating concern about financial system stability, liquidity demand among financial institutions has been declining and they are feeling more strongly that there is an abundance of liquidity. given this situation, since the mpm held on may 19 and 20, 2005, the bank has been allowing a temporary fall of the outstanding balance below the target range when it is judged, in the situation where the bank is doing its utmost to provide funds while at the same time giving due consideration to the effects on the functioning of the market, that financial institutions'liquidity demand is exceptionally weak. the bank's decision is intended to enable the quantitative easing policy to be conducted more smoothly, not to change its basic policy stance. iii. the bank's measures regarding the financial system after the full removal of the blanket guarantee of deposits as i mentioned earlier, the financial system in japan has been regaining stability, and the full removal of the blanket guarantee of deposits was carried out smoothly on april 1, 2005. financial institutions are expected to amplify their efforts to develop innovative services tailored to customer needs, thus supporting economic activity. the bank's basic stance regarding financial system policy is shifting its focus in response to this changing environment : from crisis management to, while maintaining overall system stability, supporting private - sector initiatives

benjamin e diokno : micro, small and medium - sized enterprises ( msme ) message by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), for the msme ( micro, small and medium - sized enterprises ) day “ negosyo bounce back ”, 18 july 2021. * * * a pleasant morning to all the speakers and participants of today ’ s webinar entitled “ msme day : negosyo bounce back ”. thank you investree philippines for this initiative, which aims to inspire and equip our entrepreneurs towards business recovery and growth through innovative financing solutions. the bangko sentral ng pilipinas ( bsp ) has always supported programs that will steer the country ’ s economy towards a strong and sustainable path to recovery. as more vaccines arrive, and as a greater share of the population gets vaccinated, we move closer towards a new economy that is ‘ better, safer, and more technologically ready '. msmes in the new economy msmes are agile to adapt their business ventures to this new economy. they have taken advantage of the opportunities brought about by digitalization, such as e - commerce and digital payments. in fact, data from 1st quarter of 2021 show the combined volume of electronic fund transfers through pesonet and instapay hit 107 million transactions with total value of p1. 5 trillion. volume grew by 365 % and value by 171 % compared to the same period in 2020. this trend may be primarily driven by the desire to serve and retain their client - base, but it has also enabled msmes to expand their market. digital payment streams can also broaden msmes ’ access to finance. digital records of sales and payment transactions can be used in assessing the creditworthiness of a business which will unlock access to other welfare - enhancing financial services such as digital credit, insurance, and investment, among others. bsp ’ s priority initiatives for msmes the bsp has introduced a package of regulatory relief and incentive measures to ensure that banks would continue to lend to the msme sector amid the pandemic. the bsp is also aggressively undertaking various initiatives that will provide lasting benefits for msmes even after the pandemic. our credit risk database ( crd ) project in partnership with the government of japan aims to improve access to finance for smes by lessening banks ’ dependence on collateral during credit evaluation. instead