conditions and interest rates that can reach over 1, 000 percent a year. with the csf providing guarantees to banks for loans extended to their coop members, msmes gain access to bank loans at much lower interest rates. as monitored by the bangko sentral ng pilipinas, loans granted under the csf program range from 8 – 12 % a year, a fraction of the cost of borrowing from informal lenders! this is the reason why the bsp has been working on promoting financial inclusion across the country for over ten years now. in july this year, the bsp and 12 other government agencies launched the national strategy for financial inclusion ( or nsfi ). our objective is to avoid duplication and to ensure optimum results from our collective efforts and deployment of resources in extending the reach of our financial system to the unserved and the underserved. this milestone event was also highlighted by the visit of queen maxima of the netherlands who attended the launching with a commitment of assistance and partnership not only from the netherlands, but also from the united nations, in her capacity as the designated un secretary general ’ s special advocate for inclusive finance for development. as described by queen maxima, “ the philippines should be the voice on financial inclusion. ” indeed, our bis central bankers ’ speeches financial inclusion program is considered an international best practice model. through the nsfi, we envision a regionally - responsive, development - oriented and inclusive financial system that provides for the evolving needs of a diverse filipino public. one of the priority areas of concern in the nsfi is access to credit, which is being addressed through this csf program. our survey early this year indicated that about 47 percent of filipino adults borrow money and most of them access loans from informal sources such as family members and informal lenders. only a few obtained credit from formal institutions such as lending / financing companies ( 12 % ), cooperatives ( 10. 5 % ), microfinance non - government organizations ( ngos ) ( 9. 9 % ), and banks ( 4. 4 % ). nevertheless, more than 85 % of respondents indicate that they want to access financial services from formal financial institutions. one restrictive consideration in borrowing money is the lack of collaterals. this can now be addressed through the credit surety fund, which serves as an alternative security in place of conventional collaterals. you will be pleased to know that our csf program is on the agenda of the apec summit. during the

##placency in banks … and bankers. filipinos trust you with their money. you are accountable to them. shape up, … level up, … and never betray their trust. if you are faithful to your clients, they will be faithful to you. then you can grow together as partners. on our part, we at the bangko sentral will continue to work with you in actively pursuing our reform agenda …. and in crafting policies and programs that will empower thrift banks to become more effective partners... for national development and growth. growth that is sustained, and growth that is inclusive. mabuhay ang thrift banks! mabuhay ang ating mahal na bansang pilipinas! maraming salamat sa inyong lahat at taus pusong pagpati sa inyong bagong board of director. bis central bankers ’ speeches