chuchi g fonacier : opening remarks - pesonet media forum opening remarks by ms chuchi g fonacier, deputy governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the pesonet media forum, manila, 7 august 2018. * * * ppmi chairman justo ortiz, our partners from e - peso headed by chief of party mamerto tangonan, deputy governor chuchi fonacier and fellow bsp colleagues, representatives from the participating financial institutions, with their pilot corporate users, friends from the media, guests, ladies and gentlemen. good afternoon and welcome to the pesonet media forum. three years ago, we had a vision : for every filipino to have easy access to accounts to safely make payments and receive or transfer funds to other accounts anytime, anywhere, at a reasonable price, from any digital device. thus, the national retail payment system or nrps was envisioned to create an interoperable payment ecosystem that is safe, efficient, and affordable. through collaborative efforts of the bangko sentral and the industry, we have achieved significant progress. in november 2017, we have transitioned batch interbank fund transfer service of the philippine clearinghouse corporation ( pchc ) into pesonet, allowing funds to be received by the beneficiaries, in full amount, within the day. tagged as a viable electronic payment alternative to paper - based checks, pesonet is one of the achs prioritized for implementation by the bangko sentral. pesonet holds a lot of promise, given its potential to be an efficient channel for collections and disbursements by government and corporate users. with pesonet, we can achieve lower cost, better liquidity management and increased economic activity through immediate availability of funds. for corporates, in particular, some use cases are supplier payments, payroll and loan and dividend payouts. since the launch of pesonet, the bsp has turned over the reins to the industry through the philippine payments management inc. or ppmi, which includes the pesonet steering committee. in support, the bangko sentral now provides active oversight and guidance through a regulatory environment that promotes the growth of electronic payments and, ultimately, the development of a safe and efficient national payment system. in today ’ s forum, we shall have the opportunity to listen to progress updates from the industry and learn from the stories of pilot pesonet

benjamin e diokno : opportunities for banks in pursuing a green, sustainable economy in the current pandemic speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the w w f and bap ceo breakfast forum on bsp sustainable finance framework, manila, 21 july 2020. * * * my fellow speakers, mr. edgardo e. tongson, chief of party of the w w f philippines ; mr. cezar p. consing, president of the bankers association of the philippines ; ms. yuki yasui, asia pacific region coordination manager of unep - fi, and to all the participants, friends and colleagues in the industry, good morning! on behalf of bsp, i would like to thank w w f and bap for this opportunity to our pursuit of a green, inclusive, and sustainable agenda and how it can lead to opportunities amid the pandemic. we are indeed facing a devastating period. this health crisis and its impact on the economy are unlike any we have encountered before. as a result of this health crisis, the imf projected that the global economy would plunge by 4. 9 percent in 2020. based on philippine authorities, the economy will contract by 2. 0 to 3. 4 percent this 2020. ed sustained economic growth, averaging at above 6 percent for the past eight years. we entered into this crisis from a position of strength. inflation was low and stable. our external payments position was robust, gross international reserves were at a record - high, debt - to - gdp was low, public finances was healthy, and macroeconomic performance was positive. philippine banks continue to be well - capitalized, stable, and well - functioning across all metrics. but no one could have imagined the impact of covid - 19. gdp growth declined slightly by 0. 2 percent in the first quarter of 2020. it is the first negative real gdp growth since 1998 ’ s el nino and the asian financial crisis. the government imposed a lockdown in an effort to curb the transmission of the disease. this, however, comes with a price. the restrictions in the movement of people and the stoppage of big part of business operations dampened domestic demand. its impact on tourism, manufacturing, livelihood, and employment was severe as the lockdown extended up to the second quarter of 2020. to address the dual impact of the pandemic in the health