to help personnel who are groomed to take on new functions. last year, we also started our program called “ building a digital mindset, ” in coordination with the carnegie mellon university – australia. the training program, which was attended by all bsp employees, is aimed to transform and inculcate a digital work culture in the bsp. 5 / 6 bis central bankers'speeches this year, the bsp will introduce an artificial intelligence ( ai ) - powered learning knowledge cloud called the “ bsp education in the digital generation ” or bsp ‘ edge ’, which provides learning and development through an online on - demand platform. going forward, the bsp will remain proactive in assessing and responding to the needs of its most important resource – its employees. before i end, allow me to leave you with a famous quote from the late uk prime minister harold wilson on progress and embracing change : “ he who rejects change is the architect of decay. the only human institution which rejects progress is the cemetery. ” undeniably, embracing and adapting to the changes in the new economy is key, not only to recover from the effects of the covid - 19 pandemic, but also to move ahead of the game. thus, gearing towards a digital economy and sustainable banking, and ensuring that the risk management systems, regulatory and human capital remain fundamentally sound may be indispensable in transitioning to the new economy. on behalf of the bsp, i would like to commend the baiphil for its initiatives that reinforce governance and promote capability enhancements in pursuit of banking excellence. baiphil can count on the full support of the bsp for its future endeavors. thank you and i wish you all a productive afternoon. 6 / 6 bis central bankers'speeches

benjamin e diokno : the role of capital markets in championing the sustainability agenda speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the omfif - dz bank sustainability symposium, 3 march 2021. * * * distinguished guests, esteemed officials of the omfif and dz bank, participants, ladies and gentlemen, a pleasant morning, afternoon and evening to all – as i understand this event spans over different time zones. first, i would like to thank the organizers from omfif and dz bank for inviting me to join this virtual sustainability symposium. the theme, “ the role of capital markets in championing the sustainability agenda ”, is timely and relevant as the world continues to wage the battle against the covid - 19 pandemic. on top of the economic costs due to the pandemic, the risks emanating from unchecked climate change puts a tragic toll on the environment. there are also social inequalities and injustices that give rise to poverty and starvation in some parts of the world. so, what is the role of capital markets amidst these emergency situations we are in? when we talk about capital markets, the first thing that comes to mind is financial intermediation. the capital market works as a link between those that have unused surplus savings and end - users who are in search of funds to support their operations. while a capital market enables the channeling of funds among different parties for varying reasons, it is important to emphasize that those funds are directed to critical and responsible use. the phrase “ critical and responsible use ”, pertains to utilizing those funds for a “ right purpose ”. as such, the driving force behind financing through the capital market is not only directed towards economic growth and financial stability, but more so on incorporating sustainability goals. at this point, let us look more closely at sustainability principles and goals. why are they relevant and is there really a compelling reason to leverage the capital markets towards meeting a sustainability agenda? i am very sure that all of us will agree that the answer is yes! indeed, capital markets have the power to mobilize capital to fund innovation and ideas that would help create a more sustainable environment. according to the bank for international settlements data, as of end - january 2021, the amount of outstanding sustainable bonds was about us $ 1. 5 trillion, of which 75 pre