to the micro, small and medium enterprise sector. but we also recognize that investors and consumers are exposed to greater risk of financial abuse. we, therefore, stand ready to take regulatory action if warranted to uphold fair and healthy competition. the bsp likewise collaborates with both local and foreign counterpart regulators to ensure consistency in the priorities, prevent regulatory arbitrage, and to promote optimization of digital innovations. along with digital transformation is our increased efforts towards the deepening of financial consumer protection and education. i believe that we can truly reach financial inclusiveness if filipinos will become more aware of the varied financial products and services that are available in the system to meet their different needs. in particular, the bsp conducts financial education expos and issues financial advisories towards this end. in 2018, we shifted our approach to financial education – from on the ground delivery of learning sessions to forging strategic partnerships. the bsp has ongoing partnerships with the department of education, overseas workers welfare administration, the philippine army, and soon with the armed forces of the philippines and the civil service commission. learning tools were developed, taking into consideration the profile and learning needs of audiences, as well as institutional set - ups / training delivery mechanisms of our partners. a measurement framework is also being developed to monitor programmatic key performance indicators and measure the impact of initiatives under each partnership. ladies and gentlemen, let me leave you with some key takeaways. first, sound and resilient philippine banking system supports domestic economic expansion. second, digitalization and financial technology are re - shaping the future landscape of the philippine banking system. third, the bsp stands ready to provide an enabling regulatory environment to keep pace with the evolving developments in the financial system. fourth, leveraging on the implementation of new laws, the bsp is now in a stronger position to pursue its mandates and advocacy towards broad - based and inclusive growth. 4 / 5 bis central bankers'speeches lastly, attainment of sustained and inclusive growth of the economy as well as the banking sector is a shared responsibility among various shareholders. it is through our harmonized efforts and partnership that we can accomplish any challenging task and be able to sustain our growth momentum. as our staunch partner, we are always grateful to finex for your invaluable support in equipping banking and finance professionals with the necessary skills and knowledge to cope with the demands and challenges of today ’ s ever changing financial landscape. again, thank you for your continued support to the bs

policy of central banks. principle 4 : stable money requires monetary policy this leads us directly to the fourth principle : stable money requires monetary policy. the advent of bitcoin rekindled a debate about automatic monetary policy. some people believed that a stable money supply would guarantee stability. the supposed limit of 21 million bitcoins was seen by some as a key to stability. the facts are different. and the reason is simple. the price of money depends on supply and demand. a fixed supply or a fixed algorithmic increase of supply is by no means a guarantee for stability. the economy develops, fluctuates and – hopefully – grows. payment patterns change. the velocity of money changes. all of these factors will result in price volatility if the money supply does not react accordingly. therefore, stable money requires monetary policy. principle 5 : monetary policy requires the independence of a responsible institution, i. e. ( that is ) a central bank and who should be responsible for that monetary policy? i believe in principle 5 : monetary policy requires the independence of a responsible institution, i. e. ( that is ) a central bank. we should strive to make an institution responsible for monetary policy. that means supplying money and setting an interest rate so that price stability is maintained. moreover, safe and [UNK] payment systems should be promoted so that currency can flow easily and safely. trust in money must be accompanied by stable and [UNK] payment and settlement systems. these do not necessarily have to be operated by the central bank. however, the central bank should at least be responsible for distributing central bank money. this central bank should, of course, be accountable to the general public and should act as transparently as possible. however, its independence must be guaranteed. history is full of examples in which unsound public policy has wrongly harnessed the central bank to support and even finance the government. this has led, in all cases, to a lack of focus on stability and has eroded trust in the central bank and trust in the currency. we should not make the same mistakes as in the past. because money will only work if the authority remains responsible. if a central bank does not fulfil its task, it will lose trust, legitimacy and, in the end, its money. a clear focus on stability, central bank independence, and a prohibition government financing via central banks are key pillars of a successful monetary policy. looking ahead having laid out these principles, it is clear that, notwithstanding any