amando m tetangco, jr : maximising the benefits of remittances from overseas filipinos remarks by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( the central bank of the philippines ), at the signing of the memorandum of agreement between the commission on filipinos overseas ( cfo ) and the bangko sentral ng pilipinas on the remittance for development council, manila, 26 march 2012. * * * secretary imelda nicolas ; officers and staff of the commission on filipinos overseas ; fellow advocates in promoting the interest of overseas filipinos and their families ; distinguished stakeholders ; fellow bspers ; special guests ; friends from the media ; ladies and gentlemen, good afternoon. welcome. what we have today is a short and simple ceremony for the signing of the memorandum of agreement between the commission on filipinos overseas and the bangko sentral ng pilipinas covering the remittance for development council. short and simple ; …. but full of significance. to the bangko sentral, this partnership with the cfo on the remittance for development council, is yet another step forward in our continuing efforts to maximize the benefits from remittances from overseas filipinos …. not only for themselves and their dependents in particular, … but also for our country in general. as a multi - stakeholder advisory and policy recommending body, the remittance for development council can address the matter of channeling individual and collective remittances to productive use and … at the same time ….. serve as a venue for discussing issues related to the remittance environment affecting overseas filipinos. over the past decades, the steady growth of migrant remittances has become a dependable and major source of foreign exchange for the philippines. in fact, the world bank reports that in 2011 … the philippines ranked as the world ’ s fourth largest remittance - receiving country. remittances from overseas filipinos coursed through banks was up 7. 2 percent in 2011 and reached over $ 20 billion ; this is equivalent to about 9 percent of the country ’ s gross domestic product. clearly, remittances from overseas filipinos are a major driver of consumption activity in the philippines, which in turn has supported economic growth. nevertheless, while remittances boost domestic consumption, their impact on the financial security of households and on the country ’ s long - term economic development

benjamin e diokno : launch of the national strategy for financial inclusion 2022 - 2028 message from mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the launch of the national strategy for financial inclusion 2022 - 2028 and financial inclusion logo, manila, 27 january 2022. * * * to the members of the financial inclusion steering committee or fisc ; key stakeholders and partners ; financial inclusion advocates and champions ; members of the monetary board ; esteemed colleagues and guests ; ladies and gentlemen : good afternoon. it is my privilege to welcome you all to the launch of the national strategy financial inclusion 2022 – 2028. when we launched the original national strategy for financial inclusion or nsfi on july 1, 2015, we set out to define what financial inclusion meant in the philippine setting. we laid out the fundamental principles that would guide our vision and action in bringing more filipinos into the formal financial system. we take pride in knowing that through the guidance of the fisc and the contributions of our stakeholders, much has been accomplished in nearly seven years of nsfi implementation. together, we have enhanced the breadth and depth of our outreach to the unbanked and underserved through several initiatives. these initiatives have been instrumental in broadening access to essential financial products and services and, in turn, have uplifted lives by giving the poor the means to protect and grow their livelihoods, improve their well - being, and ultimately, take greater control of their future. through our efforts, having a transaction account, obtaining a loan, investing, and purchasing insurance, are now more accessible to the man on the street, market vendor, tricycle driver, farmer, fisherman, and sari - sari store owner. we have also set the pace for innovation and other critical undertakings, including the implementation of the national id system or philsys, as well as the digitalization of social protection benefits and financial services to the public. however, there is more work to be done. the paramount vision of financial inclusion, after all, is to foster sustainable, broad - based growth that promotes shared prosperity and opportunities. access to financial products and services must not only be broad, but also meaningful in a sense that it opens up opportunities for the man on the street to move up in life. while account ownership grew over the last 4 years from the launch of the nsfi in 2015,