to be prone to hallucinations. they tend to imagine things that never happened. they are prone to herding. they tend to make the same recommendations to different institutions regardless of specific circumstances. so, those are some of the dangers, but we think that generative ai will still be used. they are just irresistible to banks and to ourselves. if you used chatgpt, you know how irresistible that is. serving the unbanked and then, finally, we want to make use of the digital payment system to serve the unbanked. we have two strategies in this regard. we have a local strategy in which we are using e - wallets [ electronic wallets ] - you know, your gcash or your paymaya - and what we call basic deposit accounts ( bdas ), which are deposit accounts that allow you to open an account in the bank in a very simplified way. together, in these two things, the e - wallets and the bdas, we have found some successes that will lead to bank credit and other forms of financial services, including investments. our efforts where we should get the unbanked to be part of the formal financial ecosystem - that is our domestic strategy. we have an international strategy. the one we do with our neighbors, the asean [ association of southeast asian nations ] central banks, singapore, thailand, malaysia, and indonesia. we are working on a project called nexus. this is to connect the fast payment systems of each individual central bank for each individual country. we have a fast payment system ourselves ; it is called instapay. other countries have their own fast payment systems, and nexus is designed to connect all those fast payment systems. so, we can go from pesos into baht, baht into ringgit, almost instantaneously. maybe, it will take 0. 5 seconds but not so bad. the goal is, when this is in place, to transfer money not costing more than 2. 0 percent. the g20 goal is 3. 0 percent ; our own goal is 2. 0 percent. 5 / 6 bis - central bankers'speeches and the nice thing about nexus is that it is designed to be very scalable. it is going to be easy to add more participants as long as they have a fast payment system. the united states ( us ) is not ready. the us does not really have a fast payment system like instapay. they have the fed

benjamin e diokno : opening remarks – “ money talks - what every filipino should know about the history of philippine money ” opening remarks by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the virtual numismatic event, 11 november 2021. * * * to the philippine numismatic and antiquarian society ( pnas ), colleagues from the bsp, learners from state universities and colleges, fellows from knowledge resource networks and museums all over the country, friends from the media, and those who are watching us live from facebook, good afternoon. i am pleased to welcome you all to “ money talks : what every filipino should know about the history of philippine money, ” the first virtual numismatic event organized by the bangko sentral ng pilipinas in partnership with the philippine numismatic and antiquarian society. no less than proclamation no. 1486 series of 1975 declares november 17 – 23 of every year as national numismatic week and designates pnas to take charge of this national observance. but for too many of us, the coins and banknotes in our pockets are but a means to an end. we do not bother to look or even appreciate the intricate designs, security features, nor the vital historical moments captured in our money every time we take out our wallets to pay. but money plays an unquantifiable function outside of its textbook definition as a medium of exchange, unit of account, and store of value. over time, our coins and banknotes have served as a silent witness to history and human development – all the while it has changed hands and enabled transactions on a global scale. from exchanging physical goods through barter to the rise of gold and silver which gave way to paper and the modern - day new generation currency, philippine money has changed form and shape countless times throughout different historical periods. but in each of these transitions, our coins and banknotes never failed to capture and reflect vital historical scenes and figures. historian ambeth ocampo chronicles this storied journey in our coffee table book, yaman : history and heritage in philippine money, where he emphasizes, “ filipinos have to be reminded that they carry history in their pockets. ” today, professor ambeth will walk us through the history of money and how it plays into our unfolding story as a nation. we will also get to hear