currently conducts a vulnerability assessment to assess the potential impact of climate change and other environmental risks in bsp offices and branches. at present, the bsp, in collaboration with several development partners and interest groups, conducts a series of capacity building activities to deepen understanding and to equip banks to better manage environmental and social risks. the bsp is also working closely with the department of finance and other key government agencies to embark on the development of a principles - based taxonomy in order to facilitate the mobilization of funds towards green or sustainable projects. meanwhile, the industry associations, in collaboration with the worldwide fund for nature philippines, are developing an analytical framework to assess the impact of climate physical risks on the loan portfolio of banks. cognizant that an efficient and skillful workforce is the lifeblood of any organization, the bsp has again raised the bar in advancing human capital when it earned the civil service commission ’ s gold award for human resource management. this award is exclusively given to a government agency that achieved the highest maturity level or ‘ level 4 ’ of the civil service program which denotes that the bsp ’ s operations and internal processes are designed to continually improve performance through incremental and innovative enhancements. in providing a safe, healthy and future - proof workplace that will ensure the physical and mental well - being of our people, promote work - life balance, and provide opportunities for professional development, the bsp has rolled out a customized annual health check, an occupational health program, on - site gym facilities and virtual physical fitness courses, activities for retiring staff, and a mental health program which include awareness campaigns, counseling, psychotherapy, and external referral. the bsp also rapidly shifted to new work arrangements such as work - from - home and flexible work hours, with the imposition of community lockdowns and travel restrictions. through the bsp covid - 19 task force, our organization continues to bolster its preventive measures to combat the adverse impact of pandemic in the workplace. the bsp conducts quarterly covid - 19 tests screening and provides additional medical coverage for affected employees. the bsp will also roll out a covid - 19 vaccination program for its employees and their dependents. the bsp has also implemented various programs when it comes to providing continuing professional development for its employees such as competency trainings, mentoring arrangements, and scholarships. we have recently launched the “ mentoring and inspiring learning experiences program ” or bsp miles program, which aimed

benoit coeure : savers aren ’ t losing out opinion piece by mr benoit coeure, member of the executive board of the european central bank, published in handelsblatt on 11 november 2013. * * * complaints about the european central bank ( ecb ) favouring borrowers over savers with its low - interest - rate policy are getting ever louder. in countries such as germany there is even talk of a “ cold expropriation ” of those who save money for their old age. i don ’ t think this assumption is appropriate. the current low returns for savers are mainly an ongoing result of the recent deep recession and of the fragmentation of the financial market in the euro area. against this background, low interest rates are a tool to maintain price stability. and price stability is a pre - requisite to bring the economy back onto a sustainable growth path. higher key interest rates would have exacerbated the recession, delayed the recovery and contributed to deflationary risks. higher interest rates would therefore hurt savers. they are not the losers under the ecb ’ s monetary policy, as many are claiming. it ’ s true that the ecb ’ s interest rates have never been as low as they are today. the main refinancing rate – the rate at which banks can borrow money over the short term from the central bank and which is perceived by the public as the “ key rate ” – now stands at 0. 25 %. what matters more to german savers, however, is that interest rates for long - term investments that are considered safe have fallen to their lowest level since the establishment of the monetary union. investors in ten - year german bonds currently get an interest rate of around 1. 76 %. the main reason for this is that because of the european sovereign debt crisis investors prefer investments which they consider to be particularly safe. in the end, it can be said that the ecb with its monetary policy has, above all, kept the interest rate low for very short - term loans. but the returns on longer - term investments considered safe have fallen so much primarily as a result of the increased demand. there remains the question of whether the key rates in the euro area are unreasonably low. what would be the level if interest rates could freely form on the market, without monetary policy intervention? this so - called “ natural ” interest rate would fall in a shrinking economy over a prolonged period and rise again during a recovery.