banking innovations. in february this year, the bsp issued circular 1033 to streamline the licensing requirements of our supervised institutions intending to offer electronic payment and financial services ( efps ). these initiatives, together with the passage of the national payment systems act ( npsa, ra 11127 ) that grants the bsp with regulatory oversight over payment systems, will significantly advance our digitization agenda. but in order for these developments and initiatives to be relevant, there needs to be a systematic collection and dissemination of relevant data, one that would inform policymaking and lead to a better, deeper understanding of the msme market. with this in mind, we have embarked on two initiatives designed to bridge the information gap – the national demand side survey on msme finance and the strategic partnership with the department of trade and industry ( dti ), microfinance council of the philippines, inc. ( mcpi ), and alliance of philippine partners for enterprise development, inc. ( append ) to expand the negosyo center financing ecosystem. the national demand side survey on msme finance, which is currently under development, will enable us to address the need for comprehensive data on the msme sector and formulate responsive policies and programs. meanwhile, an essential component of the negosyo center partnership is the creation of an information database on negosyo centers and microfinance institutions ( mfis ) nationwide. this database will enable negosyo centers to refer clients to various financing options and help microfinance institutions design products and services appropriate to clients ’ needs. finally, let me say this again. financial inclusion is a necessary condition for a sustainable 4 / 5 bis central bankers'speeches economy. to realize this vision means pursuing change and reform however difficult they may be. the bsp ’ s enduring financial inclusion journey attests to this. we craft our policies not only for the present, but also with the future in mind. i am optimistic that the various financial inclusion initiatives of the bsp that i discussed this morning will help improve access of msme exporters to financial services, and consequently enhance our country ’ s export competitiveness. with these thoughts, let me say that the best for all of us is yet to come. maraming salamat po. 5 / 5 bis central bankers'speeches

system, robust external payments position, and a manageable fiscal deficit. the philippine economy has the essential elements to post a strong recovery this year. moving forward, the bsp ’ s actions and policy thrust will continue to be anchored on its core mandates of promoting price and financial stability. 1 / 2 bis central bankers'speeches the bsp will remain vigilant over the current inflation dynamics and operating environment with a forward - looking perspective to ensure that the monetary policy stance supports economic recovery and addresses any risks to our price stability mandate. it addition, bsp will intensify its monitoring and surveillance over its supervised institutions to ensure that they remain responsive to emerging risks and to promote the continued soundness, stability, resilience, and inclusivity of the banking system. lastly, the bsp will continue to adopt policies that will strengthen the economy ’ s resilience to external shocks. these will include maintaining a market - determined exchange rate, sustaining a comfortable level of reserves, and keeping the country ’ s external debt manageable. i said this before, and i ’ ll say it again : we should not let this unprecedented crisis go to waste. let us learn from it. let us all continue to discover and tap into our inner strengths. our shared fortitude as a nation will enable us to withstand all adversities and come out of this pandemic as economic champions. may our award - winning members never tire of leading the capital market in conceptualizing and implementing new and bold strategies for the industry and for our country. continue to reform, innovate, and transform. again, congratulations to our awardees and to the pds group. 2 / 2 bis central bankers'speeches