public elementary schools under a joint program of the bangko sentral ng pilipinas and the department of education. as the members of your education committee and other baiphil volunteers can attest, the learnings on personal finance are deeply appreciated by teachers and parents, some of whom are moved to tears when they share what they go through to make both ends meet. bis central bankers ’ speeches it means a lot to them that baiphil and the bangko sentral spend time with them to help improve their lives. think about it. education secretary brother armin luistro has learned of our joint project and is interested in scaling it up to help teachers get out of debt and handle their finances properly. i remember that this bsp - baiphil financial education program has been in place under four consecutive baiphil presidents. it started with susan uranza - alcala who signed a moa with the bangko sentral in 2009 under the banking on your future program which was launched when we celebrated 60 years of central banking in the philippines. baiphil continued the program under emmanuel barcena, agnes brillante - santos and salvador serrano. i have been informed francis has been joining the group that goes to public schools. i am optimistic therefore that francis and his board will continue this program that is already being requested in elementary schools and by some ngos. ladies and gentlemen of baiphil. you are used to training bankers. now, you are reaching out to the underbanked and the unbanked. truly, i can say that baiphil is aligned with the bangko sentral ’ s goal of promoting good governance and the development of a financial system that is inclusive and able to sustain inclusive growth. mabuhay ang baiphil! mabuhay ang ating mahal na bansang pilipinas! maraming salamat sa inyong lahat. bis central bankers ’ speeches

among others, to those who are more vulnerable, even if it means accruing less to the bottom - line. this is the very essence of why banking is imbued with public interest. in this connection, the bangko sentral is preparing to release a consumer protection framework ( cpf ) that is applicable to its covered institutions. built upon the pillars of consumer empowerment, market conduct and collective responsibility, the governance standards put into practice by each bsp - covered institution will play a central role within the cpf. the introduction of the cpf is a milestone for us. consumer protection is now part of the core practices for which the bsp exercises supervision and regulation. in this initiative, i expect that baiphil will again be one of our key partners. what lies ahead : a challenge to baiphil ladies and gentlemen, we can always talk of governance at length. the challenge, however, is not in extolling the virtues of good corporate governance. rather, it is what happens after that is the key challenge. if a “ culture of good governance ” is meant to define our set of values, beliefs and practices on governance, then we are clearly along the proper path. this cannot be delineating the shades of grey between “ acceptable ” and “ unacceptable ”. when it involves the interests of several stakeholders, we need to be categorical about what is “ right ” and “ wrong ”. the challenge is measuring how far we moved forward. i am not referring to specific instances of compliance or breaches. what we want to achieve is having that comfort that values, beliefs and practices are fully in place and updated even when no one is looking. certainly, it is this last part that is at the core of the issue. baiphil has always been the advocate of training and capacity building. the industry benefits from your course offerings and capacity building programs. but baiphil ’ s mandate cannot and should not stop when the courses end or when we choose to mount a new training. is baiphil up to this critical task? abangan! actually, given your track record, i trust that baiphil will find new and creative solutions to meet these challenges. finally, i thank and commend baiphil for its continuing commitment to support the bangko sentral ’ s financial education program for parents and teachers in our public schools. this is a parallel program that complements the lessons on saving, money management and entrepreneurship being taught in