sciences and randomized control trials in financial inclusion research and program design – are helping us find pioneering solutions to increase access and usage of financial services by financially excluded markets. paymaya, inc. ( formerly smart e - money inc., a bsp - licensed e - money issuer ) launched the paymaya card with nsfi in mind. it is now working with dep - ed to find ways to encourage savings among k - 12 students. globe telco is also currently working with the financial sector forum ’ s consumer protection and education committee to facilitate information dissemination and enhance consumer protection. two weeks from now, bpi foundation and aski global ltd. ( non - profit engaged in entrepreneurship coaching for migrant workers ) will conduct a financial inclusion summit on the role of remittances and migrant workers in inclusive growth. all these initiatives were coordinated with the bsp, and purposely linked with nsfi objectives, or facilitated thru the nsfi collaborative platform. we are also pleased to share that the asian development bank ( adb ) and the world bank ( wb ) have committed resources to support various nsfi elements. for example, adb will focus its technical assistance on strengthening microfinance ngos ; deepening agricultural value chain financing ; and promoting e - payments, digital financial services and microinsurance. bis central bankers ’ speeches meanwhile, the wb will focus on sme finance, financial education, consumer protection, and data and measurement. in fact, the bsp and wb technical teams will meet this week to define a practical approach for monitoring and measuring progress of nsfi implementation. your inputs today in this particular area would be most helpful in that meeting. aside from the afore - mentioned initiatives, a variety of private businesses and entities have reached out to bsp, wishing to determine how they can engage in nsfi implementation. these entities include technology providers, financial education program implementers, and even a consumer goods manufacturer. their expression of interest to contribute to financial inclusion is clear proof of boundless possibilities for public and private sectors to work together. thus, we designed this event with the third objective in mind. networking opportunity this is a networking opportunity, and we encourage everyone to get to know key nsfi stakeholders and industry players. we have a good mix present – nsfi agencies, development partners and donors ; bank and non - bank financial service providers and their associations ; technology companies and other service providers. among yourselves, there is a wealth of complementary experience, expertise and resources

coson, for this. and just recently, we learned that one of our winners was able to access a 2 million peso loan from the development bank of the philippines without collateral. other winners have become newsworthy celebrities, invited to guest in television and radio programs or featured in newspapers and magazines. clearly, moty ’ s value goes beyond the incentives it provides deserving microentrepreneurs ; it has also evolved as a vehicle for showcasing microfinance as a potent tool for poverty alleviation and microentrepreneurs as responsible, accountable and creditworthy bank clients. ladies and gentlemen. these milestones are the results of the collective and coordinated efforts of many institutions and individuals, the key movers of which are represented here today. indeed, moty is one tangible example of successful and meaningful cooperation among different institutions working toward a shared goal. today, as our country ’ s poor grapple with the challenges of rising prices of basic commodities, the call for coordinated efforts to fight poverty has never been stronger. let us therefore resolve to work more closely together to build stronger financial institutions that provide responsive service to microenterprises, sow the seeds of entrepreneurship, nurture local enterprises, and build prosperity in our country through microfinance development. i am confident this can be done. i say this on the basis of our track record. before the year 2000, for instance, there were only a handful of banks into microfinance. since then, this has grown significantly. today, 229 banks are into microfinance with a total client base of 780, 000 and loans outstanding of 6 billion pesos. significantly, our micro - borrowers have also become net savers ; their deposits with banks as of december 2007 have reached close to 2 billion pesos! not only have they been liberated from the cycle of poverty, they are attaining financial security for themselves and their families. let us therefore resolve to continue to work together to nurture and expand our base of microenterpreneurs all over the country. thank you all. mabuhay ang microfinance!