funds should be useful to the decision - making of participants. the objective of investor protection is paramount in this area. meanwhile, digital transformation is essential in bringing the financial system closer to the people. last year, the bsp issued the digital payments transformation roadmap for the period 2020 to 2023. the aim is to move toward a cash - lite economy, in which at least 50 percent of the total volume of retail payments is in digital form. the roadmap likewise involves the onboarding to the formal financial system of at least 70 percent of filipino adults. this will be done through payment or transaction accounts using digital services. relatedly, the bsp has issued the open finance framework, which will provide financial institutions and third parties with “ permission - based ” access to customer information. this is seen to aid in the development of innovative financial products and services suited to the changing needs of filipino consumers. increased digitalization of financial transactions can be supported by the wider implementation of the philippine identification system, or philsys, which can create a unique, verifiable and biometric - based digital identity for every filipino. the operationalization of the philsys electronic know your customer and authentication facility will facilitate the digital onboarding of clients. this transformation is not limited to payment products and services, but also applies to investments and other financial transactions. indeed, the exponential leap in the number of uitf participants can be largely traced to new investors using digital platforms. the bsp calls on supervised financial institutions to take steps to meet this demand. as technology has advanced, the digital transformation of trust entities ’ systems, processes and services has become ever more vital to success. as always, the bsp reminds financial institutions to exercise caution and ensure that your risk management systems and controls remain well - suited to your evolving operations. industry initiatives the bsp recognizes the efforts of the toap toward the sustainable development of the trust industry. 5 / 6 bis central bankers'speeches in particular, we commend the industry for its continuing efforts to implement and enhance the uitf certification program or the ucp for uitf marketing personnel. as the certification requirement will be fully implemented by 2023, we enjoin the toap to work with its member - institutions to ensure that uitf marketing personnel are able to successfully complete the program. the bsp views this as a crucial initiative in ascertaining that that these personnel can provide adequate information on uitfs and promote the safe and

credit is available and affordable. at the same time, mortgages are the largest debt most people will take on in their lifetime, so governments also like to put laws in place to protect consumers and to make sure they understand the risks that go with mortgages. and bank regulators pay close attention to mortgages because they often represent a big portion of the assets in the banking sector. in canada, residential mortgages make up about half the banking system's assets, so keeping mortgages safe keeps our banks safe. and a safe banking sector is a precondition for a stable economy. 2 / 8 bis - central bankers'speeches the policy objectives of governments and regulators can shift over time in response to changing conditions. as policies shift, so do the balance and distribution of risks. to understand this, it's helpful to keep in mind some basics of how mortgages work and who the different stakeholders are. a mortgage is simply a contract with a set of conditions that prescribe the obligations of both the lender and borrower - things like the interest rate, the term, the amortization period and the payment schedule. once a mortgage is originated, the lender sometimes retains it as an asset or an investment. other times they turn it into a security and sell it to an investor. if the lender doesn't sell the mortgage, they need to fund it. to reduce interest rate risk, they will want to fund it with a deposit that is about the same size and duration as the term of the mortgage. lenders sell mortgages so that they have a variety of funding sources and don't find themselves constrained by the availability of the deposits they hold. so investors play an important role because they give lenders access to pools of capital that let them fund more mortgages. whatever your policy objective, when you make changes to the mortgage market, it's important to keep these three groups - borrowers, lenders and investors - in mind. you need all three to have a healthy, functioning mortgage market. the challenge, of course, is that how you view a change will depend on whether you're a borrower, a lender or an investor. and sometimes, an attempt to improve conditions for one can negatively impact another. borrowers want affordability and investors want an acceptable risk - adjusted rate of return. features that reduce risk or flexibility for the borrower can increase risk or flexibility for the lender or investor and vice versa. the bottom