amando m tetangco, jr : 2014 stakeholders awards ceremony and appreciation lunch speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( the central bank of the philippines ), at the 2014 stakeholders awards ceremony and appreciation lunch, manila, 9 july 2014. * * * magandang umaga sa inyong lahat! on behalf of my colleagues at the monetary board and my fellow central bankers, i thank all of our special guests from the private and the government sectors for joining our traditional stakeholders awards and appreciation ceremony. this annual event is important to us at the bangko sentral ng pilipinas ; thus, we always make it a point to celebrate our anniversary with our stakeholders from the different sectors of our economy. because of you,... we have partners we can rely on to provide timely and comprehensive information crucial in crafting responsive policies ; we have responsible partners who help us maintain price and banking stability ; and we have dynamic partners who help us develop a better... and a more inclusive financial system that promotes inclusive growth. for this, we thank all of you who are here with us today... as well as our other partners across the country. at a time when the global economy remains in a state of flux... at a time when uncertainty is the norm,.... it is our strong partnership that counts among our sources of guidance in choosing the way forward. among others, we credit the quality and timeliness of the information you share... in helping the bangko sentral calibrate its decisions that would influence inflation and interest rates – two important factors that affect the economy and ultimately... everyone. thus, we are seeing the ideal convergence of higher economic growth and stable prices. in 2013, for instance, our gdp expanded by 7. 2 % amid an inflation rate of 3. 0 %. it is in this context that for our 2014 awards... we adopted as the most appropriate theme... “ forging stronger alliances, propelling sustainable growth. ” in particular, we thank respondents to the business expectations survey who keep us sharply attuned to perceptions on the movement of prices. on the other hand, respondents to surveys such as the cross border transactions, coordinated portfolio investment, information technology - bpo services, and foreign direct investment... help us to broadly assess the country ’ s transactions with the rest of the world.

such as those enabled through the alliance for financial inclusion ( afi ) network make such exchanges possible. 3 ) engagement with global bodies such as standard setting bodies and international agencies as a productive means to promote a cohesive and consistent financial inclusion global framework. financial inclusion brings to fore innovative models, new products and new players. while international standards are designed to be applied flexibly in all country contexts, the application has tended to be focused on traditional constructs and activities that cater to the “ already served ” market. there is therefore a need for a commensurate evolution in thinking on proportionality – the acceptable points of balance between the policy objectives of financial stability, inclusion and integrity. this concept of proportionality has been aptly identified as one of the g20 principles of financial inclusion. the bsp has been involved in the g20 global partnership for financial inclusion particularly in the sub - group on principles5 and standard setting bodies our involvement has allowed the sharing of experiences particularly on balancing the risks and benefits of financial inclusion through the application of internationally accepted prudential and supervisory standards. financial inclusion is a gargantuan task which can only be achieved through well - coordinated and meaningful partnerships. we are already seeing some evidence of success... in kenya, seventeen million6 are able to send and receive money through their safaricom mobile phones using m - pesa, a small - value electronic payment and store of value system. 7 in brazil, commercial banks have banked each of the 5, 564 municipalities through their banking agents. 8 a state - of - the - art biometric enabled smart card and battery operated principles – leadership, diversity, innovation, protection, empowerment, cooperation, knowledge, proportionality and framework. out of a population of 40. 5 million ( world bank findex, 2012 ). safaricom limited annual report, year ended 31 march 2013. branchless banking in brazil, cgap, 2010. bis central bankers ’ speeches authentication devise has allowed icici to provide micro - savings accounts to the unbanked in india. 9 in the philippines, banks are providing microfinance loans and deposit products to over a million clients, majority of whom claim to have never had the opportunity to save in a formal financial institution in their lives. at the end of the day, we are starting to see more people participate in the financial system. with this access to finance, households are better able to manage their finances, guard against shocks and take advantage of economic opportunities