##s and formalizes our recognition of ppmi as the industry - led self - governing payment system management body for retail payment systems in the country. the moa also expresses our commitment to provide continuing guidance so that the industry ’ s activities remain aligned and harmonized with the nrps framework. we at the bsp thank the chairman tito and ppmi for this declaration of support and dedication. we note with gratitude, your acknowledgment of the bsp ’ s crucial role as primary overseer of the nation ’ s payment systems. as our reliable and invaluable ally, we have no doubt that ppmi will support the proper implementation of the nrps framework ;... monitor compliance with its principles ;... conformance to agreements of our automated clearing houses ( achs )... and will be powerfully instrumental in strategically driving electronic payments through these achs ( achs that have been, and are yet to be launched ). we look forward to how ppmi will seize opportunities presented by technological innovations to 1 / 2 bis central bankers'speeches improve operational efficiency... we anticipate that it will engage service providers with robust systems and infrastructures... we are confident it will lead and assist as novel products and services that cater to the evolving needs of clients here and abroad are developed... we anticipate that ppmi will formulate strategies infused with system - wide, and industry - wide perspectives rather than limited and restricting institution - centric approaches. what exciting prospects for us all! more so, what empowering possibilities for so many filipinos! i believe we are mutually committed to this endeavor because we realize it shall have a great effect on many of our countrymen. we know that widespread implementation of interoperable payments will boost the ordinary filipino ’ s confidence to make economic decisions. we hope that capabilities – even of the now unserved and underserved – to execute financial transactions will be increased! today, this day of commitment, is indeed another nrps milestone worth celebrating. i close with the exuberant declaration that we in the bsp, affirm and celebrate our partnership with ppmi. together, we are allies and catalysts for revolutionary reforms in the payment space and in pursuing nrps goals. 2 / 2 bis central bankers'speeches

parents of elementary school pupils. schools now request this program which runs parallel to the classroom teachings of elementary pupils. at the same time, 12 banks joined hands to launch the kiddie account program. while these banks were no stranger to children ’ s accounts, they all agreed on the need to make saving affordable, accessible and convenient to attract more kiddie savers. after negotiations that took nearly two years, the 12 banks agreed on a common denominator : children are welcome to open accounts with them with a minimum deposit of only 100 pesos or less than us $ 3. 00. and to further help make saving a habit, bank representatives also go directly to schools to service children ’ s deposits. so far, so good : thousands of new accounts are being generated by the kiddie account program and withdrawals are minimal. since children exert influence in household decisions, we hope that their habit of saving will rub off on other members of the households, including the adults. based on the results of the bsp ’ s household finance survey, only 20 % of philippine households maintain bank accounts. we are therefore looking at this program as a way to help raise the savings rate in the philippines. i understand that yesterday many of our foreign delegates visited the aurora quezon elementary school to observe how financial lessons are taught and to hear how banks are implementing their kiddie account programs. did you find it useful? that is good to know. ladies and gentlemen, our continuing journey takes us through uncharted territory. nevertheless, we are encouraged by positive feedback – from the pupils who start saving regularly, to the teachers who say they learn life lessons from the program. also a positive is the 2011 citi financial quotient survey where the philippines showed sustained improvements in its score. nevertheless, we have a long way to go and a lot more to learn. it is for this reason that we look forward to this regional meeting on child and youth finance for asia and the pacific. i hope therefore that our conference today will be successful and fruitful. finally, we thank the child and youth finance international for bringing this regional meeting to manila and for taking the lead in the global movement to promote the habit of saving among schoolchildren. we also commend their design props today – the multi - colored bis central bankers ’ speeches balloons and throw pillows. it reminds us that while we are tackling a serious subject, we should not forget that our intended beneficiaries should find it fun to find