some ongoing initiatives and projects by the amlc and our partners from the public and private sectors. first. the amlc is closely coordinating with law enforcers, such as the national bureau of investigation and the philippine national police, as they are the primary investigators for predicate crimes. for the first eight months of 2021, the amlc has filed a total of 85 cases, varying from civil and criminal cases and involving over php1. 31 billion and other assets. further, the implementation of the national anti - money laundering and countering the financing of terrorism strategy for 2018 to 2022 — or nacs — continues to progress. the nacs is aimed at coordinating efforts of relevant agencies in combating money laundering and terrorism 1 / 3 bis central bankers'speeches financing. the nacs has also integrated the international co - operation review group ( icrg ) action plan to ensure a whole - of - nation approach in addressing our country ’ s shortcomings in its aml / ctf system. second. the amlc is sharing its studies with law enforcement agencies and partner covered persons to increase awareness of money laundering and terrorism financing typologies and red flags. these risk assessments, strategic studies, and typologies include the following : 1. first, terrorism and terrorism financing risk assessment, which is an update of the second national risk assessment, particularly on the understanding and assessment of terrorism and terrorism financing risks ; 2. second, foreign terrorist fighters study using suspicious transaction reports ; 3. third, money service business : 2021 money laundering and terrorism financing sector risk assessment, which indicates how certain services and products of msbs are exploited by criminals to facilitate and expand illegal activities ; 4. fourth, real estate sector : a money laundering / terrorism financing / proliferation financing assessment, which examines the potential criminal threat environment and vulnerabilities associated with the real estate sector ; 5. fifth, an assessment of the philippines ’ exposure to external and internal threats based on suspicious transaction reports for 2018 to 2020, which looks into the country ’ s risk and exposure to money laundering, terrorism financing, and different predicate offenses by gathering information on the generation, movement, and behavior of illicit funds and by evaluating the threats originating within and outside the country ’ s jurisdiction ; 6. sixth, an analysis of suspicious transaction reports with possible links to tax crimes, which is a study on the potential exposure of the philippines to tax crimes prior to the inclusion of tax evasion as a predicate offense to money laundering by

both of which have over a billion in population. financial inclusion and remittances indeed, there are many challenges – and opportunities – in providing access to financial services to migrant workers and their families. the remittances sent home are mostly used for consumption expenditures – 97. 3 % of of households used the remittances to purchase food and other household needs. this helps drive our economy. bsp department of economic statistics more than 10 million ofs sent $ 25. 8 billion worth of cash remittances in 2015, up by 4. 6 % from $ 24. 6 billion in 2014. bis central bankers ’ speeches another positive development, as indicated by a bsp survey ( ces ), is the rising proportion of households directing remittances received to savings – from 7. 2 % in 2007 to 43. 4 % in the first quarter this year. this is one of the many reasons why philippine bank deposits have been hitting record high levels - it was p8. 5 trillion in december 2014 and over p9. 2 trillion as of december 2015. nevertheless, the challenge and the opportunity is to encourage more investments by of households ; it continues to lag way behind savings. as indicated by our survey, households that allocated part of their remittances for investments, increased from 2. 3 % in 2007 to only 6. 5 % in the first quarter this year. that is over a period of nearly nine years! for institutions, the challenge is to develop and promote products suited to the needs of ofs. financial education is essential for ofs to realize the opportunities - as well as possible pitfalls - in investments. equally important, financial institutions should consider it their responsibility to inform ofs of their rights and protection as financial consumers. the importance of remittances for enhancing the financial stability of ofs and the economic growth of our country cannot be overemphasized. as part of the bsp ’ s program to develop a more inclusive financial system, we have put in place policies and programs to enable the development of a wide range of products that can cater to the needs of ofs and their beneficiaries. we also continue to implement a nationwide economic and financial learning program where we have a special focus on ofs. in fact, the bsp won the global forum on remittances and development public sector award for 2015 in recognition for what it described as outstanding commitment, innovation and impact in promoting remit