their operations. this is a win - win strategy : first, it will enhance your banks ’ bottom lines and, second, it will support bangko sentral ’ s inclusive banking policy to reach out to the unbanked and those who remain unserved by the financial sector. this is the rationale behind bangko sentral ’ s liberalization of bank branching ; receptiveness to product and technological innovations in banking services ; and approval of a broader range of services for rural banks such as fcdus and investments in atms to provide more services and products to their clients. the recent issuance of the e - money circular ( circular 649 ) is another significant step toward inclusive financial services. this circular provides the regulatory framework for the electronic money business, promotes innovations in fund transfer mechanisms, and paves the way for competitive growth in the industry. to build on this clear framework for electronic money facility, we are reviewing regulations for third party agent networks to ensure the success, efficacy, safety, and soundness of the system. here, we envision a vast network of retail agents that will provide broad access to financial services even to the previously unbanked. i see rural banks playing a significant role in this very exciting development. apart from your branches, other banking offices, and atms, you will be able to leverage this vast network of outlets to deliver your financial services to a broader market. this is one area we should consciously develop together. once fully developed, this system should be a cost - effective and efficient channel to serve the many bankable yet unbanked filipinos. indeed, the future holds much promise and opportunities for rural banks. with our coordinated efforts and joint commitment to good governance, integrity and stability, rural banks are certain to take a competitive and strategic place as effective channels for a truly inclusive financial system and catalysts for sustaining balanced growth and development in the countryside. again, my congratulations to the distinguished ladies and gentlemen of our rural banking sector. united under rbap, may you continue to grow and develop as efficient empowering channels for enhancing economic activities and improving the quality of life in the countryside. mabuhay ang ating mga rural banks! mabuhay ang pilipinas! maraming salamat po sa inyong lahat.

benjamin e diokno : message during the launch of pesonet multiple batch settlement message from mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the launching of pesonet multiple batch settlement, manila, 23 january 2022. * * * a pleasant afternoon to everyone! let me begin by congratulating the philippine payments management, inc. ( ppmi ), the pesonet mbs team, the philippine clearing house corporation ( pchc ), stakeholders in the payments industry and colleagues from the bsp ’ s payments and currency management sector for achieving yet another milestone in philippine retail payment system development : the launch of pesonet multiple batch settlement service or pesonet mbs. about a decade ago, retail payments in the country was dominated by physical cash or checks. to encourage e - payments adoption, the bsp, together with ppmi, embarked on strategic initiatives in building a safe, efficient, reliable, and inclusive payment system. these joint projects were pursued as part of the national retail payment system framework under which pesonet was established. these proactive efforts to lay down interoperable digital payment rails prior to the covid - 19 pandemic turned out to be crucial. digital channels made it possible to carry out essential transactions of households, businesses and the government in the face of mobility restrictions. in fact, a growing volume of pension, social security benefits and government aid have been disbursed digitally through pesonet. in 2021, the value of sss disbursements coursed through pesonet reached p158. 47 billion and there is room for further growth with the launch of these digital initiatives. the numbers showing the use of digital payments and those with financial accounts are encouraging. the bsp exceeded its target of digitalizing a fifth of retail payments by end 2020. along with higher digital payments usage, we also expanded financial inclusion with the increased number of filipinos who opened e - money accounts. by the first quarter of 2021, more than half or 53 percent of filipino adults own a transaction account in a financial institution, a sharp increase from only 29 percent back in 2019. today, we welcome another landmark achievement with the launch of the pesonet multiple batch settlement – an improvement that allows more frequent settlement of pesonet fund transfers, from one to two cycles within a banking day. pesonet recipients will now be able