a total of 1, 350 participants in 9 regions across the country. our advocacy program is aimed at encouraging potential practitioners from the banking, cooperative and ngo sectors, as well as establishing links with corporations, foundations and international organizations that could lend support to existing microfinance institutions ( mfis ) by way of technical assistance and other capacity development needs. all of these initiatives underscore bsp ’ s strong commitment to promote the development of microfinance. concluding remarks let me just point out that although the bsp ’ s mandate is to focus on the banking sector, our involvement in microfinance extends beyond the banking community. we are also interested in working with other microfinance practitioners and organizations, such as ngos and credit cooperatives, so that together we can ensure the long - term viability and sustainability of microfinance. possible areas for collaboration include the transformation of non - bank mfis into banks, development of a uniform set of standards, and the promotion of best practices for sustainable operations within banks, ngos and cooperatives. it is vital that we pool our resources if we are to achieve progress in this crusade against poverty. on that note, i would like to wish everyone a pleasant day and a meaningful discussion ahead. thank you.

nestor a espenilla, jr : truths in lending speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the general membership meeting and induction of officers of the philippine finance association, inc. ( pfai ) makati city, 22 august 2017. * * * philippine finance association, inc. ( pfai ) president, mr. agerico verzola ; executive director, mr. romeo dela rosa ; outgoing and incoming pfai officers ; members ; esteemed guests ; ladies and gentlemen, good afternoon. since 1962, pfai has been instrumental in shaping the landscape for financing and leasing industries. we in the bangko sentral recognise your crucial role in economic development. i congratulate pfai in my own capacity as governor of the bsp and also on behalf of the monetary board, bsp officers and staff. i thank you also for the opportunity and privilege to keynote today ’ s general membership meeting and induction of officers. borrowers and lenders shakespeare famously warns, “ neither a borrower nor a lender be ”. through the hamlet character polonius, the celebrated bard of avon gives the didactic rationale, “ for loan oft loses both itself and friend ( adding that ) borrowing dulls the edge of husbandry. ” what a pronouncement! without subtracting from the literary genius of england ’ s greatest playwright and without discounting ( but also without delving into ) the moral risks involved in lending and borrowing from friends, we can now acknowledge how the conditions for armslength financing have changed dramatically and have improved since the 17th century. in fact, it is interesting that ninety - one ( 91 ) years after hamlet was published, the bank of england was founded in 1694, rationalising and influencing the nature and narrative of financing both in europe and the world. confident of the benefits of prudent borrowing and lending we those in this room – the pfai the bangko sentral ng pilipinas and other players in the industry, laud the practices ’ crucial and indispensable role in national development. we know the push that responsible financing can give to businesses to industries even sharpening and making more efficient — ( to the surprise of elizabethan playwrights ) — the edge of husbandry! five truths in lending important to the philippine financing and leasing industry