changing needs of the market. the bsp is also developing a framework for the adoption of an open finance ecosystem which espouses consent - driven data portability, interoperability and collaborative partnerships among incumbent financial institutions and third - party players. through open finance, incumbents and third parties will be allowed access to financial information needed to develop innovative products and services that are suited to the changing consumer needs. as pursuing digital transformation could help reduce the barriers to financial inclusion, spur innovation and promote competition in the financial sector, the financial consumers are also exposed to cyberthreats which could undermine the public ’ s trust and confidence in the safety of digital financial transactions. in this regard, the bsp continues to strengthen its cybersecurity awareness and digital finance literacy programs to increase trust and confidence in the security of the digital payments ecosystem and other technology - enabled financial transactions. the bsp is at the helm of enabling the financial industry to embrace the principles of sustainable development and drive investments to activities that will promote climate - resilient, green, and sustainable growth. financial regulation can be a useful tool to achieve these objectives. to this end, the bsp issued enabling regulations to promote green finance through the sustainable finance framework for banks., this framework emphasizes the role of the banks ’ board of directors in leading and institutionalizing the adoption of sustainability principles across the organization. as part of the full implementation of circular no. 1085, the bsp will continue to engage banks in discussions during the three - year transitory period. within that period, banks are expected to identify and execute specific actions on how to implement the board - approved strategies and policies on the integration of sustainability principles into their strategic objectives, corporate governance, risk management systems, and in their operations. our banks will be required to establish an environmental and social risk management system and accordingly, disclose their sustainability initiatives in the annual reports. we recognize that tone at the top is of vital importance in materializing a bank ’ s sustainability initiatives. “ leading by example ” is one of the best ways to usher the transition and shape the behavior of supervised institutions towards the adoption of sustainability principles. 4 / 6 bis central bankers'speeches as such, the bsp has launched the sustainable central banking program as part of its strategic programs for 2020 – 2023. this program aims to foster environmentally - responsible and sustainable policies and work practices as well as integrate environmental, social and governance or esg aspects in its key functions and operations. the bsp

currently conducts a vulnerability assessment to assess the potential impact of climate change and other environmental risks in bsp offices and branches. at present, the bsp, in collaboration with several development partners and interest groups, conducts a series of capacity building activities to deepen understanding and to equip banks to better manage environmental and social risks. the bsp is also working closely with the department of finance and other key government agencies to embark on the development of a principles - based taxonomy in order to facilitate the mobilization of funds towards green or sustainable projects. meanwhile, the industry associations, in collaboration with the worldwide fund for nature philippines, are developing an analytical framework to assess the impact of climate physical risks on the loan portfolio of banks. cognizant that an efficient and skillful workforce is the lifeblood of any organization, the bsp has again raised the bar in advancing human capital when it earned the civil service commission ’ s gold award for human resource management. this award is exclusively given to a government agency that achieved the highest maturity level or ‘ level 4 ’ of the civil service program which denotes that the bsp ’ s operations and internal processes are designed to continually improve performance through incremental and innovative enhancements. in providing a safe, healthy and future - proof workplace that will ensure the physical and mental well - being of our people, promote work - life balance, and provide opportunities for professional development, the bsp has rolled out a customized annual health check, an occupational health program, on - site gym facilities and virtual physical fitness courses, activities for retiring staff, and a mental health program which include awareness campaigns, counseling, psychotherapy, and external referral. the bsp also rapidly shifted to new work arrangements such as work - from - home and flexible work hours, with the imposition of community lockdowns and travel restrictions. through the bsp covid - 19 task force, our organization continues to bolster its preventive measures to combat the adverse impact of pandemic in the workplace. the bsp conducts quarterly covid - 19 tests screening and provides additional medical coverage for affected employees. the bsp will also roll out a covid - 19 vaccination program for its employees and their dependents. the bsp has also implemented various programs when it comes to providing continuing professional development for its employees such as competency trainings, mentoring arrangements, and scholarships. we have recently launched the “ mentoring and inspiring learning experiences program ” or bsp miles program, which aimed