jack gutt : opening remarks - demographics are not destiny : fostering conditions to advance latino business growth opening remarks by mr jack gutt, executive vice president and head of the communications and outreach group of the federal reserve bank of new york, at " demographics are not destiny : fostering conditions to advance latino business growth ", new york city, 13 november 2018. * * * as prepared for delivery good morning and welcome to the new york fed for this important conversation on “ demographics are not destiny : fostering conditions to advance latino business growth. ” my name is jack gutt and i am fortunate to head the new york fed ’ s communications and outreach group. i ’ d like to thank all of my colleagues and our partners from the stanford latino entrepreneurship initiative ( slei ) and interise for their efforts in developing the report, “ latino owned businesses : shining a light on national trends, ” issued today, and for organizing this conference. i ’ d also like to thank all of you for joining us and our panelists for their participation. this is an impressive group and i, and my colleagues, very much look forward to hearing and learning from you. before going any further, i need to point out that what i say here today reflects my own views and not necessarily that of the new york fed or the federal reserve system. as i said at the outset, this is an important conversation. why? because, for the first time since launching the small business credit survey, we are able to identify and discuss the specific experiences of latino small business owners. and that, in turn, matters as latinos are the fastest growing demographic in our nation and latino - owned businesses are growing in number and importance. the total latino population in the united states was around 18 percent in 2017 and that number is expected to rise significantly in the coming decades. amid lagging business start - up rates, immigrant and latino business expansion has bolstered small business growth nationally, outpacing that of other demographic groups. between 2014 and 2016, latino - owned businesses grew by 13 % compared with less than 3 % for non - latino businesses. today, one in four new businesses is latino owned, contributing more than $ 700 billion in annual sales and employing millions of workers. on top of that, the latino population is among the youngest of all demographic groups and its entrepreneurial class is equally young. in fact, nearly half of latino owned businesses were started less than six years ago, all of which points to

felipe m medalla : digital payments transformation - the key to financial inclusion speech by mr felipe m medalla, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the gcash digital excellence awards 2022, manila, 30 november 2022. * * * mr. ernest cu, president and ceo of globe telecom ; ms. martha sazon, president and ceo of mynt - globe fintech innovations ; colleagues from government ; and partners in digital transformation, good afternoon. thank you for inviting me to the gcash digital excellence awards 2022 where we recognize government units and agencies that have successfully harnessed digital technologies to ensure the safe and efficient delivery of public services. it is unfortunate that i cannot join you in person but know that i share in your joy and celebration for tonight's event. after all, this is very close to our heart and the work that we do at the bangko sentral ng pilipinas ( bsp ). not only do we believe that digitalization will increase efficiency and improve governance, but we also see it as a way to expand financial inclusion. in fact, promoting inclusive digital finance is the first objective under the national strategy for financial inclusion 2022 - 2028. we have come a long way in our digital finance transformation journey. we began with the test - and - learn approach in the early 2000s. back then, the financial system was dominated by banks. but gcash, along with other service providers, offered an alternative domestic money transfer scheme in the form of e - money [ electronic - money ]. in 2015, the bsp launched the national retail payment system framework, which gave birth to what we now know as pesonet and instapay. in 2020, we launched the digital payments transformation roadmap 2020a€ “ 2023, which sets out our two goals : first is to digitalize at least half of the volume of retail payments ; and second is to onboard at least 70. 0 percent of filipino adults to the formal financial system. i am pleased to report that we are on track to achieve - or even possibly exceed - these twin goals. as of end - 2021, 30. 3 percent of total retail payments were already digital. 1 / 3 bis - central bankers'speeches driving digital payments growth in recent years were ( i ) payments by persons to merchants ; ( ii ) fund transfers between two persons ; and ( iii ) salary