clearly, during the lockdown, from march 17 to may 31, 2020, we saw a sharp consumer shift to digital payments. our national retail payment system ( nrps ) grew by 74 percent in volume and 42 percent in value from the beginning of 2020 to march 16, 2020. prior to the lockdown, nrps transactions stood at 18. 43 million in volume and php428. 23 billion in value. by contrast, during the lockdown, transactions rose to 32. 05 million in volume and 1 / 3 bis central bankers'speeches php607. 92 billion in value. we expect this dramatic shift to digital payments to continue even after the pandemic. increased digitalization however came with its own set of problems, such as a significant increase in the number and variety of cyberthreats and cyberattacks. while these heightened cyberthreats declined towards the end of the lockdown because of the countermeasures that were timely and carefully deployed by the bsp and our supervised financial institutions, heavy - reliance on automated systems and third - party technological firms can nevertheless raise the risk of cyber incidents with possible systemic impact to the financial system. in the coming years, we expect more supply of new and more sophisticated financial products and services that can attract customers without them realizing the risks involved and raising serious consumer protection issues. with new risks and challenges continually emerging from technological innovations, we know that central bankers can never be passive. part of our strategy to remain agile and well positioned to respond to risks and challenges before and as they materialize is embracing and harnessing the potential of technology, in the form of supervisory technology or “ suptech ”, in fulfilling our mandate. broadly speaking, the bsp ’ s suptech initiatives are classified into three categories : first – data acquisition, where bsp receives data and information from the bsp - supervised financial institutions ( bsfis ). second – data analytics wherein the acquired information gets analyzed and third – data dissemination wherein processed and analyzed information are sent out to other government agencies, internal users, and the public. data is at the heart of any effective supervision. hence, the acquisition of relevant data and its analysis and dissemination to the right parties is crucial. while we are still in our early stages of our own digital transformation as a supervisor, our initial experience with suptech has been positive. we have seen that suptech applications support faster and more flexible data capture compared with traditional template - based approach

amando m tetangco, jr : a comprehensive financial education program for filipinos speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the launching of the economic and financial learning center, manila, 3 october 2008. * * * members of the monetary board, our partners in the financial and business communities, special guests, fellow central bankers, good afternoon. we thank you for being here with us at the launching of the bangko sentral ’ s economic and financial learning center which includes the bsp library as well as the statistical and learning center. this center, which we call eflc, symbolizes bangko sentral ’ s commitment to institutionalize and sustain a comprehensive financial education program for filipinos – our primary stakeholders. we believe that persons literate in basic economic and financial concepts … stand to benefit more from opportunities that development brings. they also become better partners in ensuring that we have a sound banking system and a more efficient transmission mechanism for our monetary policy actions. in the process, they help sustain balanced economic growth. this is the philosophy that underpins our economic and financial education program. it is in this context that today, we are implementing a comprehensive economic and financial education program that covers children, teenagers, and adults. i will discuss its components briefly. for filipino children, we have bangko sentral ’ s joint program with the department of education and the banking community, where lessons on saving and money management are now being taught as part of the curriculum for 12 million public elementary pupils. for overseas filipinos and their dependents here and abroad we conduct lectures and dialogues, to help them make sound financial decisions and investments to grow their money. for our entrepreneurial poor, we continue to preach the gospel of microfinance that has helped improve the quality of life of millions of filipinos. for small and medium - scale entrepreneurs, we guide them on how and where to access credit. for banks, we teach them how to align with and benefit from our technological innovations such as the award - winning electronic rediscounting. for those engaged in the remittance business, we let them know how they can benefit from using our real - time gross settlement system or philpass. for bank customers, we empower them by educating them on their rights and responsibilities in dealing with banks. for maintaining the quality of our policies, we have professorial chairs in top