the roadmap was deliberately designed to adopt a sequential approach, where urgent reforms and foundational issues are prioritized over an 18 - month time frame. these include increasing the volume and consistency of treasury issuances across the key benchmark posts, organizing the repo market for government securities, and enhancing the government securities eligible dealers ( gsed ) program to support secondary market liquidity, developing the yield curve, and strengthening the market oversight framework. moving the dialogue forward since august, we have been working closely with you to implement the outlined initiatives. following the endorsement by btr of the implementation of the government securities repo program and the grant by the securities and exchange commission ( sec ) of a provisional license to mart as a self - regulatory organization ( sro ), the monetary board approved last 1 / 3 bis central bankers'speeches november 23, 2017, the assignment of a zero - percent reserve requirement ( rr ) on the repo transactions under the program, issued through bsp circular no. 983. the zero - percent rr together with the exemption from dst minimize friction costs on repo transactions that conform to international best practices. during last august ’ s workshop, i remarked that a meaningful conversation is only as good as the actions and changes that follow it. today, we have a clearer understanding and fulfillment of our respective roles in the capital market reform agenda. reform agenda operationalized our capital market reform agenda officially unfolds with the inaugural repo trade under the government securities repo program. we also anticipate the announcement of the gsed market - makers later on. our roadmap is being operationalized! today ’ s inaugural launch of the organized repo market is a clear manifestation that we have, indeed, moved beyond conversations and plans, and have taken concrete actions to achieve our common objectives. the government securities repo program the government securities repo program is a key initiative under the local currency debt market development reform package. the bsp strongly believes that the establishment of an organized repo market is a key element in developing and deepening the domestic financial market. in particular, the organized interdealer repo market is expected to boost market liquidity and enhance price discovery as it gives gseds the ability to quote two - way prices. further, the “ deliver - out, true sale basis ” feature of this instrument is expected to provide market makers the ability to take positions and provide them greater flexibility in managing their portfolios. we recognize

amando m tetangco, jr : launching of the paranaque city credit surety fund speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the launching of the paranaque city credit surety fund, manila, 3 november 2015. * * * this is truly a happy event. today, we launch the paranaque city credit surety fund with mayor olivarez. paranaque is the 3rd city in metro manila to have its own csf – after quezon city and marikina ( both in 2014 ) ; it is also the 22nd in luzon and the 44th csf in the country. this csf is bound to benefit the paranaque - based micro small and medium enterprises or what we call msmes. indeed, our csf program has come a long way from 2008 when we launched the 1st csf in the province of cavite. it has been a challenging but fruitful seven years. we have seen how msmes that lack collateral, gain access to bank loans and grow their business with the support of the credit surety fund program. as of august 2015, the 43 operating csfs in the country have benefitted 14, 600 msme borrowers who received a total of p1. 7 billion in bank loans. but more than these aggregates, we are particularly proud that past due ratio has been at a minimal 0. 93 %. clearly, csf leaders across our country implement the program with care and due diligence, to ensure that msmes given bank guarantees are viable and have a good track record of paying their obligations. in this manner, many more msmes and cooperatives stand to benefit from the csf program. in this connection, the total trust fund of csfs has also continued to grow – it now stands at p515 million, 8 % higher than last year. in other words, the csfs as a whole, can guarantee more bank loans. and so, we welcome the city of paranaque to the growing csf community. actually, simple lamang po ang gusto nating marating sa csf – ang mapa - buti ang kabuhayan ng ating mga kababayan sa msmes sa pama - magitan ng pa - utang mula sa bangko. traditionally, msmes who lack collateral turn for funding to informal lenders with onerous