the 2019 financial inclusion survey showed that 71 % or an estimated 51 million remain unreached by the formal financial system. with these realities and other significant developments transforming the country ’ s financial inclusion landscape, our vision and strategy must evolve to reflect new exigencies, demands, and opportunities. the nsfi 2022 – 2028 signifies our greater collective commitment and aspiration for a more financially included and empowered citizenry. it takes a deliberate stance to address the significant disparities in financial inclusion levels across demographics and segments. the nsfi 2022 – 2028 emphasizes financial inclusion to enhance consumer welfare and features financial resilience as a centerpiece of our renewed vision. it outlines a strategic governance framework, through which a broader set of stakeholders can be tapped as a driving force of the 1 / 2 bis central bankers'speeches strategy ’ s implementation and, thus, truly foster a whole - of - nation approach. by articulating concrete desired outcomes, priorities, performance indicators, and targets, this landmark document will not only serve as a financial inclusion blueprint for the next six years, but also as powerful tool for communicating our bold commitment to the financial inclusion agenda. at this point, i would like to thank and commend my fellow fisc members and our stakeholders for your recognition of financial inclusion as an essential component of our country ’ s development master plan. your contributions have truly been invaluable to the development of the nsfi 2022 – 2028. the effective implementation of the nsfi 2022 – 2028 will, of course, rely on everyone ’ s unwavering dedication and zeal. we must work to ensure all filipinos can thrive and prosper in an ever - evolving landscape. this is also why we chose the social media hashtag # kabilangako, to send a clear message that no one will be left behind. finally, today ’ s launch merely heralds the continuation of our financial inclusion journey, one that is to be pursued with even greater purpose : to open opportunities for every filipino to become both the beneficiaries and foundations of growth and prosperity. we look forward to being with you on this journey. thank you again for joining us on this momentous occasion as we unveil the nsfi 2022 – 2028. maraming salamat at mabuhay! # 2 / 2 bis central bankers'speeches

of the policy. the conclusion : inflation didn ’ t change much, so the policy isn ’ t working. however, what is rational and essential is to examine what would have happened had the policy not been adopted in the first place. using several models, ecb staff estimated that, without our policies, inflation would have been a third of a percent negative in 2015 and would have stayed significantly negative throughout 2016, which would mean that we would have been in permanent deflation since last year. this is a significant result. recall that the final outcome was affected by the unexpected decline in the price of oil by 30 % from september to december. we estimate that two thirds of one percent of the registered growth in the past two years was due to our monetary policy. however, what we achieved in fostering internal demand was undone by the subsequent decrease of net exports in a decelerating world economy. these developments did not make our policy less effective, only ex - post insufficient for the desired outcome. bis central bankers ’ speeches naturally, all policies have limits. in the case of the instruments we are now using, this is particularly true of negative interest rates on our deposit facility. the reasons are more fundamental than just the effect on banks 1. despite negative rates throughout last year, the net interest income ( nii ) of euro area banks increased in percentage of assets, and their return on equity went up from 3. 5 % in 2014 to 5. 7 % in 2015 – which corresponds to a real return as inflation was zero. our policies also produced capital gains for banks, as securities ’ prices went up ( and yields down ), and impairment costs came down as the recovery reduced the amount of npls. more broadly, negative deposit facility rates have contributed to negative rates in the money market, reducing funding costs for banks. the whole yield curve has been lowered, which is the sole objective of using this particular monetary policy instrument. to normalise inflation in the euro area we urgently need higher growth that can reduce negative output and unemployment gaps, using all really available policies. if not monetary policy, then what? see cecchetti & schoenholtz ( 2016 ) how low can they go? bis central bankers ’ speeches