amando m tetangco, jr : acting together for financial inclusion speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the luzon regional consultation on the national strategy for financial inclusion, manila, 20 may 2015. * * * today is a milestone in our process of crafting a national strategy for financial inclusion ( nsfi ). this is important because our objective is to act and work together to improve the quality of life of millions of filipinos. ladies and gentlemen, you and i know that economic reforms and better governance have given momentum to our country ’ s economic growth that is now at levels regarded as among the fastest in asia. however, we also need to ensure that across the country our people are able to identify, gain and prosper from opportunities that such development brings. we can achieve this through financial inclusion – where there is access to a wide range of financial products and services that are responsive to the needs of all filipinos and supports broad - based and inclusive growth. while the trickle - down approach to spread the benefits of development is good, it is not enough ; we want to be more proactive. among others, we want our people to save, invest and know personal finance management to be financially secure and independent. we want our people to be part of the financial mainstream where they can access bank loans that will help them grow their own business. we want our people to have options other than informal lenders with prohibitive rates and onerous conditions. and we want our people to be able to protect themselves against scams and to know their rights as financial consumers. working on financial inclusion is one clear way to ensure sustained and broad - based inclusive growth, a principal goal of our government. and so, we have gathered today to discuss our draft national strategy for financial inclusion or nsfi. you have been especially selected as key stakeholders to craft our way forward to achieve financial inclusion in the philippines. this process of consultation is structured to give ample opportunity for you to articulate your insights as co - authors and implementing partners of our nsfi. this is the first in a series of regional consultations. next week, we will have similar consultations in cebu and and in davao. as we go thru the workshops for the rest of the day, let us keep in mind the filipino public who we want to serve and the challenges before us. among others

s s mundra : defeating poverty – issues and challenges keynote address by mr s s mundra, deputy governor of the reserve bank of india, at the 39th skoch summit, new delhi, 20 march 2015. * * * 1. mr. sameer kochhar, chairman, skoch group ; other dignitaries on the dais and in the audience ; delegates to the summit ; members of the print and electronic media ; ladies and gentlemen! it is a pleasure and privilege for me to be present here today at the inaugural session of the 39th skoch summit on the theme of “ defeating poverty ”. the theme of this conference is extremely relevant at the current juncture when the groundwork on linking each household to the banking sector in a mission mode under the pmjdy is nearing completion. i congratulate skoch for choosing this particular theme for its summit. 2. the ilo declaration of philadelphia, 1944 states “ poverty anywhere is a threat to prosperity everywhere. ” poverty, therefore, has implications for global stability which has been well appreciated by the policy makers the world over. as across the globe, policy makers in india i. e. goi and the financial sector regulators, particularly rbi have also endeavored to ensure that poverty is tackled in all its forms and that the benefits of economic growth reaches the poor and excluded groups in the society. 3. franklin d. roosevelt said “ the test of our progress is not whether we add more to the abundance of those who have much ; it is whether we provide enough for those who have too little. ” if we were to apply this yardstick for measuring our progress, we would be considered to have failed miserably. even after nearly sixty eight years since achieving our independence, poverty remains one of india ’ s largest and most pressing problems. there is no gainsaying that a nation cannot become great when the lives of millions of its citizens are benighted by poor nutrition, limited by poor learning opportunities and shriveled by gender discrimination. what is poverty? 4. the merriam webster dictionary defines poverty as “ the state of one who lacks a usual or socially acceptable amount of money or material possessions. ” however, poverty is not simply characterized by a lack of adequate income. it has far reaching implications. people who suffer from poverty experience a number of deprivations and restrictions. its manifestations include hunger and malnutrition, limited access to education and other basic services, social discrimination and exclusion, as well as the