and acquisition of eligible rural banks and thrift banks by strategic third party investors. as of 30 june 2014, seven merger / consolidation applications involving fifteen ( 15 ) banks have been approved by the pdic and are being processed by the bsp. in addition, there are five ( 5 ) other applications for consolidation / acquisition that are in the pipeline. capacity building is another area we have focused on. in particular, the bsp ’ s supervision and examination sector developed a completely new four - day training program targeted for the board of directors and senior officers of rural banks which we now refer to as the rural bank management course. the bsp worked with rbap on the coverage of such a program. after a series of pilot and early runs we are now ready to hand over to rbap the course materials and the conduct of this well - received and highly rated course. if needed, the bsp is prepared to extend further assistance on this program to rbap. redefining a strategic direction while these programs are meant to enhance the operations of rural banks, we recognize that there is still a lot more that can and should be done. a good starting point is a fundamental review of your banks ’ strengths and weaknesses. after this is completed, identify the needs of your constituents in the context of the competition that has emerged. such a review is likely to show that different communities require different forms of access and delivery of financial products and services. this is the direct result of having an archipelago where demographic differences across localities are significant. this may seem like a stumbling block but this also represents opportunities for rural banks. for instance, our experience in microfinance and financial inclusion shows that alternative delivery channels are viable. you can therefore find a balance between alternative delivery mechanisms vis - a - vis the brick and mortar approach of traditional branching. bis central bankers ’ speeches as you move from one locality to another, you will discover that one approach is more viable than the other, depending on the economics of the locality itself. for other areas, it may be economically feasible to offer both approaches to the community. in the current environment, we do see a silver lining : in the face of rising competition, we see the market growing as the benefits of development programs and fresh investments increasingly find their way to the countryside. we see for instance the positive impact of infrastructure development, tourism and even the conditional cash transfer program. in small communities, such inflows can serve as catalysts for sustainable and inclusive growth. microfin

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