to do more. we have to be even more proactive in green financing, especially so that the philippines is cited as among the highly vulnerable countries to the effects of climate change. in closing, the financial services sector is at an interesting time. technological innovations in the delivery of financial services are contributing significantly to the philippine economy ’ s transformation. but at the same time, with climate related risks threatening not only economic growth but life itself, industry members are also facing a great challenge. rest assured that we at the bsp will be working together with our supervised entities in stepping up efforts toward sustainable innovations in the financial services industry. we hope that you can also help us in stepping up and speeding up our sustainable innovations — not just for the filipino 5 / 6 bis central bankers'speeches people but with the future of our world in mind. thank you very much and mabuhay! 6 / 6 bis central bankers'speeches

the high penetration rate of mobile phones in the country, where even low - income earners own cell phones — the ability of fintech to accelerate financial inclusion is well recognized. while we are leveraging on fintech, a lot of work still needs to be done before the philippines becomes a truly financially inclusive economy. many filipinos still do not own bank accounts, and so are unable to access loans and other financial services from formal channels. nevertheless, we are working our way there. first, internet and mobile phone banking. banks that offer internet and mobile phone banking have increased over the years. this has allowed more people to do online transactions, not only to pay bills and purchase merchandise goods, but also to avail themselves of savings, investments, and insurance products. as of end - 2018, there were 48 banks that have already made their financial services accessible through the internet, and 26 banks that have made their services accessible through mobile phones. 2 / 6 bis central bankers'speeches second, interoperable payment systems. in the past, transferring funds from an account in one bank to another account in a different bank required physical movement of cash. now, following the launch of interoperable payments systems, funds can be transferred electronically through instapay, for low - value and real - time fund transfers, and pesonet, for bigger - value fund transfers confirmed within the same banking day. as of end - july 2019, there were 43 financial institutions participating in instapay and 51 participating in pesonet, with more to come. third, the philippine id system. following the signing into law of the philippine identification system act ( philsys ) in august last year, the country will soon have a national identification system. the objective is for all filipinos to be properly identified using a unified system that gathers basic identification and biometrics information. the bsp has assumed the task of printing the ids. we are doing this because we don ’ t want we expect the philippine id system to significantly hasten financial inclusion, as this addresses the problem of lack of formal ids — which are required to open a bank account. fourth, non - bank electronic money issuers. a recent phenomenon that is significantly boosting financial inclusion in the country is the emergence of non - bank e - money issuers. these are entities other than banks that also allow people to create electronic accounts in their platforms where people can store value in these electronic accounts, and make payments or do