must also ensure that there is just enough money in circulation to meet the requirements of the country. the amount of money in circulation must not be too low that it could lead to higher interest rates and slower economic growth. on the other hand, money supply must not be too high that it will be inflationary and reduce the purchasing power of the peso. this is a complex and challenging balancing act. as mentioned before, it is imperative that the banking sector remains sound and healthy as it provides the funding requirements of the economy, using essentially money entrusted to it by the people. in fact, funding for more than 70 % of the resources of the banking system come from deposits which, as of june 2006, had reached p3. 2 trillion. ensuring the stability of our payments and settlements system is equally important. as the bank of banks, the bangko sentral serves as an effective clearing house for high value inter - bank transactions as it holds cash balances of the banks. for this purpose, the bangko sentral operates a real - time gross settlement system which we call the philippine payments and settlements system or philpass which processes about 2, 000 transactions with a total value of about 300 billion pesos …. daily. this is therefore a vital service as it minimizes settlement risks for high value transactions that may adversely affect the stability of the financial system. i hope that you will continue to support bangko sentral's policies and programs ; in the same manner, you can depend on our support …. if there is convergence on what our respective institutions want to accomplish. indeed, with appropriate programs of cooperation and complementation, the government and the private sectors can unleash the synergy which could sustain growth and development of our economy ; jobs and income for the man on the street ; as well as peace and prosperity for our country. let us therefore work together to sustain our growth momentum and continue to implement our reform agenda. remember, in the face of increasing global competition and millions of filipinos who remain mired in poverty, we either innovate …. or stagnate. let us choose to innovate … together. maraming salamat sa inyong lahat.

benjamin e diokno : towards the implementation of a robust philippine id system speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the moa signing between psa and bsp on the philippine id, manila, 7 october 2019. * * * undersecretary, national statistician and civil registrar general claire dennis s. mapa ; fellow civil servants from the philippine statistics authority and monetary board members, deputy governors and colleagues from the bangko sentral ng pilipinas ; distinguished guests, ladies and gentlemen, good afternoon. the bsp is honored to sign the memorandum of agreement with psa that starts the implementation of the “ philippine identification system ( philsys ) act. ” as you know, this is thirty years in the making. the law is universally - beneficial for filipinos as it provides “ a means of simplifying public and private transactions ” through a reliable and nationally - accepted proof of identity. having this proof of identity has far - reaching benefits, especially in promoting financial inclusion. with the “ philippine id, ” unbanked filipinos will have a proof of identity which is a key requirement in accessing formal financial services. this will enable more of our underprivileged countrymen to enjoy gains from and participate more actively in the country ’ s growing economy. as such, the bsp is happy to take part in this undertaking. under the moa, the bsp shall produce one hundred sixteen million pieces of blank cards for the phil id for three years. we will also provide needed equipment and space for the embedding of personal information onto the blank cards, which will be done by the psa. with this philippine id, the bsp widens its area of cooperation with psa. while our numbercrunching agencies have a long history of interaction on statistics, the production of national ids is a trailblazing field for both institutions. with this, the bsp looks forward to working with the psa in bringing the vision of philsys into reality. maraming salamat po and good afternoon to all. 1 / 1 bis central bankers'speeches