to 2022. today, we are officially launching the crd project. the project aims to improve access to finance among smes by promoting risk - based lending which uses credit scoring models to assess the capacity of smes to repay their loan. the project is a tangible step in building a sustainable financing ecosystem for smes. banks, on the other hand, will benefit from the robust credit scoring models built on the database to supplement or to validate their internal scoring models. this will particularly be useful to those without a credit scoring model. the crd will enhance the credit risk management system of banks. 1 / 2 bis central bankers'speeches as we usher in the new economy and steer towards a strong post - pandemic economic recovery, we expect the crd to contribute to providing stimulus for inclusive economic development. as the crd will augment the access of smes to credit, it will lead to their enhanced productivity and competitiveness and also generate much - needed jobs and source of income for many filipinos. indeed, the project will provide long - term support to smes. i want to thank the government of japan and jica for their commitment towards socio - economic development in the philippines. i also wish to thank the 17 pioneer participating banks : land bank of the philippines, development bank of the philippines, security bank, rizal commercial banking corporation, philippine business bank, sterling bank of asia, china bank savings, malayan bank, philippine savings bank, ucpb savings bank, producers savings bank, queen city development bank, wealthbank, sun savings bank, allbank, card sme bank and first consolidated bank. their participation and commitment in the crd project is crucial in the development of the sector. msmes have taken steps to continue their businesses amid the pandemic. the bsp, in cooperation with jica and the philippine financial institutions, will do our part. together, we will create a sustainable and vibrant financing ecosystem in the country. thank you and mabuhay! 2 / 2 bis central bankers'speeches

the common trust fund to unit 2 / 4 investment trust fund, and lower borrowing cost with the installation of a credit information bureau, currently being discussed by congress. we are excited to see the day when we are able to reduce our reliance on foreign borrowing because the domestic capital market is efficient enough to provide the critical mass to fund sustained economic growth. promotion of microfinance and literacy program - the social dimension of bsp policy we shall also intensify the social dimensions of bsp policy. foremost in this is our advocacy for microfinance. this program is the most effective tool for democratizing the access of the public to a portion of the nation ’ s wealth, for empowering the poor and the economicallychallenged group of small entrepreneurs and for scoring a dent on poverty alleviation. we shall also pursue economic and financial literacy program to reach out to our consumers, investors, overseas filipino workers and their beneficiaries to help expand their options of where to put their money and ensure their economic future. bsp organization my fellow workers at the bsp, central banks have often been described as the most powerful institution in the economic sphere : the monetary policy decisions made by the monetary authorities “ can lift markets overnight, bring people out of unemployment, keep growth on track and hold inflation in check. ” 1yet what central banks can do is ostensibly limited by a host of factors notably increasing globalization. globalization has integrated international capital markets and with this, deregulation and technological progress have rendered traditional control - based approaches virtually ineffective. as market forces drive globalization, it has also increased the propagation of shocks in the world economy. what then is the challenge for us? it is important for us at the bangko sentral ng pilipinas to be able to row with the current and if necessary at some point, to row against it. what is imperative is that the bsp is appropriately structured and equipped. our commitment to building a more effective central banking organization is captured by our new vision and mission statements and they should serve as our guide for the next steps. we owe a great deal to the work in the past to instituting best practices, enhancing the bank ’ s corporate image, and strengthening corporate governance within the bsp itself. i know that we can always count on you my fellow bspers, for our committed and professional men and women have been the strength of our organization through the years. moving forward, let us continue to give our best to this institution, which