transactional platform for faster, cost - efficient and convenient transfer of funds. among others, e - money can be used by microfinance clients to purchase goods, pay bills or loans, and move value to their deposit accounts. indeed, the e - money ecosystem offers opportunities for mfis as our regulatory framework allows banks and non - banks – such as telco subsidiaries and e - money agents – to participate as issuers or delivery channels. today, this ecosystem consists of more than 24, 000 agents which complement over 10, 000 banking offices and over 15, 000 atms as financial service access points. mfis can tap into this infrastructure, in response to clients ’ need for easier access and other convenient functions. please note that the number of e - money accounts opened over a period of five years has reached 26. 7 million. this represents exponential growth compared with the 47. 4 million deposit accounts that took our banks 100 years to generate. while e - money accounts are just transactional accounts, it can be the first step or an “ onramp ” to more valuable financial services such as savings, credit, even microinsurance. it is a fact – mfis that keep finding ways to serve clients thru efficient, sustainable business models can help nurture more successful microentrepreneurs. strong support from public and private sector partners can provide more impetus to grow more success stories in the microfinance sector. one prime example is cma itself, made possible by mutual support and collective diligence of the microfinance council of the philippines, inc. ( mcpi ), citibank, citi foundation, and the bsp itself. at the same time, the participation of distinguished members of the cma national selection committee provides prestige and valuable linkages that generate long - term benefits for cma winners. let ’ s give them a big hand. networks such as bank associations and cooperative federations also play unique roles in providing support to their mfi members. the role of media is also important – you raise public awareness of microfinance, prompt discussions about its promise and opportunities, and even make microfinance a “ trending ” topic. ladies and gentlemen, let us keep in mind that with appropriate enabling regulations, responsive mfi services, and multi - sectoral support for microentrepreneurs, we can help improve the lives of millions of filipinos. bis central bankers ’ speeches through our collective efforts, we can

of concerned bsp personnel against lawsuits arising from the conduct of the bsp ’ s financial regulation duties. other important laws concerning the bsp have also been enacted recently, including islamic banking law, which provides the framework for regulation and development of islamic banking in the country ; ( 2 ) gold law, which exempts from taxes the sale of gold from small - scale mining to the bsp ; ( 3 ) the national payment systems act, which formally recognizes the bsp as supervisor of the country ’ s payments and settlements system ; ( 4 ) personal property securities act, which allows use of other assets besides real properties to serve as collateral for loans to boost micro lending ; ( 5 ) philippine id system, which will ensure all filipinos have proper identification, thus allowing banks to comply with know - your - customer ( kyc ) rules when they offer financial services to the poor ; and ( 6 ) anti - hacking law, which imposes stiffer penalties on hacking, thus better protecting the financial services industry and their customers from it - related fraud. with my appointment as bsp governor coming shortly before and after the enactment of these new laws, i consider it my personal mission to oversee the prompt and effective implementation of these game - changing reforms. we are not stopping here. more legislative reforms are in the pipeline, and we are keen to see them being implemented soon. these include ( 1 ) amendments to bank secrecy laws, which will support efforts versus money laundering and tax evasion ; ( 2 ) amendments to the agri - agra law, which will relax provisions of mandated lending to the agriculture sector ; ( 3 ) financial consumer protection bill, which seeks to require financial institutions to have mechanisms in place to protect financial consumers ; and ( 4 ) amendments to the warehouse receipts law, which seeks to modernize the warehouse receipts system to better account for assets that can serve as collateral for loans. 4 / 5 bis central bankers'speeches besides the legislative agenda, we are also pushing for a wide range of other reforms, including in the areas of risk governance, fintech, integrity of financial system and safeguarding of public interest ; and capital market development. the newly enacted laws and those in the pipeline are a continuation of the philippines ’ long history of structural reforms, which have strengthened the country ’ s macroeconomic environment over the years. rest assured that the bsp will be one with the government in continuing the reform agenda to push the philippines to its next stage of development. at the moment, the philippines