##p for 12 years - 11 years as a member of the mb and one year as head of our institution. and while my one - year stint as governor of the bsp was full of challenges, ultimately, it was successful and memorable because we worked together for our economy and our people. fellow bspers, president ferdinand r. marcos, jr. has chosen governor eli m. remolona to head our central bank for the next six years. we are very, very fortunate to have him here. finally, although they are not with us now - this is the secret of my happy marriage ; my wife is often out of the country - i thank my family, especially my wife pinky and our children, although they are too old to be called " children. " i am blessed to have this loving family that has kept me inspired, grounded, and strong, no matter what i do or fail to do. and for that, i will always be grateful. 4 / 5 bis - central bankers'speeches muli, maraming, maraming salamat sa inyong lahat! mabuhay ang bsp! mabuhay ang ating mahal na bansang pilipinas! 5 / 5 bis - central bankers'speeches

’ s also greater capability to communicate through long distances with a simple email or social media posting and to reduce dependency on physical offices to reach out to a wider customer base through mobile banking technology. this means that the information technology frontier just keeps on extending and extending and extending. your options on rural banking then become largely an issue of how you deliver banking products and services using the it choices you have made. the competitive landscape of the rural banking market has also seen major shifts in recent times. from what was then nearly the exclusive domain of rural banks, we have now seen universal and commercial banks venturing into the countryside, in part because of the phenomenon of technology. fundamental choices these are the broad strokes of change. sustained economic growth that is becoming reflected in the consumers ’ financial choices. greater market competition – from both within and without as we have become more open to foreign ownership of our banks. financial technology that is moving at the speed of light. where do all these changes leave the rural banking industry? as you embark on your visioning exercise, each one of your members must make the hard choices in terms of the “ scope ” and the “ scale ” of your operations. a rural bank ’ s fundamental strength is its familiarity with the grassroots, the community it serves. but as the market evolves, familiarity – even as it is an advantage – may not be sufficient to guarantee the operational viability of a rural bank. as the local community being served grows, so must the rural bank which is invested into that community. but, even as i say this, the causality must go both ways. for the local community to grow faster, the rural bank must also continue to be the stimulus for the community. this is at the very ideal of what rural banking should be in the philippines. there will always be a need for financial services and it is incumbent upon the rb to develop products and services that can address the requirements of its constituents. this is the issue of “ scope ” and this reflects the responsibility of banks to be portals of economic improvement. financial consumers are made better - off by banks because financial well - bis central bankers ’ speeches being is improved by banking products and services which then also translate to improvements in the community. then there is a question of “ scale ” so that the rural bank stands ready to grow – in size and core competencies – with the communities it serves. in the end, buzzwords like “ right sizing ” and “ streamlining ” need specific context.