the crisis reinforced the adverse effects of financial exclusion, resulting in increased burden for those segments of the population that are already vulnerable. thus, influential bodies such as the group of 20 major economies more popularly known as g20 have incorporated financial inclusion in their agendas. in fact, the recent g20 leaders meeting resulted in the creation of a financial inclusion experts group to work on broadening access to a full range of financial services as a strategy to provide the foundation for sustainable growth worldwide. here in our country, we have been putting policies and programs in place to provide both financial inclusion and social protection. in fact, you will be pleased to know that the bangko sentral ng pilipinas is one of the first central banks in the world to have an office dedicated to the pursuit of financial inclusion. as a result, we now have policies that empower strong and capable banks to have a wider scope and scale of operations to make them effective and meaningful providers of financial services to more filipinos. in 2006, for instance, the bangko sentral issued circular 522 authorizing rural banks to offer fcdus or foreign currency deposit unit accounts so that you can take a strategic and active role in the growing remittance business that has since grown into a 17 billion - dollar industry. in 2007, the bangko sentral authorized rural banks to make equity investments in atm networks through circular 563 and engage in limited trust activities under circular 583. in 2008, qualified rural banks were even allowed to participate in select derivatives activities under circular 594. in 2009, the bangko sentral issued circular 649 or the electronic money circular which provides the regulatory framework for the fast - growing electronic money business, where rural banks play a central role. with a wider network of cash in / out agents, you will be able to leverage your existing offices and deliver your financial services to an even broader market with potentially greater efficiency and lower costs. so far this year, we have issued new regulations that significantly broaden business opportunities for rural and cooperative banks. in the first two months, we approved circulars 678 and 680 covering housing microfinance and the micro - agri loan product under which banks are able to manage their microfinance operations better, with a more diversified portfolio and lower risk of business loans applied to agriculture or housing. to further expedite the provision of these services, just two weeks ago, the monetary board approved the rbap - mabs housing microfinance program. through

monetary and financial history, spanish and international alike, under the name “ economic history studies ” ( more familiarly known as the “ red series ” ). to date, this collection had solely included papers prepared or financed by the banco de espana. currently, however, with a view to extending and maintaining its continuity, we are assessing opening it up to other research not necessarily financed by the bank. to be added to the foregoing is all the sponsorship and funding activity of associations, universities and royal academies in the field of economic history. actions of a differing nature and scope are involved, giving continuity to our long - standing and intense promotion work. i am particularly gratified to be able to share with you today my satisfaction at the recognition recently granted by the spanish economic history association to the supportive work by the banco de espana. in short, we have been designated as an honorary member of this entity. my thanks to the association but, above all, to those who have made this work possible over the years, and to those continuing it and adding to its prestige today. lastly, allow me to stress another of the grounds for a publication such as that we are presenting today. it is a question of transparency, understood as the possibility of sharing information with society as a whole. as i pointed out in one of my early public appearances as governor of the banco de espana, i consider making high - quality statistical information 4 / 5 available to researchers as absolutely crucial for sound analyses and research enabling better - founded economic policy decision - making. 1 in this respect, we intend in the coming years to pursue various projects that allow these researchers to have access to our statistical information, thereby enabling different avenues of analysis and research of benefit to society as a whole. in conclusion, i would like to reiterate my satisfaction at these initiatives and to thank the efforts and contributions, from both the public and private spheres, of those who have participated in this publication. in some ways, this substantiates the fact that these avenues for sharing information and making it available to society are enormously beneficial for all. thank you. see my “ welcome address ” for the second annual research conference of banco de espana, 2018, at : https : / / www. bde. es / f / webbde / gap / secciones / salaprensa / intervencionespublicas / gobernador / arc / hdc030918en. pdf. 5 / 5