' speeches processing, distribution and trading! while there will, no doubt, be rich business opportunities as new markets are tapped by new tools and technology, the ultimate goal is to reach the unbanked and underserved populace. jack ma, founder and executive chairman of alibaba said the goal of “ fintech or techfin is to rebuild the system with technology … to solve the problem of a lack of inclusiveness. ” this is clearly generativity in action, both in terms of the psychological need to build beyond oneself, but also in terms of how techonology can produce and influence new ( and hopefully productive and positive ) behaviours. how auspicious! how exciting! we, at the bangko sentral ng pilipinas invite you to share our enthusiasm. thank you for your kind attention. 1 coined by the psychoanalyst erik erikson in 1950. 4 / 4 bis central bankers'speeches

peru and bolivia. further, the philippines ranked 1st overall in the area of regulatory framework. ladies and gentlemen, the survey results reflected the gains we have made together in microfinance. let us therefore give ourselves a well - deserved round of applause! with the continuing support of all stakeholders, the new policies and programs we have crafted are bound to further expand and deepen our microfinance sector. i refer in particular to the following circulars the bangko sentral ng pilipinas issued this year : circular 678 on housing microfinance and circular 680 on micro - agri loan products which address the needs of microfinance clients beyond enterprise loans. these circulars give banks the opportunity to expand the range of services they provide their clients, even as they maintain microfinance privileges. this includes no collateral requirements or the acceptance of collateral substitutes, cash flow and character based lending, small and frequent amortizations, as well as simple documentary requirements. in march, the bangko sentral issued circular 683 which allows thrift, rural and cooperative banks – subject to certain rules and regulations – to sell, market, and service approved microinsurance products by licensed insurance providers. thrift, rural and cooperative banks are ideal distribution channels for microinsurance products as they are the trusted financial institutions in the countryside and have a deeper understanding of the low income market. recent calamities from flooding and destructive typhoons underscore the importance of having adequate insurance protection especially for the poor who are more vulnerable to various risks. for thrift, rural and cooperative banks, therefore, microinsurance is a groundbreaking initiative that allows them to participate in a business that was once limited only to universal and commercial banks. on the other hand, bangko sentral ’ s circular 685 provides the rules for the recognition of microfinance institution rating agencies or miras. this should improve access to financing and capital as ratings have proven effective in enhancing the quality of microfinance institutions in terms of transparency, discipline, and overall governance. this should also promote investments in the philippine microfinance industry. these are the circulars the bangko sentral issued this year to promote the further development of our microfinance sector. with the support of all stakeholders, we should start seeing positive results from these initiatives. i also look forward to the participation of more banks in the microfinance sector. as of december 2009, there were more than 200 banks engaged in microfinance with total