a buildup of distressed assets as a result of the pandemic by selling banks ’ non - performing assets to asset management entities called financial institutions strategic transfer corporations. offloading these items from banks ’ financial statements will support the financial intermediary functions of banks and facilitate the circulation of liquidity within the system. the government financial institutions unified initiatives to distressed enterprises for economic recovery act ( guide ), on the other hand, legislates the provision of financial aid to critical industries that are affected by the pandemic. in addition, the bsp is advocating for the following measures : amendments to the agri - agra law, which will steer lending to agricultural, fisheries, and rural development in the philippines ; amendments to the credit information system act, which will improve accessibility of financial services to micro, small, and medium enterprises ; amendments to laws on secrecy of bank deposits, which will put more teeth to efforts against money laundering and tax evasion, and further promote integrity in governance ; and the financial consumer protection bill, which will better safeguard the interest of financial consumers, thereby promoting savings and investments. 2 / 4 bis central bankers'speeches reinforcing the country ’ s solid economic fundamentals with carefully crafted reforms is the best way to strengthen the economy ’ s prospects. speaking of prospects, we remain optimistic that when the dust has finally settled, the philippines ’ attractiveness as an investment destination will shine through. we will unceasingly pursue the build, build, build infrastructure program ( which presidential adviser vince dizon will elaborate on ). the bbb program is expected create a lot of jobs in the near term, generate economic activities in the countryside, and expand the productive capacity of the economy moving forward. besides these, we are equipping our economic sectors for the transition to the so - called “ new economy ” – an economy that is stronger, more technologically - savvy, and more inclusive. in the new economy, we shall harness the full growth potential of the economy. in the new economy, we shall also see a nation that is more technologically savvy. even prior to the pandemic, financial technology has already been at the forefront of bsp ’ s agenda. the bsp has put in place a “ test and learn ” environment or what we call the “ regulatory sandbox ” approach, which allows us and the fintech players to learn more about the operations as well as the risks that come with technology at its nascent phases

. this approach enables us to craft consumer - centric policies that allow customers to fully enjoy easier access and increased efficiency to financial services while being guarded by the highest level of security measures. our target is for at least half of financial transactions to be conducted via digital media by 2023. the lockdown measures have expedited the shift towards digitalization. as a result, we are confident that our goal to have at least half of all financial transactions be done digitally by 2023 will be met sooner. just recently, the bsp and the trust industry also launched the digital pera, which stands for personal equity and retirement account. with this, filipinos may invest for their retirement using their mobile devices. also, the bsp is working with other government agencies for the use of fintech in their engagements with the public. the bsp is excited about the prospects of fintech given the multiplier effect of technology on economic development. finally, the new economy is an economy that is more inclusive. in connection with having a more technologically savvy population that is comfortable with using digital platforms to conduct their financial transactions, we are committed to reach more remote and far - flung areas through digital alternatives. our target is that by 2023, at least 70 percent of filipino adults will have financial accounts. the country ’ s national id system will also be fully operational soon. with this, unbanked filipinos will have a proof of identity, which is a kyc requirement of banks. access to financial services will be easier and more people can actively participate in the country ’ s economic activities. in closing, i would like to leave you with these key points. first, from the onset of this pandemic, the philippine government has demonstrated swiftness, decisiveness, and aggressiveness in combatting the socioeconomic repercussions of the 3 / 4 bis central bankers'speeches pandemic. while the lockdown imposed by the government may have caused the economy to stall in the first half of the year, we believe that this is a necessary but temporary measure in order to save lives and protect livelihoods. second, amid challenging economic environments, the philippine economy has always shown its resilience. this time is no exception. the philippine economy is fundamentally strong — a result of over two decades of implementation of critical structural reforms. we have low interest rates manageable inflation and healthy external position — with record - high gross international reserves ( gir ) and low external debt