, the bangko sentral has heightened its cyber security efforts. we have intensified cyber - surveillance efforts and reinforced collaboration and information sharing with key stakeholders. we are also working on enhancements to existing regulations on fraud risk management and consumer protection to better safeguard consumers against cyber risks. this brings me to our next equally important agenda : championing sustainability in the financial system. in 2019, we included sustainability as a strategic thrust by launching the sustainable central banking program where bsp enables, mobilizes, and promotes the sustainability agenda. as enabler, the bsp has issued regulations on the sustainable finance framework that banks must adhere to. in a nutshell, the framework emphasizes the tone from the top and sets out the duties and responsibilities of the board of directors in changing the strategic thrust and embedding risk consciousness within the organization. this highlights that management, indeed, has a big role to play embedding sustainability principles in our organizations. and as the map, i hope you can help us drive this point across. on our end, the bangko sentral and other financial sector supervisors will continue to harmonize regulations and align expectations in the promotion of sustainable finance. this program is 2 / 3 bis central bankers'speeches consistent with the sustainable finance roadmap of the green force — an interagency government body tasked to promote sustainable finance that the bangko sentral co - chairs with the department of finance. walking the talk, the bangko sentral has invested usd 550 million in the bis green bond fund since 2019. we have implemented green initiatives that aim to influence the behavior of employees and highlight the importance of individual actions in achieving our goals. an example is the “ no single use plastic bottle policy. ” these are complemented by projects showing the bsp ’ s actions and policy direction. these include the installation of energy - efficient mechanisms such as solar panels, adoption of paperlite policy, and initiatives to secure the berde certification for our buildings. the new bsp complex in new clark city is envisioned to become a smart, green, and modern facility that balances efficiency and environmental sustainability. for our currency production, we have decided to use polymer banknotes to make sure that the notes are high quality, long - lasting, difficult to counterfeit, resistant to dirt and moisture, and most importantly, environment - friendly with lower carbon footprint than paper. finally, the pandemic has highlighted the quality of governance in financial institutions. the past 21 months showed us the quality of

are we ready for what lies ahead? if we go by mainstream indicators, the philippine banking industry remains to be in a position of strength. total resources of universal and commercial banks ( whose share dominates the industry ) grew by 11. 6 % between 2010 and june 2015 while their july npl ratio was at 1. 9 %. the capital adequacy ratio of these banks was at 15. 1 % with stress test results confirming that there is enough capital buffer in the event of extreme shocks. beyond these traditional measures, i want to focus on how financial technology or fintech has positively transformed our banking industry. today ’ s banking experience is more personal in the sense that it is driven by fintech. those of us in generation x may find that to be a contradiction in terms because we grew up not bis central bankers ’ speeches equating “ service ” with “ gadgets ”. yet, this is precisely the world of the “ millennials ” who capture thoughts and experiences in gigabytes. over the counter withdrawals now run in parallel to online banking services where the speed of transactions is limited only by bandwidth. atms are no longer just cash - dispensing machines since the networks offer a full range of consumer and corporate banking services. the widespread use of e - money means that payment systems can clear and settle the most retail of transactions without cash physically moving from wallet to wallet. yes ladies and gentlemen, this is the banking landscape of today and our banks have, by and large, redirected their attention to these facets. from a policy perspective, this was the wherewithal for crafting circular 854 which adjusted the minimum capital levels required of banks. it is a recognition that banking has moved on from the folders and filing cabinets of old to the systems and interfaces of today. we put in place an it risk management framework ( under circulars 808 and 859 ) so that all of these are governed by appropriate standards. to instil continuing credit discipline, circular 855 provided for credit risk management practices that, among others, de - emphasize reliance on collaterals and nurture verifiable credit underwriting decisions of banks. and to protect the consumer, the bsp has issued the landmark consumer protection framework ( under circular 857 ) that sets our expectations on the behaviour and actions of covered institutions. all these matter because our own demographic profile points to half of the population at younger than 25 years old, precisely the millennials.