financial system. our microentrepreneurs, nanays, and tatays can approach microfinance institutions to open an account and secure credit with just their philid. onboarding will be more cost - efficient too for our service providers. we are boosting our whole - of - government approach to diversify the broadband market so that filipinos across the country can have affordable internet connectivity and digital financial services available to them. we have begun with steps to encourage the adoption of satellite broadband. microfinance institutions can save on it costs, automate processes, and enhance delivery of financial services in the last mile through this technology. picture a farmer in the field or a fisherman at sea doing pera padala, paying loans, receiving 2 / 3 bis central bankers'speeches payments with his phone through your mobile apps, just as he would use its built - in gps to check the weather or navigate the seas. the possibilities are endless. together with industry partners, we launched the qr ph to standardize and create an interoperable qr system for person - to - person and person - to - merchant fund transfers. in terms of policy, our recently issued open finance framework gives the power of data to the people. through open finance, players inside and outside of the industry, regardless of size, will have an opportunity to provide more contextualized services for a wider client base. the digital age is here, and so we encourage microfinance institutions to continue their advance towards digital adoption. as more businesses, including microenterprises shift online, it is also fitting that financial service providers do the same. and so, we urge you to capitalize on these developments. crises also breed opportunities. and there is no time like the present to recalibrate strategies and fortify digital capabilities. the pandemic may seem insurmountable, but giants like you continue to take huge steps with government to ensure no one is left behind. we owe much to the microfinance community. after all, the bsp ’ s financial inclusion mission started with microfinance, in the belief that the poor can contribute just as much, if not more, to the country ’ s growth and prosperity. in closing, we must do things with a greater sense of urgency and efficiency. we must aim higher and strive to reach out to more filipinos. as the olympic motto goes : citius ( kee - tee - oos ), altius ( al - tee

benjamin e diokno : emerging from the crisis - challenges and opportunities in the new economy speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the annual conference of the microfinance council of the philippines, 18 august 2021. * * * to the members of the microfinance council of the philippines led by mr. eduardo jimenez, microfinance champions and advocates, colleagues in government, partners in financial inclusion, guests, ladies and gentlemen : a pleasant afternoon to all. we at the bangko sentral ng pilipinas are always glad to be a part of this annual conference. we look forward to this yearly gathering as it gives us an on - the - ground perspective of current developments and challenges in the microfinance industry. the past few weeks have indeed been eventful. the covid - 19 pandemic rages on. we have been in this battle against the virus for more than a year, with anxieties renewed amid reported cases of the delta variant. meanwhile, the recently concluded tokyo olympics leaves a mark in history as our weightlifter, hidilyn diaz, captured the country ’ s first ever gold medal while nesthy petecio brought home our first medal in women ’ s boxing. this has indeed been our country ’ s best olympic campaign and medal tally to date. the medals and efforts of the whole philippine contingent have given a ray of hope and inspiration for the filipino people in these dark times. it is quite fitting that our country ’ s first gold should come from weightlifting. we can draw parallels from this story of triumph to the important work done by our microfinance institutions. just as hidilyn lifted 127 kilograms or about 280 pounds of steel in her winning moment, microfinance institutions are also lifting the weight of over 9 million poor and underserved filipinos. this is what financial inclusion is all about : lifting each other up. moreover, hidilyn ’ s road to the gold, as we now know, was not an easy one. along the way, she had doubts and hardships. the future, for a moment, had been uncertain. yet she never wavered, never gave up. we see the same strong, indomitable filipino spirit in our microfinance institutions. we heard compelling stories of the sacrifices the microfinance community has made to continue serving the last mile : avoiding layoffs ;