the market can expect greater transparency in the conduct of monetary policy and this should reduce the gray areas in anchoring public expectation about inflation and enhance the functioning of the markets. strengthening the financial system in the financial sector, the main challenges emerged from the overhang of the asian financial crisis and the greater integration of the philippines into the global financial system. in response, we have addressed these challenges precisely by strengthening the financial sector. focus has been given to maintaining a sound and viable banking system and the development of the domestic capital market. efforts in this area have begun to show positive results. banks ’ balance sheets are gradually recovering from the large burden of bad loans while the local bond market has received the initial shot from the reforms that include the now operational fixed income exchange. we shall sustain the bangko sentral ’ s reform strategy on cleaning up banks ’ balance sheets, addressing remaining weaknesses in managing risks, and ensuring that our prudential regulatory standards are elevated to international benchmarks. we shall also continue to coordinate with other government agencies and the private sector in installing the remaining infrastructural requirements of a well - functioning capital market that would diversify our sources of funds and reduce our vulnerability to various shocks. but we need to enhance a few things even as we have started to launch them. we are moving into consolidated supervision and risk - based approach to bank examination that are aligned with international best practices. such innovations are necessary to allow regulators to effectively manage challenges posed by conglomerate structures and cross - border issues. we are improving corporate governance and market discipline. a crucial element for effective oversight of the banking system is for the regulator to have stronger supervisory and regulatory authority and this can only be done with the support of congress in amending the bsp charter. finally, we realize that the bsp can enhance its effectiveness by establishing teamwork with the other financial regulators. thus was born the financial sector forum ( fsf ) that has elevated the cooperation among the regulators to pioneering levels. the fsf will help harmonize supervisory and regulatory efforts, improve the exchange of information among regulators and promote better consumer protection. in the area of promoting the domestic capital market, the changes we would like to see are the fruits of the steps that have already been started in close collaboration with the private sector. we shall be pleased to see more robust trading of government and subsequently, private, debt securities at the fixed income exchange, improved market confidence from the use of independent custodians, migration by the banks from

to the existing regulatory framework that commensurate with the risk and scale of activities. the bank has also established the sme automation and digitalisation facility ( adf ) in march 2020, which aims to encourage smes to automate processes and digitalise operations to increase productivity and efficiency. in march 2021, an additional allocation of rm700 million has been provided for the adf, bringing the facility ’ s total size to rm1 billion. 2 / 3 bis central bankers'speeches to conclude, islamic financial institutions have developed into matured institutions that are now offering a wide range of financial solutions to meet the varied needs of customers. therefore, halal businesses should seize these opportunities to better position themselves and embrace sustainability, as well as digitalisation that aim to provide stronger platforms to rebound as the economy recovers. in closing, i would like to share with you an inspiring verse from the quran, that serves as the foundation to the key points i have intended to raise earlier. in surah al - baqarah verse 195, allah s. w. t mentioned, “ and do good, indeed allah loves the doers of good ”. so, let us embrace this message together and put more effort in propagating good, particularly in the way we conduct businesses, by not just being halal, but also beneficial to the environment and society at large in line with the commandment of allah s. w. t. let us begin this today, here at the world halal business conference 2021. thank you and i wish everyone a pleasant and productive conference. 1 source : dinar standard, the state of global islamic economy 2020 / 2021 2 halal food, islamic finance, muslim - friendly travel, pharma and cosmetics 3 source : hdc himp 2030 4 bnm internal survey 5 source : hdc vibes issue 06 / 2021 3 / 3 bis central bankers'speeches