we believe that financial digitalization accelerates income growth and democratizes access to more affordable financial products and services. we have also embraced digital transformation in our internal strategy, highlighting our commitment to being an agile, resilient, and proactive organization. we envision to be a digitally transformed organization driven by a strong digital leadership, an innovative and collaborative culture, a secure and resilient technology infrastructure, and optimized work processes that support data - driven decisions. while we recognize the promising benefits of digitalization, we are also cognizant of its attendant risks. thus, we also highlight that these efforts are underpinned by sound digital governance, adequate risk management practices, and robust internal controls. 1 / 2 bis central bankers'speeches given these developments, it is important for the internal audit function to reposition itself as a strategic partner in driving digital value. the independent view of internal audit continues to be crucial, as it plays a valuable role in complementing the first - and second - line functions by providing assurance and advice on governance, risk management, and controls. digital transformations are journeys without borders and the possibilities for digital innovation are endless. as central banks embrace change through digitalization, internal audit teams must forge the same trail ; reassess perspectives ; reimagine audit approaches and methodologies ; and tap on reliable technologies to add more value and provide assurance to the organization. i hope that this meeting will provide a meaningful platform for discussing internal audit ’ s rapidly evolving role in these areas. the shared views, practices and experiences during the sessions will certainly enrich our knowledge and inform our individual and collective digital transformation journey. thank you and i wish you all a meaningful discussion ahead. 2 / 2 bis central bankers'speeches

: • promoting a stronger and more stable financial system ; • developing the domestic capital market to make it more supportive of investments growth ; and • providing easier access to funds by small and medium - sized businesses as well as micro enterprises. in addition, the bangko sentral will continue to foster an environment that will facilitate further disposal of banks ’ non - performing assets. other key financial reforms will be focused on aligning prudential regulation of the banking system with international standards and best practices, enhancing our payments system, as well as strengthening corporate governance standards and market discipline mechanisms. meanwhile, microfinance shall continue to be the bsp ’ s program for poverty alleviation, with collateral - free loans providing the entrepreneurial poor ( e - poor ) with much needed capital to start a micro enterprise. the bsp will also continue to push for the passage of key legislative bills to accelerate the development of the local capital market and further strengthen the regulatory authority. in particular, we shall push for the implementation of a centralized credit information bureau to improve the quality of financial information to investors, expand private sector access to credit, minimize exposure to risks of financial intermediaries, and lower cost of borrowing. we will likewise work actively with other government agencies and the private sector for the completion of critical market infrastructure to enhance system integrity and overall market confidence. at the same time, we will intensify our economic and financial education program so that filipinos can participate in, and benefit from, our economic gains. in this advocacy, i earnestly ask for your support. other filipinos can participate in opportunities that economic development brings if such are brought to their attention and they are made to understand its potential. this is the reason why we have been conducting nationwide lectures on investment options for overseas filipinos and their dependents. and starting june this year, 11 million public elementary students will be taught lessons on money management to help them develop the habit of saving and investing. with this, i hope we can nurture a new generation of financially literate filipinos. conclusion ladies and gentlemen, let me close this message by saying that the philippine economy is likely to weather the challenges it faces, both domestic and external. i believe that with the fundamental strength of the economy backed by the government ’ s firm commitment to continue to pursue needed reforms, there exists a sound basis for a sustained noninflationary growth in the country. finally, i congratulate ejap for its continuing program to professionalize