, the bsp and industry stakeholders launched the national retail payment system ( nrps ), a policy and regulatory framework for the carrying out of retail payment activities through the bsp supervised financial institutions. through the nrps, the bsp endeavors to create a safe, reliable, affordable, interoperable, and efficient retail payments system in the country. under the nrps, bsp also encourages the use of electronic payments or modern financial technologies to enhance the speed, convenience and affordability of financial transactions. this method of electronic payments will be at the forefront as the country transitions into the “ new economy. ” as of may 31, 2020, pesonet has 58 participating institutions while instapay has 45. both are expected to have more participating institutions in the coming years. the bsp is also encouraging the wide adoption of the national qr code standard as well as the use of online payment facilities for government transactions. the launching of the egov pay facility to digitize government collections and disbursements will lead to more efficient government collection, better audit, and enhanced transparency. it also aims to eventually plug revenue leaks. egov pay will be expanded to enable ordinary citizens to digitally pay government tax, fees and charges. the bsp plays a supportive role in the promotion of inclusive economic and social development objectives of the government through its advocacy programs aimed at promoting financial inclusion. the national strategy for financial inclusion provides the national vision for financial inclusion and a platform for public and private sector coordination to ensure synergy of efforts in achieving shared objectives. meanwhile, the range of microfinance loans offered by banks has broadened from regular microloans to microcredit for agriculture, housing and business, as well as micro - insurance in 3 / 6 bis central bankers'speeches line with the growing needs and strengthened capacities of banks ’ clients. as of end - 2019, a total of 154 banks with microfinance operations had been serving more than 2. 4 million micro - entrepreneurs. the total value of microfinance loans extended as of end - 2019 amounted to php27. 3 billion, 20. 7 percent higher than its level in 2018 at php22. 6 billion. meanwhile, credit surety fund ( csf ) program is a credit enhancement scheme that allows micro, small and medium enterprises, which are members of cooperatives, to borrow from banks using the csf surety cover as security for the loan in lieu of conventional collateral. from its inception in 2008 until end -

frank elderson : the ngfs glasgow declaration – from a coalition of the willing to a coalition of the committed keynote speech by mr frank elderson, member of the executive board of the european central bank, at the cop26 finance day presidency event on “ a financial system for net zero ”, frankfurt am main, glasgow, 3 november 2021. * * * our collective journey started in paris almost four years ago, when eight central banks and supervisors from an already diverse background decided to join forces. our aim was to rise to the climate challenge and work together to develop the tools we need as central banks and supervisors to foster and accelerate the greening of the global financial system. as a coalition of the willing, we have been working together in the network for greening the financial system ( ngfs ), which i am proud to chair. over time, others have joined us in our efforts. and i am delighted to announce here today that our network is welcoming the supervisory authorities of turkey and jersey and the central banks of jordan, the dominican republic and peru. this means that the ngfs – and i am also very proud of what i am about to announce right now – now brings together a total of 100 central banks and supervisors. our network is both enriched by its diversity and strengthened by the shared determination of its members to address climate change and environmental issues within and because of their mandates. since our call for action report of april 20191, we have developed and shared practical tools and knowledge, most notably in the fields of prudential supervision, climate scenario analysis, responsible investment, the inclusion of climate - related considerations in monetary policy frameworks, data gaps, and building awareness and intellectual capacity. based on our collaborative work, ngfs members have taken very concrete actions towards greening the financial system. the examples provided by the previous panellists are a very telling illustration of this dynamic, and many others in our network could share similar experiences. but i have not just come here to announce that our network now brings together 100 members. i am also extremely pleased to announce that today the ngfs is publishing its glasgow declaration entitled “ committed to action ”, in which we reiterate our willingness to contribute to the global response required to meet the objectives of the paris agreement. and we make concrete commitments on what we will work on and deliver in the coming years, covering all the core activities of our network of central banks and supervisors. looking ahead, we will deepen, amplify and strengthen