asian central banks have been, and continue to be, explored and developed. the bis has made important contributions in this area, with its research providing useful information and insight for policymakers in the region. a : avenue for meetings – to promote discussion and policy analysis among central banks, the asian office has hosted and supported numerous meetings and events in the region, collaborating with other organisations such as the financial stability institute, emeap and seanza. r : reserves management – the asian office plays a vital role in the management and administration of asian bond funds 1 and 2 that aim to broaden and deepen regional and domestic bond markets. the dealing room of the asian office also provides asian central banks with ready access to bis banking services, helping facilitate their liquidity and portfolio management of foreign reserves. over these 10 years, i have seen the asian office play a significant role in helping to strengthen financial sectors, develop financial infrastructure, and promote stability and financial integration in this region. and since its establishment, the hkma has stepped up its participation in the bis'wide range of activities, sometimes co - hosting seminars and meetings, fostering an even closer relationship between us. let me take this opportunity to acknowledge with thanks the great work of the bis management and its staff, who have made the asian office a success. in particular, i would like to thank bob mccauley who has contributed significantly to the achievements of the asian office in the past decade. the accomplishments of the bis in asia over the past 10 years call for celebration. with this in mind, let's celebrate these achievements and anticipate even greater endeavours to come. i propose a toast and wish the asian office continued success for the next 10 years and beyond. thank you.

workers and contribute 32 % of our gross domestic product. in fact, msmes are considered as a seedbed for nurturing entrepreneurial skills and new ideas. msmes therefore are critical engines of economic growth and development. the entry of large banks to the sme sector therefore... is a most welcome development. globally, providing smes access to finance is gaining renewed momentum. for instance, the association of the world ’ s biggest economies... under the so - called g20... has created a global partnership for financial inclusion... which is working on principles for innovative financial inclusion... as well as sme finance. while the philippines is not a member of the g20, the bangko sentral ng pilipinas has been invited to join this important global undertaking. at first glance, the msme sector may not seem to be a natural market for large banks, given the high transaction costs relative to small loans and their lack of familiarity with the msme landscape. nevertheless, we have seen many jurisdictions address these concerns... in a timely and cost - effective manner. bis central bankers ’ speeches the philippine microfinance sector is one such success story. developing innovative product design and delivery channels have proven to be a viable and sustainable model to serve a sector.... previously seen as difficult to serve. rcbc itself has made inroads into microfinance. moving forward, we at the bsp will continue to create an enabling policy and regulatory environment that will allow both the financial institutions and the msmes to grow... on a sustained basis. to achieve this, the bsp will develop and adopt more market - oriented solutions to promote sme lending. so far, the bsp has instituted certain regulatory incentives, among which, are the reduction in the risk weight for sme loans from 100 % to 75 % and the extension to december 31, 2014 of the exemption of micro - and small - enterprises from the submission of additional documentary requirements, such as income tax return and / or audited financial statements... when they apply for bank loans. within the bsp, we are implementing a capacity building program for bsp examiners to familiarize them with the many methodologies and technologies banks can use to effectively lend to smes. the bsp also actively supports the development of a comprehensive credit information bureau and the creation of a collateral registry to spur the growth of msme lending. finally, the bsp