program. i hope therefore to see more banks and other institutions support this crucial undertaking not only as a matter of corporate social responsibility, but as a legitimate and sustainable business opportunity that should make our economy stronger. we also know that an inclusive financial system makes for greater stability. ladies and gentlemen of the banking community. i also call on you to make sure that your banks and all your branches serve the public by exchanging old banknotes identified for demonetization with new generation banknotes even if they are not your regular clients, even if they are sidewalk vendors exchanging just a handful of old banknotes. this is financial inclusion at its best. the bsp also pins its hope on gaining mileage on its financial inclusion targets with the launch of our national retail payments system project. the nrps is envisioned to provide an accessible, inclusive and safe electronic payments system using inter - operable payments network that financially links the country – from batanes to sulu – 24 / 7. amid all these exciting developments, we have also introduced the financial consumer protection framework to ensure that new participants to the financial system are provided sufficient guidance and protection. this calls for pro - active programs for consumer education, transparency and providing necessary information for redress mechanisms. i look forward to the active participation of banks in this activity. indeed, we have a full agenda that will help maintain the strength and stability of our banking sector. “ how central banks influence interest rates ” speech by mr øystein olsen, governor of norges bank ( central bank of norway ), at the centre for monetary economics ( cme ) / bi norwegian business school, oslo, 1 october 2015. http : / / www. bis. org / review / r151002b. htm bis central bankers ’ speeches in this connection, the entry of new foreign banks under our liberalized regime should further enhance the quality of competition among our banks and nurture innovations that will ultimately benefit the general public. this reminds me that during our co - chairmanship of the financial stability board consultative group for asia, then vice minister masamichi kono of the japan fsa, advised that we should enjoy a cup of matcha or green tea to get us going through the day and that we should take mugicha at night to relax. in the same spirit, we can all enjoy ginseng tea or maesil cha from south korea, oolong tea from taiwan or teh tarik from singapore. all of these are said to

amando m tetangco, jr : financial education and consumer protection – triggering a positive ripple effect speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the launch of wealth watch book ii, manila, 6 june 2017. * * * thank you for joining us at the launching of the second volume of the wealth watch book of the bangko sentral ng pilipinas. this is a special event that marks our continuing program to help improve the lives of filipinos through financial inclusion, education and protection. in particular, this book provides practical tips on wealth creation and enhancing the readers ’ financial well - being through investments management and entrepreneurship. indeed, the increasing sophistication of financial markets makes continuing financial education necessary. thus, even as we encourage our youth and the unbanked to develop the habit of saving, we also continue to develop for those who already have savings, guides on how to make prudent decisions to grow and invest their money. the timing is perfect. the philippine economy has been growing consistently and in recent years at levels regarded as one of the fastest in asia. in fact, our growth rate of 6. 4 % in the first quarter this year, brought our record of achieving uninterrupted gdp growth for 73 consecutive quarters now. in other words, our economy has been on a growth track since the first quarter in 1999 or in the last 18 years. to make this economic growth meaningful and inclusive, we should continue to empower our people to prosper and achieve financial security. the link between financial literacy and the economy ladies and gentlemen. an increasing body of research shows that a financially - literate population can create “ economic ripples ”. they have higher levels of savings and diversified investments. they manage credit and mortgages well, and make retirement planning a priority. 1 in short, they make good financial decisions that lead to better economic well - being for themselves, their families and eventually, their communities. very few initiatives have such transformational power. financial literacy in the philippines as a people, therefore, we should aspire for the development of a financially - learned citizenry who can protect themselves from fraud, even as they gain from being part of the financial system and a robust economy. in this manner, they can contribute to the sustained growth and strength of our economy. this is the challenge before us. a world bank