total saving is generated by only 30 percent of families. the numbers then paint a rather narrow base since nearly 13 million families out of the estimated 18. 4 million families could only provide 10 percent of total saving. in practice, this means that the cash flows are different across regions, and the preferences differ from person to person. these hurdles may seem daunting but i assure the cmip that you are not alone. the bsp faces the same challenges in our own economic and financial learning program. like you, we believe in the advocacy of financial learning. and like you, we appreciate the difficulties of pursuing such a learning campaign within the context of the nuances of our market and our stakeholders. bis central bankers ’ speeches capital market development and financial stability although the difficulties are defined, the consequences from not pursuing a financial education campaign are even less enticing. financial education creates the platform for raising responsible market agents, who are able to look beyond their own bottom lines. without an appropriate national financial education program, the development of stakeholders who can make well - informed financial decisions who can then take the “ the next step ” from being cash hoarders to become savers and ultimately to become investors who will form the capital base for sustained economic growth will be a slooooww process. and if our country is to take advantage of opportunities at this time and move up the global economic ladder, we need to accelerate this process! but while financial education is a challenging objective on its own, there are equally important goals that must be considered as well. these objectives include the development of the capital market and achieving financial stability. we all know that developing the capital market provides both the “ buy side ” and the “ sell side ” of the market with choices. for the “ buy side ”, choices to reflect its longer - term investment needs. and for the “ sell side ”, choices to adjust product offerings to where there is felt need. developing the capital market, alongside financial education, makes the meeting of an informed risk - responsive investor and a responsible product provider efficient. the development of the capital market is also critical because it relieves the pressures off the spot market. the capital market is the anchor that filters the intra - day and the day - to - day volatilities of the cash market into underlying longer - term trends. investors, providers and regulators need not react to every market blip. instead, decisions can be premised on longterm signals, filtering all the

. while we have worked hard and over long hours to achieve these developments, the real challenge for all of us must be in providing a better tomorrow to future generations. the bsp has long held the view that financial education, financial inclusion and consumer protection form the triumvirate that holds the key. each mutually reinforces the other. while financial inclusion and consumer protection do require regulatory intervention, financial education will have to be a commitment that all of us puts forward. cmip has already invested itself into this agenda by pursuing a passion that became an advocacy that is now a program. the institute has taken great steps but it cannot end here. let us use this 1st national convention as a springboard for setting milestones of performance going forward. will you simply want to have more graduates of the cmitap? or will you measure yourselves against what the graduates themselves can do individually and collectively as part of the cmip family? how do you pay forward the investment that you have made for yourself? how does this investment pay off when working with your students, interacting with office colleagues or operating with fellow market practitioners? how can cmip contribute to the development of the philippine capital market in resolving longstanding issues? how will you ensure financial stability knowing that your individual actions may have macro - prudential consequences? there are many questions that can be raised. what is clear is that the answers must come from you, just as other stakeholders must have their own answers. pause and take time to recognize what you have already achieved. but i enjoin all of you to use that success as a commitment to a better tomorrow. i do not have any doubt in our collective ability to make a better tomorrow for future generations. i also am firm in my belief that financial education is a key element in developing markets and instilling systemic stability. cmip has taken major strides forward to - date. and i look forward to hearing, seeing and being part of your future successes. maraming salamat po. mabuhay ang cmip. mabuhay ang ating bansang pilipinas. bis central bankers ’ speeches