“ new economy ” that we envision — that is, a philippines that is economically stronger, more technologically advanced, and more equitable — pushing for new laws, rolling out innovative programs, and building new infrastructure to strengthen and make more competitive the philippine economy. the bills we are pushing are the following : ( i ) financial institutions strategic transfer, or fist, which will allow banks to unload their nonperforming assets to asset management entities ; ( ii ) government financial institutions unified initiatives to distressed enterprises for economic recovery, or guide, which will provide assistance to important distressed firms that are critical for economic recovery ; ( iii ) amendments to the agri - agra law, which will expand the list of industries that banks may lend to in order to meet quotas for support to agricultural development ; 3 / 6 bis central bankers'speeches ( iv ) amendments to the credit information system act, to further enhance accessibility of credit to msmes ; ( v ) amendments to laws on deposit secrecy, to put more teeth to anti - money laundering and tax regulations, as well as to further improve good governance ; and ( vi ) financial consumer protection bill, to improve protection of consumers of financial products and services. the bsp also supports the create bill or corporate recovery and tax incentives for enterprises, as well as additional tax reforms pushed by the executive branch. the create bill seeks to accelerate economic recovery by cutting the corporate income tax and modernizing the fiscal incentives system to attract more job - generating investments. the other proposed tax reforms are those related to ( i ) real property valuation, ( ii ) passive income and financial intermediaries, and ( iii ) mining regime, among others. innovation is high in the philippines ’ “ new economy ” agenda. last year, president duterte signed the philippine innovation act, which seeks to enhance government support for innovation initiatives of msmes to boost their competitiveness ; and the innovative startup act, which spells government support for research and development of startup companies. rolling out of programs under these laws are underway as we lay the foundation for our future. the bsp is one with the government in the innovation agenda. we actively promote financial technology ( fintech ), and we adopt technology - driven means to engage with our supervised entities and the general public. two of my personal goals related to digitalization are the following : ( i ) at least half of financial transactions in the country be digital, and ( ii ) at least 70 percent of filipino adults have financial accounts.

. s. monetary policy unwinding begins in earnest. hence, it is likely that some turbulence may continue. given this scenario, the mexican economy is expected to confront any new episode of uncertainty in a solid manner. however, it is important that creditors as well as debtors remain wary of their fx and interest - rate risk exposures. at the same time, authorities need to remain vigilant in order to ensure that financial markets operate normally at all times. inflation and monetary policy in the last decade, monetary policy in mexico has sought the convergence of inflation toward the 3 percent permanent target. progress in price stability over the same time has been considerable. nevertheless, during the current year, inflation has posted somewhat higher levels, since march surpassing the bank of mexico ’ s upper limit in the variability interval of plus or minus one percentage point around its inflation target. higher inflation mainly reflects pressures in the noncore component of the cpi, from agricultural prices as well as energy prices and government tariffs. however, the negative supply shock is expected to be transitory. at the same time, moderation in core inflation continues to depend, to some degree, on a positive shock from certain services prices. nevertheless, core inflation has remained around 3 percent during the last few months and is expected to stay around this level during the rest of this year and next. up to now, there is no evidence of secondary effects from recent changes in relative prices. analysts ’ short - term inflation expectations have increased somewhat, but expectations for the medium and long terms have remained stable, albeit above 3 percent. the bank of mexico expects inflation to return to the variability interval in the second half of this year, and to be very close to the permanent target in 2014. upside risks to inflation prevail, including greater - than - expected hikes to transportation prices, additional agricultural price pressures, given avian flu, low precipitation and reduced water levels in dams, and greater volatility due to uncertainty over u. s. monetary policy normalization. the persistence of higher inflation carries the risk of fueling second - round effects that may contaminate the price and wage formation process. thus, the bank of mexico governing board has warned that it will remain alert to adverse supply shocks in order to keep them from producing these effects so that the process of convergence to the permanent inflation target remains on track. 4 see the bank of mexico ’ s monetary policy announcement, june 7, 2013. bis central bankers ’ speeches concluding remarks recent