are just a step away from securing a single - a rating from s & p global. we are keen on hitting the minimum rating within the a territory over the next two years or so. of course, higher credit ratings are not an end goal in themselves. it is also a means to generate greater benefits for filipinos through translating economic growth to actual poverty reduction. with higher credit ratings, interest rates on government borrowings drop, which leads to savings on interest payments and, therefore, more fiscal space to fund infrastructure projects and social services. securing higher credit ratings requires the philippines to post even better numbers on various metrics on the economy, parallel to those exhibited by higher rated and richer economies. as such, aiming for a ratings goes hand in hand with the goal for the philippines to graduate into an upper middle income economy over the short term and to a high income economy over the long haul. then again, this is something no institution can singlehandedly accomplish. this requires concerted effort among all concerned institutions, public and private. as governor of the bsp, my personal aim is to bring bsp closer to the people. the primary means to do so is to vigorously pursue initiatives geared toward greater financial inclusion. we believe that with easier access to financial products and services, people are accorded more opportunities to pursue savings, investments, and entrepreneurial activities that help augment incomes. we are doing this through the following ( 1 ) financial technology, ( 2 ) financial education, and capital market development. on financial technology, the bsp continues to enable a regulatory environment supportive of the development of financial technology ( fintech ), while at the same time ensuring strengthened relevant risk governance and consumer protection systems. we want to advance the country ’ s digital financial ecosystem in such a way that every individual is able to open a deposit account and use digital financial services through simplified requirements and interoperable payment systems. under the bsp ’ s national retail payment system ( nrps ) framework, we have started implementation of the two interoperable payments systems, particularly the instapay for low value payments settled in real time and the pesonet for bigger amounts of payments settled typically within the same banking day. as of april 2019, there are 50 participants in the pesonet and 39 in the instapay. we expect more over the near term. on financial education, the bsp is partnering with various institutions so that we are able to teach its concepts and principles to our target

system to remain stable, to flourish, and to further support growth of the economy. fifth, your bsp will continue to pursue initiatives toward an even more efficient, dynamic, and inclusive financial system. sixth, your bsp, will remain committed to its core mandate of price stability, and stands ready to use any of its tools, if and when necessary, for effective inflation management. in brief, the bsp will continue to carry out its objectives and mandates for the ultimate benefit of the filipino people. thank you and good day. 5 / 5 bis central bankers'speeches