practices. • we also conduct advocacy activities thru strategic partnerships. one good example is the citi microentreneurship awards that the bsp has been carrying out annually with citi foundation, citibank and the microfinance council of the philippines. this bis central bankers ’ speeches awards program highlights inspiring success stories of microentrepreneurs across the philippines. ladies and gentlemen. the philippine national strategy for financial inclusion ( nsfi ) brings the central bank and 12 other government agencies together thru a highly consultative process to achieve convergence. it also sets a framework for government and the private sector to systematically collaborate, ensure cohesion and promote synergy. agency tactical plans are being finalized with specific policies, programs and progress indicators which will be shared thru dialogues to jumpstart convergence of multi - sectoral actions, and identification of concrete areas for partnership and collaboration. it is pleasing to note therefore that 8 countries in asia pacific are at varying stages of implementing their own nsfis, while 9 other countries are currently formulating theirs. evidently, we all aim to facilitate domestic convergence and quantum leaps thru a national strategy. indeed, convergence across regions and with international partners is necessary in the light of cross - cutting issues that may impact financial inclusion objectives. these issues include the cost of cross - border remittances, the potential impact of economic integration on small businesses, and international standards that may adversely affect institutions providing financial services in rural areas, to name a few. these all require concerted global attention and strategic convergence. fortunately, such a convergence is beginning to happen. apec and asean have committed to promote financial inclusion. and financial inclusion is already being discussed in international bodies such as the g20, the united nations, the world bank and the imf, as well as standard setters like the basel committee on banking supervision and the financial action task force. in addition, about 95 developing countries are now members of the alliance for financial inclusion. conclusion ladies and gentlemen. we have before us the opportunity to catalyze a quantum leap for financial inclusion in asia pacific and the world. clearly, it is an ambitious goal ; but the 1. 2 billion people who remain unserved in our part of the world represent a billion compelling reasons to continue to escalate our efforts to bring financial inclusion to the excluded, to those who continue to live in poverty. together in this summit, i hope we can craft an action plan that would help make the asiapacific a better

messaging that appeals to the youth, the bsp developed animated videos to encourage students to spend wisely and save regularly. to date, thousands have viewed these videos on social media. r & d provides good value for the private sector as well – it can be used for product innovations, targeting niche markets, business model development and strategic decisionmaking. indeed, regulators and providers alike can invest in r & d and leverage on the growing body of financial inclusion research to challenge what we currently know, inspire innovation and propel the speed of financial inclusion across the globe. convergence of local / international objectives / actions the third element that could accelerate the spread of financial inclusion is the convergence of objectives and actions across local, regional and international arenas. we see more and more players and a variety of entities engaged in different aspects of financial inclusion. it is imperative to converge on a common understanding and shared vision so that different actors can move in unison to attain inclusion objectives. the bsp realized the importance of convergence in the course of our financial inclusion work. thus, within our central bank, we have done the following : • established an inclusive finance steering committee, which i chair, to provide common direction and oversight on the bsp financial inclusion agenda. • established an enabling regulatory environment for financial inclusion in the area of policy, regulation & supervision. among others, our issuances on microfinance, micro - banking offices, electronic money, transparent lending, and reduced customer due diligence are inclusion - friendly regulations. these regulations allow banks and non - banks to deliver a range of services to underserved market segments like microenterprises, smes, overseas filipino workers ( ofws ), among others. • in the area of financial education, we implement a nationwide economic and financial learning program ( eflp ) for targeted audiences starting with students, the employed, overseas filipinos and their beneficiaries, and participants in the government ’ s conditional cash transfer program. underpinning this initiative is our belief that a citizenry knowledgeable in practical economics and finance is a better partner in ensuring monetary policy effectiveness, banking system stability and payment system efficiency. • in terms of consumer protection, we institutionalized a consumer assistance mechanism so that consumer concerns are addressed by bsp - supervised institutions. we are implementing a financial consumer protection framework to enforce compliance with market conduct rules and consumer protection principles so that all financial consumers, including the less - sophisticated and vulnerable, are safe - guarded from deceitful