on covid - 19 response without incurring unmanageable debts. we reformed the tax system. we simplified the tax structure, rationalized fiscal incentives, reduced personal and commercial income tax rates, increased excise taxes on oil, cigarettes, and sweetened beverages. with the new tax system, the incoming administration will be in a better position to face the challenges of the post - covid economy. the philippines also enjoys healthy external accounts, with hefty gross international reserves that served as buffer during this pandemic. meanwhile, the peso depreciated by 2. 43 percent to ₱52. 27 as of may 23 from its end - 2021 level. this mirrors the market sentiment affecting all emerging markets across the globe amid the russiaukraine conflict. the movement of the peso is within the range of the national government ’ s macroeconomic assumptions for the year. we keep our market - determined exchange - rate policy and we intervene only to ensure orderly market conditions and to prevent excessive short - term volatility in the exchange rate. the stable banking system — which benefitted from regulatory reforms over the years — remains able to provide credit to consumers and businesses. loan growth is steadily picking up. prudent lending standards of banks also help keep the rise in bad debts within manageable levels while ample capitalization enables them to absorb shocks. on digital transformation, the central bank ’ s policy agenda includes digitalization of the country ’ s payments system. by 2023 or next year, we aim to digitalize at least half of all financial transactions and onboard at least 70 percent of all filipino adults into the formal financial system. complementing our digitalization agenda is the new financial consumer protection act. the law improves the resolution mechanisms for financial consumer complaints including those involving cybercrimes. the bsp has also issued six digital banking licenses, in line with our digital payments transformation roadmap. on sustainability, the central bank is at the forefront of promoting sustainability principles in the financial sector. we have issued regulations requiring banks to incorporate such principles into their operations. we are also among the early investors in the bank of international settlements ’ green bond fund and the asian green bond fund. the philippine government did not let this unprecedented crisis go to waste. it did not sit idly by and wait for the coronavirus to subside. instead, it continued to pursue game - changing reforms that help make the philippines a preferred investment destination. the government sustained the reform momentum in con

transactional platform for faster, cost - efficient and convenient transfer of funds. among others, e - money can be used by microfinance clients to purchase goods, pay bills or loans, and move value to their deposit accounts. indeed, the e - money ecosystem offers opportunities for mfis as our regulatory framework allows banks and non - banks – such as telco subsidiaries and e - money agents – to participate as issuers or delivery channels. today, this ecosystem consists of more than 24, 000 agents which complement over 10, 000 banking offices and over 15, 000 atms as financial service access points. mfis can tap into this infrastructure, in response to clients ’ need for easier access and other convenient functions. please note that the number of e - money accounts opened over a period of five years has reached 26. 7 million. this represents exponential growth compared with the 47. 4 million deposit accounts that took our banks 100 years to generate. while e - money accounts are just transactional accounts, it can be the first step or an “ onramp ” to more valuable financial services such as savings, credit, even microinsurance. it is a fact – mfis that keep finding ways to serve clients thru efficient, sustainable business models can help nurture more successful microentrepreneurs. strong support from public and private sector partners can provide more impetus to grow more success stories in the microfinance sector. one prime example is cma itself, made possible by mutual support and collective diligence of the microfinance council of the philippines, inc. ( mcpi ), citibank, citi foundation, and the bsp itself. at the same time, the participation of distinguished members of the cma national selection committee provides prestige and valuable linkages that generate long - term benefits for cma winners. let ’ s give them a big hand. networks such as bank associations and cooperative federations also play unique roles in providing support to their mfi members. the role of media is also important – you raise public awareness of microfinance, prompt discussions about its promise and opportunities, and even make microfinance a “ trending ” topic. ladies and gentlemen, let us keep in mind that with appropriate enabling regulations, responsive mfi services, and multi - sectoral support for microentrepreneurs, we can help improve the lives of millions of filipinos. bis central bankers ’ speeches through our collective efforts, we can