programs now help educate a broad spectrum of the population including teachers, migrant workers, and farmers. we have made substantial progress, but there is still work to do. as highlighted in the bsp activities during the visit of the united nations secretary general's special advocate for inclusive finance for development, queen maxima of the netherlands, we are focusing on making digital payments more affordable. so affordable in fact, that people will make it a habit to use digital payments. as you can see, we are trying to go digital when it comes to financial inclusion. open finance we are advocating open finance, particularly in the area of financial health. open finance facilitates consent - driven sharing of customer data among financial institutions and third - party providers. it also gives customers more access and more choices when it comes to financial services. we believe that open finance holds significant potential to extend the reach of financial inclusion. it will do by fostering innovations in financial services. at the center of open finance is the customer who must be served and protected at all times. this is why we, at the bsp, are implementing our financial consumer protection framework. this would ensure that the rights and needs of consumers always comes first and that their trust and confidence in the financial system is preserved. so, thank you, our partners, for making this event possible and for advancing financial inclusion in markets like ours. i hope you find your time in manila rewarding. magandang umaga po at mabuhay tayong lahat. 2 / 2 bis - central bankers'speeches

option - implied volatility gbp / usd 3m option volatility gbp / usd 2y option volatility 3m s & p variance swap rate 2y s & p variance swap rate 3m10y normalised imlied vol on usd ir ( lhs ) 2y10y normalised imlied vol on usd ir ( lhs ) basis points per cent jan 10 jul 10 jan 11 jul 11 jan 12 jul 12 jan 13 jul 13 jan 14 jul 14 jan 15 sources : barclays live, bloomberg. implied volatilities are “ normalised ” by the level of interest rates, so the data show the volatility of absolute ( rather than percentage ) changes in swap rates. bis central bankers ’ speeches chart 3 impact of asset price news on volatility in uk equity and debt markets conditional daily volatility ( % ) pre - crisis credit ( jan 2001 - jun 2007 ) post - crisis credit ( april 2009 - jan 2015 ) 1. 8 pre - crisis equity ( jan 2001 - jun 2007 ) 1. 6 post - crisis equity ( april 2009 - jan 2015 ) 1. 4 1. 2 1. 0 0. 8 0. 6 0. 4 0. 2 - 3 % - 2 % - 1 % 0 % 1 % unexpected daily change in price ( per cent ) 2 % 0. 0 sources : bank of american merrill lynch, thomson reuters datastream and bank calculations. bis central bankers ’ speeches chart 4 negative rates in european government bond markets positive negative switzerland - 0. 89 - 0. 99 - 0. 81 maturity ( years ) - 0. 61 - 0. 47 - 0. 38 germany - 0. 27 - 0. 25 - 0. 24 - 0. 21 - 0. 16 - 0. 09 - 0. 02 0. 05 0. 13 0. 20 finland - 0. 20 - 0. 18 - 0. 15 - 0. 11 - 0. 08 - 0. 06 - 0. 03 0. 09 0. 14 0. 22 - 0. 18 - 0. 15 - 0. 13 - 0. 07 - 0. 05 0. 00 0. 07 0. 17 0. 26 - 0. 31 - 0. 04 netherlands - 0. 32 - 0. 29 - 0. 24 - 0. 11 denmark - 0. 80 - 0. 62 austria - 0. 16 - 0. 17 - 0. 17 - 0. 12 - 0. 06 -