year, transactions have likewise grown exponentially. the volume surged by almost 13, 000 percent while value surged by more than 40, 000 percent. today we are launching the pilot of the expanded use cases for qr ph which now covers person - to - merchant payments or p2m. use cases under qr ph p2m would include payments to merchants for purchase of goods and services in department stores, pharmacies, supermarkets, hardware stores, and restaurants. later on, qr ph p2m may also be used to making paying bills more convenient and faster. 1 / 3 bis central bankers'speeches under the qr ph p2m pilot run, the facility will initially be made available to a limited number of instapay participants consisting of banks and non - bank e - money issuers. only a select few merchants would be participating in the pilot run to familiarize the market with the use of qr ph and promote public awareness on how convenient and easy it is to use. the pilot period of qr ph p2m will run for several months. we believe that this gradualist approach will help effect a smooth transition of qr - enabled payment services into the qr ph p2m when it is fully launched by september of this year. by then, we can expect many of the key payment service providers to be on - boarded and improved features to deliver enhanced consumer experience. the instapay participants joining the pilot run today include ( 1 ) allbank inc., ( 2 ) asia united bank, ( 3 ) china banking corporation, ( 4 ) paymaya, ( 5 ) rcbc, ( 6 ) robinsons bank, ( 7 ) unionbank. with the implementation of the qr ph p2m, we seek to further saturate the business sector by providing yet another means for even smaller businesses to digitize. i myself was able to experience, how easy it was to conduct qr code - enabled payments. as shown in the demo we just shared, i had the opportunity to try qr ph. indeed, it is as simple as scanning a code using your mobile phone. it is hassle - free because you need not worry about having to bring any cash or card with you, nor would you need to get the account information of the merchant. after experiencing the convenience of qrph, i can ’ t help but share it with you. i ’ m truly excited for our fellow kababay

amando m tetangco, jr : nurturing financially literate filipinos speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the moa signing on the “ deped - bsp - epra financial literacy project, manila, 12 april 2007. * * * secretary jesli lapus, dr. cielito habito, our partners from the department of education and epra, special guests from the bankers association of the philippines and the chamber of thrift banks, fellow central bankers. magandang umaga po sa inyong lahat! on behalf of the members of the monetary board, i thank our partners at the department of education and epra for sharing our goal to teach money management to our elementary students and to transform them into net savers. specifically, our program involves the incorporation into the elementary curriculum lessons in saving and money management, as well as the values of pagka - masinop ( prudence / avoiding waste ), pagkamatipid ( thrift ), and pag - iimpok ( saving ). a survey indicating that less than 5 % of our youth regularly save money lends urgency to our program. if we can turn the tide with our present crop of elementary pupils, this will have long - term benefits for them and, ultimately, our country. add to this the potential influence they can wield in their homes and in their communities as change agents. actually, there are other initiatives that are underway under our economic and financial literacy program. in particular, the bangko sentral is at the forefront of a money management program for ofws and their families ; microfinance for the entrepreneurial poor ; continuing economic and financial education for journalists ; and consumer protection for bank customers. we are also set to establish economic and financial literacy centers in bsp offices in the province. of course nurturing a new generation of savers and financially literate adults entails a lot of work and unflagging commitment from all of us. for this, we need all the help we can get. this is the reason why we at the bangko sentral are very pleased that no less than the heads of our principal partners are here with us this morning. ladies and gentlemen, let us give a big hand to the honorable secretary of education jesli lapus who is known for his ability to transform