to focus on carrying out from the second half of this year. as inflationary pressures on the demand side are still not high, while the domestic economy is expected to continue its solid growth, we will need to maintain our accommodative monetary policy stance. in this process we will however have to consider the facts that the financial imbalances can grow, and, from a longer term perspective, that we need to increase our monetary policy operating capacity to respond to fluctuations in business cycles. from this standpoint, we will have to carefully judge whether it is necessary to adjust the accommodative monetary policy stance further, while closely checking future economic growth and inflation trends, changes in the monetary policies of major countries and the consequent financial stability conditions. in the second half of this year we will have to consider the inflation target to be applied from next year. the way in which the inflation target is set, and the method by which it is operated, have 1 / 3 bis central bankers'speeches direct effects on the central bank ’ s credibility and on whether economic actors ’ inflation expectations are securely anchored. we will have to closely analyze whether there have been any structural changes in the underlying price flows, and in the relationship between growth and prices, and properly set the inflation target and the period for re - examining it. we will also have to look whether there are any areas that need improvement in how we fulfill our responsibilities for explaining policy. we will need to strengthen our efforts aimed at enhancing the effectiveness of our policy communication. when uncertainties are high the markets can react sensitively to even small changes in economic conditions, or even to a single word from the policy authorities. it can thus be said that a meticulous communication strategy is demanded, to ensure that consistent communication concerning our policy directions can be achieved. we will also have to devote special attention to financial stability. financial and foreign exchange markets in some emerging markets with weak fundamental conditions have experienced unease recently. given korea ’ s favorable external soundness it is unlikely that the financial unrest in these countries will spread to affect us. but if overseas risks, from the monetary policy normalizations in major countries and strengthening protectionism for example, materialize simultaneously we will be unable to accurately estimate their effects. we will therefore have to watch even more carefully any changes in these risks. we can also not afford to be negligent in our research on and our responses related to new issues in economics. we will need to strengthen our

. with the pandemic, financial inclusion has been recognized further as an urgent national development agenda, rightly necessitating a whole - of - nation approach. the philippine statistics authority has been ramping up its implementation of the philippine national id system or philsys which will be a gamechanger for financial inclusion addressing, long - standing barriers to account ownership in the informal and low - income sector. meanwhile, on march 10 this year, president rodrigo roa duterte signed the executive order no. 127 as a policy reform to expand the satellite broadband market to speedily connect 1 / 2 bis central bankers'speeches underserved rural communities. this will enable rural communities to join the digital economy and partake of its benefits. sa pamamagitan ng philsys at pagpapalaganap ng mobile at internet access sa ating bansa, masmarami pang pilipino ang mahihikayat na gumamit ng digital financial services. kasama rito ang ating mga kababayan na pwd. we laud the national council on disability affairs and other stakeholders for upholding and protecting the rights of the pwd sector. rest assured that the bangko sentral ng pilipinas is committed to continuously engage the sector so we can better respond to your needs. naririnig po namin kayo. in july 2020, we introduced enhanced tactile marks in our banknotes to aid the elderly and visually impaired in identifying denominations easier. the bsp is also now exploring the addition of braille functionality to our banknotes, which aims to benefit as many as 2. 5 million visually impaired filipinos. we recognize that many members of the pw d are highly vulnerable to and experienced unfair practices. we are reminding banks and other bsp - supervised financial institutions to enforce non - discrimination policies and promote access to welfare - enhancing financial services of our pwd sector. we hope this webinar will be informative and serve as a platform for deeper engagement to promote the financial welfare and empowerment of our country ’ s pwd sector. sama - sama nating isulong ang kaunlaran ng pilipinong may kapansanan sa gitna at lampas ng pandemya. maraming salamat po. 2 / 2 bis central bankers'speeches