those who save, 70 % keep their money at home ; while only 30 % of savers keep their money in banks. 3. six out of ten adults with bank accounts indicated that the bank ’ s reputation is their main consideration in opening a deposit account. other considerations are interest rates, minimum maintaining balance, proximity of the bank branch, and quality of client service. 4. forty - seven percent of filipinos borrow money. while more than 85 % of respondents indicate that they want to access financial services from formal financial institutions, majority of them still borrow from family, friends and informal lenders. banks as source of borrowing stood only at 4. 4. 5. the primary considerations in borrowing money are : interest rates, loan amount, period to pay for the loans, ease of loan application, reputation of the credit institution, amortization, collateral, fees, and processing time. bis central bankers ’ speeches ladies and gentlemen. these survey results provide useful insights on how to serve your customers better and how to expand your market. indeed, there is so much untapped potential that bank marketing experts such as yourselves can reach, develop, and grow with. as we move toward asean integration, growing and protecting your market will become more challenging. it is best to work on this now. in selecting tonight ’ s awardees, i understand bmap selected as criteria four key factors in making a marketing program successful : these are strategy, creativity, execution and results. applying these factors to your products and programs should help you develop solid and excellent marketing programs. in general, a product can be upgraded when it is no longer in its prime. in our industry, however, the ultimate product is public trust. it is a product that is fragile, demands constant care and requires special packaging. and while public trust may seem to be generic, we must also recognize the socio - economic diversity of our archipelago. the point is, that it will take marketing savvy and creativity to make all these details come to life in a holistic and integrated manner. ladies and gentlemen. the challenge is not one of sales ; it is about marketing. by that, i mean the ability to package specific products to those who need the specific features of the product. this is important in banking where we adhere to a fiduciary responsibility and must constantly meet the bar of client suitability. as banking and finance is typically too esoteric to the general public, this is where creativity is a must. you

inclusion pave the way for access to more financial products and economic opportunities for all. conclusion allow me to extend my gratitude to the world economic forum for providing a platform and opportunities for emerging markets, such as the philippines, to showcase our potential. let me end by wishing all the forum delegates a productive and enjoyable two days in manila. we look forward to the great exchanges on clean energy and digital transformation as well as other topics, touching on the drivers of infrastructure development, competitiveness, and inclusive growth. may these dialogue and discussions lead to meaningful partnerships. we are confident that your investments in the country - both existing and forthcoming - will be worthwhile and will yield mutually beneficial outcomes. thank you once again for gracing this occasion. please enjoy the rest of the dinner. 1 65 percent of filipino adults have transaction / formal accounts in 2022, a significant increase from 56 percent in 2021 and just 23 percent in 2017. 2 / 2 bis - central bankers'speeches