And to protect the consumer, the BSP has issued the landmark Consumer Protection Framework (under Circular 857) that sets our expectations on the behaviour and actions of covered institutions. All these matter because our own demographic profile points to half of the population at younger than 25 years old, precisely the millennials.
We are also an archipelago and we need to bring banking to the people rather than expect people to adjust to banking. Thus, it should come as no surprise that the BSP has pushed actively on our financial inclusion campaign.