Even more uplifting is the fact that industrious microentrepreneurs have become bankable, transforming into savers that have accumulated more than P1.4 billion in bank savings! Third, on our payments and settlements system. The Bangko Sentral has been operating a real-time gross settlements system – which we call PhilPass – that continues to efficiently serve the country’s growing financial system.
The value of transactions handled by PhilPaSS was P54 trillion in 2005, doubled to P122 trillion in 2006, and is set to reach a new record this  BIS Review 79/2007  1  year, if the first quarter figure of P48 trillion is annualized. Our PhilPass therefore is a vital infrastructure for ensuring the credibility and continuous development of our financial sector.