In its modern incarnation, the reliance on markets acknowledges limited roles for both countercyclical macroeconomic policies and market-sensitive regulatory frameworks. The central burden of adjustment, however, is left to economic agents operating freely and in their own self-interest in dynamic and interrelated markets. The benefits of having moved in this direction over the past couple of decades are increasingly apparent.
For this occasion, allow me to tell you about the BSP’s financial inclusion journey, which has been filled by highlights, milestones, and interesting developments. It is, however, by no means a smooth sailing one – we at the BSP are aware of the challenges to serving the financially excluded that persist until today.