8 See Knight, F. (1921), “Risk, Uncertainty, and Profit”, Mifflin, Boston, New York. 9 Dow Jones EURO STOXX 50 Volatility Index. 7/7  BIS central bankers' speeches
As such, we continue to actively support the implementation of PhilSys, our national digital ID system. With its e-KYC functionality, PhilSys will streamline and enhance the onboarding capability of MFIs, making it less costly for both the financial institution and the consumer. We also continue to facilitate capacity building and technical assistance for digitalization initiatives of the microfinance sector.