Let us therefore celebrate the transformative power of microfinance with a round of applause. I am also pleased to report that our efforts to promote microfinance and financial inclusion in our country have placed us in the international radar screen.
In particular, survey results of the First Annual Global Microfinance Index and Study – which was conducted by the Economist Intelligence Unit of The Economist Group – measured the state of the regulatory framework, investment climate and institutional development. Overall, the Philippines ranked 3rd out of 55 countries, next to usual leaders Peru and Bolivia.