4/5  BIS central bankers' speeches  The BSP is also active in both regional and global conversations on climate change and sustainable finance. Our recent membership to the Network for Greening the Financial System (NGFS) has elevated our initiatives in this area, particularly on climate stress testing.
At the local level, BSP is collaborating with the Department of Finance and other key government agencies to pursue the development of a principles-based taxonomy. Let me wrap up my presentation with two key take-aways. First, the Philippine economy is on its way to a sustainable recovery.