Conditions in the market have improved markedly since the introduction of this program, with spreads declining sharply and with more funding available at longer maturities. Market participants tell us that the CPFF contributed to these improvements. Most recently, the Federal Reserve launched the TALF, which is aimed at restoring securitization markets, now virtually shut down.
All of these initiatives would be meaningless if they are not felt by all Filipinos. Thus, we emphasize the importance of financial inclusion in the country. We have set our sights on digital technology as a catalyst and strategic enabler to ensure that everyone has access to financial services. Ensuring that no one is left behind is critical for achieving inclusive growth.