•  It is preferable to act in this area in two directions: First, to reduce the gray market by developing alternative institutional sources of financing, and second, to regulate the legitimate activity in the gray market through legislation and regulation and to supervise activity in this market.
The first thing I would like to do is thank [Bank Indonesia] Governor Perry [Warjiyo], our Indonesian host, for hosting such a wonderful event. On behalf of the Philippines' central bank, thank you for inviting me to share the Philippine experience in digital technologies to reinforce financial inclusion-a topic very important to us at the central bank, especially the Monetary Board.