Bangko Sentral ng Pilipinas Governor Amando Tetangco, Jr. (center) leads the toast to the Philippine Microfinance Industry which has been rated by the Economic Intelligence Unit of The Economist Group as the best in the world in terms of regulatory framework and second best performing in terms of overall business environment, next only to Peru. About 210 local banks have granted over P6 billion in microfinance loans to more than 900,000 microentrepreneurs who have in turn generated employment in their local communities and saved about P3 billion in bank deposits. As a tool for an inclusive financial system, microfinance has liberated millions of Filipinos from poverty. At the National Microfinance Stakeholders Summit hosted by the BSP, microfinance industry leaders signed the Microfinance Practitioners' Declaration to provide sustainable and consumer-friendly microfinance services. They include, from left: BSP Deputy Governor Nestor Espenilla, Jr., Philippine Life Insurance Association President Mayo Ongsingco, Jr., Chamber of Thrift Banks Trustee Rommel Latinazo, National Confederation of Cooperatives CEO Silvia Paraguya, Microfinance Council of the Philippines President Mila Bunker, Rural Bankers Association of the Philippines President Corazon Miller, Philippine Insurers and Reinsurers Association President Pedro Benedicto, Jr. and Monetary Board Member Nelly Favis-Villafuerte. .