There is broad consensus regarding the objective to expand the participation of economic agents in the financial system. Various studies have found that greater financial inclusion increases the population's welfare, reduces the likelihood of falling into poverty, increases productivity and generates a significant positive impact on the country's macro-economy. For all these reasons global economic policy agendas have been strongly recommending the implementation of measures to help strengthen financial inclusion in countries.
There is no question that Latin American countries are highly diverse. It is precisely now, in the absence of tailwinds and with very similar external shocks, when we see the difference in the credibility and strength of the macroeconomic political frameworks in the different countries, and their differing capacities to absorb these shocks without unduly affecting their growth.
Since the 2013 education reforms were enacted and included in the Constitution, education has become one of the fundamental priorities for Mexico's government and society alike. Reforming the country's enormous and complex education system will be beneficial for all Mexican institutions and social partners. BBVA Bancomer has been supporting efforts to drive this progress for many years, via its scholarship and education support programs.
Between 2002 and 2013, the Peruvian economy underwent a stage of fast and strong growth. During this period, the average annual growth rate was 6.1%. As a result, in a relatively short period of time, the per capita purchasing power of Peruvians nearly doubled and poverty declined by approximately 30 percentage points.
BBVA Bancomer's outstanding loan portfolio is growing at a rate of 13%, meaning that the financial institution is continuing its support and cover of the credit needs of corporate banking, retail banking, and SMEs and consumer finance, thus underpinning economic growth.
The Energy Reform is the second largest change to the energy sector in the last 100 years. And according to José Antonio González Anaya, General Manager of the state company Petróleos Mexicanos (Pemex), Pemex has played a fundamental role in this change.
Mexico's commitment to stability and reform is producing positive impacts on employment, improved purchasing power for salaries and domestic demand, which has become the driver of economic growth in Mexico, according to the Finance and Public Credit Secretary, Luis Videgaray.
Mexico's President, Enrique Peña Nieto, brought the work of the National Meeting of BBVA Bancomer Directors to a close, saying confidence in the country was strong, as demonstrated by 110 billion dollars of direct foreign investment over the last thee years.