FILIPINOS can look forward to a more sustainable and inclusive Bangko Sentral ng Pilipinas (BSP) on its 30th anniversary as it embarks on efforts to adopt global central banking standards and transition to a digital financial system that is accessible to all nationwide.
BSP Governor Eli M. Remolona Jr. said the pandemic has shaped the perspective and monetary authorities. This has made him more optimistic that the country is ready for a better digitized financial landscape.
This is especially true with the increased use of digital payments in the country over the last five years. The share in terms of volume of digital payments over total retail payments significantly increased to 42.1 percent from 30.3 percent in 2021.
“While the technical nature of our work requires managing a delicate balance between inflation and growth, we also acknowledge our role in helping Filipinos access banking services, increase their financial literacy, and protect themselves from fraud and cybersecurity threats,” Remolona said.
“We consider these facets of central banking critical to inclusive and sustainable economic growth—where individuals in far-flung areas in the provinces are offered the same financial services as those living in Metro Manila or in any urbanized city,” he added.
The BSP has been active in promoting green and sustainable policies in the financial system. By nurturing a regulatory environment conducive to sustainable and inclusive growth, the central bank safeguards the country’s transition into the post-pandemic, digital economy.
As the BSP’s digitization efforts advance, Filipinos in Luzon, Visayas, and Mindanao, as well as those working across the globe, can expect sustained economic growth and sustainability, marking a new era of digital transformation for the nation, he said.
“The Bangko Sentral ng Pilipinas is a globally renowned institution that is adaptive to new technologies and progressive in its approach to policy. We are considered innovators among central banks in the world. Our flagship programs are proof that we have gone above and beyond the mandate in a bid to be of service to the Filipinos,” Remolona said.
Some of these measures include the polymerization of banknotes which provide Filipinos with smarter, cleaner, and stronger bills that are more resistant to counterfeiting, more hygienic and sanitary, and longer-lasting than paper banknotes.
The list also includes the Paleng-QR Ph Plus Program which promotes the use and acceptance of digital payments in local markets, public transportation, and other establishments as well as the Coin Deposit Machine (CoDM) Project, which encourages the public to deposit their idle coins in the CoDMs and convert them into ewallet credits or shopping vouchers.
The BSP also has a Check-Protect-Report (CPR) campaign which aims to protect financial consumers from online scams and other fraudulent activities while the Financial Education Stakeholders Expo fosters multi-sectoral collaborations for financial education programs in the country.
The central bank also has the Open Finance PH Pilot which establishes an open finance system in the country and the Regulatory Sandbox Framework which formalizes the Test and Learn (T&L) approach that allows BSP-Supervised Financial Institutions (BSFIs), third-party service providers of BSFIs, and new players to offer financial products and services using new technology to a limited number of customers in a controlled environment.
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