BSP, Deutsche Bundesbank formalize capacity building ties

Bangko Sentral ng Pilipinas (BSP) Governor Eli. M. Remolona, Jr. (second from right) and Deutsche Bundesbank Executive Board Member Burkhard Balz (second from left) led the signing of the Memorandum of Understanding on Technical Cooperation between the BSP and Deutsche Bundesbank at the BSP Head Office in Manila on 22 January 2024. Also in photo are BSP Capacity Development Department Director Iñigo L. Regalado III (right) and Deutsche Bundesbank Director for International Central Bank Dialogue Martin Dinkelborg.

The Bangko Sentral ng Pilipinas (BSP) and the Deutsche Bundesbank formalized their partnership on capacity building for BSP personnel through a Memorandum of Understanding (MOU) signed on 22 January 2024 at the BSP Head Office in Manila. Deutsche Bundesbank is the central bank of the Federal Republic of Germany.

BSP Governor Eli M. Remolona, Jr. said, “For many years now, the Bundesbank has been the BSP’s strategic partner and has been supporting the BSP’s learning and development requirements through collaboration on technical programs, in-person seminars, online courses, and study visits on benchmarking. These have greatly contributed to productivity enhancements.  I am delighted we now have this MOU.”

Meanwhile, Deutsche Bundesbank Executive Board Member Burkhard Balz emphasized the already existing good and trusting cooperation between the Deutsche Bundesbank and the BSP and is looking forward to the enhancement of cooperation and bilateral projects.

Under the MOU, Germany’s central bank will carry out training services, consultation, and advisory assistance for BSP personnel.

Deutsche Bundesbank experts have been conducting in-person or virtual capacity-building programs for BSP personnel since 2004.

Recent programs include the in-person training on “Credit Assessment and Analysis in the Central Bank’s Lending Operations” at the BSP Head Office in Manila in May and the online training on “Payment and Securities Settlement Systems” in October last year.

Deutsche Bundesbank Head of International Central Bank Dialogue Martin Dinkelborg and German Ambassador to the Philippines Dr. Andreas Michael Pfaffernoschke witnessed the event.

Also present at the MOU signing were the BSP’s Monetary Board Members Benjamin E. Diokno, V. Bruce J. Tolentino, Anita Linda R. Aquino, Rosalia V. De Leon, and Romeo L. Bernardo; and Deputy Governors Chuchi G. Fonacier, Eduardo G. Bobier, and Bernadette Romulo-Puyat.