The Bangko Sentral ng Pilipinas (BSP) named 29 outstanding institutional partners of its Head Office and its South Luzon Regional Offices during the 2023 Outstanding BSP Stakeholders Appreciation (OBSAC) ceremony held in Manila on Friday, 27 October.
BSP Governor Eli M. Remolona, Jr. said, “The BSP is fortunate to have partners and stakeholders who are committed to help us pursue our mandates and advocacies in the service of our country.”
The program is the BSP’s way of recognizing outstanding partnerships that support its mandates to ensure price stability, financial stability, and a safe and efficient payments and settlements system.[1]
Outstanding support for the BSP’s special advocacies – such as financial inclusion, sustainable finance, and proper handling of banknotes and coins – also received recognition.
BSP Deputy Governor Bernadette Romulo-Puyat in her message said: “With the help of our partners, the BSP has provided an enabling environment for sustainable and inclusive growth. Together, we are pursuing a state where no Filipino is left behind.”
Also present at the recognition ceremony were BSP Deputy Governors Chuchi G. Fonacier and Eduardo G. Bobier, BSP Regional Operations Sub-Sector Managing Director Rosabel B. Guerrero, and BSP South Luzon Regional Office Director Tomas J. Carino Jr.
The BSP named the following as outstanding institutional partners:
Outstanding Institutional Partners of the BSP Head Office
- The Bank of the Philippine Islands for its effective implementation of the BSP’s Clean Note and Coin Policy, through the strategic recirculation of its fit currency holdings and by maximizing the use of the Cash Service Alliance[2] (CSA), the cash circulation initiative of the BSP which enables the direct exchange of fit currency between banks.
- The Sterling Bank of Asia, Inc. for having the highest sourcing ratio among banks participating in the CSA, sourcing almost all of its total currency needs through CSA.
- The Philippine Savings Bank for ranking high among all CSA-participating banks in terms of utilization of excess holdings to service fit currency needs, helping ensure the continuous success of the CSA.
- The BDO Unibank, Inc. for serving as the primary source of fit banknotes, in terms of amount, by all banks participating in the CSA.
- The Landbank of the Philippines for ranking first among the PhilPaSSplus[3] participants in the volume of transactions successfully processed and settled in 2022 through the BSP’s Peso Real-Time Gross Settlement Payment System
- The Philippine Commercial Capital, Inc. for its valuable participation in the testing activities and exercises aimed at strengthening the operational resilience and efficiency of the BSP’s Peso Real-Time Gross Settlement Payment System.[4]
- The Philippine Atmospheric, Geophysical and Astronomical Services Administration for providing essential data and climate outlook, which are crucial in the BSP’s review of its Monetary Policy Stance in line with its mandate of ensuring price and financial stability.
- The Department of Agriculture – Bureau of Fisheries and Aquatic Resources for its commitment to enhance the financial literacy of fisherfolk through the nationwide adoption of the BSP co-developed interactive financial education “Fish N’ Learn” simulation game by improving their basic personal finance management skills. More than 200 BFAR personnel joined BSP’s Master Training of Trainers in 2022.
- The Bureau of Local Government Development – Department of the Interior and Local Government (DILG) for its support in promoting financial consumer protection, especially against illegal and unfair practices from entities operating without permits or licenses and from those involved in money laundering or terrorism financing activities.
- The Bureau of Internal Revenue for advancing financial inclusion by establishing a regulatory environment that facilitates the effective implementation of the Personal Equity and Retirement Account[5] initiative.
- The Deutsche Bundesbank for providing consistent support to the BSP’s capacity building requirements through training programs aligned with global best practices.
- The Asian Development Bank for providing support to the BSP in the development of the Sustainable Central Banking Strategy.[6]
- The Semiconductors and Electronics Industries in the Philippines Foundation, Inc. for providing valuable input in the periodic review of the balance of payments projections of the BSP’s Department of Economic Research.
- The Bankers Institute of the Philippines, Inc. for serving as a crucial partner in the dissemination of BSP initiatives, key programs and policies, regulations, and issuances. In doing so, it helps promote a stable and resilient financial system.
- The Credit Card Association of the Philippines for its significant contribution in promoting responsible credit card usage, consumer protection, and a secure financial environment.
- The World Bank for providing technical assistance to the BSP in instituting policy reforms related to Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act of 2022.
- The City Government of Calapan, Oriental Mindoro for demonstrating, out of all the 146 cities nationwide, the utmost support to the BSP and the DILG in protecting consumers against illegal and unfair practices from entities operating without permits or licenses and from those involved in money laundering or terrorism financing activities.
- The Municipal Government of Manay, Davao Oriental for demonstrating, out of all the 1,488 municipalities nationwide, the utmost support to the BSP and the DILG in promoting consumer protection, especially against illegal and unfair practices from entities operating without permits or licenses and from those involved in money laundering or terrorism financing activities.
- The Provincial Government of Sarangani for demonstrating, out of all the 81 provinces nationwide, the utmost support to the BSP and the DILG in promoting consumer protection, especially against illegal and unfair practices from entities operating without permits or licenses and from those involved in money laundering or terrorism financing activities.
- The BDO Foundation, Inc. for collaborating with the BSP in the rollout of financial education programs for students; teachers; overseas Filipino workers; police personnel; firefighters; soldiers; micro, small, and medium enterprises; civil servants; and farmers and fisherfolk.
- The Innovations for Poverty Action for providing research and data to help the central bank improve the BSP Online Buddy Chatbot.[7]
Outstanding Institutional Partners of BSP South Luzon Regional Offices
- The Landbank of the Philippines – Naga Rotunda Branch for adhering consistently to the BSP’s Clean Note Policy and its notable participation in the CSA for its cash requirements. It was also named Best Bank Representative in 2022 by the BSP Naga Branch.
- The Department of Agriculture – Regional Field Office 5 for consistently sharing data and information that served as reference materials for the BSP Regional Economic Affairs Staff.
- The iLab ARAL Inc., an education non-governmental organization in Calabanga, Camarines Sur, for promoting financial literacy through a wide range of in-person and online financial education programs for children, parents, educators, and school administrators. Over the past seven years, it has reached about 500 teachers, 40,000 students and 25,000 parents,
- The Rural Bank of Guinobatan for implementing various digital solutions to enhance its services and provide convenience to its clients. Among others, it developed the first mobile banking app in the Bicol region.
- The Department of Trade and Industry – Regional Office V for being a strong partner of BSP Legazpi for over 10 years in information dissemination and the conduct of learning sessions, covering Know Your Money and the Clean Note and Coin Policy.
- The Provincial Government of Camarines Norte for supporting the BSP’s Gold Buying Program and in organizing the Small-Scale Mining Sector to address its key concerns.
- The Provincial Government of Palawan for providing crucial support to the BSP’s public information campaigns, particularly in facilitating the participation of its multi-sectoral constituents.
- The CARD-MRI Development Institute, Inc. for providing major support in organizing training programs on various BSP initiatives related to financial inclusion, microfinance, education, and handling money.
The BSP is also set to recognize outstanding partners of its North Luzon, Visayas, and Mindanao offices.
[1] https://www.bsp.gov.ph/SitePages/AboutTheBank/AboutTheBank.aspx
[2] https://www.bsp.gov.ph/Regulations/Issuances/2020/c1099.pdf
[3] https://www.bsp.gov.ph/PaymentAndSettlement/PhilPaSSplus_primer.pdf
[4] https://www.bsp.gov.ph/Pages/PAYMENTS%20AND%20SETTLEMENTS/PhilPaSS/PhilPaSS-Overview.aspx
[5] https://www.bsp.gov.ph/Pages/InclusiveFinance/PERA_FAQs1.aspx
[6] https://www.bsp.gov.ph/StrategicPrograms/SCBRoadmap.pdf
[7] https://www.bsp.gov.ph/Pages/InclusiveFinance/ConsumerAssistanceChannelsChatbot.aspx
