Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla, Palawan Provincial Governor Victorino Dennis M. Socrates, and Puerto Princesa Mayor Lucilo R. Baylon led the inauguration of the central bank’s newest branch in Puerto Princesa City, Palawan on 15 June 2023.
The BSP Puerto Princesa Branch will serve the currency requirements of the archipelagic province of Palawan with its capital city and 23 municipalities.
In addition to supporting the currency needs of the province, the branch will boost the central bank’s financial inclusion and economic and financial learning programs in the MIMAROPA region.
The opening of BSP Puerto Princesa expands the central bank’s nationwide presence to five (5) regional offices in Greater Manila Area, North Luzon, South Luzon, Visayas, and Mindanao regions; and 21 branches in the provinces and cities of La Union, Batac, Cabanatuan, Dagupan, San Fernando Pampanga, Tuguegarao, Legazpi, Lucena, Naga, Puerto Princesa, Bacolod, Dumaguete, Iloilo, Roxas, Tacloban, Butuan, Cagayan de Oro, Cotabato, General Santos, Ozamiz, and Zamboanga.
BSP regional offices oversee operations of branches under its jurisdiction, perform regional economic surveillance, and facilitate financial literacy and financial learning advocacy programs, in addition to performing and administering cash and gold buying operations.
Meanwhile, BSP branches perform and administer cash operations, such as withdrawal, deposit, currency exchange, and retirement in the regions/provinces, plus gold buying operations in select areas.
Present at the inauguration were: Monetary Board Members Peter B. Favila, Antonio S. Abacan Jr., V. Bruce J. Tolentino, and Anita Linda R. Aquino; BSP Deputy Governors Mamerto E. Tangonan, Eduardo G. Bobier, and Bernadette Romulo-Puyat; BSP Senior Assistant Governor (SAG) and General Counsel Elmore G. Capule; SAG Edna C. Villa; Sector-in-Charge Thomas Benjamin B. Marcelo; and Puerto Princesa City Vice Mayor Maria Nancy M. Socrates. Also present were BSP officers from the Manila Head Office and South Luzon branches, Palawan Bankers Association officers and local bank managers, and members of the local media.
