Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

New BSP chief to sustain reforms

by
July 4, 2022
in Investing News
0
New BSP chief to sustain reforms
0
SHARES
9
VIEWS
Share on FacebookShare on Twitter

FELIPE M. MEDALLA / COURTESY OF BANGKO SENTRAL NG PILIPINAS

PHILIPPINE CENTRAL BANK Governor Felipe M. Medalla would continue the “game-changing” reforms of the central bank, including its digitalization initiatives amid challenges to the country’s financial system, his predecessor said on Monday.

“I am confident that with the leadership of your new team captain — Governor Medalla — and the Monetary Board, you will continue to deliver game-changing reforms and bring the Bangko Sentral ng Pilipinas (BSP) even closer to the Filipino people,” former BSP governor and now Finance Secretary Benjamin E. Diokno said in a speech at the BSP’s 29th anniversary and turnover ceremony.

The central bank’s transformation road map on digital payments would make significant strides under Mr. Medalla’s leadership, he added.

The BSP launched the road map for 2020 to 2023, charting its initiatives toward an efficient, inclusive, safe and secure digital payment ecosystem.

The promotion of digital transformation is at the forefront of the BSP’s policy agenda as the country transitions into a cash-lite society.

Digitalization of payments has allowed households, businesses and the government to do business online amid lockdowns spurred by a global coronavirus pandemic.

Mr. Diokno recounted uncertainties and how the central bank provided “a sense of confidence and predictability” at the height of the pandemic that has killed more than 60,000 Filipinos and 6.4 million worldwide.

“We have gone through a crisis like no other, with no emergency response playbook to which we could refer,” he said. “But we kept our eyes on the ball. We remained agile and innovative. We boosted market confidence. We implemented extraordinary liquidity measures.”

The central bank worked closely with other agencies and stakeholders in enforcing financial reforms including consumer protection, he added.

These reforms provided relief to pandemic-hit sectors and safeguarded consumers from unethical and fraudulent financial schemes, Mr. Diokno said.

He also cited the BSP’s help in the approval of the Gold Law, Philippine Identification System Act, Islamic Banking Law and changes to the BSP charter before the pandemic.

Under the former governor’s leadership, the central bank promoted green finance, studied the feasibility of a central bank digital currency and released the country’s first polymer banknote.

“We have kept a patient hand on our monetary policy levers in the face of rising inflation to allow our economic recovery to gain a stronger foothold,” Mr. Diokno said.

“Our banking sector continues to be sound and stable — the result of good corporate governance and appropriate risk management practices, as well as sound banking sector regulations and a robust supervisory framework,” he added. — Keisha B. Ta-asan

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
San Miguel to build Bulacan airport despite veto of economic zone bill

San Miguel to build Bulacan airport despite veto of economic zone bill

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Puregold makes a move to lessen the use of plastics by its consumers

Puregold makes a move to lessen the use of plastics by its consumers

August 5, 2022
British Airways suspends Heathrow short-haul ticket sales

British Airways suspends Heathrow short-haul ticket sales

August 2, 2022
Agricultural trade deficit widens 40.3%

Agricultural trade deficit widens 40.3%

June 23, 2022
Megaworld earnings rise 6.5% to P2.8B

Megaworld earnings rise 6.5% to P2.8B

August 9, 2022
Zubiri elected Senate president; Romualdez is new House speaker

Zubiri elected Senate president; Romualdez is new House speaker

July 25, 2022
China extends military drills around Taiwan after Pelosi’s visit

China extends military drills around Taiwan after Pelosi’s visit

August 10, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.