The Bangko Sentral ng Pilipinas said it is committed to adopting global central banking standards and transitioning to a digital financial system while promoting price stability, financial stability and efficient payments and settlements system in the country.
BSP Governor Eli Remolona said the amendments to Republic Act No. 7653 or the New Central Bank Act had strengthened the regulator’s capacity to execute its primary goal of maintaining price stability that is conducive to sustainable and inclusive economic growth.
He said the BSP’s consistent efforts to execute this mandate guided individuals and businesses in making sound decisions on saving, borrowing and investing with confidence on the power of the Philippine currency.
“Recent global and local events like the COVID-19 pandemic helped shape our perspective as central bankers,” Remolona said.
“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,” he said.
Remolona said he remained optimistic the country would be ready for a better digitalized financial landscape, given the increased use of digital payments in the country over the last five years.
“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 said.
Data from the 2022 Status of Digital Payments BSP Report showed that the volume of digital payments in total retail payments climbed to 42.1 percent from 30.3 percent in 2021. Meanwhile, the share of digital payments in terms of value reached 40.1 percent, a slight decline from 44.1 percent in 2021.
The BSP embarked on innovative programs and initiatives meant to bring the institution closer to the Filipino people.
It began the test circulation of the new 1000-Piso polymer banknotes in April 2022. These new banknotes use the latest technology to 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 Paleng-QR Ph Plus Program, a joint initiative of the BSP and the Department of the Interior and Local Government, promotes the use and acceptance of digital payments in local markets, public transportation and other establishments.
Meanwhile, the Coin Deposit Machine Project encourages the public to deposit their idle coins in the coin deposit machines and convert them into e-wallet credits or shopping vouchers.
The BSP recently implemented across the Greater Manila Area the CoDM project to promote efficient coin recirculation, address artificial coin shortages in certain areas and ensure that only fit and legal tender currency is readily available for public use.
The BSP said with the rise of digital banking and e-commerce, it is rolling out its Check, Protect, Report information drive to protect financial consumers from online scams and other fraudulent activities.
