Bangko Sentral ng Pilipinas cites outstanding partners

The Bangko Sentral ng Pilipinas (BSP) announced the 30 outstanding institutional partners of its Manila Head Office during the 2024 Outstanding BSP Stakeholders Appreciation Ceremony (OBSAC) held on 02 August.

BSP Governor Eli M. Remolona, Jr., who led the ceremony, said “As we bestow our latest set of awards, we recognize that the two decades of OBSAC are evidence of the rare community of partners that the BSP is blessed with. We hope you, our partners, take pride in the role you play in the BSP’s efforts to provide an enabling environment for growth.”

Similar appreciation ceremonies will be held for outstanding partners of the BSP offices in North Luzon, South Luzon, Visayas, and Mindanao.

The OBSAC, which started in 2004, has served as a platform for the BSP to recognize outstanding partners that support the central bank’s mandates of ensuring price stability, financial stability, and a safe and efficient payments and settlements system.

Partner organizations which help promote the BSP’s special advocacies, such as financial inclusion, digitalization, proper handling of banknotes and coins, and cyber hygiene were also given recognition.

The outstanding institutional partners of the BSP Head Office are:

• Bank of the Philippine Islands for its diligence in fit currency recirculation by maximizing the use of the Cash Service Alliance (CSA), the BSP’s cash circulation initiative that enables the direct exchange of fit currency between banks.
• BDO Unibank for serving as the primary source of fit notes, in terms of amount, by all banks participating in the CSA facility.
• Land Bank of the Philippines for its strong support in the circulation and usage of the 1000-Piso polymer banknotes and their commitment in providing their customers’ needs, particularly as an intermediary unit between the government and the Pantawid Pamilyang Pilipino Program beneficiaries.
• Sterling Bank for sourcing 94.78% of their total currency requirements through the CSA, the highest among CSA-participating banks.
• SM Retail, Inc. for its commitment and valuable contributions to the BSP’s Coin Deposit Machine Project, which promotes efficient coin recirculation, addresses the artificial coin shortage in certain areas of the country and helps ensure that only fit and legal tender currency are readily available for public use.
• InstaPay Automated Clearing House Steering Committee and Philippine Payments Management Inc. for being invaluable partners in implementing and promoting InstaPay enhancements, such as QR Ph and Bills Pay Ph.
• PESONet Automated Clearing House Steering Committee and Philippine Payments Management Inc. for playing a pivotal role in the effective implementation of PESONet Automated Clearing House Rules and Regulations, thereby supporting the BSP’s thrust of promoting a safe and efficient retail payments system.
• Anti-Organized Crime Unit, Criminal Investigation and Detection Group, Philippine National Police, for being an active partner in investigating currency counterfeiting cases and preserving the integrity of the Philippine currency.
• Anti-Cybercrime Team, Quezon City Police District, Philippine National Police, for sharing their technical expertise, tools, and best practices through anti-cybercrime trainings for the BSP Payments and Currency Investigation Group agents.
• Business Name Registration Division, Department of Trade and Industry for their timely provision of data on DTI-registered pawnshops and money service businesses, in line with the BSP’s advocacy to combat money laundering and advance consumer protection.
• City Government of Alaminos, Pangasinan and the Municipal Government of Maria Aurora, Province of Aurora, for sharing vital information on unregistered and illegal pawnshops and money service businesses, in line with the BSP’s advocacy to combat money laundering and advance consumer protection.
• World Bank for continually providing technical assistance to implement policy reforms related to Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act of 2022.
• Cambridge Sup-Tech Lab for funding the prototyping of a Market Conduct Web Surveillance System, a financial consumer protection supervisory technology tool that scrapes, analyzes, and visualizes consumer sentiment from social media and other online sources, which will help facilitate forthcoming market conduct supervision activities.
• Bankers Institute of the Philippines Inc. for being a vital and strategic partner in disseminating information on financial inclusion, regulatory frameworks, and BSP issuances.
• Credit Card Association of the Philippines for their significant contributions in promoting responsible credit card use and crafting the policy on the ceilings of credit card transactions.
• Securities and Exchange Commission for promoting long-term savings and a secure retirement for Filipinos through the Personal Equity Retirement Account or PERA.
• Agricultural Credit Policy Council, Department of Agriculture for incorporating financial education into their program for 3,000 credit assistance beneficiaries, including small farmers, fisherfolk, livestock raisers, young agripreneurs, and repatriated Overseas Filipino Workers engaged in agribusiness.
• BDO Foundation for their significant contributions to financial education and collaboration with the BSP on developing e-learning modules on financial planning, budgeting and saving, fraud and scam prevention, and digital financial literacy, among others. The BDO Foundation, with the BSP, also launched financial literacy initiatives for students, OFWs, micro, small, and medium enterprises, farmers, fisherfolk, and more.
• Innovations for Poverty Action for their technical assistance in a pilot study on responsible pricing needed in the development of a responsible pricing policy framework and reporting requirements for BSP-supervised institutions.

*Mines and Geosciences Bureau, Department of Environment and Natural Resources for being a primary data resource in the periodic review of the balance of payments projections of the BSP’s Department of Economic Research.

• Philippine Atmospheric, Geophysical and Astronomical Services Administration for providing essential data and climate outlook crucial in current and future monetary policy decisions and in the gradual transition to a more sustainable and greener economy.
• Aboitiz Data Innovation and Philippine Digital Asset Exchange for providing their expertise at the 38th Environmental Scanning Exercise with the theme “Growth of Fintech in the Philippines: Vulnerabilities and Challenges for Financial Stability.”
• ASEAN+3 Macroeconomic Research Office for providing their expertise at the 39th Environmental Scanning Exercise with the theme “Macroprudential Policies: Effectiveness and Challenges in Addressing Risks to Financial Stability.”
• Office of the Consular Affairs, Department of Foreign Affairs for enhancing the operational efficiency of the central bank by removing logistical barriers and administrative burdens for employees travelling overseas.
• Civil Service Commission for being an essential partner of the central bank’s human resource management operations and for their support of the BSP’s compliance with the Civil Service Law.
• Philippine Society for Talent Development for providing the BSP a platform to showcase its people development practices.
• Quintegral Philippines, Inc. for being a vital partner in the conduct of the BSP’s Management Development Program and Executive Development Lecture Series, part of the capacity-building initiatives for our central bankers to effectively pursue the BSP’s mandates.
• Success Options, Inc. for being a partner in the conduct of BSP’s Mentoring and Inspiring Learning Experiences Program, anchored in the central bank’s Succession Management Program.