BSP places security measures for bankers
SAN FERNANDO CITY, La Union -- The Bangko Sentral ng Pilipinas (BSP) is doing its best to address external threats to maintain price stability, promote financial stability and maintain a safe and efficient payment system of the country.
BSP Monetary Board Member Felipe Medallain assured this in his keynote message during the 2018 Awards Ceremony and Appreciation Lunch for BSP Stakeholders in Regions 1 and Cordillera Administrative Region at the Convention Hall of BSP La Union Regional office in San Fernando City recently.
Medalla explained external threat includes the fast evolving technology as well as the current situations in high economy countries that directly affect the banking and financial system in the country.
Among the regulations, Medalla disclosed, is the recent passage by BSP Monetary Board of a resolution for the establishment of Basic Deposit Banks that will offer no dormancy of account, no requirement for minimum deposit and no fee for banking transactions.
With electronic payment fast becoming a trend worldwide, this will make sure that new technology will serve even the small depositors and that even rural banks or small bank players will have an equal access with the same technology.
Medalla also informed the BSP is putting in place regulations that will ensure that for any problem or mistake a bank makes, it will be the (bank) stakeholders and not the general public or the depositors or the Philippine Deposit Insurance Corporation who will pay for such mistakes.
As he extended the BSP leadership’s congratulations to all the nominees and awardees from Region 1 and CAR, Medalla also called for a continuing partnership in pushing forward the country’s economic growth and increasing financial inclusion to every Filipino family.
“I thank all of you for being our partners because of you, we are able to fulfil our mandate
namely maintaining price stability, promoting financial stability, and maintaining a safe payment and settlement system,” Medalla said.
“As we prepare for the rapidly changing world and rapidly changing technology given the many uncertainties (happening around the world), with you helping us we could be able to manage and navigate”, he added.
BSP handed plaques of recognition to 16 partners/stakeholders during the award ceremony. Awardees from the Cordillera include the Philippine Information Agency and Philippine Statistics Authority.
Nominees for the award categories that include valuable assistance for BSPs statistical undertaking, information needs and advocacy programs, as well as policy formulation and implementation were also given certificates of recognition.