BSP calls on closer cooperation with banks

The data-driven Bangko Sentral ng Pilipinas (BSP) is calling for a closer cooperation with the banking community to protect past gains and ensure growth, and this require giving accurate data to the BSP.

During the BSP’s 2018 Awards Ceremony and Appreciation Lunch for its stakeholders, BSP Deputy Governor Maria Almasara Cyd N. Tuano-Amador, delivering the event’s message on behalf of Governor Nestor A. Espenilla Jr., said the dynamic synergy between the central bank and the banking sector has to be sustainable and would need further collaboration to advance inclusive growth initiatives.

Now, more than ever, Tuano-Amador said banks need to supply the BSP with accurate data and so far, banks’ contributions of “comprehensive information and advocacy support” has helped the BSP to come up with timely monetary and financial policies that are “consistent with our mandates of maintaining price stability, promoting financial stability, and fostering a safe and efficient payments system.”

The BSP relies on these banksupplied data in their inflation-path review, including interest rates and the exchange rate. Aside from the required submissions from the banks, the BSP conduct several quarterly surveys to monitor market sentiments.

Tuano-Amador said these collaborative efforts – in the form of banks’ response to the BSP’s various surveys, provision of information to support monetary policy, and participation in diverse programs, advocacies and initiatives, assist the BSP in pursuing mandates, in formulating policies, and performing auxiliary functions.

The BSP on Tuesday gave recognition to 163 “partners” or banks.