Bangko Sentral lauds partners, stakeholders

CEBU CITY — The Bangko Sentral Ng Pilipinas’ (BSP) Cebu Regional Office feted its outstanding partners and stakeholders in Central Visayas in time for its 25th anniversary Tuesday.

BSP Cebu Regional Director Leonides Sumbi said there were 35 finalists in four categories: information support, advocacy support, special category and hall of fame award.

BSP head of the Department of Economic Statistics Redentor Paolo Alegre Jr. said the recognition is given to partners and stakeholders who help the BSP realize its vision of a balanced and sustainable economic growth.

BSP Assistant Governor Iluminada Sicat said this year’s theme, “Reinforcing Partnerships, Defying New Challenges,” represents the dynamism of sustaining BSP’s thrust to be a world class monetary authority.

In her keynote speech, Sicat said BSP’s position of strength today is largely due to its partnerships with the economic stakeholders in the country’s regions.

Such partnerships have sustained the country’s economic growth at 6.7 percent over the years, one of the fastest growing economies in Asia.

In a presentation, Cheyence Ann Delantar, senior research specialist of BSP’s Department of Economic Statistics, showed that the Philippine economic growth accelerated to 6.7 percent in 2017, with the Visayas posting a 5.6 percent increase, and Central Visayas growing by 5.1 percent.

Delantar said there are favorable indicators to development. The population in the Visayas grew at a slower rate compared to the national average, she said. Central Visayas’ population had the highest growth in the Visayas, but was still below the national growth rate.

Inflation in Central Visayas was above the government target in January to June this year. Financial resources though continued to expand with the growth of the number of banks and loans granted in the first quarter of 2018 across all the regions in the Visayas.