BSP’s monetary policy to aid economic recovery
CITY OF SAN FERNANDO -- The Bangko Sentral ng Pilipinas (BSP) stressed that its monetary policy stance will remain accommodative until economic recovery is fully under w ay.
BSP San Fernando Branch Acting Area Director Ronaldo Bermudez, in echoing BSP Governor Benjamin Diokno’s message, assured that BSP will remain vigilant over the current inflation dynamics to ensure that the monetary policy stance continue to support economic recovery.
On the financial sector, Bermudez added that they will intensify monitoring and surveillance over BSP’s supervised institutions to ensure responsiveness on emerging risks.
“On top of these initiatives, we will also promote financial digitalization. The desired outcome is a post Covid-19 economy that is stronger, more technologically-advanced, and more inclusive than ever before. That is why we [ BSP] launched the digital payments transformation roadmap for 2020 to 2023,” he sai d.
With this roadmap, the director said they aim to transform the country into a cash lite society through digitalization of payments and increasing the number of Filipinos with access to financial services.
He also cited that the use of digital payments also helps reduce the need for mobility and prevent health risk from face-to-face and over-the-counter financial transactions.
“The recent figures confirmed that the value of transactions done thru InstaPay expanded by more than 180% and through PesoNet by more than 80% in the first seven months of 2021,” Bermudez said.
The BSP official added that while the country moves towards post Covid-19 economy, BSP will continue the national government’s broad-based pandemic relief initiatives and provide the needed liquidity to support economic activity and maintain the favorable market sentiments.
“The impact of the pandemic on the overall condition and performance of the banking system has been manageable. Strong economic indicators are showing that we are headed there. As such, the BSP is banking on government agencies and the private sector as our partners in revving up and endeavoring to reach new heights in the post pandemic era,” he said. (PIA 3)