BSP acknowledges media’s role in pursuit of its mandates

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno acknowledged the significant role of the media in communicating the regulator’s actions to the broader public during the recently concluded online Media Lecture for the Visayas.

“Our relationship with the media is two-way. We are not just the source of information. Media reports complement the macroeconomic surveillance done by our regional offices and branches,” BSP Governor Diokno said.

He explained that the media helps the central bank get a clearer picture on the ground, enabling the BSP to develop sound, future-proof economic policies. By communicating policy actions through the media and maintaining transparency, financial markets can better factor in the impact of policy decisions to reduce risks and uncertainties. “It is in the central bank’s best interest to be transparent in its monetary policy actions. Clearly communicating the level of price stability and strategies to achieve it helps anchor the inflation expectations of the business sector and the public,” he said.

Governor Diokno also noted the media’s role in disseminating BSP programs, policies, and initiatives, including broad-based financial digitalization reforms. An important role of the media in this regard involves helping keep the public vigilant against unscrupulous cyber criminals involved in phishing, e-mail and text scam, SIM-swap attacks, among others.

“The BSP considers the media as its partner. I call on everyone to work with the BSP as we build a better Philippines under a post-COVID-19 economy. We are together on this journey,” the Governor concluded. (#BSP)